Student Debt approaches $1 trillion

[rightwinger]

The student loan 'financial disaster': By the numbers - The Week

The good news: More students are going to college. The bad news: More students are taking out loans to do so. Last June, for the first time ever, Americans' student loan debt outstripped their credit card debt. This year, total student loan debt is expected to cross the $1 trillion mark.

$24,000 Average amount owed by indebted college students who graduated last year. "Default rates are rising, especially among those who attended for-profit colleges," says Tamar Lewin in The New York Times. "In some circles, student debt is known as the anti-dowry."

9% Approximate percent of those enrolled in higher education institutions who attend for-profit colleges

6 % Percent that college costs have risen, every year, over the past decade. "Today's college student can expect to still be paying down loans when THEIR kids go to college,"

 

[California Girl]

Let me guess, you want 'rich people' to pay for this too?

 

[rightwinger]

Let me guess, you want 'rich people' to pay for this too?

Thanks for adding your insight

 

[DiamondDave]

Who gives a fuck?

Maybe, just maybe they should work their way thru, or save for it after working in the real world for a while... rather than putting it all on credit... Maybe they should earn the privilege of the GI Bill... maybe they should seek out entry level jobs at employers who have education benefits in their compensation packages....

 

[American Horse]

The student loan 'financial disaster': By the numbers - The Week

The good news: More students are going to college. The bad news: More students are taking out loans to do so. Last June, for the first time ever, Americans' student loan debt outstripped their credit card debt. This year, total student loan debt is expected to cross the $1 trillion mark.

$24,000 Average amount owed by indebted college students who graduated last year. "Default rates are rising, especially among those who attended for-profit colleges," says Tamar Lewin in The New York Times. "In some circles, student debt is known as the anti-dowry."

9% Approximate percent of those enrolled in higher education institutions who attend for-profit colleges

6 % Percent that college costs have risen, every year, over the past decade. "Today's college student can expect to still be paying down loans when THEIR kids go to college,"

And the Ds in congress wanted a piece of that action? And then in effect nationalized student loans calling that a cost reduction for approving Obamacare because they could do it cheaper than bankers who actually know how to collect money from deadbeats even if they are students?

 

[rightwinger]

Bankers were middle men tacking on 2% to Federal Student Loans

 

[American Horse]

Bankers were middle men tacking on 2% to Federal Student Loans

So? They earned their money, and they started out at the prime rate so that it wasn't really a 2% difference from the final rate the government gets. Why not leave it up to the individual to decide which place they wanted to get their loans? That choice was removed.

 

[Herbie Hancock]

The student loan 'financial disaster': By the numbers - The Week

The good news: More students are going to college. The bad news: More students are taking out loans to do so. Last June, for the first time ever, Americans' student loan debt outstripped their credit card debt. This year, total student loan debt is expected to cross the $1 trillion mark.

$24,000 Average amount owed by indebted college students who graduated last year. "Default rates are rising, especially among those who attended for-profit colleges," says Tamar Lewin in The New York Times. "In some circles, student debt is known as the anti-dowry."

9% Approximate percent of those enrolled in higher education institutions who attend for-profit colleges

6 % Percent that college costs have risen, every year, over the past decade. "Today's college student can expect to still be paying down loans when THEIR kids go to college,"

Just curious.....does it breakdown how many dipshits went to a private school of over 30-50k per year to become a teacher or social worker?

 

[rightwinger]

Bankers were middle men tacking on 2% to Federal Student Loans

So? They earned their money, and they started out at the prime rate so that it wasn't really a 2% difference from the final rate the government gets. Why not leave it up to the individual to decide which place they wanted to get their loans? That choice was removed.

So?

Taking an additional 2% from students struggling financially only adds to debt and adds no value

 

[American Horse]

Bankers were middle men tacking on 2% to Federal Student Loans

So? They earned their money, and they started out at the prime rate so that it wasn't really a 2% difference from the final rate the government gets. Why not leave it up to the individual to decide which place they wanted to get their loans? That choice was removed.

So?

Taking an additional 2% from students struggling financially only adds to debt and adds no value

RW, you are saying that the banks charge 2%, and as I understand it they charge prime plus 2%. What is the rate charged when directly issued by the government? I doubt they are seperated by two percent. And formerly students had a choice, and now they don't. If the government is less efficient in collecting, or if loans are forgiven if students choose certain fields or go into government employment after, the costs of future loans will necessary be higher. The government now has a monopoly on all student loans, and we all know what happens with monopolies. Costs will rise as there will be no competition to keep loan costs down.

 

[boedicca]

The student loan 'financial disaster': By the numbers - The Week

The good news: More students are going to college. The bad news: More students are taking out loans to do so. Last June, for the first time ever, Americans' student loan debt outstripped their credit card debt. This year, total student loan debt is expected to cross the $1 trillion mark.

$24,000 Average amount owed by indebted college students who graduated last year. "Default rates are rising, especially among those who attended for-profit colleges," says Tamar Lewin in The New York Times. "In some circles, student debt is known as the anti-dowry."

9% Approximate percent of those enrolled in higher education institutions who attend for-profit colleges

6 % Percent that college costs have risen, every year, over the past decade. "Today's college student can expect to still be paying down loans when THEIR kids go to college,"

That EVERYBODY DESERVES A COLLEGE EDUCATION THING is working out just as well as the EVERYBODY DESERVES A HOUSE THING...for Global Banking Interests, that is.

 

[Oddball]

Bailout, anyone?

 

[boedicca]

The Higher Education Bubble is bursting...and the poor students who've been duped cannot get risk of their debt by declaring bankruptcy.

 

[California Girl]

The Higher Education Bubble is bursting...and the poor students who've been duped cannot get risk of their debt by declaring bankruptcy.

I need to email my parents and thank them for their sacrifices to ensure that all 6 of their kids got a great education, without being saddled with debt.

 

[Zander]

Personally, I think a college education is a waste of time and money for the vast majority of people. Most would be far better off learning how to operate a business or learning a trade/skill. Then they can afford to study on their own time - for the pleasure of learning or to increase skills. Not because they are told "get a college degree".

We have our young people brainwashed into following an education system that enriches colleges, bankers, and educators and saddles young people with a huge debt. They feel like they need to get a 4 year degree right after high school to compete for jobs. Why? There is value in going out and working for a few years. Or working while you go to college. Pay as you go! You can get a degree at any age or stage of life. I still attend college classes every year- education is a never ending pursuit for me, not some linear path with a start and end.


We have a bubble in education. It is going to pop like any other bubble....

 

[boedicca]

Bankers were middle men tacking on 2% to Federal Student Loans

So? They earned their money, and they started out at the prime rate so that it wasn't really a 2% difference from the final rate the government gets. Why not leave it up to the individual to decide which place they wanted to get their loans? That choice was removed.

So?

Taking an additional 2% from students struggling financially only adds to debt and adds no value

Having private sector loans where somebody actually scrutinized the credit worthiness of the student based upon his degree program would have prevented this epidemic of kids without marketable educations being saddled with a lifetime of debt.

 

[Epsilon Delta]

The Higher Education Bubble is bursting...and the poor students who've been duped cannot get risk of their debt by declaring bankruptcy.

I need to email my parents and thank them for their sacrifices to ensure that all 6 of their kids got a great education, without being saddled with debt.

Absolutely true, I should do so when they get home later.

Aren't we just super lucky?

 

[California Girl]

The Higher Education Bubble is bursting...and the poor students who've been duped cannot get risk of their debt by declaring bankruptcy.

I need to email my parents and thank them for their sacrifices to ensure that all 6 of their kids got a great education, without being saddled with debt.

Absolutely true, I should do so when they get home later.

Aren't we just super lucky?

For sure.

 

[Zander]

So? They earned their money, and they started out at the prime rate so that it wasn't really a 2% difference from the final rate the government gets. Why not leave it up to the individual to decide which place they wanted to get their loans? That choice was removed.

So?

Taking an additional 2% from students struggling financially only adds to debt and adds no value

Having private sector loans where somebody actually scrutinized the credit worthiness of the student based upon his degree program would have prevented this epidemic of kids without marketable educations being saddled with a lifetime of debt.

You mean to tell me that degrees in Art History, Film, and Philosphy are not as valuable as those in engineering or medicine!!!? What an unfair society!!

 

[iamwhatiseem]

The student loan 'financial disaster': By the numbers - The Week

The good news: More students are going to college. The bad news: More students are taking out loans to do so. Last June, for the first time ever, Americans' student loan debt outstripped their credit card debt. This year, total student loan debt is expected to cross the $1 trillion mark.

$24,000 Average amount owed by indebted college students who graduated last year. "Default rates are rising, especially among those who attended for-profit colleges," says Tamar Lewin in The New York Times. "In some circles, student debt is known as the anti-dowry."

9% Approximate percent of those enrolled in higher education institutions who attend for-profit colleges

6 % Percent that college costs have risen, every year, over the past decade. "Today's college student can expect to still be paying down loans when THEIR kids go to college,"

Yet your beloved President in his budget seeks to allocate additional funding for student loans.