I think this is great. Once massively burdened with debt, you will likely become a pacifist. Same with having kids, getting married, buying house, etc... The last thing a gov't needs is civilians who are ready to revolt, and I would guess the critical mass of student loans isn't enough. sure, for occupy, but nothing bigger than that. So, odds are these people will be submissive for decades, working off the debt and helping America via taxes. Now, if the headline read: 40 million taken off food stamps!!!! Then run for the hills. or away from them. lol
Debt bobdage is one of the most effective means to control a population since the church has lost moral leadership in the modern era of man kind. Making sure your citizens owe you from now until death keeps them inline and exploatable. A college degree means nothing more than a rubber stamp to a phantom job. I was just watchin g a video of how an adminsistrator wants to lower the bar well below the "No child Left Behind Act" and she stated that the focus should not be on meeting the mark but addressing the individual needs of students. "WHAT A FUCKING COP OUT!!!!!!" Lets just had the keys over to Washington D.C. right now to the chinese. The next generation of Amercians are getting set up to have no ambition, no skills and no goals. The P.C. has gone the way of absurdity. Keep on lowering the bar until you can crawl over it. Maybe then people can make it? The fucking socialist are winning and this place is getting worse. They keep on fillig the punch bowl with nonsense. Still getting out of the country, Akuma
When I read anecdotes reported as though they were data, and then read a statement such as: "As college costs have soared faster than the rate of inflation over the past four decades" Which is absolutely false, I tend to discount everything else. The truth is that overall, college and university tuitions, have barely kept pace with actual inflation. Couple this with the reality that State and local subsidies of public institutions of higher learning have significantly declined, particularly over the past decade, and it is easy to see why public, and some private, colleges and universities are struggling to get by and maintain academic quality. Is it any wonder that middle class families are struggling to meet educational costs, and why graduates can't pay off their loans? We are after all in the midst of the worst economic downturn and unemployment crisis since the 1930's. But the fundamental causes go back to years of misdirection in the economy and malfeasance and unbridled greed on Wall Street, to Alan Greenspan's --the chief regulator-- non-belief in regulation, to Phil Gramm's gutting of protections against banking excesses, to a mortgage industry rotten to the core cheered on by real estate tycoons, to a brakeless Fannie and Freddie, to excesses in commercial banking and in private lending -- including the private, government backed student loan industry. Add to this further mismanagement by a government that financed decades of continuous counterproductive, unjustified wars and unconscionable, secret illegal acts against sovereign nations all with borrowed money. Add in the economic damage done by an out of control, government protected medical cartel, and it doesn't take a genius to understand how we arrived at the current predicament. http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877331,00.html
it goes even deeper. the government is the cause, but who runs the government? it's the multi-national corporations. politicians are paid and bought for.
govt guaranteed student loans = exploding cost. govt guaranteed paid for healthcare = exploding cost. govt fannie/freddie financed bad loans = housing bubble govt provided welfare = exploding crime should i keep going?
i never understand articles complaining about student loan debt. no one ever tells anyone that they have to take loans to go to college. trade schools are still open, ya know. also, i had a degree in humanities and my salary is above the average for people my age. so wtf is wrong with everyone else? especially people with teaching degrees or any degree that puts you on track for a career. i didnt just twiddle my thumbs waiting for a good job to come my way, i spent hours every single day applying to jobs until i found a stable, well paying one. most people i know my age apply to one or two jobs a week, and think that is adequate.
You are representative of what is true on average. The average amount owed on student loans is in the 20-30K range. I believe I read this recently but can't recall where. That's equivalent to the cost of a new car and easily paid of by someone with a steady job. The problem for our economy is the lack of jobs. If that can be fixed, then the student loan problem will take care of itself. In the meantime some forbearance is appropriate including compromises on interest rates, particularly the usurious rates and terms of some of the private lenders. I'm feed up with gee whiz articles about student loans that invariably highlight some hapless student with very poor judgment who ended up with a huge loan balance. These people are the exception not the rule.