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Posted on 05/19/2026 2:20:59 PM PDT by karpov
When the United States began its experiment with federally backed student loans in the 1960s, no one predicted that, by the early 21st century, students would have run up over $1.8 trillion in debt and that many of them would be unable to repay what they owe. We were told over and over that college debt was good debt because of the huge increase in lifetime earnings that a degree was supposed to guarantee.
The Tar Heel State has its own set of unique problems when it comes to student debt loads. North Carolina ranks among the top 10 states in debt per borrower, approaching $39k per student-debt holder. One unique feature is the state’s Research Triangle (UNC, NC State, and Duke), which both creates and attracts high-debt graduate and professional students. These individuals carry the largest debt loads of all, often reaching six figures. Nationally, a government-supported increase in individual educational demand enables tuition hikes. This is a well-known relationship: Every $1 in new student debt offered drives a $0.60 increase in tuition.
When taking the long view of the data on student loans in both North Carolina and nationally, it becomes clear that a multi-generational debt trap has ensnared a shockingly large number of Americans. What’s almost as surprising as their number (over 44 million borrowers) is who they are.
It’s Gen Xers and older generations, those aged 50-plus, who have seen the highest increase in late payments, with over 21 percent of older Americans with student debts going into serious delinquency. Not only are they falling behind on their payments the fastest but, as a group, these Americans have the highest average debt per borrower, at over $47,500.
(Excerpt) Read more at jamesgmartin.center ...
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The only way out of this is to phase out student loans.
End issuing new loans, effective 5 years from now.
My grandma did, she predicted exactly that. And so did anyone else with half a brain.
It has been said that the purpose of any system is that which it accomplishes. The financial-aid and student-loan system has produced higher prices, massive debt, and the demoralization of both the young and old who are finding repayment ever more difficult.
Just make them dischargeable in bankruptcy. This means lenders will not loan money for crap degrees..(which these days also means IT that will be done by a Hindu or AI)
Tightfisted lenders also means Universities will feel pressure to stop the explosion of tuition rates.
Last, make Universities legally liable if they are churning out worthless degrees. Cut off all student aid and “research” money to such schools.
Or use the Trump technique... invite in a half million Chinamen.
You must get good grades to get into a good college.
Good colleges are expensive.
A degree from a good college will get you a good job.
FAIL!
A degree in Women’s Studies should frighten off most employers as they don’t want the aggravation. A higher degree in Women’s Studies should frighten off most employers as they don’t want the aggravation and it is proof that you don’t learn from your mistakes.
The Bush administration changed bankruptcy laws in 2005(?) so that student debt could not be discharged. Change that part of the law and then loans will not be given out like candy... Hopefully tuition costs then will drop as students will no longer be debt slaves. Luckily I had the GI Bill back in the day and a full semester at San Jose State University was $97 for 12-15 units.
I also worked in a furniture warehouse where the owner saw fit to pay for the books of all us college students. Great deal. Bought used books when possible, and got re-imbursed— $305/ month from the government to go to school and the place even had a bar. What a deal for a tread-head like me...
federally backed student loans in the 1960s,
Going back to the GI bill level of funding is the only part of student loans I could be persuaded to keep.
But that’s literally where this mess started.
Scrap it all is the only way out. For people relying on it, sure.
You can actually trace skyrocketing tuition and debt directly to the availability of student loans.
Lots of schools will collapse. And they need to. They are a bastion of leftism supported by taxpayer money.
Give it back to Sallie Mae.
Put a federal cap on tuition say $5k per semester. Above that cap the tuition balance must be financed by the institution.
Or:
Make college less important by overturning Griggs vs. Duke Power Corp.
60%, Huh? Our government is subsidizing the universities more than the srudents.
I vomited both all the times I voted for a Bush.
It was literally just radically better than the alternative.
That, or the students pay them back. Like I did.
Student debt was good debt because it paid for itself through higher earnings from having graduate degrees, but only for a moment until the universities raised their prices to absorb as much of that debt as possible. They being not stupid probably had the price increases planned for and tuition costs were being raised at the same time as President Johnson was signing the bill into law. It had to be President Johnson.
Nope it was Ike, Dwight D. Eisenhower. Damn.
“Just make them dischargeable in bankruptcy.”
That is the solution.
It was a debt like any other until they changed the rule.
Costs will come down.
Worthless Ed-You-Muh-Kay-Shun will stop.
Golden Spoon Kids will pursue French Art History.
Wooden Spoon kids will learn how to Weld.
The world will rebalance and folks will re-discover true value. The guy that can fix your car is just as valuable as the guy that can fix your teeth.
That was the point.
Five of our six kids have degrees, to of them masters. The sixth one just finished her junior year.
We had one take out student loans - about $6k worth. It was paid off within a year.
There are scholarships available. There are affordable community colleges if you don’t get the scholarships.
I think I spent $15k total, all on the first three. (Two went to a private school.
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