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The average student loan debt in America is $29,000. The average new car price in America is $31,000.
People finance new cars all the time, including new college grads. Is there any particular reason why any of us should be concerned that the average student will be paying the equivalent of a new car payment in monthly student loans?
Most people pay their cars off in 5-7 years. I see no reason why student debt should be considered a "crisis" when in reality that debt can be paid off in a few short years, just like the car these folks will inevitably buy and pay off lest it be repossessed.
I just don't see student debt as a "crisis." These numbers are manageable.
The USG nationalized student loans to make college education "more affordable".
The masses fell for it. Now people have higher debt than if the banks still had the loans.
Government never fixes any problems they set out to solve.
Now 21 year olds are deeply in debt to the government no less.
Now just how was nationalizing student loans supposed to make college "more affordable" ?
The USG did nothing about the cost of school.
We should be concerned, because many of these kids are getting their degrees in "Social Justice" and end up being a barista at Starbucks and can't pay off their loan as they have other financial priorities like buying the latest iPhone.
The average student loan debt in America is $29,000. The average new car price in America is $31,000.
People finance new cars all the time, including new college grads. Is there any particular reason why any of us should be concerned that the average student will be paying the equivalent of a new car payment in monthly student loans?
Most people pay their cars off in 5-7 years. I see no reason why student debt should be considered a "crisis" when in reality that debt can be paid off in a few short years, just like the car these folks will inevitably buy and pay off lest it be repossessed.
I just don't see student debt as a "crisis." These numbers are manageable.
as you stated that is the the Average student loan debt . I have probably 3-4 Xs that as will many who are just exiting college within the last 10 years or so.
That is not longer a car payment that is a mortgage payment.
College education is the next Bubble akin to the housing bubble circa 2008.... at some point it will pop
I'm not sure I agree. When a loan is not dischargeable in bankruptcy, then that's not really something that can "pop." I suppose loan defaults resulting in wage/tax/Social Security garnishment could be considered "popping" of the bubble. But it would take a very large percentage of students in that circumstance to really affect the economy (it would seem).
It's in addition to all the other cost of living monthly payments which isn't doable for the middle class anymore.
That could be a valid argument. Are you of the opinion that niceties such as high speed internet, cable TV, and high dollar cell phone plans should be scrapped in order to make ends meet, including paying student loans? Do you think that many of these indebted students are willing to do that?
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