We were at a graduation party for a college grad this weekend. The graduate, a young woman in her early 20s who majored in theatre, was opening a small gift and mentioned that she was $70,000 in debt from college. My mouth dropped opened---really, it did. Her mom turned to me and basically said, "Yes, and a few others (must have been friends of her daughters) had $120,000 to $140,000 of debt." The reason I was so stunned is because the daughter went to a community college for two years and lived at home and then transferred to a state school for two years. There must have been no savings prior to college.
Also, the daughter is leaving for a two-week trip to Europe this week. Shrug.......