Forum Thread

The worst bubble, student loans.

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  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    Student loans are sold as the unquestionable required debt for responsible people. What I am seeing is significant debt being accumulated by people that will never be able to pay it off. I am seeing monthly payments of $500 and more for 20 to 25 years. People that will never be able to buy a house because they have the same qualifications of the worst abused home buyers. The NINJA borrowers. Agreed by everybody that the NINJA loans were predatory, irresponsible and I say fraudulent. But learned nothing the NINJA concept is accepted, promoted preyed upon. That is because a large group of college students are NINJA qualified. No income, no jobs , no assets. Sold loans based on future incomes that could never pay back the loans and have a "normal life". There is movement toward helping the students but I don't see it coming from the entitlement cutting government. Only enough movement to claim association but not enough to solve the fraud. In fact the trend in real movement has been on the side of creditors. Tougher bankruptcy laws and tougher credit card collection definitions. If a student has been lent money against a college degree that can't service the debt, the debt should be absolved.
  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    And another three things. The first reason these NINJA loans are promoted for college students is businesses can pick the best and the rest drive incomes down. Secondly parents and counsellors need to direct their kids toward trade schools were kids can get a job upon graduation. Third there needs to be a campaign against abusing kids with these NINJA loans. It is an autrocity that while the NINJA home loans were being nationally disgraced they were writing them for college students. College students are pledging to buy a stranger a house .
  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    This is from Obama and Bidens aid to college student plan: "These proposals are part of the Obama-Biden Administration’s ambitious agenda to make higher education more affordable and to help more Americans earn college degrees". Sounds a lot like helping Americans buy a house. Saw how that worked !!!

    There is is just not enough time to try and keep up with all the new things that pop up to rip people off. And if you think Hillary is smart, knowledgeable, influential and a great leader......... Then you have to believe she was part of Bills work to turn the stock market loose and kick dependent people off welfare.

  • Independent
    Ft.myers, FL
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    Chet Ruminski Wrote:

    This is from Obama and Bidens aid to college student plan: "These proposals are part of the Obama-Biden Administration’s ambitious agenda to make higher education more affordable and to help more Americans earn college degrees". Sounds a lot like helping Americans buy a house. Saw how that worked !!!

    There is is just not enough time to try and keep up with all the new things that pop up to rip people off. And if you think Hillary is smart, knowledgeable, influential and a great leader......... Then you have to believe she was part of Bills work to turn the stock market loose and kick dependent people off welfare.

    Chet I had my college degree from Europe; never had to pay one penny for it. Again it shows this country still lives in the 17th century as with a lot of things, like infrastructure. But for the army we sure have the latest most expensive toys. What is wrong with this picture?
  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    Dutch. The sub prime mortgage debt was 1.2 trillion dollars. The outstanding student loan debt is 1.2 trillion dollars. The National debt is at 18 trillion dollars. College students are facing an incredible amount of debt. How does something this big slip by? It didn't slip by the originators of the loans. When I was in college it wasn't hard to make enough money in the summer to pay most of the next year's college expenses. What happened to turn our bright eyed eager to succeed college students into one of the world's greatest debtors. Our our college students owe more than three times the national debt of Greece.
  • Independent
    Ft.myers, FL
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    Chet Ruminski Wrote: Dutch. The sub prime mortgage debt was 1.2 trillion dollars. The outstanding student loan debt is 1.2 trillion dollars. The National debt is at 18 trillion dollars. College students are facing an incredible amount of debt. How does something this big slip by? It didn't slip by the originators of the loans. When I was in college it wasn't hard to make enough money in the summer to pay most of the next year's college expenses. What happened to turn our bright eyed eager to succeed college students into one of the world's greatest debtors. Our our college students owe more than three times the national debt of Greece.
    Chet; no one in the Netherlands has college debt; for university's you need to pay a bit but not like here. If they would use the money for battle ships and 400 million dollar aircraft for education, wow; may be this would become an intelligent country without wars.
  • Liberal Democrat
    Democrat
    Colorado Springs, CO
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    From various websites:

    Whitehouse, March 15, 2015: FACT SHEET: A Student Aid Bill of Rights: Taking Action to Ensure Strong Consumer Protections for Student Loan Borrowers

    Five years ago this month, President Obama signed student loan reform into law, redirecting tens of billions of dollars in bank subsidies into student aid. His historic investments in college affordability include increasing the maximum Pell Grant by $1,000, creating the American Opportunity Tax Credit worth up to $10,000 over four years of college, and letting borrowers cap their student loan payments at 10 percent of income. He has also promoted innovation and competition to help colleges reduce costs and improve quality and completion, including a First in the World fund. While these investments have helped millions of students afford college, student loans continue to grow.

    That is why, today, President Obama will underscore his vision for an affordable, quality education for all Americans in a Student Aid Bill of Rights. As part of this vision, the President will sign a Presidential Memorandum directing the Department of Education and other federal agencies to work across the federal government to do more to help borrowers afford their monthly loan payments.

    You can read more at the above link.

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    CNBC, August 10, 2015: Clinton to propose $350 billion in college affordability plan

    The proposal centers on a $200 billion federal incentive system aimed at encouraging states to expand their investments in higher education and cut student costs. States that guarantee "no-loan" tuition at four-year public schools and free tuition at community colleges would be eligible to receive federal funds.

    You can read more at the above link.

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    Wittenborg: New Dutch Student Loans System to Start in 2015

    As of 1 September 2015...students will be able to take a loan from about 980 euros maximum per month (you determine the amount yourself according to your fee and living expenses). Repayments must be done within a period of 15 to 35 years. Students are also entitled to only start with the repayments once they start earning more than the minimum salary.

    Students from disadvantaged homes, will receive a supplementary grant of 365 euros per month which will be considered a gift should they graduate within 10 years. If not, they will get 15 – 35 years to repay the loan.

    You can read more at the above link.

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    I looked at the new Dutch system for repaying college loans and it makes a lot of sense to me. Kudos to the Dutch to be forward looking. In the USA, however, the problem of the existing student debt (as opposed to new debt) has been addressed by President Obama on several occasions. President Obama can only do as much as his Executive authority allows and the Party of No has always said "no" on broader initiatives that require Congressional legislation. Elizabeth Warren and Bernie Sanders have likewise both proposed legislation that would relieve the heavy financial burden on students. The Party of "No" is not supportive.

    Hopefully in this election year, student loan debt can be on the table as an election issue.

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