For the past few years, the U.S. economy has struggled mightily to emerge from the 2008 financial crisis that stemmed in large part from a housing market meltdown. Now some experts say a trillion dollars in student loan debt is the next financial calamity about to strike.
John Leo was a longtime columnist for "U.S. News & World Report" and is now a senior fellow at the Manhattan Institute. He has studied higher education for decades. Leo says the dire forecasts are probably accurate and could very well come true in just a year. He also explains why student loan debt has spiraled out of control and why much more pressure must be applied to colleges and universities to bring costs down.
"They're always justifying these price increases year after year," Leo told WND.
Leo says people are seeing the value in community colleges and are souring on traditional schools after many surveys reveal most students aren't any different four years and $200,000 of investment.