They still won't know their place.
Posted on 04/21/2019 5:56:10 PM PDT by SeekAndFind
Using data from the Federal Reserve, Student Loan Hero — an organization that provides “resources, tools and information” to help “student loan borrowers understand their student loans and make intelligent repayment decisions” — reports that:
Among the Class of 2018, 69% of college students took out student loans, and they graduated with an average debt of $29,800, including both private and federal debt. Meanwhile, 14% of their parents took out an average of $35,600 in federal Parent PLUS loans.
Americans owe over $1.56 trillion in student loan debt, spread out among about 45 million borrowers. That’s about $521 billion more than the total U.S. credit card debt.
11.5% of student loans are 90 days or more delinquent or are in default.
Average monthly student loan payment (among those not in deferment): $393.
What makes the statistics even more alarming is that only about 15 percent of student debt is private debt. Most of the money borrowed by students was borrowed from the deep pockets of Uncle Sam.
But it gets even worse.
According to the Final Audit Report of the U.S. Department of Education’s Office of Inspector General, “Federal Student Aid: Additional Actions Needed to Mitigate the Risk of Servicer Noncompliance with Requirements for Servicing Federally Held Student Loans,” Federal Student Aid (FSA), the agency within the Department of Education responsible for servicing all federal student loans, has not been doing a very good job:
(Excerpt) Read more at fff.org ...
I'm just not seeing why there is so much hand-wringing over an average college debt of $29,000.
the difference is who has the debt: a recent college grad, or someone making 200k upgrading their paid-for house by borrowing 200k.
add that to the fact that many college degrees are worthless in the job market.
Someone with $588K in debt probably went to graduate school, and likely got a PhD to run up so much debt.
Some people change majors in college, and take more than the usual four years to graduate . Perhaps some enter a graduate school program, drop out, and get into another grad school program, and are still in school at age 30.
Ex wife borrowed 50k to get her nursing degree.
Makes 6 figures and no intention of repaying that loan
Interesting that your deadbeat ex wife, got a marketable degree in a field in which she earns good money. And presumeably could comfortably pay back that debt she has decided not to repay.
Take it out of the hides of the universities that overcharged students to provide lavish salaries to “perfessers” of fake subjects like “gender studies.”
I worked as a TA and graded papers in grad school. I did have an idea about what I needed to do.
The last 10 engineers I have hired had over $100K each. The most was a young woman with $300K.
Payis $65K.
That is why socialism is so attractive.These kids were told “Go into STEM! It is a great Career!”
Now they owe a house payment on something they will never live in.
And saying “Don’t go to college!” is not acceptable to most parents.
>>In 1965 full tuition at a nearby state university was approximately $200.00. Just tuition and only tuition.
My last semester at a state school in Texas, tuition, fees, AND books totaled right at a thousand dollars or just a little over. That was 26 years AFTER your date here. Now, 28 years later, that same bill will be about $7500.
Went up hardly any, then exploded in the same time frame after.
All they have to do to pay off their $100,000 student loan debt is take their Harvard grievance studies degree into the job market and land a $150,000 per year entry level position with the skills they learned at that estimable institution. Their Harvard diploma should put them at the front of the pack! After about 4 years they should have paid it off and are ready to begin livin’ large, thanks to Harvard.
They still won't know their place.
I guess the real dreamers were the citizen youth that went to college in pursuit of the American dream only to have it forfeited to comrade obama’s imported democrats.
I fail to see a problem here - the average student, after getting a 4 year degree owes on average $393/month.
If you went to school for 4 years, got a degree and haven’t improved your job situation enough to make essential a car payment, then you are pretty much a loser to begin with.
Yes, college is too expensive - and they should work on reducing the expense side of the equation - but ‘student loan crisis’ - I don’t buy it.
You can’t put a price on a Confused Gender Studies degree!!
She will be in for a very eye opening experience shortly. Student debt never goes away. The Student Loan Industry will end up crushing her. It will go into default. Then turned over to a debt collector that can add on up to a 50% fee to dun you for a minimum of 20% earnings payment. If you cannot afford this they will then turn you over to another collector without warning and they will add on another 50% of the new amount. In short order your debt doubles and possibly triples (there is no limit on how many times it can be turned over to another brother collector). Garnishment follows with 15% of income taken. Then another 25% of debt is added. Garnishment costs are the interest charges PLUS 25% per year handling fee. The 25% fee is not tax deductible. If you want to get out of garnishment they will then add on 16% of the outstanding amount and you will still be wanted to pay 15% of your income.
I was paying off my rather small 12,000 loan for getting a new computer science degree in 94 to compete in the job market. Making $350/mo payments to get the loan paid off in 5 years...then the bad economy hit with a vengeance. Lost management position, no one hiring, no income after Unemployment ran out. 3 kids to feed and house to pay on. Nothing left to pay on the loan. Then the buzz saw hit. Debt went up exponentially to $54,000 and I could do nothing. Finally found well paying job. Garnishment immediately. Had been paying over $760 per month for 8 years and then taking 315 from my SS payments ($1075/mo total for 2 years). Still owe $20,000 with these usurious rates. Now at 67 was put into forced retirement. No chance of getting a job now. Was planning on using 3 years to pay off loan and put a bit away. Now will end up with a balance that is going increase every year until I die even with a $315 monthly garnishment from SS payment.
Student loans can be never ending if your run into a very rough patch. In my case I have paid off the original note and interest many many times over. The hyenas in the Industry that will give no mercy and jumped so fast have made this a debt that will go with me to my grave. Obama’s great recession has put many many others into this same position.
I never would nor wanted “forgiveness”. Not looking for sympathy. Know there are going to be a bunch coming back with “made your own bed now live in it” replies, have at it if it makes one feel better or superior.
However this rather dark side of the Student loan industry to not be known or discussed anywhere. A reset from the predatory practices that are allowed would alleviate many problems with the repayment of outstanding student loans.
Sorry for the length of this rant but just had to get it off my chest.
She ditched on 2 leases for apartments, has lost 2 cars to reposession, then filed bankrupcy thinking she could avoid the loans.
She now works for a staffing agency and moves every 3 months.
Funny thing is she’s taking a Carribean cruise this summer.
I’ve also heard it said that “A fool & his money are soon partying” & that seems to be the major course at some of the colleges....from what I hear.
With government guaranteed student loans, it puts the taxpayer on the hook for something he has no say in or control of. Very bad idea.
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