Skip to comments.The First Crack: $270 Billion In Student Loans Are At Least 30 Days Delinquent
Posted on 03/25/2012 3:36:18 PM PDT by SatinDoll
Back in late 2006 and early 2007 a few (soon to be very rich) people were warning anyone who cared to listen, about what cracks in the subprime facade meant for the housing sector and the credit bubble in general. They were largely ignored as none other than the Fed chairman promised that all is fine (see here). A few months later New Century collapsed and the rest is history: tens of trillions later we are still picking up the pieces and housing continues to collapse. Yet one bubble which the Federal Government managed to blow in the meantime to staggering proportions in virtually no time, for no other reason than to give the impression of consumer releveraging, was the student debt bubble, which at last check just surpassed $1 trillion, and is growing at $40-50 billion each month. However, just like subprime, the first cracks have now appeared...
(Excerpt) Read more at zerohedge.com ...
We have met the enemy, and it is us.
It may be a bit of poetic justice, insofar as a college "education" is less likely to prove to be an oxymoron. Of course, I guess 50 grand a year isn't too much to pay for all the "action" these kids get when they're "at school."
s/b "likely to prove to be an oxymoron." glad I dropped out, or it would have been worse.
Hire Vinny’s Collection Agency
50 grand a year and the best a lot of them can do is go back home and live in the basement.
I'm a little tired of walking around their puke on the sidewalks on Saturday morning.
Provided Uncle Sam is around, these “borrowers” will simply be garnished for a long, long time.
I had a student loan back in the late 1970s. I paid it off during the recession of the 1980s, so I know others can, too.
It is the brazen lack of integrity by people taking out these loans I find appalling.
Yes, that was my first reaction: this could be the bubble pop that leads to an array of debt dominoes falling, one after the other, into a deprssion chasm.
You DO realize a LOT of people won’t “get” that statement.
waiting for the leftists to start protesting “big education” as tuition costs have risen much faster than health care (or long-term oil)
In the 60’s, late 70’s are colleges produced ENGINEERS.
Today, our colleges produce Gay, Lesbian and Transgendered Studies Majors, like Sandra Fluke.
Obama took over student loads so everyone could have a free college education
Can someone please point to the place in the Constitution where college is guaranteed by the govt? Never mind, I remembered that we no longer live in a Constitutional country, but a Progressive sewage dumping ground. Hillsdale College has a Constitutional class everyone should take. Its the only hope for our Republic.
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