Record level of Student loan Defaults in the U.S...

[res]

1 out of 5 American households owe an average of over $26, 000 in student loans and are defaulting at record levels.


http://www.usatoday.com/story/news/n...fault/1591933/

[Russian Crushin]

This is partly due to broke students attending expensive colleges to get that "college experience" taking out 50K a year loans and then not finding a job that can handle a 250K loan with just a bachelor degree

Many of my friends have already defaulted on their doing this

[res]

This is partly due to broke students attending expensive colleges to get that "college experience" taking out 50K a year loans and then not finding a job that can handle a 250K loan with just a bachelor degree

Kind of reminds you of the beginning of the subprime mortgage deal.

The fact that the economy is so broken lowers the probability of their finding jobs to pay it back. That article also points out that not only are the defaults going up, but the number of people incurring debt to attend college in the first place is going up dramatically.

[UglyPug]

From what I've heard, you can't "declare bankruptcy" like you can with a mortgage, or any other type of credit, and simply be penalized for 7 years, and then restart. THe government will take it out of anything they can, anyway possible, for the rest of your life.


I think investing in an education is paramount IF, and only IF you're sure you want to do it, and you need it to pursue your career.


There's also gotta be programs to help kids who have like 200k debt, but only a 40k a year job. They will probably allow you to make payments that accommodate a lifestyle on that budget. . .


Just imagine, though. All the bull**** spending we could CUT, and provide FREE college to kids. Cut military spending by a few billion. Pull soldiers out of EDIT (Afghanistan), there's a trillion a year or something like that. . .

[One_Tycoon]

This is partly due to broke students attending expensive colleges to get that "college experience" taking out 50K a year loans and then not finding a job that can handle a 250K loan with just a bachelor degree

Many of my friends have already defaulted on their doing this

Student Loan bursting of the bubble.....here we come.

[One_Tycoon]

From what I've heard, you can't "declare bankruptcy" like you can with a mortgage, or any other type of credit, and simply be penalized for 7 years, and then restart. THe government will take it out of anything they can, anyway possible, for the rest of your life.


I think investing in an education is paramount IF, and only IF you're sure you want to do it, and you need it to pursue your career.


There's also gotta be programs to help kids who have like 200k debt, but only a 40k a year job. They will probably allow you to make payments that accommodate a lifestyle on that budget. . .


Just imagine, though. All the bull**** spending we could CUT, and provide FREE college to kids. Cut military spending by a few billion. Pull soldiers out of EDIT (Afghanistan), there's a trillion a year or something like that. . .

No, no, no...that's not what we will imagine. The Government's primary role per the constitution, is Military and defense related spending. How much is subjective. But you don't cut it to prop up education...which is supposed to be in the private sector anyway.

This is the problem. Every moron is going to college now, and the trouble is....THEY'RE PASSING, and getting a Bachelors Degree. To the point that a Bachelor's degree has become almost worthless. What's next? Is the Master degree gonna be just another degree too? So that a person who wants to stand out in the job market, has to go to School for 20 years?

I say...make it harder to pass, so these over filled classes start shrinking, with all the morons disappearing gradually. This will make the actual Bachelors degree more relevant again. CUT Student loans completely. This in the long run will make college more affordable. And yes, not everyone will go....but those who do and are ambitious enough, will go at a more affordable price.

Not every person is meant to go to college. Without all these bubbles and inflating going on....a High School Diploma graduate might be able to get good jobs, that a College graduate does in today's world. A college is for profit....for a career. If you simply want to know more stuff about philosophy, history......libraries and the internet are always at your disposal.

[Russian Crushin]

From what I've heard, you can't "declare bankruptcy" like you can with a mortgage, or any other type of credit, and simply be penalized for 7 years, and then restart. THe government will take it out of anything they can, anyway possible, for the rest of your life.


I think investing in an education is paramount IF, and only IF you're sure you want to do it, and you need it to pursue your career.


There's also gotta be programs to help kids who have like 200k debt, but only a 40k a year job. They will probably allow you to make payments that accommodate a lifestyle on that budget. . .


Just imagine, though. All the bull**** spending we could CUT, and provide FREE college to kids. Cut military spending by a few billion. Pull soldiers out of EDIT (Afghanistan), there's a trillion a year or something like that. . .

Why are those kids in a 200K debt anyway? I go to a school that costs less then 6000K per year and pay it off all by myself and will receive the same degree as those paying 60K a year.

People need to learn that college loans are not Free money for 4 years

[Russian Crushin]

No, no, no...that's not what we will imagine. The Government's primary role per the constitution, is Military and defense related spending. How much is subjective. But you don't cut it to prop up education...which is supposed to be in the private sector anyway.

This is the problem. Every moron is going to college now, and the trouble is....THEY'RE PASSING, and getting a Bachelors Degree. To the point that a Bachelor's degree has become almost worthless. What's next? Is the Master degree gonna be just another degree too? So that a person who wants to stand out in the job market, has to go to School for 20 years?

I say...make it harder to pass, so these over filled classes start shrinking, with all the morons disappearing gradually. This will make the actual Bachelors degree more relevant again. CUT Student loans completely. This in the long run will make college more affordable. And yes, not everyone will go....but those who do and are ambitious enough, will go at a more affordable price.

Not every person is meant to go to college. Without all these bubbles and inflating going on....a High School Diploma graduate might be able to get good jobs, that a College graduate does in today's world. A college is for profit....for a career. If you simply want to know more stuff about philosophy, history......libraries and the internet are always at your disposal.

I actually agree with this. Nowadays you needs a college degree just to work in McDonalds. Jobs that you didnt need a degree for 20 years ago, you need bachelors now

Experience and job training is the best "education" needed

[Jim Jeffries]

Median income and college tuition are moving opposite directions, unfortunately.

[UglyPug]

No, no, no...that's not what we will imagine. The Government's primary role per the constitution, is Military and defense related spending. How much is subjective. But you don't cut it to prop up education...which is supposed to be in the private sector anyway.

This is the problem. Every moron is going to college now, and the trouble is....THEY'RE PASSING, and getting a Bachelors Degree. To the point that a Bachelor's degree has become almost worthless. What's next? Is the Master degree gonna be just another degree too? So that a person who wants to stand out in the job market, has to go to School for 20 years?

I say...make it harder to pass, so these over filled classes start shrinking, with all the morons disappearing gradually. This will make the actual Bachelors degree more relevant again. CUT Student loans completely. This in the long run will make college more affordable. And yes, not everyone will go....but those who do and are ambitious enough, will go at a more affordable price.

Not every person is meant to go to college. Without all these bubbles and inflating going on....a High School Diploma graduate might be able to get good jobs, that a College graduate does in today's world. A college is for profit....for a career. If you simply want to know more stuff about philosophy, history......libraries and the internet are always at your disposal.

I agree that the standard for getting a degree needs to be raised.

But no student loans? What about kids who need them? A lot of my friends wouldn't have been able to go to undergrad, much less law school if not for loans?

Not everybody is meant to go to college, but one's financial situation should not be a determining factor.


I however do think we should provide free college for those who want to go. So, raise the bar to get accepted, and to graduate, but don't put kids in the situation where they need student loans.


There is no need to spend as much as we do on military. Just like college, the military has lowered standards and will take just about anybody. Just like college graduates: We don't need more army, we need a more efficient army. We should only be concerned with having a military to DEFEND us.