What ever happened to Rick Perry’s idea of a $12000 bachelor’s degree??
The real problem with the ‘exploding college debt’ is not with the colleges, loan companies, nor with Congress - it is with those who take on the debt. No one is putting a gun to their heads to take out the loans. Congress, and ‘boy’ Obama have more important things to concern themselves with than wiping the noses and butts of fools who willingly and stupidly take on a loan that turns out to be more than they can handle.
I will be very pissed off if the government attempts to fix this problem. This is a CLASSIC case of the kind of problem the market should be left to correct.
Colleges are already pricing themselves out of the market as students realize that college-at-any-cost simply isn't worth it. Costs will come down as colleges find that they're having problems filling the classrooms, and online education and community colleges take up the slack.
In today's job market, a tech school certificate for operating a CNC milling machine is worth more than a Bachelor's in English. People who hock their entire future to pay for the latter are morons... and this from someone who has a Bachelor's in English.
When you have a financial bottomless pit in a supply side equation, there is only one result: costs constantly rise. There is no incentive for anyone to reduce prices, as raising prices doesn’t curtail anyone from buying. They just pay more.
At least half of today’s tuition bills are fat. Add in up to another $2,000 in mandatory health care coverage that is charged to the student account (and thus eligible to be financed as part of a college loan - financing insurance? Wow, there’s a scam and a half.) That means, without cutting a single class, without paying a dollar more for staffing, virtually every college out there could cut their tuition bills in half. All it would require would be a minimum of 20 hours a week in classroom instruction for today’s professors, who right now average 10 hours a week. Sure, some are up to 20 hours a week, so doubling it would mean - gasp - a 40 hour work week.
On campus living could be chopped in half simply by increasing the density of students in on campus housing. Bunk beds used to be the norm on campus when I was growing up, and could easily return again. Any increase in food costs could be absorbed by offering student work experience in the kitchens, and any increase in campus cleaning could be absorbed by again allowing students to work on the campus.
Once there’s a top of the market for colleges, things will calm down. But until then, these ‘free money’ loans with no cap will ensure that college tuition only increases each and every year.
Leftists like price controls, they should apply it to University tuition and professor salaries.
Of course, there will be inevitable charges of racism.
Of course, there will be inevitable charges of racism.
Why accept the premise that the Federal Government has a duty to rob one person of their labot to give it to another who has not earned it in the name of education.
You accept their premise and you have lost before you start...
Stop this insanity by eliminating government college loans and loan gurantees.
lemmee see if i got this right..
some ignorant a-hole gets into massive debt getting a degree that is pretty much useless, and now I have to cough up some money to pay for it??
My kids got 2 years at the community college from me, that’s it....
could not afford to send my own kids off to university, and now I gotta cough up some money to pay for someone else???
screw ‘em..
let them eat cake
Why is it the Senate’s issue? People choose to take on these loans for worthless degrees. Consequences of choice should not be protected by the Senate.
Hey, now we found something we can do with the NYT’s proposed wealth tax! It’s raining money!
The title is not correct. The debt is individual debt, incurred by individuals, who owe a great deal of money. In most cases, rather than being frugal and making wise decisions about their education, they chose to spend money they did not have, thus endangering their future and their children's future.
Just like those who chose to borrow money for homes, they could not possibly afford, many of these individuals pursued dead end degrees, that could not lead to jobs.
As a result of a Democratically controlled House and Senate(2008-2010) crashing the economy, and Obama following his inclination to redistribute that which we do not have,the world has crashed around their heads.
Once the House reverted to a Republican majority, the Democratically controlled Senate (under the leadership of Harry Reid)refused to bring any House Budget to a vote in the Senate. Any time a Obama budget was taken to the Senate for a vote, the result was a resounding vote of no by the senate, the last being 98-0 against. As a result we have not had a budget for how many years? We have only had spending, and borrowing.
Pollsters constantly polled people about their feeling about "Congress", not their feeling about the House or the Senate. The truth is the American people love the House, but despise the inaction of the Senate, as reflected in the results of the vote in November.
If electoral ballots were distributed by House districts, rather than winner of a statewide vote taking all delegate, we would have a Republican president this time.
It the old story of choices. Some choose to live lives of moderation, saving, investing, and working toward the future for themselves and their children. Others choose to borrow, spend,and live an extravagant lifestyle. They then look around and find that because of their choices, they have nothing, owe a lot, and then demand that others have cheated, and they deserve more. They deserve their "fair share".
I really think the Occupy Wall Street crowd is looking at how Obama bailed out GM and spread the money around to his supporters, and want their share, since they were instrumental in getting him elected the first time.
I would not really have a problem with refinancing college loans at current rates, but only for those individuals, who pursued degrees in health sciences, engineering, business,mathematics,and even English(if that person took a masters in Education in order to teach). These people chose to invest in the future.
Fairness does not mean that those who worked their way through school, or paid back their student loans, should pay for the individuals who refuse to honor their debts.
The days of the brick-and-mortar college monopoly is coming to an end. Sooner or later they will be forced to embrace technology and offer alternatives to “going away to college”. This will be unfortunate for the hundreds of thousands who depend on students and parents to fund their salaries and retirements.
Any parent who encourages their kid to take out a student loan in this environment is irresponsible.
Tommie the Commie is going to HELP put the country even further in debt.
So?
Do we need yet ANOTHER 'help' from Gov't?
People are buying what the colleges are selling; so just leave them alone!
Frankly, I’m all for higher and higher education costs. Then the idiot students will finally learn that they only been taught to be liberal commies and were dumb enough to pay for it for the rest of their lives. They beauty of the progressive commy way they will not have the knowledge to ever be employed except as toys for the govt. Just like all the eastern countries, dumb and poor.
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