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So is Wall Street now going to start packaging bad student loans and selling them as AAA rated instruments?
So is Wall Street now going to start packaging bad student loans and selling them as AAA rated instruments?
Start??????? Are you kidding? They're part of the core group of things that get sliced up, repackaged and securitized. You know what they call them? SLABS (student loan asset-backed securities)! They even used have their own public financial entity (since privatized, of course). Know what its called? Sallie Mae!
To suggest that the problem is the FAULT OF PEOPLE STUDYING THE WRONG THINGS is rather silly.
We cannot all be engineers or math majors, folks.
This is the problem that the government will not stop:
A veteran or anyone wants to go get a trade skill job.
The community college teaches the course for $3500 for 18 months.
The private "college" teaches it for $14,000.00
BOTH can be paid for by student loans.
Anyone that supports the current student loan program is not very bright. Having just graduated 2 children and been around this system for the last 7 years let me tell you it is RAMPANT WITH FRAUD.
NO ONE VERIFIES A DAMN THING and kids get grants, go to school for a year, party and drop out.
HUNDREDS OF MILLIONS OF TAX PAYER DOLLARS DOWN THE DRAIN.
Total waste of taxpayer $$$ for 80%+ of the kids that get $$$.
Keep it for the other 20% that truly need it, fire 80% of college financial aid employees that are the root of the fraud and move forward.
And watch tuition stay stagnant for 10 years as a result of it.
If you take a couple classes at a time all year round you can get a degree in 5 years and not pay anything near 40K a year.
Anything else you want to tell us we can't do?
Seattle community colleges now cost $6,000 a year for full time TUITION.
The median working family's salary has been losing purchasing power, generally speaking, since 1970.
In terms of being able to pay for education and health care, their loss of purchasing power has been even worse than with other costs.
In fact ED costs are about the only area that has risen faster than HC costs.
In other states where community colleges are facing more severe cuts than are four-year institutions. In Arizona, for example, Governor Jan Brewer wants to cut community college funding by about 50 percent, while she is eyeing cuts of 20 percent for the state's universities. The governor argues that community colleges can look to local tax dollars and tuition increases to make up for the loss.
Prices of DeLoreans have skyrocketed too.. government don't owe me that.... Titty bar cover charges have skyrocketed.. government don't owe me that... and whether my wage has stagnated or increased... it's nobody's responsibility but my own to obtain my wants (higher education is neither a need, nor a right)...
Maybe a bit of humbling and a bit of hard work would make more college students appreciate it more, and appreciate the average worker a bit more and stop with their holier than though bullshit we see oh so often
Anyone that doesn't know that colleges and universities set their rates at what the student can borrow and get through grants doesn't know much.
Lower those and colleges and universities will be forced to cut the massive fat they now have and tuition rates will remain flat for a long while.
Higher Education is a racket, an industry so rife with corruption that Tony Soprano would blush.
The deal settles a government lawsuit which asserted that the student loan giant violated the rights of service members by imposing interest rates above the 6 percent permitted by federal law and by improperly seeking default judgments against them. The lawsuit was the Justice Department's first against owners of student loans. "We are sending a clear message to all lenders and servicers who would deprive our service members of the basic benefits and protections to which they are entitled: this type of conduct is more than just inappropriate; it is inexcusable," Attorney General Eric Holder said at a news conference. "And it will not be tolerated."
Federal officials estimate that roughly 60,000 service members will be eligible for compensation as part of the settlement. An independent administrator will be assigned to distribute the reimbursements. The settlement has been filed in federal court in Delaware and is awaiting a judge's approval.
As part of the deal, Sallie Mae would also be required to ask the three major credit bureaus to delete negative credit histories resulting from the overcharges. Education Secretary Arne Duncan said students who have taken out loans "should have the peace of mind" that borrowers will treat them fairly.
Sallie Mae, Justice Department in $60M settlement
So let's tell kids to not get a college education so they can work in some lousy rotten factory for $10 an hour. And, oh kids, work really hard and someday you might earn $15 an hour...LOL. If you do this for 15 years or so you can afford half of your education. And make sure to say "thanks" to your boss who is working on making sure you don't make too much. The only chance a kid has is higher education otherwise one is doomed to work for meager wages in a time when employers are looking to whittle away at their pay and benefits.