Student Loans’ Latest Victim: Parents
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  • Anthony

    Preach on Professor! The higher education industry in America is disaster. My heart breaks – no joking – when I think of the millions of poor young people who will be paying back their students loans with small pay checks for the rest of their lives. The situation is so bad for some – think law students – that it is quite possible that their social security payments will be garnished to pay for their outstanding student loan debt fifty years from now. Financially, these people have been destroyed. Even with a good work ethic and a positive attitude, it is difficult to see how somehow is going to pay down 200k in debt with an income below 40k per year. And that is assuming that these folks will get any job. And I say this as someone with no student debt.

  • Selecting more inexpensive schools is one thing. How about a little ambition in the subject studied? Too many students select majors that prime them for cashier at McDonald’s, because they are easy. Take the hard classes, learn something. I double-majored in a liberal art and a science, precisely because I needed technical skills, but still wanted to study ancient Near Eastern languages. I took excess loads but I did graduate on time. It can be done. In the private sector there are two classes of worker who matter, the people who make things and the people who sell things. STEM and Communications or Business (if you’ve got the extraverted, risk-taking personality profile to be a salesperson) are your best paths to prosperity.

  • Anthony

    The cost of university education in the U.S. has risen more than 40% in the past decade and there is 1 trillion dollars in outstanding student debt (Consumer Financial Protection Bureau). The Federal Reserve lists it as 2nd largest source of consumer debt. And it piles on WRM.

  • Jim Luebke

    How did the system ever get so desperately backwards that a loan intended to be paid off by a young professional ends up being paid off by a retiree??

    Oh, wait. People tried to extend credit to people who aren’t creditworthy for purposes that are uneconomic, and got the banks to buy in by suspending traditional bankruptcy protections.

    “What could go wrong?…”

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