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The Federal Student Loan Debt Has Just Topped $800 Billion…
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EagleRockCafe Offline
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Post: #1
The Federal Student Loan Debt Has Just Topped $800 Billion…
[Image: 2n897ar.jpg]

Just wait until this bubble bursts…

Quote:From November 2013 through November 2014, the aggregate balance in the federal direct student loan program–as reported by the Monthly Treasury Statement–rose from $687,149,000,000 to $806,561,000,000, a one-year jump of $119,412,000,000.

The balance on all student loans, including those from private sources, exceeded a trillion dollars as of the end of the third quarter, according to the Federal Reserve Bank of New York.

“Outstanding student loan balances reported on credit reports increased to $1.13 trillion (an increase of $8 billion) as of September 30, 2014, representing about $100 billion increase from one year ago,” the bank said in its latest report on household debt and credit.

http://cnsnews.com/commentary/terence-p-...00-billion
01-02-2015 12:44 AM
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UConn-SMU Offline
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Post: #2
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
Careful ... they'll say you're against the poor and minorities if you point this out.
01-02-2015 06:32 PM
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maximus Offline
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Post: #3
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
The solution is free **** for everyone
01-02-2015 07:08 PM
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smn1256 Offline
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Post: #4
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
Just think, all those liberal arts majors will make a million bucks a year and their taxes will offset their debt. Thanks Obama.
01-02-2015 11:54 PM
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HeartOfDixie Offline
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Post: #5
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
It's a national crisis that nobody wants to talk about.
01-02-2015 11:57 PM
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Fo Shizzle Offline
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Post: #6
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
I'll give anyone 3 to 1 odds that some dipschit on the Hill will advocate a bailout.
01-03-2015 12:43 AM
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Owl 69/70/75 Offline
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Post: #7
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
(01-03-2015 12:43 AM)Fo Shizzle Wrote:  I'll give anyone 3 to 1 odds that some dipschit on the Hill will advocate a bailout.

You'd lose. Dipschit is singular. It'll be plural, if it's not already.
01-03-2015 12:49 AM
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Fo Shizzle Offline
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Post: #8
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
(01-03-2015 12:49 AM)Owl 69/70/75 Wrote:  
(01-03-2015 12:43 AM)Fo Shizzle Wrote:  I'll give anyone 3 to 1 odds that some dipschit on the Hill will advocate a bailout.

You'd lose. Dipschit is singular. It'll be plural, if it's not already.

SFT. 03-lmfao
01-03-2015 01:24 AM
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BleedsHuskieRed Offline
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RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
(01-03-2015 12:43 AM)Fo Shizzle Wrote:  I'll give anyone 3 to 1 odds that some dipschit on the Hill will advocate a bailout.
Elizabeth Warren has already started on a smaller scale.
01-03-2015 09:30 AM
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fsquid Offline
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Post: #10
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
what the solution? let the bubble burst? It seems to be so large that something will have to give.
01-03-2015 09:36 AM
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usmbacker Offline
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Post: #11
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
I paid for my kids undergraduate degrees. One decided to go to grad school and has student loans. She got a good job and is paying the loans off. I can't imagine getting loans like that and having to wait tables like many college graduates are doing these days.
01-03-2015 07:05 PM
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dfarr Offline
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RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
I have 4 degrees, one a masters, without any student debt, and no my parents didn't pay for my school. It's called going to an affordable college and making good grades and applying for lots of scholarships.
01-03-2015 10:10 PM
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mptnstr@44 Offline
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Post: #13
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
(01-03-2015 10:10 PM)dfarr Wrote:  I have 4 degrees, one a masters, without any student debt, and no my parents didn't pay for my school. It's called going to an affordable college and making good grades and applying for lots of scholarships.

Exactly.
When did it become a right to go to the school of your dreams regardless of cost?
Why do students today not work part-time while in school?
When did it become ok for students to take 6-7 years to get a bachelors?
Why do college kids need expensive hi tech latest technology?
Do they need lattes, saunas, rock climbing walls, spring break trips, study abroad?

Go to a local community college for your gen eds.
Go to a state school to finish your degree.
Live at home.
Do without a car if possible.
Do without hi tech gadgets, expensive clothes and eating out.
Work 20+ hours a week.
Apply for any and all scholarships.
You can still get through college with zero debt but…
it will take sacrifice.
01-03-2015 10:59 PM
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VA49er Offline
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Post: #14
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
(01-03-2015 10:59 PM)mptnstr@44 Wrote:  
(01-03-2015 10:10 PM)dfarr Wrote:  I have 4 degrees, one a masters, without any student debt, and no my parents didn't pay for my school. It's called going to an affordable college and making good grades and applying for lots of scholarships.

Exactly.
When did it become a right to go to the school of your dreams regardless of cost?
Why do students today not work part-time while in school?
When did it become ok for students to take 6-7 years to get a bachelors?
Why do college kids need expensive hi tech latest technology?
Do they need lattes, saunas, rock climbing walls, spring break trips, study abroad?

Go to a local community college for your gen eds.
Go to a state school to finish your degree.
Live at home.
Do without a car if possible.
Do without hi tech gadgets, expensive clothes and eating out.
Work 20+ hours a week.
Apply for any and all scholarships.
You can still get through college with zero debt but…
it will take sacrifice.

Where's the FUN in all that? No need for personal responsibility around here.
01-04-2015 10:19 AM
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Fo Shizzle Offline
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Post: #15
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
(01-03-2015 10:59 PM)mptnstr@44 Wrote:  
(01-03-2015 10:10 PM)dfarr Wrote:  I have 4 degrees, one a masters, without any student debt, and no my parents didn't pay for my school. It's called going to an affordable college and making good grades and applying for lots of scholarships.

Exactly.
When did it become a right to go to the school of your dreams regardless of cost?
Why do students today not work part-time while in school?
When did it become ok for students to take 6-7 years to get a bachelors?
Why do college kids need expensive hi tech latest technology?
Do they need lattes, saunas, rock climbing walls, spring break trips, study abroad?

Go to a local community college for your gen eds.
Go to a state school to finish your degree.
Live at home.
Do without a car if possible.
Do without hi tech gadgets, expensive clothes and eating out.
Work 20+ hours a week.
Apply for any and all scholarships.
You can still get through college with zero debt but…
it will take sacrifice.

Good advice...
My daughter finished 2 undergrad degrees and her Masters without a dime of debt. My wife and I started a UTMA account with Fidelity when she was born. We added to it every month. With that account, a small amount of scholarship money and her working all the way through school part time....she finished with money left in the account to start an IRA for her future. I mention this because I know we have some young parents on this forum. Start saving for your child's education early and often if you can. Fidelity and Vanguard have very good college savings programs that are invested in the market and get you a max return over the long run. You can help them avoid this debt mess with some planning.
(This post was last modified: 01-04-2015 11:52 AM by Fo Shizzle.)
01-04-2015 11:51 AM
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mptnstr@44 Offline
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Post: #16
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
(01-04-2015 11:51 AM)Fo Shizzle Wrote:  
(01-03-2015 10:59 PM)mptnstr@44 Wrote:  
(01-03-2015 10:10 PM)dfarr Wrote:  I have 4 degrees, one a masters, without any student debt, and no my parents didn't pay for my school. It's called going to an affordable college and making good grades and applying for lots of scholarships.

Exactly.
When did it become a right to go to the school of your dreams regardless of cost?
Why do students today not work part-time while in school?
When did it become ok for students to take 6-7 years to get a bachelors?
Why do college kids need expensive hi tech latest technology?
Do they need lattes, saunas, rock climbing walls, spring break trips, study abroad?

Go to a local community college for your gen eds.
Go to a state school to finish your degree.
Live at home.
Do without a car if possible.
Do without hi tech gadgets, expensive clothes and eating out.
Work 20+ hours a week.
Apply for any and all scholarships.
You can still get through college with zero debt but…
it will take sacrifice.

Good advice...
My daughter finished 2 undergrad degrees and her Masters without a dime of debt. My wife and I started a UTMA account with Fidelity when she was born. We added to it every month. With that account, a small amount of scholarship money and her working all the way through school part time....she finished with money left in the account to start an IRA for her future. I mention this because I know we have some young parents on this forum. Start saving for your child's education early and often if you can. Fidelity and Vanguard have very good college savings programs that are invested in the market and get you a max return over the long run. You can help them avoid this debt mess with some planning.

Excellent advice on parents saving for college with 529 programs.

I actually think a big part of the problem with college debt today is indulged children who parents can't say no to and parents/guidance counselors who don't provide good college financial advice.

A guidance counselor or parent telling a kid that they should attend the school that feels right or is the best for their major of choice, regardless of cost, is providing stupid advice.

Parents taking out second mortgages to put their kids through college when they are within 10-20 years of retirement, is again stupid advice/decision making.

One of my sons has a friend who borrowed $110K to go to a local private school to major in history. Another borrowed $125 to go to a Chicago private school and major in religious studies. Both young men are complaining about their loan debt as unfair. Sorry, you made choices, you live with the consequences.

It's best to graduate debt-free but borrowing responsibly for college is ok:

A good rule of thumb for an amount of debt upon graduation is to borrow no more than you can realistically make in your first year of work with a degree in your chosen field.
Choose engineering, borrow 40-50K over 4 years.
Choose education, borrow no more than 30-35K.
Choose to major in the Classics, you better not borrow much as their aren't many jobs that ask for a degree in the classics.
(This post was last modified: 01-04-2015 12:19 PM by mptnstr@44.)
01-04-2015 12:18 PM
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HeartOfDixie Offline
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Post: #17
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
I see burying one's head in the sand is the theme of page two on the subject.
01-04-2015 01:42 PM
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HeartOfDixie Offline
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Post: #18
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
It's time to call this what it really is, the Federal Government subsidizing the states and private groups with the end result being college degrees.
01-04-2015 01:49 PM
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Love and Honor Offline
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Post: #19
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
I think that perhaps the biggest problem with the higher ed bubble is that it's a non-issue. It's a lot easier for Congressional candidates to campaign in favor of student loans since it's easy for their opponent to say "CANDIDATE X DOESN'T WANT YOUR KID TO GO TO COLLEGE!" if they say otherwise. It's a lot easier for a state legislature candidate to campaign for tax cuts, new spending programs, etc. instead of educational reform that'll reduce student debt. Once in office, there's little motivation to aggresively pursue meaningful change. Former students swimming in debt don't vote in big numbers, baby boomers ready to go on SS and Medicare do. The only way I can see tuition debt getting on the national agenda is if the president makes it an issue. In the case that they want to shrink or end the loans, they'll have a lot of difficulty selling that idea on Capitol Hill.

Even if that passes, the federal government is only one part of the equation; states are still responsible for much of the problems in public universities. They've crowded out higher ed spending due to bloated pension obligations, they've created BS degrees with little career prospects, they've constantly approved extraneous construction projects, they've supported high schools that repeat the 'everybody goes to college' mantra and look down upon vocational schools, and they've allowed unnecessary administrators to take hold in higher ed. The odds of even just a few states making changes to solve all of those problems is very low, and that might lead to a 'need' for federal intervention to regulate the states through the DOE. That has a recipe for disaster all over it.

I'm ideologically opposed to bailouts in nearly all situations, but student loan debt is one area where I'd be willing to compromise a little. In the hypothetical scenario that my political opponents were willing to end federal loans and properly fix the state-level problems listed above on the condition that there was some kind of bailout for student loans, I'd reluctantly go along with it. That's not to say that I favor a complete bailout by any means, students and their parents need to take responsibility for their actions and make wise decisions about their education. But assuming that all the necessary changes would be made, tuition and subsequent debt would fall, and the debt problem would went away for most students, I wouldn't be opposed to a one-time bailout for debt above an extremely high number (100k maybe?) for the sake of getting it passed. I won't let perfect be the enemy of good.
01-04-2015 01:55 PM
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mptnstr@44 Offline
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Post: #20
RE: The Federal Student Loan Debt Has Just Topped $800 Billion…
"But assuming that all the necessary changes would be made, tuition and subsequent debt would fall, and the debt problem would went away for most students, I wouldn't be opposed to a one-time bailout for debt above an extremely high number (100k maybe?) for the sake of getting it passed. I won't let perfect be the enemy of good."

Why would you reward stupid with a bailout? Are you going to repossess their degree as punishment? Those who took out a ridiculous amount in loans to pay for their college did so of their own free will. No one held a gun to their head.

Why should people who were prudent and made sacrifices to put themselves through college have to pay taxes to bailout someone who was stupid in their college choice and/or their lifestyle while in college?

If a student took out extra loans to study abroad for a year rather than staying stateside do you think responsible people should have to bail them out essentially paying for their 9 month european vacation?
01-04-2015 02:31 PM
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