Nobody would need such huge loans if tuition in this country hadn't risen 234% on average in the last 20 years.
1992— tuition and fees at my school: $20,000 2011 - $52,000!
There is NO economic reason for tuitions to rise at a 10-12% pace in the universities, but for TENURE, and insane union contracts.
As long as they can get government to foot the bill, they have NO incentive, whatsoever, to try and reign in costs.
And I am VERY familiar with how state-run universities operate, and it would make a federal wonk green with envy.
So.....where did you matriculate?
My daughter is a rather recent PharmD who is still paying off her student loans. However, $52,000 per year? Not even close...
I worked 6 different locations regularly worked on campus part time. Gas was $10.00 a week, and yes things cost less I saved 3 years before to pay for this as well. During the Carter administration too. I was much younger then and had little difficulty finding work.
Today, I have been unemployed for almost 2 years. Laid off from the Boy Scouts of America, I also fractured my spine 7 months ago. Times are worse today.