Summertime means summer jobs for many college students. But, as we discussed today on All Things Considered, a summer job just doesn't have the purchasing power it used to, especially when you compare it to the cost of college.
President Obama made big news today for student loan borrowers. He said he'll use his executive power to expand a program called Pay As You Earn, which limits borrowers' monthly debt payments to 10 percent of their discretionary income. Under the program, loans don't just get less expensive; they can actually disappear. The balance of a loan is forgiven after 20 years â€” 10 years if the borrower works in public service (for government or a nonprofit).
Millions of young college graduates are now heading to job fairs. They'll be sweating in their unfamiliar suits in the summer heat. They'll be wondering: Do I really have what it takes to cut it in this job market? New research indicates that employers are just as doubtful.