Posted on 04/20/2016 3:09:01 PM PDT by SeekAndFind
Total U.S. student debt now topples credit card debt, surpassing the $1 trillion threshold in 2012. Each year a new class of students graduates from college; however, many of those graduates do not find jobs that can adequately allow them to pay back the hefty loans. (For related reading, see: Student Debt Passes $1 Trillion: Is College Worth the Investment?)
A new report by the Education Department highlights the student debt epidemic. Not only is more than $200 billion in student debt owed to the federal government, several borrowers are woefully behind on making payments. The recent statement from the Education Department states that 43% of the 22 million Americans who borrowed from the U.S. government's primary student-loan program are either in default, delinquent or in postponement of their payments. Some point to faulty loan servicers as posing a threat to the viability of the debt ever being repaid. But many, including the Obama Administration, argue that the issue runs much deeper.
A Broken System
Two-thirds of graduates now graduate with an average of $35,000 in student debt. The current dilemma results from an extensive borrowing boom. Consequently, the defaulters are staggeringly behind primarily due to the rapidly increasing cost of secondary education. (Also, see: No Job and 50,000 In Student Debt. Now What?)
In response to the student debt crisis, the Obama Administration has attempted to relieve some of the debt and make it easier for graduates to begin repayment. As part of a larger federal loan-forgiveness program, approximately 400,000 disabled citizens will be excused from their student debt without risking their Social Security benefits. On a larger scale, new legislation focuses on developing income-based repayment plans to protect consumer credit and prevent default.
The Bottom Line
Borrowing heavily for secondary education has become the norm over the past few decades, now leaving students over their heads in student loans. According to a recent report by the Education Department, a whopping 43% of students are not making their loan payments as of Jan. 1, 2016. The situation results from a myriad of factors, such as the rising costs of tuition, the inability of the job market to meet the high repayment demands, faulty loan servicers, and inadequacy of loan issuers, etc.
Whatever the cause, one thing is certain. Without a widespread reform or strategy by the federal government to get the loans back, it looks as if the money won’t ever be seen again. Further, the student loan crisis shows the post-secondary industry is ripe for disruption.
I’m certainly not making student-loan payments.
More Than 40% of Americans who borrowed from the U.S. government's primary student-loan program Not Making Student Loan Payments
Bernie’s going to make it free so why pay?
Why would they! That ba$$turd has hinted for 7 years that he would “forgive” their loans. He’s also told them under current law that if they escape payment for, what? 7 years? then the loans cannot be collected.
This can only be shocking if you aren’t paying any attention to society at all.
You give a large population of Bernie voters thousands in cash and tuition and you really think these people are going to pay the money back? This number will grow to near 100% soon...and then the government will throw their hands up and forgive it all. After all, it’s just a bit more quantitative easing.
Dip into Obama’s stash and clear up that debt
Chump change compared to the $19 Trillion Dollars we have enslaved them in to pay for our wants today.
40% don’t pay, loans can never be discharged in bankruptcy and another % is deferring payment...
What page of the Constitution talks about student loans?
My youngest daughter has student loan payments. I told her if I found out she wasn’t paying the bill, I’d fly out to where she’s currently living and kick her a*s.
I told her we aren’t freeloaders. She got an education and a degree thanks to that money. No, she didn’t major in womens studies or sub-saharan nubian pre-historic gay architecture.
She majoring in marketing and is doing quite well.
So far, so good.
Because the more time passed after graduating, the more the truth about the ZERO VALUE of their degree was brought home to them.
And now that he forgave a bunch of student debt last week, a lot of those previously making payments will STOP.
The Universities dwell on the notion that companies will USE and then DISCARD their employees, yet those same Universities do EXACTLY THAT to their own credulous students.
Why should they? According to Bernie and Hillary, once those greedy “rich” bastards start paying their “fair share”, college will be free.
Well, when you went to school the stone was free! (ducking)
Borrowing heavily to go to colleges they can't afford, buying cars and living in expensive apartments they can't afford, and majoring in dumb subjects that make them unemployable.
It all boils down to 2 things:
1. Consent - "Governments are instituted among men, deriving their just powers from the CONSENT of the governed." We the People ultimately consent to this. We consent to a criminal IRS every time we file our taxes. We consent to a corrupt financial system every time we spend or accept the fiat Federal Reserve Note. We consent to the destruction of our 2nd Amendment every time we walk into a gun store and submit to an un-Constitutional background check. The REASON we consent leads us to the 2nd part,
2. Fear - we consent not because we believe in it. We consent out of fear of losing the job, the mortgage, the car(s), the toys, the big screen TV's, the big sports games and the booze we drink while watching the big game.
We cower in fear of losing these things because, ultimately, we have completely disregarded the legacy of the Founders. We call ourselves 'patriots', when in reality, we are nothing more sniveling slaves to material things. We should be ashamed of ourselves.
Well, when you went to school the stone was free! (ducking)
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Yes but they really gigged you on the price of a quality chisel.
The supplies are free but those tools will cost ya!
We didn’t get stones.
We had to make our own paper from belly-button lint.
It’s in the emanations and penumbras.
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