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Approaching Crunch Time
on the Student Loan Debacle

American Thinker, by Gary Jason

Original Article

Posted By:LittleHoodedMonk, 11/26/2012 6:37:34 AM

For a number of years now, a number of critics of the American system of higher education have rightly insisted that there is a "bubble" in the system, with more and more students running up loans in amounts they will find difficult to pay back. This bubble has been fueled by the federal government´s lavish subsidization of the student loan program (which was nationalized four years ago), in a way similar to how the housing bubble was fueled by government agencies pushing subprime mortgages. This extensive government largess has produced a number of unintended

Comments:
As I read this, it became clear to me that our basic school system is run the same way. You approve bonds and taxes for better schools to send your kid off to these colleges. But, the money is spent on the Teacher´s Unions that control the PTA´s and curriculum taught to your young ones. In retrospect, funding a failing school system began way before someone took out student loans.

      


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Reply 1 - Posted by: Spidey, 11/26/2012 6:49:53 AM     (No. 9033909)

Student loan debt is just another disincentive to work.They´ll track you down for a payment even if it´s on a sliding scale.Student collectors are among the most aggressive breed in loan collection industry.

I know a girl who took an online degree thing and got an extra $3000 out of the deal and blew it in a month.She dropped out or failed out after one semester and they´ve been hounding her for the money ever since.

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Reply 2 - Posted by: dixieboy1, 11/26/2012 6:54:40 AM     (No. 9033912)

Every college student gets a prepaid VISA card in the amount of $200,000 courtesy of the taxpayers. Problem solved.

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Reply 3 - Posted by: M2, 11/26/2012 6:55:08 AM     (No. 9033913)

Good analysis, OP.

Remember -- all these loans are ultimately guaranteed by the government.

Historically, this Administration has been quick to bail out, and thereby control, every aspect of the company they bail out. The laughably-titled education system will be no different. While there won´t be a formal "bailout" per se, there will be a complete takeover.

That means goodbye to school Boards who decide what will be taught.
Goodbye to any influence parents have over their childrens educational material.
Goodbye to what is left of accountability by students and teachers.

The good news for the Left is that this means hello to Iranian-type indoctrination-propaganda, even worse than what they are now.

It won´t be long before American public schools, mm, mm, mm, will be Muslim-run America-hating machines turning out little burka-shrouded soldiers shrieking "Death to Jews! Death to Christians! Death to Infidels! Death to America!"

Too histrionic? Did anyone on the Left foresee four years ago what has happened to America?

We´ve GOT to stop saying "It can´t happen here."

This is no accident.

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Reply 4 - Posted by: nonsense, 11/26/2012 8:08:24 AM     (No. 9033988)

If only the children who took the loan money had become educated (smarter) instead of enslaved.

Why it´s enough to make the children mistrust the givernment....isn´t it?

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Reply 5 - Posted by: Crosscut, 11/26/2012 8:14:47 AM     (No. 9033995)

They borrowed it, make them pay. In the future loan rates and amounts should be based on the eventual worth in earnings a particular degree will generate. Doctors, lawyers, engineers low rates and lots of bucks. Teachers, social workers, ball bouncers not so much money and higher rates. These latter folks are not needed and will never earn the salaries necessary to pay back hundred thousand dollar loans. They are a poor investment.

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Reply 6 - Posted by: Felixcat, 11/26/2012 8:41:07 AM     (No. 9034032)

Exactly #3 - this Administration is intent (and accomplishing it) on fundamentally changing this country. With few exceptions, opponents to Obama act as if he´s just ill informed, misguided, in over his head. As if they can rationalize and debate with him. It´s his way and only his way.

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Reply 7 - Posted by: Stopstoreload, 11/26/2012 9:09:01 AM     (No. 9034062)

Kudos to me! I saw the nationalization of the student loan program by this administration four years ago for what it is.

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Reply 8 - Posted by: NorthernDog, 11/26/2012 9:09:11 AM     (No. 9034063)

And the one thing colleges do not teach is how to be a good employee - which is what the marketplace really needs.

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Reply 9 - Posted by: yo-yo, 11/26/2012 9:18:47 AM     (No. 9034073)

Doesn´t the Wash-Com-Post make a fortune off some kind of bogus college?

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Reply 10 - Posted by: southernboy, 11/26/2012 9:33:59 AM     (No. 9034098)

I see it over and over. 20-something ´single mom´ loses low-paying job….probably because she misses work too often…can´t find a job that pays enough to pay baby-sitting fees…..´goes back to school´ which entitles her to the student loan program from which she buys a car, signs a lease to a $1200 apartment with a live-in, jobless boyfriend…takes a minimum load curriculum….looks forward to the $4000 ´tax refund´ in January…and gets pregnant again. As Judge Judy says: "Isn´t America wonderful!"

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Reply 11 - Posted by: planetgeo, 11/26/2012 10:21:43 AM     (No. 9034172)

The long-term effects are enormous. Many of these students now have loans as big as car loans, and in some cases as large as home mortgages. Guess what these people will NOT be buying in the future.

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Reply 12 - Posted by: usmc2489, 11/26/2012 11:38:33 AM     (No. 9034318)

There is a woman in my van pool who brags that her husband is going back to school for another Master´s degree, since he can´t find work with the other 2 Master´s degrees. She said that between her college loans and the 2 more years of her husband current schooling, they will be in debt to about $140,000.



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Reply 13 - Posted by: kens, 11/26/2012 11:52:15 AM     (No. 9034344)

Sadly, kids are flocking to these schools in the false belief that by attending and getting a worthless piece of paper, they´ll be getting ahead in life. The outrage will come when Obama ´forgives´ all student loans (read ´bailout´) with the tax dollars he´ll be collecting from us all. But he´ll convince the press to call it money from the rich fat cats to bail out the poor students

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Reply 14 - Posted by: mickturn, 11/26/2012 12:25:44 PM     (No. 9034402)

I see this as a reward to the Obie voters...Don´t worry, Santa to the rescue...forget the loans, we´ll get the rich to pay them for you!...VOTE FOR US FOREVER!!!!!!!!!!

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Reply 15 - Posted by: otronome, 11/26/2012 12:32:36 PM     (No. 9034409)

All will be forgiven...as long as you vote the right way or work for the right employer (i.e. government or non profit leeftist do-gooder org)

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