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Started By
Message
Grim stats about the student loan bubble
Posted on 8/29/18 at 6:34 am
Posted on 8/29/18 at 6:34 am
LINK
TL,DR: Delinquincy and default rates are climbing, while institutions are aggressively using deferments and forebearances to hide their true default rates (which skyrocket from year 3 when the FedGov stops tracking to year 5).
quote:
Consider the official statistics: Of borrowers who started repaying in 2012, just over 10 percent had defaulted three years later. That’s not too bad — but it’s not the whole story. Federal data never before released shows that the default rate continued climbing to 16 percent over the next two years, after official tracking ended, meaning more than 841,000 borrowers were in default. Nearly as many were severely delinquent or not repaying their loans (for reasons besides going back to school or being in the military). The share of students facing serious struggles rose to 30 percent over all.
quote:
Collectively, these borrowers owed over $23 billion, with over $9 billion in default
TL,DR: Delinquincy and default rates are climbing, while institutions are aggressively using deferments and forebearances to hide their true default rates (which skyrocket from year 3 when the FedGov stops tracking to year 5).
This post was edited on 8/29/18 at 6:40 am
18
Posted on 8/29/18 at 6:36 am to Muthsera
quote:
Collectively, these borrowers owed over $23 billion, including more than $9 billion in default.
Officially we're $20T in debt as a nation (it's much higher BTW), so $23B ain't even a good tip.
Posted on 8/29/18 at 6:43 am to Wtodd
The govt should quit bailing out banks, etc. if they actually want people to take them seriously when it comes to fiscal policy.
Posted on 8/29/18 at 6:47 am to Muthsera
This is what happens when you loan money on advanced degrees in Basket Weaving and such 
Posted on 8/29/18 at 6:49 am to Muthsera
Nobody said it would be cheap to get that 7yr advanced SJW degree that leads to be a Starbucks shift leader on the fast track.
This post was edited on 8/29/18 at 6:50 am
Posted on 8/29/18 at 6:53 am to Muthsera
House of cards
[Falling] [NOT Falling]
[Falling] [NOT Falling]
Posted on 8/29/18 at 6:56 am to Muthsera
are there CDS or other derivatives tied to these lol?
Posted on 8/29/18 at 6:58 am to Wtodd
We are 20 trillion in debt, but also make ~21 trillion a year in the US. This is like an individual that makes $200,000/yr buying a $200,000 house. He’s really in pretty good shape debt wise.
Now, the US doesn’t need to let the debt to gdp ratio get much higher than 1 to 1, but for now it’s in decent shape.
Now, the US doesn’t need to let the debt to gdp ratio get much higher than 1 to 1, but for now it’s in decent shape.
Posted on 8/29/18 at 6:59 am to Muthsera
Will have mine paid off in March.
It will be a glorious day.
It will be a glorious day.
Posted on 8/29/18 at 7:01 am to LSU0358
quote:
Now, the US doesn’t need to let the debt to gdp ratio get much higher than 1 to 1, but for now it’s in decent shape.
With SS, medicare and entitlement spending it can only spiral higher and higher
Posted on 8/29/18 at 7:02 am to Muthsera
1. People need to stop thinking college is for everyone, let alone a right.
2. Government needs to decrease college subsidies, as that is the main driver of costs.
Easy as pie.
2. Government needs to decrease college subsidies, as that is the main driver of costs.
Easy as pie.
Posted on 8/29/18 at 7:03 am to Muthsera
Posted on 8/29/18 at 7:13 am to Muthsera
Free College has happened good job Bernie
Posted on 8/29/18 at 7:17 am to thelawnwranglers
Simply another Left vote buying scheme
Posted on 8/29/18 at 7:21 am to Stingray
People need to go to college part time and pay as they go in an effort to avoid massive debt.
Posted on 8/29/18 at 7:23 am to Muthsera
The money taken on student loans could have been used to build the Trump Wall. Hell, we could have built Fortress North America with that amount.
Posted on 8/29/18 at 7:24 am to Muthsera
If you or your parents can’t pay for college you shouldn’t go
Posted on 8/29/18 at 7:29 am to el Gaucho
This is the real answer. Also, I don't believe everyone is cut out for college. Had a heated discussion with a lib friend of mine who honestly believed everybody deserved free college. Free. Everyone.
My disagreement was met with the liberal chuckle. Oh, and his degree? Nothing. Works as a groundskeeper at a RV resort in the Keys.
My disagreement was met with the liberal chuckle. Oh, and his degree? Nothing. Works as a groundskeeper at a RV resort in the Keys.
Posted on 8/29/18 at 7:29 am to roadGator
quote:
People need to go to college part time and pay as they go in an effort to avoid massive debt.
People need to think of college as an investment and think about their occupational goals and how they plan on paying the loans back - instead of just going to go
Medicare for all will have the same exact problem - “Oohhh my throat is scratchy again. Imma go to the doctor for the 3rd time in two weeks bc I’m bored and it’s ‘free’.”
This post was edited on 8/29/18 at 7:31 am
Posted on 8/29/18 at 7:30 am to Stingray
quote:
1. People need to stop thinking college is for everyone, let alone a right.
One of my favorite sayings:
Even though I have a college degree, I am not stupid
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