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While President Barack Obama has spent his summer attempting to pass comprehensive health care reform with very little success thus far, his administration may quietly be on the verge of altering the student loan industry in a very dramatic way.
At a speech Monday in New York focused on education the president called for an end to the practice of providing banks and other financial institutions with government subsidies in exchange for providing students with private educational loans.
"Ending this unwarranted subsidy for the big banks is a no-brainer for folks everywhere except for some folks in Washington," Obama said. "In fact, we're already seeing the special interests rallying to save this giveaway.
Originally posted by D.E.M.
Indeed, and this is the biggest problem of all: The degree's are approaching what I like to call "High School Diploma" syndrome.
...Everyone has one, so they mean nothing in the real world. Not in Canada, not in the US. Thanks to the no child left behind policies in every country, they force kids through High School like it is some sort of factory assembly line, and thus even the stupidest dunce has a High School diploma.
Originally posted by fraterormus
And that is precisely all the more reason our youth shouldn't fall into that fallacy of getting a degree at any cost. No degree is worth a lifetime of debt to Banks that underwrite your Student Loans. If the only alternative to go to College is Student Loans, you'd be better off teaching yourself. You'll walk away from it not only without having accrued a great amount of debt and financial hardship, but more employable than those who do have a degree.