"American Dream Eluding Under-40s with Student Debt," by Kathleen M. Howley (Business Week)
Money quote #1: "“Buying a home and having a family are the hallmarks of middle-class American life,” said Robert Lawless, a professor at the University of Illinois College of Law in Champaign. “The hope is still alive, but for now a lot of people are being forced to rent because all their money is going to pay off their student loans.”
Money quote #2: "Thwarted would-be homeowners are helping to support rental demand for single-family foreclosed homes, the emerging institutional asset class that investors including Blackstone Group LP (BX), based in New York, and Colony Capital LLC, in Santa Monica, California are accumulating."
So, not only are student loan debt slaves paying a huge amount of money to the investor class in interest, late charges, etc., they are also shut out of the housing market (and the tax advantages thereof) and forced to pay rent to the investor class.
*****
"New GSU Law School to be 'showplace' on key downtown block," by Maria Saporta and Doug Sams (Saporta Report)
Money quote: "We are literally out of space," said Steven Kaminshine, dean of Georgia State's College of Law. "We can't add one more faculty member. It's time for a school with our trajectory to have a building that is commensurate with our reputation."
And the law school arms race continues....
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