"Student loans are on the rise, but so is the delinquency rate on them. In the second quarter, 11.2% of student loans were more than 90 days past due and the rate was steadily rising, according to data from the Federal Reserve Bank of New York. Only credit cards had a higher rate of delinquency â 12.2% â but those numbers have been on a steady decline for the past four quarters. Younger workers have continued to face the most difficult conditions in the labor market. Workers between 20 and 24 years old have a 14.6% unemployment rate, compared to the national average of 9.1% recorded in July. That comes even as the share of 20- to 24-year-olds that are working or looking for a job is at the lowest level since the 1970s, before women entered the labor force en masse" http://blogs.wsj.com/economics/2011/08/16/more-student-loans-are-past-due/?mod=e2tw Student loans are not forgivable through bankruptcy either. Ouch!
Not going to be a case study in business schools. Too bad, probably in the top 10 best $$$ making ideas out there. Guaranteed.... http://www.ritholtz.com/blog/wp-content/uploads/2010/09/student-loan-scheme.jpg
Might ruffle someone's feathers here, but- I think it's great that student loans can't be discharged in bankruptcy. I think it's great that student loans can end up in wage garnishment, social security checks being taken, and ira refunds taken back. Tired of so many stupid, careless, greedy jerkoffs ringing up ridiculous debt and then declaring BK. Tired of "career students" who think taking classes for 12 years and racking up $200k in loans is somehow a smart decision. Tired of liberal dbags taking nonsensical majors like "Art history" or "Dead languages" and graduating with $125k in debt and no chance to get a job and then they whine that they "had a 3.5 GPA and I can't get a job to pay my bills". Fuck you and your stupid major! Tired of the complete lack of personal responsibility people have. NOBODY FORCED ANY LOANS ON YOU!
I do agree with you 100%. However, I still do have a bit of sympathy for some of these kids. All they have heard their whole life is .... go to a good college (good school=expensive) and you will get a good job afterwards. Kids feel so much pressure to go to school from their parents. I can relate... My parents made it sound like I'd be an outcast and making minimum wage my whole life working with felons if I didn't go to a good college. If you want to be an engineer ,surgeon, doctor, or lawyer, fine, go to college but getting a job right away still isn't guaranteed. Thinking for yourself and not listening to the majority has its rewards. Do what the majority do , and you will get what the majority get. This not only applies to trading but also to real life.
So you're tired. So what? Greedy jerkoff? Where've I encountered one of those B4, Mr. Tea? Maybe just maybe IF you taken one of those dead languages, you spell douche bag. Hey, let's resurrect Countrywide Credit and have some fun, eh?
The flipside to your rant is just as ugly. A bunch of bloated, liberal d-bags raking in big six figures while teaching students, at best a few hours a day...for what 7 or 8 months per year? Meanwhile, campuses just knock down buildings and re-build them, all the while jacking up the tuition prices 5-7% every year for two decades. University Presidents raking in seven figures a year, etc, etc... The common denominator is that all of this is possible because the government continues to pour fuel on the fire with all of these widely available student loans. Cut off the credit and now the students can't even take on that debt..and more than a few institutions would probably go bankrupt.
I'll have some Mr T. Grrr These online schools are crap, and they are racking up debt on these people who think it will help them. Holder was supposed to go after them. Then nothing happened. People are getting screwed, and I'm not willing to go down the..." they shoulda known better" on this one. Everyone is telling everyone to get an education and these Phoenix online trash schools are all over media. It's a scam. These people are gonna have 50k debt and no hope of a better job, and it's not cool. At some point the rest of us, should stand up. ESPECIALLY, if it's people trying to better themselves. Come on people, these may be foolish people, but they want to improve, are trying, and deserve better from us. These maggot online schools need to lose govt backing right away. And their advertisements should come with warnings.. like "a degree from us isn't worth anything, go to your local community college to begin a real education."
If trump is allowed to go bankrupt and get debts discharged when he makes a bad business decision thn our young who go to college should as well. Once college loans can be discharged it will rapidly put an end to college price hyperinflation and college prices will reach levels consumerate with the cash flow value they offer to students when they graduate.
How exactly does "they should have known better" apply to people who need an education? These people are being taken advantage of. If anybody "should have known better" it's those of us who are educated and aware and still did... ...nothing.