Student loans outstanding will exceed $1 trillion this year

But eh, the economy is recovering and more debt is bullish right?

Student loans outstanding will exceed $1 trillion this year

Students and workers seeking retraining are borrowing extraordinary amounts of money through federal loan programs, potentially putting a huge burden on the backs of young people looking for jobs and trying to start careers.

The amount of student loans taken out last year crossed the $100 billion mark for the first time and total loans outstanding will exceed $1 trillion for the first time this year. Americans now owe more on student loans than on credit cards, reports the Federal Reserve Bank of New York.

What congress should do is change the law so people can default on student loans... just like any other loan. That would make the price of education go down... and would stop putting millions of people in debt slavery for all their lives.

But congress is so bought and paid for no way it's gonna happen.

Damn right it's not going to happen. Spend 40k on school. Got a nice job out of it, but the job requires nothing i learned in school. And the certs i guess are usless without 10 others complimenting them.

This is yet one more bubble about to burst. With this level of debt they will have to start tightening lending standards at some point. Only the better students will be able to get loans, so alot of students who shouldn't be in college won't be there. I piss some people off when I say not everyone should be able to go to college. I've met quite a few people over the years who got conned into enrolling, dropped out after the first year because the classes were too tough, just to end up having to pay back loans while taking jobs with no degree. They would have been better off going straight into the workforce and not held back by all the debt they got nothing for.

The thing about student loans is they are yours for life - no matter what

No escape - Bankruptcy too bad - you still owe

Death too bad - Dig up the grave and sell the bones to pharmecuetical companies for research

wasnt education ment to be a right?
haha yeah right.
really goes to show the stupidity of our system..
lets see them get that money back when they cant even get jobs

Worst thing Bill Clinton did while in office was sign the bankruptcy law exempting student loans from the process, especially considering how many freaking banruptcies student loans have caused over the years.

Originally posted by InformationAccount
The thing about student loans is they are yours for life - no matter what

No escape - Bankruptcy too bad - you still owe

Death too bad - Dig up the grave and sell the bones to pharmecuetical companies for research

I've been paying mine off for 20 years and you're right, you're indebted for life. I'm down to under $10K, but I have children going to college in a couple of years. I don't want them to come out of school with a ton of debt like I did--that's no way to start your life. So I will take out the loans. I would rather carry that debt myself for life (since I'm paying anyway) than to see them burdened with it.

Seems to me a really good start to uplifting the popluation's morale would be to FORGIVE all student debt.

Yes, forgive it.
Completely.
I'm about to post a thread (or comment if it's already been started) about what HUD is suggesting regarding mortgage debt...
the other thorn in the 99%er's feet...

Education is a right....but it's not a right that someone can doss around at university/college all their lives at the expense of others!

If you want to go to Uni/College, work hard, pick a great course, get a good job!

don't

Doss around at School/College, enrol in a rubbish uni course in cabbage growing, or worse, media studies, and then doss around at uni getting drunk, and then get a £15K/annum job and moan about uni fees!

Education is a right, Degrees should be earned and are not suitable for everyone!

Nowadays it seems that anyone can get a degree, which kinda makes them worthless!

Cheers

Robbie

I'm curious to see how the loaners will try to "repo" this.

There's no house to take. With recent grads there are no jobs to pay up.

Indentured servitude to the state I guess?

Originally posted by thisguyrighthere
I'm curious to see how the loaners will try to "repo" this.

There's no house to take. With recent grads there are no jobs to pay up.

Indentured servitude to the state I guess?

Yes indentured servitude is what it amounts to. If you stop paying on student loans garnishment will haunt you for the rest of your life. No more tax refunds the government will take it even if you get a minimum wage job a portion will be taken until the balance is paid in full.

Just like HappyBunny we're still paying on my hubby's student loans from 20 years ago. On top of that we're now also paying student loans from our sons. Three college graduates and not one is working in their field of study. I on the other hand was too busy working paying for my family to get an education. At one point I was making more than my better educated husband.

It's an upside-down world. I wish someone would've kicked me in the head real hard back when I thought we could live the "American Dream." Instead I would've pushed harder for being a family of hermits up in the mountains. My hubby kept assuring me "we're doing the right thing."

www.fbo.gov...


The US Department of Education has been buying shotguns.


Collections are coming.

Here is a thought.

If you don't want to pay off student loans or be in debt....DON'T GET A STUDENT LOAN.


No one is forcing you to do this...it is a voluntary decision made by individuals.

Originally posted by thisguyrighthere

I'm curious to see how the loaners will try to "repo" this.

There's no house to take. With recent grads there are no jobs to pay up.

Indentured servitude to the state I guess?

Once their credit is destroyed from failing to pay thier student loans they won't be able to buy a house, even if they were somehow able to secure a job.

Also once thier credit is ruined they will pay higher premiums for insurance. Failure to purchase insurance is a felony and can earn you time in the slammer. In addition they will pay higher interest rates for vehicle loans and will be forced to put down addional deposits in order to rent and secure utilities.

The good news is that if they are able to keep there income low enough they can qualify for reduced rate medical insurance, food stamps and instead of paying income tax the fed gives them money.

On the downside if they owe student loans the Fed will reposes anything they would have gotton for free. In addition they won't be able to qualify for any kind of federal programs which are designed to help them.

Is this a great country or what.

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