The number of young people who are on the fast track to serfdom is shocking. On August 20th the Education Department reported that 57% of undergraduates used federal student loans in 2011-12. The average loan is $8,200. The average total debt for graduating students is $30,000. Approximately 38 million Americans now have outstanding student debt.
The students are personally responsible for the debts, no question. But an aggressive and deceptive campaign is being pressed upon 18-year-olds who cannot legally buy a beer and have no financial experience. The Free Application for Federal Student Aid form is necessary to qualify; the FAFSA site declares that there is no excuse for not applying since many middle-class families are eligible.