The latest legislation affecting student loan interest has been signed into law by President Obama in spite vocal disagreement from his protégé, Elizabeth Warren, and others. As someone who (dating myself) borrowed under the National Defense Education Act at a whopping 1 percent and paid $375 per semester for full-time tuition at a state university, it's really difficult to wrap my head around the cost of college today. Is there no solution to the skyrocketing costs?
Granted, the economy of yore was much different from what it is today, and there were semesters when I couldn't pull together the $375 and had to go to school part time or even not at all, just like students who can't afford the $5,000 to $15,000+ per semester price tags that are handed out today. But back then, a student who took a semester off could work at an odd job and save enough money to return the next semester on a pay-as-you-go system. I know, this falls into the same category of nostalgia as dress codes and dorm hours at school (hated both) and my 1968 Mustang convertible (loved it, of course). Each generation has its own sets of highs and lows. It just seems really sad that college, the place where you do most of your growing up, has to come with such a high price tag. And adding high interest rates (even though they're capped in this new legislation) makes it that much worse.