Skip to comments.When Should The Bankrupt Federal Student Loan Program Stop Approving Student Loans?
Posted on 10/26/2011 6:53:10 AM PDT by Graewoulf
Will the "Super Committee," otherwise known as the "Twelve Disciples of Congressional Partisanship," (TDCP), recognize that the Federal Student Loan Program is bankrupt by nearly 1 TRILLION dollars? Will the TDCP close the loan window to student loans? How much bankruptcy debt is required before the Federal Student Loan Program is closed forever?
It should be entirely eliminated, yesterday.
The Federal Gubmint has not business (or AUTHORITY) to be involved in student loans.
I have wondered this: if the government stops giving out student loans, would the tuition rate at colleges drop to more reasonable prices? I have actually thought that college tuitions keep rising and rising simply because they know students can get “easy” loans.
If money wasn't so easy, majors like 'gender studies' might be dropped. Lots of positive unintended consequences possible...
You’re right. College would go back to what it used to be. That is, higher education for potential upper white collar jobs, business education etc... Degrees in Interpretive Dance, Greek Mythology, etc.. would be eliminated.
When you think of degrees for things like Women’s Studies and etc. that kids get themselves into debt for or which they are bankrupting the GOV’T. for, it is hardly sensible to continue providing funding for THESE disciplines.
Engineering, nursing, mathematics, biology,?? etc.... Yes!!
Warm and fuzzy, feel-good, BS degrees which qualify recipients for absolutely NOTHING ought to be reconsidered.
It’s throwing money away and these kinds of students are kidding themselves if they think the world will continue to support a mentality which sufficiently compensates THESE fields.
For these students... college is an incubator where their childhood can be prolonged and upon graduation, will get them into jobs where grown-up sensibilities are unnecessary and actually anathema. THAT la-la land fairy tale is OVER!!!
Exactly. Further, the continuous rise in annual tuition often over 8% goes to tenured faculty and administrators who poison the well by being 99% lefties. They get their pensions, medical care and raises, espouse socialism or worse in their classrooms producing an endless supply of generally useless output (our precious students) unless we stop it cold.
Rivals the local and state government scam - politicians who grant municipal employees outrageous benefits paid by the taxpayer in return for public employee/SEIU votes.
But it wouldn’t be FAIR to leave the next generation of students without the crushing debt that keeps them under the thumb of the government.
” - - - if the government stops giving out student loans, would the tuition rate at colleges drop - - - “
Yes. It is called supply and demand. The US Federal Government assumes that it is NOT “to big to fail” and consequently assumes that its supply of money is unlimited.
If the above two interconnected assumptions are questioned by the taxpayers, The US Federal Government swiftly reacts, (as would any 4 year old child when scolded), by increasing their printing/ borrowing, spending/loaning and otherwise destroying the financial future of your and my descendants.
The US Federal Government is trying to replace the supply and demand market system in America as rapidly as possible.
The Bankruptcy of the Federal Student Loan Program is just one example of why the US Federal Government is public enemy number one to the financial future of America.
Start taxing college endowments especially those “lucky” colleges with the largest endowments (remember the rich are just lucky, those large endowments were “stolen” from smaller colleges who were no doubt exploited by the rich)sarcasm tag here.
Wash U in St Louis has an endowment of over $4 BILLION, why should their students get any financial aid from the tax payers?
” - - - Start taxing college endowments - - - “
Whoa, pardner! We are Taxed Enough Already. We want Schools AND people to financially stand on their own two feet.
Taxes go into the abyss of “THE GENERAL FUND” to be pork-barreled out to those that the politicians-of-the-day like.
If the US Federal Government is unable to pay its self-inflicted bills at the end of the year, then it is time to stop loaning money that it doesn’t have.
I just now heard on CNN TV that Zombie Leader Obama will promise to forgive all student loan debts after 20 years. Obama will be speaking from a Colorado Campus within the hour.
Here's and out...if they take over providing their students with the govt financial aide and guaranteed loans that the students qualify for based on their FASA, no tax. Colleges with hundred million dollar endowments, or even billions, should be providing financial aid for their students, not the taxpayer.
” - - - not the taxpayer.”
We do agree on that point, for sure!
I saw that the Student Loan Debt Clock is now minus 951 BILLION dollars. According to CNN TV, that is larger that the Credit Card Debt of all Americans. It is time to close the SLP!
The point of my post was that for decades politicians have been printing money, and then coming up with vote-buying programs to destroy that same money, with the Student Loan Program, (Vote-for-me-and-I-will-put-your-kids-through-college-at-no-cost-to-you), being just one example.
What the Universities in this Country do with THEIR money and THEIR students is of NO concern to the US Government.
The purpose of the government is to govern. As you may have noticed, Congress has not been able to Govern since Zombie Leader Obama took over.
One thing has been proven beyond a reasonable doubt: A BIG GOVERNMENT IS NO GOVERNMENT AT ALL.
” - - - the crushing debt that keeps them under the thumb of the government.”
You bring up an interesting point: Is CRUSHING DEBT the virtual THUMB OF THE GOVERNMENT?
What control would the US Federal Government have over us if there were NO debt?
I agree. The US Federal has no business teaching, or helping to teach us anything, especially when it charges the bill to me and my grandchildren.
Well, the US Federal Government could teach itself how to balance its own checkbook each month, as long as they take the cost of their education out of their own paychecks.