re: Student loan bubble about to burst

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The average debt load individual graduates carry is up 70 per cent over the past decade, to about $34,000.


That's it? That's all? The price of a Honda Accord? Pay your fricking debt, goddamn. (not directed specifically at OP)

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I think..but I may be wrong...that the problem isn't that they have the debt associated with a Honda Accord it is that they have the debt of a Honda Accord but it was used to buy a chinese made electric scooter at Pep Boys...a heaping pile of those folks with that debt e=never earned a degree or earned a degree that was worth less than the piece of paper it was written on...and the special interest groups have know for years and couldn't care less 'cause they were getting theirs.


The entire scam is a disgrace. You tell people to get a degree and better themselves. Many of them do not have the background to do so but they have access to the same funds as those who do have that background. So they go to somewhere like the University of Phoenix, where a person CAN get a degree that is marketable...but it is solely based on the individual (loads of military folks have degrees from UoP and similar schools...they can be worth something). The problem is that so many people start and never finish...and have $35K in debt after just a few years or so and no way in hell of ever paying it back...and can't find a better job because the degree is what unlocks that door...not the 2 years of student debt.

I have told this story on these boards once before but one of these schools....i don't remember the name now...but anyway they contacted my Mother when she was 72 years old and convinced her to apply and fill out the FAFSA. She did but NEVER registered for or opened a "class"....but in about 6 months she starts getting notices that she owes Sallie Mae about $10K!!!! By the time it was over it was closer to $20K....and she had never once went into any of the class sights and did anything other than apply for a student loan from this schools website...and within a couple of years she owed about $20K. The school had actually received about $10K of that the rest was late fees etc. Had she had any kind of income other than social security I feel pretty confident that she would have seen that income garnisheed because the debt collectors who collect these debts are ruthless and they do not need a court order and you can't file bankruptcy. Luckily she had income that was untouchable and after contacting her state representative the debt was wiped out BUT the school still got their money and the taxpayer footed the bill. Those bastards are criminals and should be treated as such...