$100,000 in student loan debt from her four years in college

"Like many middle-class families, Cortney Munna and her mother began the college selection process with a grim determination. They would do whatever they could to get Cortney into the best possible college, and they maintained a blind faith that the investment would be worth it.

Today, however, Ms. Munna, a 26-year-old graduate of New York University, has nearly $100,000 in student loan debt from her four years in college, and affording the full monthly payments would be a struggle. For much of the time since her 2005 graduation, she's been enrolled in night school, which allows her to defer loan payments.

She recently received a raise and now makes $22 an hour working for a photographer. It's the highest salary she's earned since graduating with an interdisciplinary degree in religious and women's studies. After taxes, she takes home about $2,300 a month. Rent runs $750, and the full monthly payments on her student loans would be about $700 if they weren't being deferred, which would not leave a lot left over.

She may finally be earning enough to barely scrape by while still making the payments for the first time since she graduated, at least until interest rates rise and the payments on her loans with variable rates spiral up. And while her job requires her to work nights and weekends sometimes, she probably should find a flexible second job to try to bring in a few extra hundred dollars a month.

Ms. Munna understands this tough love, buck up, buckle-down advice. But she also badly wants to call a do-over on the last decade. "I don't want to spend the rest of my life slaving away to pay for an education I got for four years and would happily give back," she said. "It feels wrong to me."

Read the full story in the New York Times by Ron Lieber

Degrees That Get You Hired Find out which 6 degrees rank highest in terms of employment

Student loans turn into crushing burden for students

Natalie Hickey picked up $140k in student debt, some of it at interest rates as high as 18%. Her monthly payments are roughly $1,700, more than her rent and car payment combined. Caught in an increasingly common trap in the nation's $85-billion student loan market, Hickey borrowed heavily, presuming that all her debt was part of the federal loans

Hickey knew she would need loans to complete her degree, so she went to the campus financial aid office as a freshman. After she filled out paperwork, Brooks Institute set her up in a loan program administered by Sallie Mae, the nation's biggest student lender.

Sallie Mae was chartered by the federal government in 1972, and most of its business is in issuing federally insured student loans. But while it may appear to be a quasi-government agency, it is in fact a for-profit company whose stock trades on the New York Stock Exchange.

Hickey ended up with $20,000 in low-interest federally guaranteed loans issued by Sallie Mae, and $120,000 in higher-interest private loans issued by Sallie Mae.

Hickey said no one explained the difference to her.

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For Most People, College Is a Waste of Time

For Most People, College Is a Waste of Time. Outside a handful of majors -- engineering and some of the sciences -- a bachelor's degree tells an employer nothing except that the applicant has a certain amount of intellectual ability and perseverance. Even a degree in a vocational major like business administration can mean anything from a solid base of knowledge to four years of barely remembered gut courses.The solution is not better degrees, but no degrees. Young people entering the job market should have a known, trusted measure of their qualifications they can carry into job interviews. That measure should express what they know, not where they learned it or how long it took them. They need a certification, not a degree.The model is the CPA exam that qualifies certified public accountants. The same test is used nationwide. It is thorough -- four sections, timed, totaling 14 hours. A passing score indicates authentic competence (the pass rate is below 50%). Actual scores are reported in addition to pass/fail, so that employers can assess where the applicant falls in the distribution of accounting competence. You may have learned accounting at an anonymous online university, but your CPA score gives you a way to show employers you're a stronger applicant than someone from an Ivy League school. Certification tests would provide all employers with valuable, trustworthy information about job applicants. They would benefit young people who cannot or do not want to attend a traditional four-year college. They would be welcomed by the growing post-secondary online educational industry, which cannot offer the halo effect of a BA from a traditional college, but can realistically promise their students good training for a certification test -- as good as they are likely to get at a traditional college, for a lot less money and in a lot less time.Certification tests would disadvantage just one set of people: Students who have gotten into well-known traditional schools, but who are coasting through their years in college and would score poorly on a certification test. Disadvantaging them is an outcome devoutly to be wished.

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Are College Degrees a Waste of Money?

"NPR's Talk of the Nation, May 12, 2008 · Author and career coach Marty Nemko argues that when kids are not adequately prepared for college, they are simply wasting their time and money on four years of college-level course work. "College is a wise choice for far fewer people than are currently encouraged to consider it," he writes in his article, America's Most Overrated Product: the Bachelor's Degree.

The majority of students entering college today are unprepared, Nemko explains, "When you hop into a cab or walk into a restaurant, you're likely to meet workers who spent years and their family's life savings on college, only to end up with a job they could have done as a high-school dropout."

Nemko's article appears this month in The Chronicle of Higher Education."