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May 19, 2013
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The Growing Student Debt BubblePosted on Sep 25, 2011
In the aftermath of the stock market failure of 2008, another type of economic bubble is swelling: student debt. And it’s no surprise, since Congress has done nothing to change the lending practices that brought the U.S. to the brink three years ago. The social statistics on the debt are appearing in financial journals and in the work being published by economic research groups. According to Rep. Hansen Clarke, D-Mich., in 2010, “the average borrower graduating from a four-year college left school with roughly $24,000 of student debt, despite the grim statistic that—according to a Rutgers University study—only 56 percent of 2010 graduates were able to find work following completion of their studies.” In July, credit rating firm Moody’s Analytics warned that student debt could lead to the next financial crisis. The stories of a number of former students and more urgent figures appear in the article below. —ARK
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By Steve Allanson, October 2, 2011 at 12:38 pm Link to this comment
(Unregistered commenter)
Jason Paskowitz - I appreciate what you are talking about. But at the same time I believe one of the things wrong with this country is the attitude that the military is a choice for the “bottom of the barrel kids in high school, not for career-oriented young men and women”. Everyone needs to share the burden. There is nothing at all wrong with serving your country, if you think there is you need to think again. Is it the right idea to think that only the poorer folks can serve? Everyone should be obligated in one fashion or another - military, peace corp, job corp. This not just for the “bottom of the barrel” folks.
I do understand about blowing things or people up as well. There are plenty of different careers in the military or the peace corp where there is no blowing up involved such as the many jobs associated with acquisition and IT for example.
I believe if someone wants an education bad enough they will find a way to get it done. There is such a thing as working and attending college - happens everyday with the “bottom of the barrel” folks - part time school, part time work.
Report thisBy Jason Paskowitz, October 1, 2011 at 9:17 pm Link to this comment
(Unregistered commenter)
Re Steve Allanson’s comments:
What about those of us who attended state schools, graduated (with honors) in
four years, and experienced enough personal growth, thank you very much?
Military service is, only in your opinion, “not a bad way to go.” I experienced
enough personal growth without having to blow things up or shoot at people.
Moreover, in my upbringing, the military was for the bottom of the barrel kids in
high school, not for career-oriented young men and women.
Additionally, I worked plenty hard in school and thereafter. Luckily, I was in college
Report thisback when it was still possible to work through school. Now, given bloated
tuitions which exceed the average working FAMILY income, it is impossible.
By LocalHero, September 27, 2011 at 2:37 am Link to this comment
Great idea Allanson. Pay back your student debt with 4 years of slaughtering innocents for the US War Machine. After all, that’s good ol’ red, white & blue “growing time.”
The nice thing is, you can then spend the rest of your life getting the blood off your hands (not to mention, your permanently-damaged psyche).
Report thisBy LocalHero, September 27, 2011 at 2:20 am Link to this comment
Gee, in that bad, nasty country of Libya that we just invaded, a college education is free and, well, that’s just wrong.
Report thisBy John Steinsvold, September 26, 2011 at 6:49 pm Link to this comment
(Unregistered commenter)
An Alternative to Capitalism (Let’s have a future free of debt altogether!)
Several decades ago, Margaret Thatcher claimed: “There is no alternative”. She was referring to capitalism. Today, this negative attitude still persists.
I would like to offer an alternative to capitalism for the American people to consider. Please click on the following link. It will take you to an essay titled: “Home of the Brave?” which was published by the Athenaeum Library of Philosophy:
http://evans-experientialism.freewebspace.com/steinsvold.htm
John Steinsvold
Perhaps in time the so-called dark ages will be thought of as including our own.
Report this—Georg C. Lichtenberg
By PatrickHenry, September 26, 2011 at 3:47 pm Link to this comment
The student debt bubble is nothing if compared to the MIC debt bubble which is presently burying this both morally and financially.
At least with the students being educated by this ‘debt’ we have hope that many will not go on to design the next level of killing.
Report thisBy Steve Allanson, September 26, 2011 at 10:54 am Link to this comment
(Unregistered commenter)
I think there are more than one way to skin the education cat - so to speak.
Report this‘Want to be students’ could attend local colleges for the first couple of years. Might be a lot cheaper to stay at home for a while.
‘Want to be students’ could sort of go ‘old school’ and finish up their degree in 4 years rather than 5 to 6 years. Every year costs money - both in expense and lack of income.
‘Want to be students’ could invest themselves in science and math where there are more opportunities for after graduation employment. Starting salaries will be much higher also.
‘Want to be students’ could use the military as a bridge to their further education. Spend 4 years in the military and use the accrued benefits to get the desired education. Not a bad way to go and also allows for some growing time.
There are many, may ways to get an education without owing your future to the banks, but these usually involve work and lots of folks seem to be allergic to that four-letter word.
By prisnersdilema, September 26, 2011 at 7:30 am Link to this comment
In any con, there is the heart tug….in this case it’s the natural desire of the young to do something with their lives….
Doing something with your lives, does not include serdom to the banks for the next 30 years, as your student loans are bundled and sold as deriviates…
The purpose of Student loans is not to enable young people to get an education, but to “harvest them” as tireless workers in the globalization of this country….
Unable to escape the Iron Grip of John Boehners masters, some will consider suicide as the only alternative to a life of slavery….
It’s really not about student loans any more, it’s about bankers destroying this country, financially raping every man women and child, and getting away with it. Because they own the government…
Student loans are just another in a long list of crime instruments, that are killing us all.
If you really want to do something about student loants then stop doing business with the criminal banks.
Divest. Remove all your money from the criminal corporations, and encourage everyone else to do the same. Divestment..think about it.
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