43% Of Federal Student Loans Are Not Being Repaid

[aquariuscsm]

I always laugh when I see a huge "Such and Such School of Liberal Arts" sticker on the back on some chick's car next to their wretched sorority sticker. Yep,I'll see her cashiering at Bath and Body Works after they graduate.

 

[sciphi]

Originally Posted By: Shannow
Originally Posted By: CT8
They are the new parasite class.


Actually, I'll pay that credit to the baby boomers.

Everything that they got for free, they put costs and impediments in the way of those that follow.

Be it education, housing, health care, they climb up and pulled the ladder up after them.

Tell a kid that in this "competetive" market they need a degree to even get a job flipping burgers, and they go and get one.

I agree that money should only be available to courses that are likely to achieve an employable outcome...but to that point, I'm in favour of society as a whole funding the first degree for "useful" stuff, whether that be Nurses, Engineers, Road designers, or Psychologists...and screening to only those who have the appropriate wiring and aptitude to make a go of it.


Agreed. The "me" generation decided they wanted more money in their own pocket above all else. So they made everything need a degree and jacked the price. The only way in is to pay, and the only way to pay for most is by taking out loans. Neat little cycle they've got going on there.

Student loans have real societal consequences. Folks get degrees in what can land them a job, not what's best for society. They also delay things like starting a family or moving away from home. The educated folks that should be raising the next generation aren't, while the uneducated are taking over that role.

 

[eljefino]

Originally Posted By: Nate1979
Parents are equally to blame. Parent's don't want to parent and stop allowing their kids to go to any expensive college they want. Instead they pull out their wallet and say sweetie you can go to any school that feels right to you. Instead they need to teach their kids the value of a dollar including the cost of a college education. Schools are equally to blame for taking advantage of these schmucks.


It's not competitive when the average cost of college is about triple that of inflation. Even the below average colleges are playing catch-up.

The other real crime is what part time, adjunct professors make, compared with the various levels of administration, alumni "development" schmoozers, etc.

 

[The motor guy]

I'm not surprised.

 

[xfactor9]

It's the largest taxpayer subsidy for any industry in America.

The default rate for Federal student loans is nearly 12%. http://www.usnews.com/education/blogs/st...lenge-borrowers

For comparison, the default rate for all credit cards is 2.8%. If not for Federal guarantee, student loan's interest rate would likely be over 30% which would kill the college industry.

There are 4 million people working in higher education. How many of them would lose their jobs if not for Federal student loans? Probably half of all professors of music, anthropology and womens' studies would be unemployed

 

[Silk]

A big problem here as students skip the country and don't repay the loan. There has recently been an arrest at the airport as someone tried to leave, now they are scared to come home.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11649957

 

[pbm]

Originally Posted By: OneEyeJack
The system is working exactly as expected. The student loan program was a great idea, an act of genius. What better way to raise tuition fees in one fell swoop with a guarantee of payment right now and diverting all the headaches and details to the financial industry to prepare for a taxpayer bailout. All the people that came up with this scheme had to do was buy a few liberal politicians and it's game on. This debt is rolling down the tracks and headed straight for that taxpayer bailout. That's called a payday. The politicians know with an absolute certainty that the taxpayers are nothing better than a slot machine that pays off every time they pull the handle. At least most of these politicians are discrete enough to only laugh at them when they are together in the company of other politicians, university administrators, lobbyists and bankers while on the golf course. The taxpayers are even paying for that too, lunch and drinks included.



Exactly...it also made sure that those 'professors' with PHD's in basket weaving were paid plenty. I'm surprised there aren't more lawsuits against mainstream universities (like the one against Trump U.).

 

[OneEyeJack]

Originally Posted By: pbm

Exactly...it also made sure that those 'professors' with PHD's in basket weaving were paid plenty. I'm surprised there aren't more lawsuits against mainstream universities (like the one against Trump U.).


The suit against Trump U has a few problems. The original plaintiff withdrew and apologized. The judge waited to dismiss until another plaintiff could be found at his request and a group called La Raza Unida, a group that the judge himself is a member, found two. So, the suit was kept active even though one of those two may have also dropped out as well. All three plaintiffs had after class signed report cards that rated all aspect of the course 4 and 5's on a scale of 1 to 5 with 5 being excellent.

The complaint as expressed by the lawyers is that these students did not get rich over night which was not a promise made by the course or the instructors. The problem here is that the instructors were careful to state that riches come with hard work and dedication after acquiring the training and knowledge.

In normal circumstances keeping this case active by the judge after the original plaintiff withdrew and a search made for other plaintiffs might be considered judicial misconduct.

There might also be a possible case for conflict of interest here since the judge is an official in La Raza Unida and La Raza Unida is covering the legal fees, expenses and per diem for the new plaintiffs and the judge approved substituting the new plaintiffs for the original one that withdrew. The judge is also a frequent donor to Obama's campaigns and was appointed to the bench by Obama after his tireless campaign efforts including bringing La Raza Unida on board during Obama's run for election and re-election.

So far officials in California including the governor see no problems with the case and it continues with the judge's calendar being cleared to fast track this case for some reason to be heard and completed before the end of this year.

In other circumstances one might expect this case to be dismissed.

 

[Jarlaxle]

Wait...SERIOUSLY?

 

[SteveSRT8]

Yep. A total of 6 people out of THOUSANDS are suing Trump U.

Ridiculous conduct from a Federal Judge. He really should be recused...

 

[Alfred_B]

The affidavit filed by the people of state of NY is quite a remarkable read.

http://online.wsj.com/public/resources/documents/trump.pdf

 

[Nick1994]

Originally Posted By: SteveSRT8
Yep. A total of 6 people out of THOUSANDS are suing Trump U.

Ridiculous conduct from a Federal Judge. He really should be recused...
That doesn't mean anything.

What about defective medicine that causes birth defects? Where it may be given to a million people and only a small percentage sue?

 

[Mr Nice]

Not to get off topic...
What can you use a political science degree for (except law school) ?

 

[demarpaint]

Only 43%?

 

[Al]

Originally Posted By: Nick1994
[

What about defective medicine that causes birth defects? Where it may be given to a million people and only a small percentage sue?

Example???