[ad_1]
It’s over, there’s no possible way to ever save the college loan crisis, and when this bubble bursts it will hit all Americans very hard. As of October 1, 2016 there were 44.2 million people in the US who have student loan debt, most of these student loans have parents or grandparents as co-signers, and it gets worse, because of the declining rate or technical default rate. Maximum 50%. If it doesn’t concern you, you haven’t been paying attention.
Most recently there was an article in the Activist Post by Shawn Bradley published on February 2, 2017: “America’s Problem With Student Debt Is Much Bigger Than Anyone Realizes.” The article sums up all fears:
“The Department of Education recently released its findings that repayment rates on student loans have been grossly inflated. Data on 99.8% of schools across the country has been manipulated to appear with $1.3 trillion in outstanding student loans to cover the growing problems.
The article also states that default rates are now 50%, and a large number have never made a payment, others have made no payment within 7-years and the default rate in less than 2-years is 38%. % to 50%. Why? Most likely because of all the talk about “free college for all” during the recent presidential election, and if you’ll recall Hillary Clinton and Bernie Sanders both called for college tuition loan forgiveness and free college for all. talked about.
Right now, bad debt is worth more than $650 billion, and the taxpayer is on the hook for a good portion of it, but we’ll all feel the fallout. Welcome to The Power of Socialism.
USA Today noted that; According to a 2012 report by the CFPB and the Department of Education, in an article titled “Nearly 90% of private student loans are co-signed by parents—this is up significantly from previous years;” “The Perils of Co-Signing a Student Loan” By CNBC’s Jessica Dickler January 16, 2016.
We all know by now that most of those who leave school with a degree will not work in the job categories of that knowledge set. Only 15% are still expected to work in the fields for which they earned their degrees, and many of those jobs won’t be around in the next 10 years.
What are we doing to fix the problem? Nothing is what it seems, college tuition continues to rise every year, and new semesters start two or three times a year, more loans, more students, more loans, more defaults, the bubble is on autopilot but the rubber is all over the room. I’m about to splurge, and unfortunately, it’s too late. Of course, everyone is going to have someone to blame; The Obama administration, the banks, the students, the universities, and of course the wealthy one percent. Sure, the left will blame capitalism and the right will blame socialism – does it even matter now?
Have we yet recovered from the mortgage crisis bubble and the crash of 2008? What did we learn? Apparently not much. Well, humans way, you are once again stuck in your BS and echo chamber – I had high hopes for you, but you keep proving yourself incompetent – humans? Please take this into consideration.
Recommended Reading:
(1) Article: WSJ (Wall Street Journal), “Student debt payback far worse than believed – Revised Education Department numbers show at more than 1,000 schools, at least half of students defaulted or failed to pay back loans within 7 years” Failed,” by Andrea Fuller, Jan 18, 2017.
(2) Book: “Campus Politics – What Everyone Needs to Know,” by Jonathan Zimmerman, Oxford, 2016, 146 pages, ISBN: 978-0190627409.
(3) YouTube video: “Did You Know”
[ad_2]
