How did we go from $98.5 billion in student loan balances to $708 billion in just seven short years?
14 Comments on Student Loan Bubble
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In addition to the incentive of low interest rates, people had the added incentive of free time as millions couldn’t find work.
Three Words: Barack Hussein Obama
It will all balance out when the minimum wage is raised from $10 to $77 per hour. If that doesn’t work, we can simply forget the debt exists.
That’s far less than the financial support, materials, arms and training given by obama to the Palestinians and other terrorists groups …how about all the Billions we give to other countries?.not to mention his costly vacations, swanky life style,
fundraising for the DNC and all those failed green energy defunct Solar & Algae jobs.
Hey what about the Billions for obamacare, exploding disability payments, food stamps, housing, medical and paying reparation to black farmers’—- I won’t even add the Billions we’ll pay for illegal immigration and the crime, diseases they bring to our communities and overloading our schools?
It all about the transformation of the US Obama promised.
Many, if not most, student loan recipients fully expect their loans to be forgiven by Obama.
I believe that the majority of loans go to two-year and vocational institutions, public and private. Many recipients have no intention of graduating, but are going to school in order to skim money from the loan. Between loans and grants, a student can clear a tidy sum before the system catches up with them and boots them out. Then they apply to another institution. There is no cross-checking between institutions or within the student loan system.
The student loan crisis, like the mortgage crisis had its start decades ago, but Obama’s people know how to maximize their resources. Who will a young person vote for, the Republican who wants to collect, or the Democrat who wants to forgive?
Aw not to worry, it’ll all be confiscated from your taxes.
CollegeCare.
It’s all about making millennial idiots vote for the left. With this impossible debt, the typical millennial with a bullshit degree in liberal arts will never be able to pay off their debt. They can be forever extorted into voting the democRAT way.
You’re gonna quibble about a couple hundred billion$ ?!
Michelle said to just put it on my tab, folks.
I am one of those people who have the student loans, but I am paying mine back. My monthly student loan payment is $220. I am bombarded by emails suggesting programs and loopholes to “forgive” the student debt, but I just delete them because I don’t want to be part of the problem. However, most other people I’ve come across have no problem whatsoever stealing taxpayer money, and feel like it is somehow owed to them.
Pay your loans, feed a tenured professor at CalBerkeley
lol
barack hussein obama mmmmm… mmm.. mm
Ultimately, it’s the only way to employ the unemployable.
Roughly half of our economy is fake. Middle managers, lawyers, tax consultants, union shops, Gov’t employees, Legions of white and ‘pink’ collar people add absolutely nothing to our country (indeed, to the entire Earth) in any meaningful way.
So, you either go full blown socialist, or somehow convince the unemployables to become employable. The simplest thing to do is to give everyone a participation trophy and tell them that their degree in Heuristic Asian Homosexual Orthodoxy is gonna earn em a fortune – but in the meantime – keep that job at Starbucks.
Interesting article however it didn’t answer the question as to how it got that way although some of the readers comments take care of that. I’d like to see an article on the rise of secondary enrollment since Obama took office, the graduation rate (the fake athletic ones don’t really count since they are probably paid for by “scholarships”, and a breakdown of the disciplines enrolled in. I’ll bet there are a pile of Art History BA’s along with law degrees (like we need more lawyers chasing a finite amount of business, check out the late-night TV ads).
It was interesting that Harvard students graduated with about half the debt load as a U of Texas student when their per year cost seems to be about four times that of their southern cousin. I guess thanks are due to the Fed and the Quantitative Easing programs flooding the market with money and setting the stage for a huge correction and scary inflation. But I’m sure those Harvard BA’s in History will make out ok.