OK, I'll do it. Gee!, You have no respect for the value of a good education, How are hard working middle class children going to compete? and what about those underqualified marxist Union Teachers? They are are underpaid!!. How dare you!
These student loans are safe and they offer good returns, are the banks so scared to take on risk on their balance sheet they won't buy this? It used to be different I believe. This just doesn't make sense. When people talk about this derivatives bubble, I actually start to believe it.
As a student using student loans, I can feel for the kids who feel 'had' by institutions making money off a kid who can barely afford to go to school. Fortunately in Canada, if you claim bankruptcy your student loans are not removed. You have to pay them back, no matter what. Our loan system is also run by the government, and I believe the interest rates are lower then those in the US.
Many jobs are being outsourced to China, India, and the Philippines. That's why so many kids come out of college and end up working in retail, the same jobs that they could have done without college. For many people, college is just a waste of time and money. The only ones that benefit, for the most part, are the banks when they earn interest on the student loans.
Actually most of the medium to good universities get their income from endowments or government/corporate grants. Tuition is still significant, but a much smaller part of their source of funds and many will (if not already) adjust their tuition appropriately to the needs of the students. The colleges I see getting hit the most are the private for-profit "professional" ones like university of phoenix, AIU or something.
Haha, but I thought most fast food joints don't like to hire people with college credits - there is high turnover to more prestigious jobs like starbucks or chipotle mexican grill.