Posted on 05/11/2016 1:54:21 PM PDT by Lorianne
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The current outstanding student loan debt in the United States is roughly $1.3 trillion, and getting bigger by the second.
The good news (for those not concerned about economic realities), Obama has just set the precedent that loans will be forgiven, the bad news, parents are now telling their kids to take out more student loans if they intend on going to college. But there is a twist.
According to Bloomberg, a new survey by Discover Financial Services found that 48% of parents think their child should pay a portion (if not all) of the cost of attending college, up from 39% four years ago. And just how will potential students pay that portion? Why, student loans of course. 32% of respondents said they would ask the bank for help, while 27% plan to rely on family savings, 4% said they would dip into retirement funds, and 3% even indicated that they may refinance their home to pay for their kids college. Bloomberg goes on to offer up the silly notion that "free money" exists by way of government aid (FAFSA), stating that "about $2.7 billion in federal grant money was left on the table because parents didn't bother to fill out these forms.
What Bloomberg fails to mention is that nothing is ever free, and also, as the government subsidizes the bill for those attending college it only makes tuition more expensive.
(Excerpt) Read more at zerohedge.com ...
it’s about time.
‘bout damned time.
And if 48% of these yutes decided to forestall going to College for 1-2 years Tuition would DROP BY 50% OVERNIGHT!!!
...and every damned one of those kids will vote for Bernie.
That’s just so the kids could get scolarships and loans.
Record?
That’s how it used to be not so long ago.
Only the truly wealthy sent their kids to college expecting that they wouldn’t contribute at least some to the cost by working their way through.
Has anyone wondered why the costs of education has dramatically increased while the ability of graduates to be employed has decreased? One wonders how students are going to pay back loans when they are not qualified to obtain a high paying job.
We offered our children room and board if they went to the local state university. The first graduated with a Psychology degree. The second opted for a local welding trade school. The third has enrolled in community college.
So, what’s new about that?
My son-in-law told his kids that if they wanted to go to college, they’d better figure out how they were getting there.
Two National Honor Society and two national wrestling championships have put two of them through on free rides!
There’s a couple of more coming up that I’m betting will do the same.
Ya just gotta WANT it not just “gimmie”.
Besides if you actually EARN your education you’ve invested a lot in your self.
The “gimmies” have no comprehension how this works.
Yup,
We value most, what we personally pay for.
Prediction:
As the West’s economy contracts toward a crash, money will become scarce, and put the hurt on rip off gouging colleges and universities.
BS course professors will get ditched as the western world comes to realize practical education (STEM) is essential, and everything else is not, ie: Women’s and Ethnic studies.
I helped my boys through Tech college while they lived at home and worked at LEAST part time. Neither graduated with much debt at all, thanks to their Grandparents who invested in college funds for them from birth, and were on the same page as I was.
I flat-out told them if they were going to a state college for a useless degree, I wasn’t contributing a dime, and they couldn’t live at home for free, either.
One is an IT guy, doing really well and the other has a job and is also doing well designing traffic patterns for cities.
And they’ve not moved back in. Yippee! :)
they are not qualified to obtain a high paying job.
They are NOT Qualified in most cases to obtain ANY JOB! Starbucks, McDonalds, Wal-Mart is FULL of College Graduates that are Literally DUMBER THAN DIRT, but they are some of the Proudest Morons on the Planet.
Correct on so many points
My 20 year old paid for her own college. She worked her butt off in high school. Good Grades. Volunteering. Student Council. Arranging the Blood Drives. She spent 2 summers writing scholarship essays while her friends were out having fun. She worked and saved. With all her little scholarships she received, she gets her school and books paid for and still has about $3000 left over. I know it wasn’t easy. But it can be done. She voiced her frustrations and a few tears. Of course, we couldn’t be more proud of her.
Um, no.
I have twin daughters who live at home and our family falls into the too-poor-to-pay-for-college, and to-rich-to-be-poor, yet not the right political flavor of the season to get funding just handed to them.
Parents telling their kids they have to pay for college themselves doesn't automatically 'get' anyone anything, but it will make the kids appreciate what they've earned.
Has college tuition been rising because low-information colleges are taking advantage of unconstitutional federal loans and grants for INTRAstate schooling?
Who can even afford to help the kids with college any more? We paid off the mortgage about five years ago, and now our regular expenses are taking up all the “slack” that used to be the mortgage payment. And we have not changed our lifestyle one bit, have no new cars, do not eat out, etc.
Good for your son-in-law, and look how great for his kids this has been.
It’s also long past time wnen the colleges and universities give back most of that money because they’ve taken it under fraudulent circumstances. Here’s an idea, give all professors a 25% pay cut and use that money to retire some of the debt.
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