If that is the only money you have set aside for retirement, it will probably hurt. But if you shove money into other financial instruments, assets, etc. you could cushion that. That's what I set myself up for.
Bottom line, many people who took the loans were flat out lied or conned to. And I'm not talking the Trump University types where they took the money and got you a job at Wal Mart, but even at many public universities. When I went to college, the top administrator took limo's to the airport and these were chartered flights. He even tried to get land that was going to be transferred over to become a golf course. Saying it would be a great way to employ students. Not too mention, on the occasion, they would toss an extra Gen Ed course or didn't recognize a community college course just so they could force you to pay for more courses. And I won't even go into the upcharge they would do with required books. And the financial aid office would ALWAYS say you will make the money to pay for the loans. And shit you not, some times they would say if you got into a bind, long as you pay fifty bucks a month, you won't be in default.
Then that mother fucker Gingrich made student loans unable to be dischared by bankruptcy. At the very least, those who got loans prior to the law should have been grandfathered in. But just like the welfare queen myth, it was manufactured that doctors and lawers were getting loans to buy thier Porcshe's.
Our health care system is pretty much fucked up, but so is our higher education. And its going to bite us in the ass one day, if not already. I don't subscribe to the idea that China is "stealing" our tech, I think they are figuring out all by themselves and so is India, and Brazil may not be too far behind.
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