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A new report from the NY Fed adds to fears that soaring student loan debt is a ticking...

A 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).
Comments (31)
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    Obama, will buy some vote by fogiving the debt.

     

    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.
    5 Mar 2012, 02:18 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    Obama, will buy some votes by forgiving the debt.

     

    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.
    5 Mar 2012, 02:19 PM Reply Like
  • Windsun33
    , contributor
    Comments (4276) | Send Message
     
    Probably half or more of those people would have been a lot better off getting a 2-year degree in some salable skill, like electrician or NMC programmer.
    5 Mar 2012, 02:22 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    Electrician apprenticeship in my state is 5 years. On the job training + night school.

     

    25% of cost born by employee. about $1500

     

    Rest is paid by State a sponsoring employer.
    5 Mar 2012, 02:27 PM Reply Like
  • Windsun33
    , contributor
    Comments (4276) | Send Message
     
    Apprentice programs take longer, last time I checked in AZ an associates degree in electrical + 3 year on the job = journeyman. Current wages run from $15 to $35 an hour, $25 is about the average it seems. One electrician I know works at Rockwell, industrial stuff, gets around $32 an hour.

     

    Dunno if it still applies, but 4+ years as a Navy electrician also equaled journeyman.
    5 Mar 2012, 02:35 PM Reply Like
  • Hubert Biagi
    , contributor
    Comments (696) | Send Message
     
    How much of that wealth destruction actually led to wealth creating jobs? I'm really getting tired of young people bitching and whining about problems with getting higher education. I went thru to my Masters with no debt. My son got his PhD with only $40,000 in debt. Since when did the pursuit of the holy grail become the pursuit of the handout?
    5 Mar 2012, 02:37 PM Reply Like
  • Modernist
    , contributor
    Comments (2109) | Send Message
     
    You were in a bull market. That was your handout.
    5 Mar 2012, 05:02 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    Biagi,

     

    Watch this

     

    http://bit.ly/wxg26A
    5 Mar 2012, 02:47 PM Reply Like
  • Windsun33
    , contributor
    Comments (4276) | Send Message
     
    "Precious snowflakes" LOL!!
    5 Mar 2012, 03:04 PM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    "Those" students have no intent of paying back those loans...its their right....and they are expecting Obama to forgive those loans...period
    5 Mar 2012, 03:19 PM Reply Like
  • brachiosaurus
    , contributor
    Comments (237) | Send Message
     
    people who have real educations will be able to pay back fine. The real problem is with the corrupt for-profit educators like University of Phoenix, Devry, art and culinary schools, which offer worthless educations, and basically steal money from the Federal government.
    5 Mar 2012, 06:35 PM Reply Like
  • Modernist
    , contributor
    Comments (2109) | Send Message
     
    Yeah, it's not like the law students are entering an over-saturated job market with tens of thousands of dollars in debt. How dare these trade schools teach workers skills that are under-supplied in the job market! We need more JDs and PHDs! More engineers to work on defense contracts! Less nurse aides, more art historians!
    5 Mar 2012, 06:45 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    http://bit.ly/ee7u9Y
    5 Mar 2012, 06:51 PM Reply Like
  • RBBeers
    , contributor
    Comments (52) | Send Message
     
    This may be of interest as well.

     

    http://bit.ly/wFfqxc
    5 Mar 2012, 04:02 PM Reply Like
  • withnmeans
    , contributor
    Comments (11) | Send Message
     
    I am the last of the Baby Boomers, and speaking for myself, I was brought up to respect my elders, work hard, AND IF I OWED MONEY TO ANYBODY "BANK, PERSONAL, hell even FAMILY who didn't even want repaid, YOU PAID IT BACK AND THEN SOME, PERIOD". I am so tired of this worthless banter, you borrow money, PAY IT BACK!
    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!
    5 Mar 2012, 05:17 PM Reply Like
  • Modernist
    , contributor
    Comments (2109) | Send Message
     
    What if someone steals on your behalf? Are you obligated to reimburse the victim?
    5 Mar 2012, 05:50 PM Reply Like
  • Senticar
    , contributor
    Comments (67) | Send Message
     
    I can tell by your overuse of capital letters that you must be angry. But thank you for another insight about how things were 50 years ago.
    6 Mar 2012, 08:49 AM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    I'm too slow. 80 got it..

     

    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
    5 Mar 2012, 06:38 PM Reply Like
  • marketman54
    , contributor
    Comments (823) | Send Message
     
    Sally is a $trillion in debt and Obama is already to put more taxpayer money in it. Throw in Freddie/Fannie/FHA/Post Office/Amtrak......we're up to $25 trillion and counting. Hope those rich people start making a lot more money to pay all this off!!
    5 Mar 2012, 09:10 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Print Ben print. The only way out is inflate,but, holy cow batman were starting to deflate... Warning warning warning Will Robinson !
    6 Mar 2012, 03:04 AM Reply Like
  • RS_Gray
    , contributor
    Comments (124) | Send Message
     
    Kids. Maybe we were different but in the 60's/70's...tuition, room
    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?
    6 Mar 2012, 09:17 AM Reply Like
  • JohntheOld
    , contributor
    Comments (174) | Send Message
     
    In the 60's, you could buy a car with summer job earnings. Of course, if you were not in school, you were sent on a government vacation to sunny se asia. As to the current cost and value of "education", another story.
    6 Mar 2012, 09:44 AM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    When I was young you could buy a new car for an hours pay for the average lawyer or doctor........

     

    The oreo was a penny a pack. it's over a buck. I worked for 25 cent a week
    6 Mar 2012, 09:47 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    What changed? ....you guys graduated and decided that you deserved everything for free....and you voted that way...now you have it...except it isn't free....never was...and now ..maybe just now you will have to pay for it...but you will try to make some else pay for it first...the richies...
    6 Mar 2012, 12:55 PM Reply Like
  • RS_Gray
    , contributor
    Comments (124) | Send Message
     
    Youngman,

     

    ...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.
    6 Mar 2012, 04:50 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    Gray,

     

    College tuition has been outpacing inflation for years, similar to Healthcare costs.
    6 Mar 2012, 04:55 PM Reply Like
  • RS_Gray
    , contributor
    Comments (124) | Send Message
     
    Okay....XLS...you've got a point. Tuition when I went to school
    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?
    6 Mar 2012, 05:44 PM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    Gray,

     

    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.
    6 Mar 2012, 06:09 PM Reply Like
  • Modernist
    , contributor
    Comments (2109) | Send Message
     
    Please never use the phrase "begs the question" in this context again.

     

    -Your college English professor
    6 Mar 2012, 08:57 PM Reply Like
  • RS_Gray
    , contributor
    Comments (124) | Send Message
     
    ...you left out a comma...
    7 Mar 2012, 07:25 AM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (525) | Send Message
     
    Tyhat guy "Richie" seems to be taking alot of abuse as of late.
    6 Mar 2012, 01:26 PM Reply Like
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