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You are putting too much of the blame in individuals.
College costs have risen far faster than the general rate of inflation. Aid to students has diminished just as fast. Add to that the fact that you need more and more education to get worse and worse job. It is a perfect storm for the rapacious student loan industry. If more students had a full range of alternatives, they wouldn't crush themselves under an avalanche of debt.
As most anti student loan fairness people usually do. There is no blame on the lenders for predatory lending, not processing payments properly, and other issues:
So??? there are over 33 MILLION college students currently in school. Take that times 4 or so to cover the past 12 years or so of college students and the debt ratio is VERY small. The trillion dollar debt is more related to the number of students and not huge loan amounts per student... That actually averages out to roughly $2525.25 per student over the past 12 years...still look like a "big" number??
There is roughly 165 billion in outstanding private student loans as stated in the reading below. THAT'S JUST PRIVATE. Still look like a "small" number??
This is exactly the problem! Everyone assumes their situation(or someone close to them) worked out just fine so everyone else should be fine too.
1) Not everyone will be able to work full time, or maybe even part time, while in school.
2) Not everyone wants to wait 5-7 years to get a degree.
3) What your amount of debt is doesn't mean everyone else will be close to it.
So what? Your statement was the one that was an absolute not mine. Shall I quote it for you?
"No degree is worth the debt"
Many degrees are worth the debt. Some are not. But stating the absolute that "no degree is worth the debt" is just as ridiculous, if not more so than saying, any amount of debt for a degree is acceptable.
People need to be smart, and pragmatic, about what is or is not a reasonable debt load when considering a degree instead of being told meaningless absolutes. Your advice is just bad.
There is roughly 165 billion in outstanding private student loans as stated in the reading below. THAT'S JUST PRIVATE. Still look like a "small" number??
Yes...especially when you average that out per student....that adds just $2.40 per student to the federal student loan number
So what? Your statement was the one that was an absolute not mine. Shall I quote it for you?
"No degree is worth the debt"
Many degrees are worth the debt. Some are not. But stating the absolute that "no degree is worth the debt" is just as ridiculous, if not more so than saying, any amount of debt for a degree is acceptable.
People need to be smart, and pragmatic, about what is or is not a reasonable debt load when considering a degree instead of being told meaningless absolutes. Your advice is just bad.
No degree is worth the debt is true. I am saying what everyone else is afraid to say or admit and that is that higher education is a scam. For 95% of the degrees out there you are throwing money down the drain when you could just simply be hired and learn the same skills on the job. College is forced into peoples minds at a very young age, and shame on you if you don't go to college because you will be flipping burgers the rest of your life.
Being a teacher do you tell your students the good and bad? Do you mention how lenders use predatory lending, there is no statue of limitations, lenders make more money off of you if you default, how tuition has risen dramatically, and so on?
Yes...especially when you average that out per student....that adds just $2.40 per student to the federal student loan number
When did I mention federal? Can you show me where lenders are handing out every student $2.40 loans, or even better can you show that every student received $2425.25 on the dot because I bet you that you will find most students have more debt then that.
The average debt per student is around 30k. You need to look at the bigger picture, the student loan debt has gone from 250 billion to over 1 trillion in about 10 years, that's not good. Student loan debt continues to rise while almost every other debt continues to fall.
I love it when people use the buzzword predatory lending to try to make others feel sorry for their bad choices. When you signed the loan agreement you should have read what you were signing, no one forced you to agree to the terms and sign.
3 degrees and no student loans here, and yes I just completed my last one within the last two years so I know how expensive education is today.
I love it when people use the buzzword predatory lending to try to make others feel sorry for their bad choices. When you signed the loan agreement you should have read what you were signing, no one forced you to agree to the terms and sign.
The private loan market was pretty frothy between 2004-2008 and demand was high. Private lending grew to around $25B per year. So abuses weren't uncommon as more and more players got into the game trying to make an easy buck in a growing market relying primarily on slick marketing.
The market is pretty different now. There are fewer lenders in the game, much less student interest in their products, and more regulatory attention, particularly from the CFPB. Private loans issued in 12-13 are estimated to be about 8B - about 1/3 of the market at its peak, and basically a return to the volume issued in 2002-03.
So I don't think matty is wrong to suggest there has ever been predatory lending in the private loan market, but it's not clear how good a description that is of the current market.
No degree is worth the debt is true. I am saying what everyone else is afraid to say or admit and that is that higher education is a scam. For 95% of the degrees out there you are throwing money down the drain when you could just simply be hired and learn the same skills on the job. College is forced into peoples minds at a very young age, and shame on you if you don't go to college because you will be flipping burgers the rest of your life.
Being a teacher do you tell your students the good and bad? Do you mention how lenders use predatory lending, there is no statue of limitations, lenders make more money off of you if you default, how tuition has risen dramatically, and so on?
You don't get the job without the degree.
The unemployment rate for college gradates was 3.4% in Feb. The unemployment rate for high school graduates was 6.4% in Feb.
When did I mention federal? Can you show me where lenders are handing out every student $2.40 loans, or even better can you show that every student received $2425.25 on the dot because I bet you that you will find most students have more debt then that.
The average debt per student is around 30k. You need to look at the bigger picture, the student loan debt has gone from 250 billion to over 1 trillion in about 10 years, that's not good. Student loan debt continues to rise while almost every other debt continues to fall.
In 2011 young adults with a college degree earned about $45K per year (average). Those without a college degree earned about $30K per year. It only takes 2 years to make back your $30K debt. Why do you think that isn't worth it?
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That actually averages out to roughly $2525.25 per student over the past 12 years...still look like a "big" number??
