By Ken Selvaggi - email
WAVE 3 News Vice President and General Manager
LOUISVILLE, KY (WAVE) - In five years, half of all consumer debt in the nation will likely be outstanding debt of current and former college students. The debt will exceed $2 trillion.
This is clearly an oncoming financial crisis for our colleges and universities, and our nation. Ignoring it won't make it go away.
Addressing it will require state governments to stop cutting back on funding for higher education, and in turn, colleges and universities stop increasing tuition.
Colleges and universities will also need to manage expenses more intently.
This alone won't stop the pending crisis but it would be a start.
Tougher demands on student loan qualification will unfortunately need to be part of the solution as well.
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