Anyone wondering how to get out of student loan debt – or wondering if a slew of student debtors could try to do so – needs to read this.
Accepted wisdom says that there are only two (rather sobering) ways to relieve the burden of student debt: either pay it off, or depart from this earthly world.
368%: The jump since 2007 in the measure of consumer credit held by the government comprised primarily of student loans. If a student loan bubble were to pop, the government, not private banks, would be the one standing around with gum in its hair. Issuance of student loans has soared in recent years, hitting $867…
Don’t look now but there’s another giant bubble out there. It’s so big it rivals subprime.
I’m talking about the student loan bubble.
Recently, the outstanding volume of student loans passed $1 trillion. What’s more bothersome is that the average individual amount owed by new college graduates has passed $25,000.
With college costs zooming upwards faster than inflation, this is rapidly becoming another subprime mortgage-like sinkhole.
Just like subprime, the problem is that people of modest means are being suckered by high-pressure salesmen into taking on too much debt.
The difference is that since student loans are government guaranteed and can’t be released in bankruptcy, the burdens will be paid by the unfortunate ex-students and the U.S. taxpayer.
The standard justification for soaring higher education costs is a simple one.
The United States needs to maintain an educational lead in order for its wage levels to remain above those of its competitors.
I’m talking largely about emerging markets, which have been helped enormously by modern communications, making global sourcing much easier than it was.
There are two problems with this view.
Let’s pretend student loans aren’t just a stupendous and highly profitable scam being run on the youth of America. Of course pretending doesn’t make it so.
We have a “let’s pretend” economy: let’s pretend the unemployment rate actually reflec…
I stand with the protesters. We as a society must stop pretending. Most of us think that we still have money in the bank to protect, so we go along with the game of extend and pretend. For some of us, the game has already ended. The rapacious zero interest rate policy that I call…
Lenders Must Reveal Reasons for Rejection
NEW YORK (LowCards.com) — Starting tomorrow, consumers will get an explanation when they don’t get the best interest rate or are turned down on a student loan, automobile loan or credit card application.
I was watching Suze Orman this AM while getting ready for work and in the last segment some chick describes how she signed off on a student loan for a boyfriend that is now an ex-boyfriend. It turns out that with him being a nimrod and non-dismissable …