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The latest "Bubble" appearing in mainstream media business sections the growing student loan bubble that will explode in the near future if someone can't let the air out first.
S&P says student loan debt could be next financial bubble
"Student-loan debt has ballooned and may turn into a bubble," S&P said. "There are more defaults and downgrades for some student loan asset-backed securities."
Federal and private student-loan debt is approaching $1 trillion and surpassed credit-card debt for the first time in 2010, according to Mark Kantrowitz, publisher of FinAid.org, a college grant and loan website. Under U.S. law, student-loan debt -- unlike credit-card borrowings -- can rarely be discharged in bankruptcy court."
Student Loans Could Be America's Next 'Debt Bomb,' Report Finds
"Growing numbers of Americans are finding themselves bankrupt, with their college diplomas partially to blame.
Slightly more than 80 percent of bankruptcy attorneys say the number of their potential clients with student loan debt have increased "significantly" or "somewhat" in the past three to four years, according to a survey by the National Association of Consumer Bankruptcy Attorneys. And there's little hope those debtors will get out of their obligations; 95 percent of bankruptcy attorneys surveyed said that very few student loan debtors will be discharged from their loan as a result of undue hardship."
The problem with student loans is that no one has to qualify to get one. Historically, that wasn't an issue back in the 60's, 70's and 80's because a college education just wasn't that expensive relative to average income and far fewer people wanted to pursue a higher education.
Not so today with $40k+ annual expenditures for a college education. Now we have older, unemployed citizens attempting to retrain themselves by going back to college.
They are GUARANTEED student loans....yup, our gov't guarantees them so universities give them to anyone.
But....and it's a big BUT...even if you go bankrupt, you still have to pay 100% of it back.
__________________ "No one walking this earth knows what is truly righteous"
Last edited by PatriotsReign; 02-11-2012 at 06:56 PM..
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Wasn't this one of the issues that OWS was talking about, and the right poo pooed their concerns???
If they were upset about student loans, then why weren't they protesting the very people who were charging them $30, 40, or $60k a year in tuition? Or the government that inflated the tuition market with cheap money?
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
The latest "Bubble" appearing in mainstream media business sections the growing student loan bubble that will explode in the near future if someone can't let the air out first.
S&P says student loan debt could be next financial bubble
"Student-loan debt has ballooned and may turn into a bubble," S&P said. "There are more defaults and downgrades for some student loan asset-backed securities."
Federal and private student-loan debt is approaching $1 trillion and surpassed credit-card debt for the first time in 2010, according to Mark Kantrowitz, publisher of FinAid.org, a college grant and loan website. Under U.S. law, student-loan debt -- unlike credit-card borrowings -- can rarely be discharged in bankruptcy court."
Student Loans Could Be America's Next 'Debt Bomb,' Report Finds
"Growing numbers of Americans are finding themselves bankrupt, with their college diplomas partially to blame.
Slightly more than 80 percent of bankruptcy attorneys say the number of their potential clients with student loan debt have increased "significantly" or "somewhat" in the past three to four years, according to a survey by the National Association of Consumer Bankruptcy Attorneys. And there's little hope those debtors will get out of their obligations; 95 percent of bankruptcy attorneys surveyed said that very few student loan debtors will be discharged from their loan as a result of undue hardship."
The problem with student loans is that no one has to qualify to get one. Historically, that wasn't an issue back in the 60's, 70's and 80's because a college education just wasn't that expensive relative to average income and far fewer people wanted to pursue a higher education.
Not so today with $40k+ annual expenditures for a college education. Now we have older, unemployed citizens attempting to retrain themselves by going back to college.
They are GUARANTEED student loans....yup, our gov't guarantees them so universities give them to anyone.
But....and it's a big BUT...even if you go bankrupt, you still have to pay 100% of it back.
If this bubble bursts, can we blame Obama? Afterall, when I look at the calendar, it would have happened on his watch.
In all seriousness, this is where the OWS protesters lost me. They should have been protesting both government, and these universities as well.
This articles timing fits nicely.
UMass staff dominates public salary list
Top 36 earners were employed by university
By Stephanie Ebbert
Globe Staff / February 11, 2012
The University of Massachusetts again has the distinction of employing all but one of the state’s 50 highest-paid public workers, 2011 state records show.
The two top earners are Michael F. Collins, the University of Massachusetts Medical School chancellor, who made $761,314; and Terence R. Flotte, the medical school’s dean, who was paid $701,141.
Overall, 7,066 employees earned more than $100,000 last year. Three toll collectors earned more than $100,000, including one who earned $123,662. The number was higher than the 2010 tally of 6,400 public employees who earned more than $100,000.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
If they were upset about student loans, then why weren't they protesting the very people who were charging them $30, 40, or $60k a year in tuition? Or the government that inflated the tuition market with cheap money?
But this article was about student loans..
I do agree that University Salaries are hyper inflated though. No need for that, governments have allowed this to happen under the guise that we want "good" education.
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
When the government gets involved in markets, prices go up. FACT.
If you want stable continual growth, and prosperity, you want government out of our day to day lives.
If you want life dictated by bureaucrats, prices to swing wildly, and a continual rise in cost, you ask the government to get involved. One thing we know is that when government gets involved, it ends in a windfall of profit for the already rich, which goes to help re-elect officials who delivered the turnout.
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Another Economic Topic: Yes, Boring!
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