I don't think people fully understand the looming debt bomb for federal/state governments and businesses. High interest rates are probably going to be around for awhile. Usually the government will be able to drop rates to restimulate the economy once a recession hits. But with the huge current fed debt load, a recession will result in falling confidence in the US dollar and the typical buyers of bonds will demand higher interest rates to assume the credit risk. So rates may not go down this time. Already you can see foreign governments dumping US bonds and not buying new issuance. All this is going to severely pressurize colleges with high debt loads when they have to refinance into higher rates. And state universities may not be spared either. That Forbes grade article is great stuff; thank you. Pick your kid's school wisely.