iamwhatiseem
Diamond Member
Recovery threatened by runaway student loan debt | Comcast
WASHINGTON The federal student loan program seemed like a great idea back in 1965: Borrow to go to college now, pay it back later when you have a job.
But many borrowers these days are close to flunking out, tripped up by painful real-life lessons in math and economics.Surging above $1 trillion, U.S. student loan debt has surpassed credit card and auto-loan debt. This debt explosion jeopardizes the fragile recovery, increases the burden on taxpayers and possibly sets the stage for a new economic crisis.
With a still-wobbly jobs market, these loans are increasingly hard to pay off. Unable to find work, many students have returned to school, further driving up their indebtedness.
Average student loan debt recently topped $25,000, up 25 percent in 10 years. And the mushrooming debt has direct implications for taxpayers, since 8 in 10 of these loans are government-issued or guaranteed.
As always the taxpayer is left holding the bag, this Country is in deep -do -do ,you were lied to...........
Just another reason showing how big government programs in America are always, always a bad idea.
In 1975 - the total cost of a 4 year degree was about 30% of the average annual household income. Enter GIANT government programs and grants - and whalah - the annual cost of a 4 year degree is 67% of the annual household income. More than double in comparison to income.
not sure but what I read says that as liberal bleeding hearts have made loans easier and easier that has made it easier and easier for colleges to raised tuition, room and board.
Once again the free market was best, while the liberal market appeared best to simple minded bleeding heart liberals.
Same as the mortgage market.