By Nathan Harden, Robert Novak fellow at the Phillips Foundation
In the last few years, excessive borrowing has led to a housing-market collapse -- and now, to Standard & Poor’s downgrading of the US credit rating.
But America’s debt-fueled woes haven’t ended: The higher-education industry may be the next bubble to burst.
Moody’s rating agency recently issued a report that should be a wake-up call to every student now considering taking out large loans to pay for college.
Total student debt is at an all-time high -- and may top $1 trillion this year. Meanwhile, default rates are rising alarmingly. Skyrocketing tuition, lax lending standards and high rates of unemployment have created the perfect financial storm.
Some advice to college students: Learn from our government’s mistakes and avoid borrowing your way into a hole.Read more: *New York Post*