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Nearly $300 billion of the almost $900 billion in outstanding student loans was held by the riskiest category of borrowers. More than 12% of federal student loans, and 5% of private student loans,
were considered delinquent. Article Link
This is the kind of thing that worries me. It wouldnt if I was confident the government would actually enforce these loans, but I get a little hesitant to pay mine off, when there can potentially be a bailout coming for people who made bad decisions
People certainly made bad decisions with loans but I think the cost of an education in the U.S. is getting outrageous, even in public schools. Students should not have to be burdened with debt for years or even decades to obtain an education. WIth globalization increasing manufacturing and other low skilled jobs may never be abundant here as they once were. We cant compete, at least for now with the low cost of production in other countries. More people are going to have to get an education.
Its also very unfortunate that after the recession tuition rates have increased and funding has dried up at many schools. Students had the least to with the mistakes of the government, banks ect.. yet it is the students who are paying the price.
Less than 50% graduate a 4 year college and less than 30% graduate from a 2 year college.
You have lots of people with student loans and no college degree to show for it.
What types of jobs are out there today for HS graduates..mostly min wage hourly work.
And the loans will sit unpaid because they just don't make enough money.
I think the government saw this when they nationalized Fannie and Freddie and took over the student loan business before the next big bailout hit them.
The Fed can sweep this outstanding debt under the rug and let it be buried in the national debt.
This is the kind of thing that worries me. It wouldnt if I was confident the government would actually enforce these loans, but I get a little hesitant to pay mine off, when there can potentially be a bailout coming for people who made bad decisions
Or predatory lending... why do some choose to overlook the for profit universities who have staff whose job it is successfully close big loans to those eager to improve themselves and become contributors to this nation?
There have been any number of articles written and documentaries produced about for profit universities and their predatory lending and how they walk away scott free after the ignorant sign on the dotted line.
Same thing happened in the mortgage industry during the GW Bush administration. Too many prefer to blame Barney Frank, but the truth is that the big banks walked away free of all blame, with pockets full of federal bailout money, and EXACTLY the same thing is happening in the for profit university system.
Te housig bubble stared log before GW BUSH and congress creqated Fannie and freddie and of course frank blocked the audit of both eve sayig if they got i trouble we could just bail them out. just poart of wealth sahrig as seen bu liberals .Nothing was hidden really and most saw houisng as the fast wealth bubildign asset that could be invested in. Now; of course; all claim to be victims of others greed forgettig their own. Student loan as a means of investing in ones future is no different really ande those who borrowed can't cliam they were stuid and victims as easily.
[quote=HappyTexan;28071045]Less than 50% graduate a 4 year college and less than 30% graduate from a 2 year college.
You have lots of people with student loans and no college degree to show for it.
What types of jobs are out there today for HS graduates..mostly min wage hourly work.
And the loans will sit unpaid because they just don't make enough money.
I think the government saw this when they nationalized Fannie and Freddie and took over the student loan business before the next big bailout hit them.
The Fed can sweep this outstanding debt under the rug and let it be buried in the national debt.[/quote]
How fair would that be to those of us who paid our loans?
Less than 50% graduate a 4 year college and less than 30% graduate from a 2 year college.
You have lots of people with student loans and no college degree to show for it.
What types of jobs are out there today for HS graduates..mostly min wage hourly work.
And the loans will sit unpaid because they just don't make enough money.
I think the government saw this when they nationalized Fannie and Freddie and took over the student loan business before the next big bailout hit them.
The Fed can sweep this outstanding debt under the rug and let it be buried in the national debt.[/quote]
How fair would that be to those of us who paid our loans?
Every bit as fair as the mortgage bailouts have been to those of us who had sensible loans.
Every bit as fair as the mortgage bailouts have been to those of us who had sensible loans.
Which wasn't fair either. Why do it again with student loans?
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