A possible $1 trillion bailout is coming—and soon. America’s now-nationalized student loan industry just reached a value of $1 trillion, according to Citigroup, growing at a 20 percent-per-year pace. Since President Obama nationalized the industry (a tacked-on provision of the Obamacare bill), tuition has gone up 25 percent and the three-year default rate is at a record 13.4 percent. Ron discussed this problem last night with Larry Kudlow: With many young people unable to pay their loans (average graduating debt is about $29,000), Citigroup and others are speculating that this industry might be ripe for a bailout.
Comments: These thiefs in Washington throw around a $1 trillion like it´s 50 cents. It´s outrageous and depressing what they are doing.
Mykids worked their ways through college. Stupid kids. They could have partied and had a great time but guess who has jobs? All of them. Their work ethic is one of their highest qualities--just like any employer would want. In fact, they all own homes, they all kept their first home as a rental unit and they all have kids and the mothers are stay-at-home types that keep very, very busy managing their homes and families. We are SO un-AMERICAN!
It´s interesting to watch this younger entitled generation make their way in the world. We have a sales position open at my place of employment. We had several of the younger set apply and interview for it. All of them believe they should get it because they applied for it.
What about the millions of people out there who took out student loans, graduated from college, got jobs, who have been struggling ever since to make their student loan payments each month, and who have not defaulted?
Thing is that right now, if you are delinquent on your student loans, you don´t get anymore to go to school. I know SEVERAL people who could be going to school right now and are not because they can´t get aid for defaulting on their loans....and it SHOULD be that way.
I am grateful for the help. I plan on going to school starting January for an accounting degree. I am 45 years old with a retired Air Force husband going to nursing school and two daughters also in college. We need the help and expect to pay back every penny. I´ve paid my taxes and helped others all this time, I don´t think it´s too much to get the help now that I need it.
But PLEASE do not forgive student loan debt. It´s unfair to those of us who do pay it back and value it. Besides which, forgiving it will make tuition go up all that more....and books.....my God, my books for a 2 year degree are over 3,000.
We paid our son´s way for 4 years then he borrowed for a grad school and realized by the end of 3 ears he would be in over 150,000 of debt, so he quit while ahead.
My son has a loan he´s been faithfully paying on - I think I will tell him to go into default and get bailed out. I am keepig up everyone else´s children, why not let mine take advantage of it. And by the way I will never vote deomcrat!!! I honestly feel I have never received anything for the taxes I pay in except the protection of the military, so go for it son!
fta: A student loan bailout will also be rewarding higher education bureaucrats for a diminished product. A college degree used to mean that a person would add on average $1 million to their income over their lifetime. Today a college degree only guarantees an average $300,000 in added income over a lifetime.
So why is a BA worth it anymore? Everyone has one and most of the graduates today can´t tie their own shoes without help.
University is big business y´all, too big to fail I am sure.
What #25 said. Incredibly, BF who is nearing retirement at a wonderful TX university agrees with the second paragraph. All the kids told that they MUST have a Master´s, then once done, they are told they MUST get a Doctorate. It´s all about the academia-government gravy train.
PLEASE make it retroactive to 1960 so that I will get a boost in my retirement income. This proposal is once again Government at its very worst. I have a counter proposal - after high school, go to work for 4 years, and then, when you have saved enough for what you want to spend, pay upfront for college. If your money runs out before you graduate, drop out and go back to work to earn enough to complete your degree. This bailout would be a disgrace to every person who has ever paid for their college. You don´t buy what you cannot afford. I do not want my tax money used for this purpose, and I want to make it clear that my family would BENEFIT under this plan, because I have relatives in that situation, one of whom has been paying off college loans for over 10 years to date. That person knew exactly what she was in for and does not expect a bailout. At this point, why would anyone continue to repay a loan even if they could, when the Obama gift train is right down the tracks and stopping at your station.
13.4 percent default rate? For a loan equal to the amount of a nice Volkswagen? No, we don´t live in an entitlement society...noooo. Nothin´ but a nice payoff to the liberal indoctrination centers and their indoctrinated.
My husband and I paid ours back in full. We are now paying faithfully along with two of my kids on their loans. Third one still in college but will pay what she owes. They ALL chose not to major in Women´s studies or any other Resentment Studies. All women all engineers. Bless them at least they will be able to support families.
I paid back every penny borrowed for my B.A., then had trouble borrowing for graduate studies because I was unmarried and had no children. So I worked hard, took extra jobs, got fellowships and scholarships and ran up the credit card on things like travel (no meals or clothes etc.). What I did manage to borrow I also paid back, every cent. Now I´m teaching college students, many of whom have no business being there. Several in my intro class will fail this semester, and I have convinced several others that teaching really is hard work - they aren´t going to continue in the program. Most of these students are being paid to go to school. It´s just another sham, feel-good program (make liberal whites feel good about getting "poor" or "people of color" into college). No way she there be a bailout for student loans. Unless that amount gets cut from their eventual social security payments. I could live with that. Ramona (the Pest)
Citigroup gives with one hand and takes from someplace else with the other.
This bothers me more than food stamps. Many of these strip mall colleges are the ones raking in money and giving fake degrees for something they didn´t need a degree for in the first place while overcharging.
I know someone that has extended their student loans over and over while working in their chosen profession and living at home in hopes that those loans would be forgiven.
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