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There is no such thing as as a student loan bubble.... There are people who don't want to pay their bills.... It gets in the way of their entertainment...
I think what we see is that happening. too mnay deciding they are not college material at elast in degrees that pay for themselves. It actaully has driven up college degree prices alot. Saw the other day that its at 400% increase far beyond what even houses appreciated at same time.
There is no such thing as as a student loan bubble.... There are people who don't want to pay their bills.... It gets in the way of their entertainment...
I think there are many young people who would love to pay off their student loans, but simply can't. It has nothing to do with the over used "entitlement" buzz word.
I think there are many young people who would love to pay off their student loans, but simply can't. It has nothing to do with the over used "entitlement" buzz word.
Hi MaseMan--
^^This.
Are there people who suffer from the entitlement mentality? Sure, they're the ones that are sitting at home on their parent's couch, not doing anything about it. I know a few of these types, and some of them are approaching 30 and still haven't gotten it together.
But the majority of people I know are trying to get ahead - even if it means making $8 an hour as a barista with their college degree. They probably live at home too, although less out of lack of motivation and more out of lack of money. The good paying jobs that everyone was promised simply aren't there, and everybody went to college on the mistaken belief that it would be a worthwhile investment.
We'll see the national debt rise -- the government will bail them out. A student graduating with $80,000 in debt and no work ethic that would allow him to work just any lowly job just has to claim some kind of disability like ADD, ADHD, or work-anxiety and won't need to worry about work.
Higher education would be worthless.
Unemployment rates would be MUCH higher.
Banks would be writing off significant amounts of student loan debts.
Loans would tighten up.
Less people would be able to afford higher education.
Higher education will regain it's value as the number of college graduates drop (Over a 25 year period or so).
We will put a man on the moon.
That's what it would look like. But that's not going to happen since there are safeguards that protect student loans.
Why wouold higher education be worhtless when it would be servely restrict has to who could afford it? Don't you mean to say that colleges would suffer funding drop that is severe.
It seems some folk here are severely out of touch with reality.
16 years ago, when I was starting high school, we were told "Go to college or else you'll wind up working at fast food chains, call centers and the like!" ... So we went to college. I was smart enough to get a MS Computer Science degree while others of my friends went into things like Pharmacy, Law School and Math. Those derided liberal arts degrees, right? Oh wait ... These people ARE working at call centers, postal service and insurance companies.
This bubble exists and it has nothing to do with people not wanting to pay back their student loans. They would love to have the jobs they were told existed in high school and pay back their loans, but those jobs just don't exist.
There is a second half to this bubble which we are starting to see come to a head. Hundreds of new college programs have opened in the last two decades to support the huge supply of high school graduates who have been told they must go to college. This supply of high school grads is even higher than before because, "No Student Left Behind" or in other words, nobody fails. It doesn't matter what your grades are to get into any old community college either. You just need to pony up the cash.
So the lower ranking students go to Community College and get a degree that is near worthless, because the people who went to good schools can't find a good job and are already taking the jobs at Starbucks.
It kills me when someone responds to this "Well I went to college and I got a good job, so it must not be the economy." Yes, there are still some new jobs every day, but it is nowhere near the supply of graduates.
It kills me when someone responds to this "Well I went to college and I got a good job, so it must not be the economy." Yes, there are still some new jobs every day, but it is nowhere near the supply of graduates.
Makes ya wonder how society will react as a whole when they realize 26K is about the average persona income in the nation, and even some grads are not immune... Crap, there are college grads who would love that kind of pay.
College students and graduates fleeing the US en masse to escape their student loans.. an entire generation emigrating overseas.
Then the government sets up checkpoints closing the US border, prohibiting exit to any with student loans.
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