It seems everyone is squawking about higher education these days.
Tuition costs are spiraling and on top of that, student loan default rates are soaring. Cumulative student loan debt totaled $848 billion on outstanding principal and interest balances for Direct Loans, FFELs (Stafford Loans), and Perkins, according to the National Center for Education Statistics (NCES) in its most recent Sept. 30 report, which doesn't take into account private loans.
What's more, experts say students are taking too long to earn a degree. NCES also reports approximately 56% of college students are taking six or more years to graduate.
"Many American students spend way too much time to complete college," says Margaret Spellings, who served as secretary of education under former President George W. Bush. She adds students “zigzag through school” taking redundant or non-relevant courses or are transferring and losing credits.
But here’s the real problem: When students do finally graduate, human resource professionals say they are ill-prepared for workplace demands.
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