Students will borrow a total of $68 billion this year alone, pushing the total student loan bill in America close to $1.4 trillion.
Common sense tells us borrowing money today must be paid back with reduced spending in the future. Any business involved in education or the tertiary income that streams from it (student housing, college town restaurants, etc.) are enjoying the short term boost to their bottom line. The country as a whole, however, will suffer in the long term as these student loans will reduce the younger generation's ability to spend, borrow and invest.
