Posted on 11/29/2012 6:46:35 AM PST by jmaroneps37
Well THAT didn’t take long. The confetti thrown on college campuses has barely been swept up after Barack Obama’s reelection and reality has smacked more of his children in the face.
This is happened faster than any of these fools could have imagined. You will recall that Obama’s union children at Hostess found out what real life is about last week. This week his college student children got their dose of cold truth.
The stroke across the student loan crowd’s face is the news that in the 3rd quarter the number of student loans in default has skyrocketed. Student loans …. delinquent … 90+ days and 30+ days have risen dramatically.
The amount of outstanding student loan debt has reached $956 billion having climbed $42 billion in just the last quarter alone.
Obviously the effects of a 53% underemployed/ unemployed rate among those graduating from college last May is taking hold of these young fools. Fully eleven percent of all student loans is delinquent for more than 90 days.
Probably very few of Obama’s college children, who have outstanding school loans, understand that they can NEVER walk away from their debt because it is NOT dischargeable in a bankruptcy, but they will soon find out.
How they expect to live a life of their own in a country that offers them no jobs but demands repayment for their useless degree is a mystery.
Worse still is that this report is, “likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace periods or in forbearance and therefore temporarily not in the repayment cycle” according to Zerohedge.com.
The explanation goes on to say, “This implies that among loans in repayment cycle delinquency rate are roughly TWICE as high.”…
(Excerpt) Read more at coachisright.com ...
I hate these headlines.
The housing bubble burst when housing prices went DOWN.
Wake me up when the price of college tuition goes down. Hasn’t happened yet.
I’m expecting Barry Benghazi and his ‘RATS to come up with their “You Can’t Get Blood Out Of A Turnip” bill for the “college-educated” turnips. They can’t or won’t get a job to pay off their college loans so Barry has to come up with a freebie for them.
Wonder if companies will avoid hiring graduates with large student debts? Many companies look at credit scores today as a hiring criteria.
It is heartbreaking. My brother and my sons are in this boat, I have a part time contract job with no benefits, but at least it is in my field.
They quit paying on their student loans because they hoped their Secular Savior would forgive their debt. They are in worse shape now than they were before the election.
Now that Pell grants will be limited to force them to finish college instead of being perpetual students, they are in no better shape than the elderly students rioting in Greece because the government teat has run dry.
Legislation and taxpayers money can solve this problem. - tom
The Jon Stewart Generation—time to kick them out of the basement, mom—after all, this is the world they voted for.
“So young, so ill-educated so lied to, so hopelessly stuck in mom’s basement. Wow all of this and not even 25 years old!”
Glad to see posters on FR don’t stereotype! Seriously, has it occured to anyone that maybe the economic system itself is dying of its own internal contradictions. I know that’s heresy to some folks, but, the truth will set ya free.
My ex-DIL just keeps going back to college on the government’s dime to defer her loans. She enrolls and goes through until you meet that time limit and then she drops out again. It would probably be cheaper for them to forgive her loans.
The housing bubble burst SENT the housing prices down.
All I needed to know, I learned in kindergarten - common sense. The 'in debt' college student wasn't qualified for college as they never made it out of pre-K. A mush brain in an adult body is Obama's tool for destruction.
“Probably very few of Obama’s college children, who have outstanding school loans, understand that they can NEVER walk away from their debt because it is NOT dischargeable in a bankruptcy, but they will soon find out.”
You have a lot of delusional people on this site who are older and more established and have not a clue what its like in the real economy right now.
The Jonathan Leibowitz Generation.
The bitter, sarcastic, flippant, lazy and crass hordes who believe "Occupy Wall Street" and "Free Abortions" are good ideas.
From their foul-mouths, tattoos, piercings, Che T-shirts and reprehensible attitudes, I cannot stand about 90% of them.
Today's entire generation is virtually worthless, and I sometimes wonder if I was born about 90 years too late.
Oh, I forgot to add, she owns a used car and that’s pretty much the sum of her assets.
Yup. I wish these people would take off the blinders and see things as they really are.
Has it occurred to you that maybe these basement idiots want a free ride? What idiot votes for spending more than they take in - the college educated idiot who can't even give correct change and lives on money they don't have - credit card/instant money!
Posts 13 and 16 say “hi”.
Sadly I see many students who have worked hard to get college degrees that do matter such as in engineering or health sciences also getting hit by Obama’s failed policies when they too cannot find jobs. The college grads with their degrees in peace studies, feminist theory and racial studies would be stuck making lattes at the local Starbucks regardless of the economy.
I think that unless you live in a bubble you would have to know but even as we all know responsible people who take their debt seriously, we all know the users and the abusers too.
The people I know who are avoiding their student loan debt are people who have never been serious about a job. Both are women and one got their education mostly for free and took the loans so she didn’t have to work. They also graduated when jobs were plentiful. One has worked part-time as a waitress for 16 years, it wouldn’t do to interfere with her party life and the other one is a teacher who can’t ever get rehired after the first year.
BUMP!!
Yeah - its ridiculous to see some of what gets posted.
The fact is that between low wages, boomers not leaving the job market, inflation, taxes, etc, the deck is really stacked against young people right now economics wise.
Discharging student loans in bankruptcy means you get to pick up the tab. Plus the rest of the taxpayers.
Oh we do have an idea about how it is in the economy now. Some of us have been screaming loudly about the path we are heading down as a country.
We’re just old fools, what do we know?
His show is barely one notch above porn, yet I've got all these "intellectuals" who send me clips from his show.
Did you know this perv actually has *kids*?
16 is an obama voter with mindset to blame it on someone/something else.
“So young, so ill-educated so lied to, so hopelessly stuck in mom’s basement. Wow all of this and not even 25 years old!”
Maybe they’ll learn to be “underground entrepreneurs”? Why work on-the-books and suffer wage garnishment, when they can start businesses that “make no money” and get paid under the table?
That’s probably the best solution for these folks, short of playing Powerball with money they steal out of their mom’s purse.
Well put, Prole. Well put.
We pick up the tab more if these students default, are saddled with judgments they can’t possibly pay, and cannot get decent work as a result. This, along with the huge losses caused by their unpaid and unpayable debts, will be a body blow to the economy that will dwarf the 2008 mortgage debacle. Besides, debt is debt. It’s just not right to have some kinds of debt undischargable (save for debt caused by willful torts like assault, etc.). Best to have them cut their losses now and be done with it.
Stewart is a real clown and another propagandist of the worst type.
Feeding all the wrong messages.
These morons are pretty much expecting the dims to forgive the debt anyway. So it doesn’t matter.
Stewart is a real clown and another propagandist of the worst type.
Feeding all the wrong messages.
Many of these young dopes don’t know any better. They are a product of high-tech marxist brainwashing and have literally no contrast in their lives otherwise.
Sitting there mocking these idiots, while entertaining and gratifying, is not going to improve this situation one bit.
Can anyone get on the debt forgiveness wagon? The idea of having spare money again is attractive.
Why not our entire debt as a nation? These interest payments are holding us back.
How would forgiving student loan debt help them get a job?
I have mocked no one. Yet.
Having a judgment levied against you is a real buzzkill for a prospective employer. They’d rather see a job applicant who extinguished a crushing debt in bankruptcy and is making a fresh start.
Yes - we all suffer from the dumbing down of the American voter who thinks they are educated. All according to design - start in the schools - don’t teach, indoctrinate.
This is the Elmo guy who had to quit because he was accused to chasing after boys.
The only way I see out of this hole in through hyperinflation, making fools of the Chinese and collapsing the dollar. In which case, the students will owe less debt at some pt.
If student loans are non-dischargable there is no reason for the loaning entity to not make careless loans.
That will have to happen, sooner or later. And with all that youthful energy directed into businesses that pay no taxes, Obama is going to have a big image problem if he turns the IRS loose on his own base. :)
The loaning entity is now the federal government. Slaves for life, what could be better?
One area that is NEVER mentioned in the price of tuitions, is how much the Deans and adminstration costs.
There is no way in HELL that those DEANS are worth the money that is paid them.
One just received a severance pay of around $3Mil., fired because of some crime, it was on here just yesterday or day before.
There is no reason for Higher Education to be as high as it is. Also in most colleges the Kids HAVE to live on campus the first year, WHY? They can live at home and commute. First year is PARTY TIME.
I advised my children to NEVER sign for a student loan for their children, for the reason its PARTY TIME. He proved me right, now he is taking courses online at home, and paying off his student loan. lol
I would like to say DUMB, but he is not, just no ambition.
No big deal.
They still get their free birth control.
“There is no reason for Higher Education to be as high as it is”
Student loans for anyone willing to sign on the dotted line is the reason for the current cost of higher education.
That is one issue that is NEVER brought up when it comes time to raise TUITION, Just slips under the rug, shhhhhh. hope we get by with this. COUGH UP kids we love our lifestyle and you idiots will pay.
There is no defending what they do. Colleges seem to be the place that OLD RETIRED DEMOCRAT GOVENORS become DEANS,and they know you never have to CUT SPENDING.
They are practically inviting all of these kids to work beyond the reach of the tax-man. If they work on the books, they will never pay it off, in many cases. If they work under the table, collect whatever benefits they can from the welfare state, they can actually prosper as many illegals have discovered.
When debt is discharged someone else is left holding the bag. Discharging student debt will cripple the U.S. economy and no sane politician will allow it. If you think your prospects are bad now, just wait if these fools who govern us decide to forgive student loans en-mass.
Oh, those of us who are older and established have gone through many economic downturn cycles. We know exactly what you are going through. My advice to you is to get a job. ANY JOB. FYI I worked full time all through college and lived at home. Graduated with some debt but paid it all off in five years. I chose a less expensive college close to home rather than ringing up big bills. Choices have consequences. Once you stop blaming others for your lot in life you will be set free.
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