dont worry Obama can brainstorm us out of it..
Too bad there isn’t a statistic that reports unemployed college graduates. Ouch...that would be embarrassing for all those expensive colleges that can’t guarantee anyone a job, though graduates have invested tens of thousands of dollars for their worthless degrees.
And the assumption is that this wasn’t planned?
Yet the “focus” of the Government is going after ‘for-profit’ community colleges that train folks for blue and pink collar jobs?
I’m 56 and have done very well with out a college indoctrination.
Student loans are the ONLY debt that cannot be escaped through personal bankruptcy.
Now, Obama is talking about making people with outstanding student loans indentured servants to the federal government.
Coincidence?
High schools should do a better job instilling a realistic outlook of what they can expect when they get out of school, and help them to make school choices appropriately, whether it's a community college, state school, vocational school, etc. High schools are doing kids a disservice drilling into them the notion that they have to go to the best, most flashy, expensive school they can get into regardless of what they want to do for a living.
Student loans are just another wealth transference from the middle and working class to the wealthy ruling class and their lapdog academics.
The student loan bubble is what finances all those lovely paychecks and perks that professors get while their interns and adjuncts do the real teaching for a pittance.
Easy money has caused tuition inflation in order to absorb it. It’s as predictable as Obama’s socialism. Of course they will go after the “for profit” vo-tech schools because they’re getting too much of the pie that the state colleges and Ivy League want to keep to themselves.
I expect the “for profits” will quickly hire lobbyists and make appropriate campaign donations in order to protect their place at the trough.
I never really bought into the whole “good” debt versuses “bad” debt thing. Debt is debt. The way I looked at it is a person can only have so much debt. If you have too much “bad” debt then you cannot at the same time have very much “good” debt. Debt needs to be paid off as soon as possible whether you deem it “good” or “bad”
I still don’t consider a home mortage to be good debt since most people will die in their homes anyway. Most people are over-invested in their homes. If you can rent out your home and make a profit then that is “good” debt.
My wife grew up in a 'working poor' family and graduated with her M.Sc. with about $27,000 in loans. Her interest rate now is locked in around 2.25%. I have to keep telling her that I don't WANT to pay it off, I want to let it ride as long as possible while I invest the money that would otherwise go into paying it off and earn more than that.
Classic law of supply and demand. As student loans became more available, tuition rates rose. Not unlike when mortgages became more available, housing costs rose.