“And it will be Americans who got duped by the promise of high paying dream jobs and financial stability who will pay the ultimate price.”
Horrible planning by many students and parents.
Most are taking liberal arts classes and no one wants that other then the teaching profession.
Most are taking liberal arts classes and no one wants that other then the teaching profession.
If they want you, they take half off right away.They presume you will borrow the rest.
In fact, more than half the mail she gets from schools she's been accepted at involve various loan schemes, with minimal information, and no information which could help with making a good decision.
I get the "they're all irresponsible idiots, screw 'em" line, I really do.
But credit has distorted our money system in so, so many ways. These young adults going off to college are the third generation of people using credit as money. And, since the credit-as-money system has some features of a Ponzi scheme (the size of the total debt has to keep growing, regardless of individual borrower behavior, because it's a bookable asset for the lenders) - as credit as money spreads and as price inflation worsens as a result, I'm not really sure that individual responsibility will get us off the hook.
I'm not even sure anymore that responsible debtors aren't suckers.
(Response to the quote you cited, not to you personally...)
No, I expect it will be the working, middle class taxpayers who will pay the ultimate price. Because we will be asked to suck it up while the government gives these losers a free pass so that they can just clear off the student loan debts, then these same losers will line up to get their mortgages and 6 year car loans, since their credit rating will be “all good”, and they will default on those loans at some point, too.
There are jobs for BSEE’s always.
He-He-He..........To all of those who think paying for your kids education is something other than your and your child's personal responsibility. I lived poor a lot of years and took a lot of crap from my extended family (most of who work for the government) for not taking out loans. I drove 20 year old cars. No vacations. No toys. No spring break nonsense.
No debt is the best gift you can give your kid for a college graduation present. No style or bling to it, but it is the best you can give.