Comments for: Ruinous student loan debt

Posted April 20, 2012, at 5:28 p.m.

Student loan debt topped $1 trillion for the first time late last year — more than credit card or auto loan debt. Buried in that alarming statistic are countless heartbreaking stories of students who never will break free of their debt. Congress cannot let this go on. An army of …

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  • What needs to be done is for these for-profit schools to be cut off from their money trough, or at the very least, have their funding based on their graduation and actual job placement rates. There are entirely too many of these so-called ‘school’s’ running around (just look at these ‘school’s’ advertising on the TV) selling a whole bunch of crap passing as an education when all they want is the kid’s loan money. After that these same school’s, that so loudly proclaim their student’s job placement rate, are almost fanatically drive to toss the same kid’s under the closest bankruptcy bus they can find. At least 1 of these so-called ‘College’s in NH has been forced into bankruptcy and now has their ‘student body’ all scrambling for whatever legal protections there are.

    These school’s are little better than mob-run extortion mill’s, with the added benefit of no legal oversight or protection’s to keep these same kid’s from getting stuck with interest rate’s on these so-called loan’s, that we as taxpayer’s are stuck with, at rates even Goldman-Sachs couldn’t dream of. Both Durbin and Obama’s move toward a more serious oversight, and even out-right regulation, of these ‘mill’s’ is both more than called for and is long overdue in being put in place. The really interesting part in all of this is seeing who’s gonna come out against making the educational system more financially responsible for their student’s graduation rate’s ? If there was ever a demonstrated need for the Fed’s Dept of Education, I for one would be hard pressed to find a better example of need and requirement coming together. This ‘racket’ is one bag, given the current voting trend of young folk’s, a great many who are now going to see the direct correlation of their vote to the relief positions the Candidate’s out there are claiming, for ALL TO SEE, is one that no one wants to be holding when the music stops. And when the digging start’s, given the political inevitability, one can bet that there are gonna be a whole lotta’ faces and names popping up that no one would have ever expected. As it is said so frequently on Sunday morning’s, ‘Now is the time to come to Jesus ’cause after your on the cross it’s too late’. Folk’s, the cross’s have been erected. The only remaining question is a simple one Who’s first ?

    • Anonymous

      This is what you get when academic standards are so low that anybody can go to a college. Go back to S.A.T. scores, and rigorous standards to gain entry and this problem will go away.

  • Anonymous

    First of all, no one is forcing students to take on ruinous levels of debt. Kids and parents need to show some fiscal responsibility here.

    Second, I think the government needs to restrain itself and not approve loans that will never be repaid. I can tell you the bank will look very carefully at my ability to pay back the money before loaning me a cent!

  • Anonymous

    Biggest problem is the economy too a s#$% and everyone took a step back.  All the jobs kids were going to take are being held by older people who can’t move up or are reluctant to retire.  The economy is stagnant.   Student loan debt isn’t much of a  problem if you have a job.

    Our university system much like our educational system is bloated and inefficient.  There is little accountability for doing a subpar job.  Teachers and professors are inexperienced in how to operate in this new and very dynamic world.  There needs to be more encouragement towards Science, Technology, Engineering and Mathematics.   Let kids know if they  want art,  business or law degrees they wont have as many opportunities.   

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