Graduates are defaulting on student loans at extraordinarily high rates, particularly at for-profit colleges. In response, the Obama administration has proposed cutting off federal loans to these programs, since they aren’t adequately preparing their students for employment. This kind of debt can be debilitating and we wanted to hear from you.

Takeaway listener Kevin Krease wrote in via Facebook so we asked him to come on the show to talk about this topic. Here’s what he wrote on Facebook:

"Graduating with a desire to explore the world and make an impact is seriously hampered by $540/month loan payments due 6 months after graduation. Try paying for a car + phone + rent + loans on a $40k entry level salary. It's pretty much impossible. That's why we want mass-transit so we don't have to own a car. Rather, we can't afford a car so we NEED it."

Listeners also responded to this question via text message:

Scott from Detroit, MI: Wife and I have combined $350k student loans. Over $3,000/month in payments. Lawyer and Doctor, living in working-class 'hood and can't get a loan on bigger house.

Duncanangela from Detroit, MI: They made me desperate for a job, so I rushed into the first thing that came, and I hated it. I was fired three times in a year, but have found a job I like.

From Denver, CO: Wow...I am still in school and had to declare forebearances and deferment since forever! I am working on my masters now, using loans and scholarships. Thank God Sallie Mae still has integrity.

From Jersey City, NJ: Yes. A college degree doesn't automatically mean you’re going to make 50k per year. You need to actually be able to do something.

The conversation continued on Facebook:

Danielle Kaltz:

I owe more than I make in a year and if I didn't have this big monthly bill I would have a nice disposable income to put into the economy or invest in my future but I now live paycheck to paycheck pretty much. I am grateful for the education but feel trapped by the weight of the repayment and I'm not sure it was worth it in regards to incoming funds earned from the degree vs. what I owe to have earned the degree.

James Ellsworth:

I am about $70,000 in education debt and still attending, going for masters as a BS degree just gets you paid approx $18.00 hr without benefits and on contract work, even with 16 years experience. Once I get my masters, I will be going after my doctorate just to keep the lending hounds at bay until someone either hires me or my small business takes hold…Either way, I am transferring my home ownership to my daughter so I do not lose my home if I default.

Listeners have been commenting all morning on our website:

Joseph O. from NY:

I had taken out $40k in graduate loans. The summer after getting my MA, my father paid it off in one check. He made me get the returned check framed. Like monthly payment stubs, my father wants frequent accolades and thanks yous. So if you are a person with huge loan debt, just think about that burden.

Patricia from New York:

I'm 40 and still paying student loans from my early twenties. And according to Sallie Mae I will be paying my loans until I'm 65. I owe about $65K and I borrowed about $45K the rest is capitalized interest. My student loan payment is $560 a month. Now, I'm working as a temp making $20/hr. Gratefully, I'm happily married and my husband has a good job so we're getting by. Unfortunately, we haven't been able to have a baby. Our health insurance company doesn't cover IVF so I keep thinking, if I didn't have that student loan I could save the money and try IVF.

Lindsay from Queens:

I skipped the Ivy League and other top schools and instead took scholarships from some OK schools for my BA and JD. I have no education debt, but I wonder if I'd be earning more now had I invested in the best then...

Kristen from Brooklyn:

I totaled over $60,000 in student loans for a B.A. and M.A. in English. At age 37, I am now within a month of paying all of this off without any assistance from family, forgiveness programs, etc. What I have to say based on my experience with student loans is this: they are a damn racket… I am thankful for a good education, but at the same time I feel like I was suckered into a no-win system of heavy debt while I was primarily serving as cheap labor (teaching freshman English classes) for a university that was less invested in my education or future than in this Ponzi scheme of student-taught humanities classes, where no graduates would have much (if any) hope of a job offering a reasonable salary and benefits upon graduating.

Keep the conversation going. Add your comments on The Takeaway website, call in to 877-8-MYTAKE, check out our Facebook page, and follow us on Twitter.