The Great College Loan Swindle

[gipper]

It is a scam of enormous portions and subjects many Americans to a life of debt serfdom leading to despair. Thanks to the leftists running the academy and a corrupt central government that now controls student loan debt and makes it difficult to discharge in a bankruptcy.

Imagine if Obama had relieved all student loan debt with some of his enormous deficit spending, rather than enriching the already wealthy donor class.

Very good column by Matt Taibbi. It will turn your stomach. America...the land of the scam, where the central government PROTECTS the scammers.

The Great College Loan Swindle
America as a country has evolved in recent decades into a confederacy of widescale industrial scams. The biggest slices of our economic pie – sectors like health care, military production, banking, even commercial and residential real estate – have become crude income-redistribution schemes, often untethered from the market by subsidies or bailouts, with the richest companies benefiting from gamed or denuded regulatory systems that make profits almost as assured as taxes. Guaranteed-profit scams – that's the last thing America makes with any level of consistent competence.

The average amount of debt for a student leaving school is skyrocketing even faster than the rate of tuition increase. In 2016, for instance, the average amount of debt for an exiting college graduate was a staggering $37,172. That's a rise of six percent over just the previous year. With the average undergraduate interest rate at about 3.7 percent, the interest alone costs around $115 per month, meaning anyone who can't afford to pay into the principal faces the prospect of $69,000 in payments over 50 years.
Taibbi: The Great College Loan Swindle

 

[JoeMoma]

And college tuition has skyrocket over the years because our society encourages students to get that degree regardless of costs. Many young adults would be much better off if the simply learned a trade/skill and started a small business.

 

[Missourian]

...and after taking on all that debt...they party for four years, and end up getting the equivalent of a degree in basketweaving with a minor in drum circles.

 

[depotoo]

Informative article showing bureaucracy increases costs. A little old, but still relevant

if the cost of college tuition was $10,000 in 1986, it would now cost the same student over $21,500 if education had increased as much as the average inflation rate but instead education is $59,800 or over 2 ½ times the inflation rate.” ...

...Between 1993 and 2007, total university expenses rose 35%. But administration expenses rose a whopping 61% and instruction expenses rose 39%. In fact, as a 2010 Goldwater Institute study finds, “universities have in recent years vastly expanded their administrative bureaucracies, while in some cases actually shrinking the numbers of professors.” While enrollment rose between 1993 and 2007 by 14.5%, administrators employed per 100 students rose nearly 40% and spending on administration per student rose by 66%.


College Costs Out Of Control

And college tuition has skyrocket over the years because our society encourages students to get that degree regardless of costs. Many young adults would be much better off if the simply learned a trade/skill and started a small business.