The Student Loan Crisis: Is There Any Hope? [AUDIO]
Millions of young people continue to wrestle with the huge problem of student loan debt. A former Jersey Director of Consumer Affairs says he has an idea that might help.
Here's a disturbing factoid. There are six-million Americans age 50 and over still paying off student loans. Adam Levin is co-founder of "Credit.com." He proposes establishing some kind of national service corps to provide college money in exchange for service. He says it would provide a number of opportunities for working at Federal, State and local agencies...also working in infrastructure projects.
Levin says the young who aspire to earn college tuition money could do what he calls, "philanthropic efforts" on behalf of the nation.
Levin says the idea is not new. He says after World War II, the G.I. Bill sent millions of returning soldiers to college and technical school. Some veterans even had their entire tuition paid to attend the top Ivy League schools. According to Levin, the result was a generation of highly-experienced young people, trained in business, engineering and science,that led our nation into the longest period of sustained economic growth the world has ever known.
The situation we face now is not so different from what we faced in 1944, when the G.I. Bill was first passed.
He agrees this service would not be a cure-all, but he says it would help. Right now, Congress is trying to prevent student loan interest rates from doubling this summer.