I guess I’m going against the flow. Whittling down all my debts little by little. Feels good.
The leftist monoculture and bureaucratic monster that is the educational-industrial complex at all levels is eating America alive, feeding on massive spending and debt.
I can’t believe no Conservative politician has grabbed on to this issue. All the pieces are there to pop this bubble.
Millinials have no clue what a budget is or how to make wise choices toward their future. Those who take 9 hrs/semester are wasting their time and their parents’ money and our tax dollars.
I didn’t take out a loan to attend college or have a Pell Grant and never heard of FAFSA or all those other freebies. I did get a little $100/sem scholarship which went toward very used textbooks. That was the days before AP classes so we started college with zero credit hours. I took the max number of hours, went year round, lived in the dorm (cheap), was on the meal plan and had a part time job. I graduated in 3 years with zero debt.
I paid for my college education and my kids’. We were responsible enough to set up a college fund for the kids even though it hurt the budget. There is no reason why I should also have to foot everyone else’s.
Increases in debt may simply mean that people are more confident in being able to make larger payments on debt.
As long as accounts are being serviced... it’s okay.
When I say that, it’s related to default.
Credit should be low, especially credit card debt.
Student delinquencies? Are they anything like juvenile delinquents?
Student delinquencies up as today’s students buy $1K dumpphones and guzzle lattes daily.
They keep hearing they are going to get a government bailout. That is what they are waiting for. The thing is a sham now anyways. Universities charging a Zillion bucks for degrees that go nowhere.
The issue is that education is way too expensive. There should be some serious cost reductions on college campuses. That would make the difference.
The professor’s salaries need to be cut by half or three quarters for starters.
Instead, liberal want everyone else to pay for the bloated overpriced education system.
My own Sister, who never bothered to listen to my advice on this, co-signed loans for my niece to go to college. She ends up going out of state to Ole Miss and racks up something like $155,000 in student loan debt. About $130,000 was on my sister and of course she can't pay it back. With interest it is now about $155,000.
My Sister's excuse on all this was that she wanted her daughter to have the same kind of college experience she did, translation she wanted her to be able to be in a Damn Sorority. What my Sister forgot was when she was in college it was affordable and my father could pay for it.
My niece graduated with a degree in Hospitality Management, and what job does she have today. Well she is a flight attendant for an airline. Great Job and perks, but certainly not worth the cost of the Degree.
I have been trying to help my Sister in this mess, not financially, but in trying to deal with the student loan people. She just has no clue about money at all and just doesn't give it much thought. I am at my wit's end on this.
She is married but her husband is no help and his name isn't on the loan papers. so he doesn't care. She doesn't make enough money to make any kind of payment on this mess.
If anyone has any info or advice I would appreciate it.
One can thank Bush for this mess, when he and the repubs. “reformed” the bankruptcy laws in approx. 2005 they wrote, in the new law, student loans could not be discharged via bankruptcy, thus fulfilling a favor for one of Bushes big doner’s the CEO of Sallie Mae, Alford Lord.
This eliminated any credit or means testing for student loans and enabled/encouraged the loans to be given out like candy to borrowers who had no business being in college.
Also encouraged the existence of useless colleges like culinary schools, art/design schools, mechanic schools, dental hygiene schools, IT maintenance schools et al which charged exorbitant tuition for degrees that tried to replace in the field training. We still see them advertising all the time on late night cable channels.
The reason this is not a political issue is because the media and Democrats (same) know all this money is being funneled into leftwing bank accounts. Republicans are too stupid to say anything for fear someone may say, “boo!”
The first thing a Republican should do is say that no university with endowments of more than $500 million are eligible for any type of student aid — at all. There are many universities sitting on BILLIONS in endowments, more than the net worth of small nations, and yet they keep raking in federal student loan money. They should be forced to use their endowment money for student aid first and then be considered for government aid.
But the issue of an out-of-control higher education has been written about extensively since the early 1980’s, so this is not new. The cost of higher education has rocketed past inflation for decades, and no one says a peep. Republicans are too afraid, and Democrats do not want to kill the golden goose.