Here's my question, where does all this leave me?

Me being a college student. Myself and my peers, either right now or in a few years will be looking for jobs and trying to get ourselves started. Tons of people are losing their jobs so how are the new generations going to find jobs? "Mom and Dad" can't support us forever, heck a lot of people's parents can't financially support their college either.

I still don't understand why the HECK people are still "paying" for 40k+/year private schools, by "paying" I mean taking out student loans up the yin-yang. Sorry if this is offensive to anyone but I just don't understand it. How is the having the "big name" on your diploma really worth being saddled with years and years of debt?

In our state a huge portion of student loans just fell through this past year. (link to article) That means a lot of people are taking time off and trying to figure out how to pay for school. I go to an in-state school on a partial scholarship - best decision I ever made was turning down the "big name" private colleges - but I'm scared that (comparatively) low in-state university prices are not going to stay low, for any state. And that attending college for a lot of people will no longer be feasible by any stretch of the imagination.

I won't go as far to say this is the end of higher education, but with the credit collapse I am forseeing a lot less people going to college a few years down the line...