Young people, college bound and otherwise, have a different perspective on the passage of time than their older counterparts. The four or more years young people will spend in pursuit of a college education seems like an eternity to them.
It is perhaps for this reason, coupled with the boundless optimism of youth, that too little caution may be exercised with regard to acquiring student loan debt. The date of repayment appears distant and the prospects of gainful employment to repay the debt are perceived as all but certain.
Collectively, student loan debt has ballooned to $1.2 trillion, which exceeds consumer credit card debt and is now second only to mortgage loan debt in size and scope. As a result, many believe that student loan debt is the next bubble to threaten our economy with recession.