Families really need to think twice about sending their children to private colleges, unless those families can pay the entire fees out of pocket with minimal debt.
College debts are soaring with few signs of letting up. Analysts are predicting a bubble akin to the mortgage crisis. Personally, I think it may be even worse. Kids are graduating college with six figures of debt. Just servicing these debts is troubling for many.
Families that cannot afford college should rethink taking on big loans. In my opinion there is little difference between a non-top-tier school and a community college. With the advent of online schools combined with thriving community colleges, private universities will eventually fold.
Here’s the story from Yahoo! Finance: