Skip to comments.Obama’s college age children see their bubble burst quicker than anyone could have thought
Posted on 11/29/2012 6:46:35 AM PST by jmaroneps37
Well THAT didnt take long. The confetti thrown on college campuses has barely been swept up after Barack Obamas 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 Obamas 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 crowds 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 Obamas 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 Obamas 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.
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