Posted on 08/12/2016 8:22:16 AM PDT by george76
whom to blame for the student loan crisis; it’s big banks, big government and big corporations ... But if we are really honest, it is us, the citizens, who are to blame. We let our government enter into a crazy scheme of financing America’s colleges with debt.
As a taxpayer, you had the right to protest. At any time over the past 50 years, you could have elected leaders who would have replaced the federal student loan program. But you looked away. You accepted the indebted fate of your children.
...
Colleges responded by gulping up all the money they could get from the feds. .. tuitions exploded. Colleges operate like a cartel: Most increase tuition in lockstep with each other every year — by 3.5 percent, to be precise. And for this, the government rewarded them with $110 billion last year alone.
Who gets hurt? The students, of course
...
Over the years the liability to the taxpayer keeps on growing. Why? The students are not paying back their loans on time. Federal Reserve Bank of New York says 17 percent of student loans are delinquent, but if you add payments granted deferment and forbearance because students could not or would not pay on time, the number rises to 67 percent.
...
So, dear taxpayers, you have been floating on the good ship of student debt for decades. At first you were on a stream, then a river, and now you are on a really big river: $1.3 trillion in debt. It’s been pretty calm, right? But now the boat seems to be shaking a bit. Look downstream. See the white stuff? You are headed over Niagara Falls.
(Excerpt) Read more at wbur.org ...
How dare you say such a thing to parents who are victims of a crooked elite and a complicit MSM?
Either that or The Rising Tide of Racism in Amerikkka.
Colleges designed this scheme so that “Gender Studies” professors could get six-figure salaries and gold-plated benefits, while producing NOTHING worthwhile.
Bull Hockey.
Democrats specifically designed this scam so that they could buy ONE election when they really needed it by floating a long forgiveness scheme..
That time appears to be now.
I knew this would happen when they first started student loans
Logical Six Point solution to the student loan crisis:
Yes, the taxpayer takes a 30% hit up front to liquidate this crisis, but that is far better than continuing to grow this monster.
There is a super easy solution for future debt crises. It is called tactical math for self defense. If parents would read contracts when they buy cars or sign up for mortgages or co-sign for student loans, and LEARN WHAT INTEREST IS, there won’t be a problem in the future.
Obviously if kids would learn TACTICAL MATH FOR SELF DEFENSE, which is nothing more than the basics, adding, subtracting, multiplying and dividing without a calculator, they can figure out interest, but they also need to be real clear on how it affects them.
No one forced these people to take loans.
If the kids were so important could we abort them and sell their body parts for profits?
I don’t think so. :)
“No one forced these people to take loans.”
The beginning of getting back to personal responsibility can start here as well as anywhere.
““No one forced these people to take loans.”
The beginning of getting back to personal responsibility can start here as well as anywhere.”
What yall said!
KYPD
A little history to add to the conversation. Federal student loans began under the National Defense Education Act in 1958. This was an idea proposed by Milton Friedman. Federal loan guarantees began in 1965, in an era of other wonderful new beginnings under LBJ.
I attended college and earned a BS degree between 1975 and 1981. I took not one dime in student loans.
There’s another aspect to this situation that I never hear discussed anywhere: When prices start to get out of hand in any other industry, the CEOs of the companies involved are called before a congressional committee and ask to justify the situation. Why is this never done with higher education? Why aren’t the university and college presidents called on the carpet and asked to justify the outrageous tuition, lab fees, book fees, etc. that they charge? Why aren’t they asked to explain why, for example, a student is forced to pay several hundred dollars for a single textbook, that was, surprise, surprise, written by the professor teaching the class? (Especially when a comparable book can be found in Barnes & Noble for about $40.00 - $50.00) This is nothing less than price gouging.
Exactly!
Scapegoats allover but the fact remains NO one put a gun to anyone’s head and said here, either your signature or your brains (small as they may be) go on the document.
The american public is frankly stupid when it comes to real life activities. Ask most of the dweebs whom is married to Brad Pitt and they know in a heart beat. Or who won the last super bowl and they probably know. Then ask them a simple history, math, or science question and you get a blank stare. When you get that stare, ask them how long they have voted for democraps and it will be their current age minus 18 in most cases.
Over the years the liability to the taxpayer keeps on growing.
The idea is that I’m working my way to no longer being a tax payer.
The bubble is bursting. Schools are going under.
We (well, late Great Uncle mostly, who entrusted us with funds) funded our grandsons comm. college..didn’t want him to sign up for loans. He’s finished 2 yr degree...not sure where he’s going...so glad he’s not tied into student loan!!!
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