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A new report from the NY Fed adds to fears that soaring student loan debt is a ticking...
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Monday, March 5, 2012, 2:11 PM ETA new report from the NY Fed adds to fears that soaring student loan debt is a ticking bomb, as it estimates as many as one out of four borrowers carry a past-due student loan balance. The report puts the latest outstanding student loan balance at $870B, more than total credit card debt ($693B) and what people owe in car loans ($730B).
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This news story has 31 comments:
No worries.
Even worse, in my state, (CT) new legislation, to forgive debt for studies in Green energy technologies.
More picking of winners and losers.
Please, make it stop.
No worries.
Even worse, in my state, (CT) new legislation, to forgive debt for studies in Green energy technologies.
More picking of winners and losers.
Please, make it stop.
25% of cost born by employee. about $1500
Rest is paid by State a sponsoring employer.
Dunno if it still applies, but 4+ years as a Navy electrician also equaled journeyman.
Watch this
http://bit.ly/wxg26A
http://bit.ly/wFfqxc
Even when times were tough, you knuckled down, and you felt like you accomplished something, even if it was for your own self esteem.
I passed on those ways of doing business with my children, I wished the rest of the country would too!
Like the line in the song. Vote for me an i'll set you free !
ball of confusion... hey hey
Thats what the world needs today
and board at an excellent state university was roughly $10-12K in
today's dollars. Additionally, you could access existing subsidized
student loan programs on a means tested basis only. Plus, if I remember correctly, the maximum amount you could borrow in any given year
was roughly $3K or...that same $10-12K in current dollars. Some
borrowed, most didn't. Instead, we worked summers or nights, lived
cheap, ....didn't have cars and quite a few of us had the "opportunity"
to use the GI bill.
It wasn't that difficult to plan back then. What changed?
The oreo was a penny a pack. it's over a buck. I worked for 25 cent a week
...you may want to think that through a little bit. I believe we're
discussing student debt. In my example, I tried to illustrate the
difference(s) in cost over a span of time. Now, I apologize
if I may have been too oblique but it seems to me that the
relative cost of obtaining a college education hasn't really
changed that much in constant dollars. What has changed
though, is the absolute value of cumulative student debt.
So, my question is/was...how did that happen?
Was or is that staggering number just a function of more bodies
or are there some normative considerations at work here? I really
don't have the answers; opinions, sure; but answers...no.
College tuition has been outpacing inflation for years, similar to Healthcare costs.
was...roughly $800 bucks a year...two semesters or four quarters.
Now, the same school charges...about $9K for the same basic
load. So, you're right. In the last forty years tuition has trundled up
there...books as well.
On the other hand, in the state where I live, any student with a "B"
average in high school will/can qualify for a scholarship to an
institution within the State university system so long as he/she
maintains a "B" average while in attendance. That stipend covers
tuition and books, is not means tested and...as you can imagine,
happens to be very popular with parents.
Many states offer similar programs most of which are supported
by..state lotteries and/or licensed gambling. So, to my way of
thinking, getting a degree, particularly in states with programs
similar to the above....begs the question, my original question...how
is it that aggregate student debt is hovering around a trillion dollars?
A lot has to to due with the scam that has been sold.
That the only way to success is via college.
That is what the middle class, sheeple parents have been sold.
When I went to school, only 60% of people went on to college.
In my daughter's recent HS graduation, it was 97%
Years ago, if your parents could not pay it, you might not have gone.
Or done it slower, at night, over time.
Plus, there is zero respect in this country for somebody to pusue a craft or trade to work with their hands in this day and age.
How many parents want their Kid to be a construction worker?
None.
I am a building trades contractor. The environment is pathetic.
-Your college English professor