24% Of Millennials "Expect" Student Loan Forgiveness
- Thread starter Tsing Tao
- Start date
Saw this bubble coming years ago during the '08 bust. When they kept showing all those empty condos in Vegas and Miami, I talked my wife into getting 2 as a college fund for my kids. Still got 10 yrs to go before the first decides if or where to go, but feel confidant that they will never have to borrow and put themselves under such a load as modern day "Caucasian/African-American Conflict Studies" majors that can't get a job today.
Makes me nostalgic for the '80s when state tuition was less than $600/semester.
Makes me nostalgic for the '80s when state tuition was less than $600/semester.
The primary reason tuition is so high today is government guarantees for "any applicant with a pulse"... not all that different in principle from "no-doc" and "liar" loans from the RE bubble.
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This great nation can also surely afford no interest student loans. Or at least tied to the fed rate. It's obscene that the banks are charged less than the students.
It's already capped at 10%. Part of this proposal makes that available to loans taken before 2007. That's not the real issue. The issue is where it goes from here, and why 24% of students believe forgiveness will come to pass.
No issue here tying it to the Fed rate. in fact, I'd argue that most loans should be closer tied to the Fed rate (leaving some for the banks). Of course, no one will lend if it isn't profitable to do so. But that would put pressure on the Fed to have more normalized rates.
Is it odd that Wall street and the Democrats are behind bondage to debt?
Is it odd that Wall street and its insurance companies are behind obamacare bondage?
Is it odd the Federal Reserve and the Income Tax started out around the same time?
Cronies all tied to the same source... is that odd.
Education Management Corporation is a Pittsburgh, Pennsylvania-based operator of private sector post-secondary educational institutions in the United States and Canada.[2] The company was founded in 1962 and was expecting to be delisted from the NASDAQ in November 2014. [3]From June 2013 to June 2014, the company has eliminated about 2,600 positions. [4]
EDMC has faced significant financial problems, including a 95% drop in the value of its stock and a bond rating of CCC+ (junk bond status). [5]Under a pending agreement, shareholder stock value will be diluted an additional 96%. [6]
EDMC is owned in part by Goldman Sachs, which has a 43% stake in the company.[7] It currently operates 110 schools through its four higher education systems, Argosy University, The Art Institutes, Brown Mackie College and South University. Enrollment for 2014 stood at 120,920. According to EDMC, student enrollment is projected to decline to 109,890 in 2015. [8]
EDMC has been the subject of several lawsuits and investigations alleging that the company made misleading claims in its efforts to recruit students.[9][10]
Is it odd that Wall street and its insurance companies are behind obamacare bondage?
Is it odd the Federal Reserve and the Income Tax started out around the same time?
Cronies all tied to the same source... is that odd.
Education Management Corporation is a Pittsburgh, Pennsylvania-based operator of private sector post-secondary educational institutions in the United States and Canada.[2] The company was founded in 1962 and was expecting to be delisted from the NASDAQ in November 2014. [3]From June 2013 to June 2014, the company has eliminated about 2,600 positions. [4]
EDMC has faced significant financial problems, including a 95% drop in the value of its stock and a bond rating of CCC+ (junk bond status). [5]Under a pending agreement, shareholder stock value will be diluted an additional 96%. [6]
EDMC is owned in part by Goldman Sachs, which has a 43% stake in the company.[7] It currently operates 110 schools through its four higher education systems, Argosy University, The Art Institutes, Brown Mackie College and South University. Enrollment for 2014 stood at 120,920. According to EDMC, student enrollment is projected to decline to 109,890 in 2015. [8]
EDMC has been the subject of several lawsuits and investigations alleging that the company made misleading claims in its efforts to recruit students.[9][10]
This is one of myriad topics where both parties have their hands dirty. It's been nauseating watching these universities jack up their tuition and "fees" each and every year well beyond the rate of inflation. Don't even get me started on the salaries, the whole assortment of new buildings constructed on these campuses, etc, etc...
I actually feel sorry that these kids are stuck with this bullshit. Like many others have stated, it wasn't THAT long ago that a kid could go to the state university, receive in-state tuition and essentially work their way thru school. Nowadays, a good private secondary school is far more expensive than in-state tuitions were 20 years ago.
The whole thing needs to be broken down, returned to sanity. If there is a way to slow the juggernaut of runaway student debt, I'm for it..however, the probabilities are that the govt continues to centralize the process and that nothing meaningful changes.
I actually feel sorry that these kids are stuck with this bullshit. Like many others have stated, it wasn't THAT long ago that a kid could go to the state university, receive in-state tuition and essentially work their way thru school. Nowadays, a good private secondary school is far more expensive than in-state tuitions were 20 years ago.
The whole thing needs to be broken down, returned to sanity. If there is a way to slow the juggernaut of runaway student debt, I'm for it..however, the probabilities are that the govt continues to centralize the process and that nothing meaningful changes.
der_kommissar, totally agree.
I think I missed some comments by soem ignored posters, but one issue is the ability ro refi these loans. Not sure where that stands. It does seem to me a fair compromise if they can't do it now.
Expect Elizabeth Warren to run hard on this in 20016. Not surprising, the republicans have their heads in the sand or up their butts, just like on pot legalization. Like someone else said, 40 mill people have this problem. That qualifies as a big problem in my ind. No one forced these kids to take down these loans, but government subsidies allowed the schools to jack up the rent on them.
A proactive republican approach would be to couple support for pot legalization or decriminalization with some sort of relief for student debt, plus some controls on what universities can charge, even if indirectly, eg by tying loan amounts to reasonable tuition. The democrats will be facing a youth problem in 20016 anyway if they run the elderly Hillary. At little cost, the republicans could really make some inroads. Of course, they will be too backward to do so, and will be fending off attacks that they are ok with bankers getting sweetheart deals but not students.
I think I missed some comments by soem ignored posters, but one issue is the ability ro refi these loans. Not sure where that stands. It does seem to me a fair compromise if they can't do it now.
Expect Elizabeth Warren to run hard on this in 20016. Not surprising, the republicans have their heads in the sand or up their butts, just like on pot legalization. Like someone else said, 40 mill people have this problem. That qualifies as a big problem in my ind. No one forced these kids to take down these loans, but government subsidies allowed the schools to jack up the rent on them.
A proactive republican approach would be to couple support for pot legalization or decriminalization with some sort of relief for student debt, plus some controls on what universities can charge, even if indirectly, eg by tying loan amounts to reasonable tuition. The democrats will be facing a youth problem in 20016 anyway if they run the elderly Hillary. At little cost, the republicans could really make some inroads. Of course, they will be too backward to do so, and will be fending off attacks that they are ok with bankers getting sweetheart deals but not students.