A report released last week by the merry folks over at the National Association of Consumer Bankruptcy Attorneys has much to say about the long-term financial implications of student loans — most notably that borrowing thousands of dollars to fund your Natty Light habit for four years is every bit as wise as maxing out the Discover card to buy furniture for that McMansion you can’t afford.
The gist of the report is that bankruptcy lawyers all over the country are seeing a major spike in folks who find themselves in the Chapter 11 aisle of life because of exorbitant student loans taken out to pick up the tab for college.
There’s another bubble around the corner, they say — one similar to the housing fiasco, albeit one made up of folks who parlayed their communications degrees from Kent State into rewarding gigs blogging for free on Patch.
Meanwhile, another group called the Project on Student Debt has just released a companion set of equally depressing figures. In its winter 2011 report — there’s always money in the banana stand and in compiling reports — Ohio ranked 7th for average student debt, with 68 percent of 2010 graduates tethered to loans after gleefully tossing their caps in the air. The average tally: just over $27,000 per graduate.
Bowling Green takes home Ohio’s top public-school honors, with an average debt among departing seniors of $31,515, or roughly equal to what they’ll make in their first four years of employment at Caribou.
Elsewhere around the state, Case Western Reserve buries its graduates in $39,236 in debt, while Ohio State rings the bell for an average of $22,830 per student, not including payouts from athletic boosters and agents.