I have also heard how hard it is for people to pay off the education loans in the depressed job market. It does seem that the pay back interest rate would have been simple interest instead of compound on unpaid balance, that makes the loan very expensive, simple interest would have been just on the total loan amount.
I paid off my loans from undergraduate studies, but will be paying on my graduate school loans for the rest of my lives. There really is no way around it, and I agree that if you're able, you should pay them off as soon as possible, so as to decrease the amount of interest paid. It was in the news recently that a man who hadn't paid past student loans was arrested, and I know none of us want to go that route.
Why is higher education so costly in the United States? When I first realized that college was just optional for most American seniors, I was taken aback. I live in a developing country but here, college education is kind of necessary. If you don't have a baccalaureate degree, more often than not society frowns on you. (Unless you end up filthy rich through some other means, then it's a different story.) Perhaps those taking out student loans should be diligent enough to pay on time and find jobs where they can earn more than what they borrowed. It's important to avoid adding more financial burdens to their plate such as starting a family prematurely or engaging in costly and risky ventures.
