Posted on 01/02/2012 8:32:10 AM PST by usalady
As Occupy Wall Street and its imitators disrupt cities across America, one of their complaints is the debt incurred while attending universities.
(Excerpt) Read more at examiner.com ...
Doubt it. The universities are indoctrination centers for the Left. They turn out Dem voters and provide contributions to the Dem coffers. Obama and the Dems will work towards excusing most of that debt, hence the takeover of the student loan program.
I’ve long maintained that a condition of student loans be that the recipient is enrolled in a course of study that is of value to society (i.e., business, science, math, engineering).
If someone elects to major in transgendered Aleutian folk music, fine—Just don’t expect US taxpayers to underwrite it.
I doubt that very much, considering that this same crew legislated to make Federally guaranteed student loan debt specifically exempt from bankruptcy provisions. A former student can go bankrupt as many times as he likes, and that debt will follow him to the grave. Doesn't sound like the actions of someone in the debt-forgiveness business... rather, it sounds like the actions of someone in the pockets of the public education lobby.
Funny stuff.
Students volunteering to get hosed, and then complaining about it.
The same people who are amazed to find themselves pregnant after they had sex.
The outstanding student debt is not going to be repaid.
It is too big, and there are too few jobs remaining that have not been sent to communist china.
There is no way the majority of student loan borrowers will be able to pay back principle plus interest.
You heard it here first.
LMAO! But so true.
What percentage of college courses contribute to productivity and growth?
How are “required” courses designed to waste time and money, while promoting an agenda?
“The universities are indoctrination centers for the Left.”
If you have a degree in Hispanic Gay and Lesbian Literature, you might be an Occutard....
If you have a degree in Theater and PErforming Arts, you might be an Occutard....
Post of the day.
Stop loaning money to people who go to college to play.
Stop hiring people like Angela Davis, Karenga, and Bill Ayres and his wife.
Stop hiring Socialists and Communists.
There isn’t a college in this country that couldn’t unload half their professors and never miss them.
I agree with the other posters who say that a lot of these student debts will never be repaid. My prediction is that the Federal government institutes a program to "forgive" student debt in exchange for the indebted graduate working in a low-paid or volunteer capacity of some kind. This isn't new, either; I know a couple of doctors who had the government pay a big chunk of their medical school expenses, and in exchange these guys worked on Indian reservations or government-run clinics in inner cities for several years after they completed their education.
“There is no way the majority of student loan borrowers will be able to pay back principle plus interest.”
Unfortunately, I agree with this. The “government-education complex” has generated the most spectacular ripoff in US history.
That's my take. Many of these "government wants to control you" articles are often nothing more that the govt taking care of - or doing the bidding of - their corporate campaign contributors. That's not to say that there aren't a lot of Nanny/bureaucratic expansion motives behind these laws.
They will be paid by the US taxpayer, i.e., excused. IT IS ALREADY LAW AS PART OF OBAMACARE. You heard it here first.
Obama's Illusory Student Loan Scheme
Back when Obama was trolling for illusory savings to manipulate Congressional Budget Office scorekeepers into decreeing that Obamacare would be revenue-neutral, he proposed the ingenious scheme whereby the federal government would subsume 100 percent of the student loan industry and eliminate evil private-sector profits going to "middlemen."
The plan was a smorgasbord for big-government enthusiasts because it envisioned whacking private business, legislative trickery and growing the government in numerous ways. It wouldn't just allow the government to seize financial business in grand fascist style; it also gave Obama an excuse to expand the existing loan program.
By calculating $60 billion in savings over the next decade, Obama gleefully inflated student loans by $40 billion and boasted that he still had $20 billion left over to count toward reconciling the balance sheet on his grossly over-budgeted national health care bill.
Obama smuggled this student loan legislation into the Obamacare bill because it probably never would have otherwise attracted the 60 needed votes to pass on its own. Such relatively small-potatoes legislation, by itself, wouldn't have supported the bribes Obama used to cram through Obamacare.
Fast-forward to the present and Obama, by executive fiat, is finessing a regulatory end run around Congress to allow student debtors to refinance and consolidate loans on more favorable terms, capping student loan repayment rates at 10 percent of the portion of a debtor's income that goes above the poverty line, and limiting the life of a loan to 20 years.
You don't need to be a math wizard to understand that this is just a slick way of forcing taxpayers to take a bigger hit by increasing the number of loans that will never be fully repaid, yet another redistribution of wealth from our Marxist in chief. Nor do you need to be a clinical psychologist to grasp that our government is teaching young adults how to be financially irresponsible with impunity.
Never worried about long-term consequences, Obama is either oblivious to (highly unlikely) or unconcerned with the likelihood that his actions will contribute to the expansion of a growing college debt bubble that economists warn could be analogous to the financial collapse-inducing housing bubble. Just as with the housing bubble, these unrealistically priced loans artificially increase the amount of money being spent on education, which will result in universities raising their prices. Research by Richard Vedder shows there is a direct correlation between increasing student "aid" and increased college tuition costs.
See my post #16. Most of the debt will be excused by the USG, which now runs the student loan programs. The law has already been passed as part of Obamacare.
Like anything, it depends on the instructor. Most core courses have some value, but whether those values are stressed is up to the instructor.
I'm proud that every class I have taught (so far) has a direct tie-back to industry. This semester, I'm prepping for "Intro to Computing" - essentially how to use MS Office, "PC Hardware" - how to build a PC, and "Intro to Wireless LANs".
Of course, when I'm teaching spreadsheets, I'm showing them how to build an amortization schedule and showing them how much their student loans are actually costing them VS how much effort it would take to earn enough money to pay cash.
See my post #16. The debt will be excused after 20 years capping student loan repayment rates at 10 percent of the portion of a debtor's income that goes above the poverty line, and limiting the life of a loan to 20 years. This will result in the taxpayer picking up most of the costs. It is the law under Obamacare. And the Dems and Obama will get the thanks of the indebted students who will see most of their loans forgiven.
See my post #16. Obamacare already contains the law capping student loan repayment rates at 10 percent of the portion of a debtor’s income that goes above the poverty line, and limiting the life of a loan to 20 years.
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