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The First Crack: $270 Billion In Student Loans Are At Least 30 Days Delinquent
The Zero Hedge ^ | 03/25/2012 | Tyler Durden

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 ...


TOPICS: Business/Economy
KEYWORDS: bubble; debtbomb; education; studentloans
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Student loan programs: the debt load has just passed $1TRILLION DOLLARS and is accumulating at 40 to 50 BILLION per month!!!

We have met the enemy, and it is us.

1 posted on 03/25/2012 3:36:29 PM PDT by SatinDoll
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To: SatinDoll
they will never be repaid. just get your head around that.

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."

2 posted on 03/25/2012 3:38:57 PM PDT by the invisib1e hand (obamacare is an oxymoron.)
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To: the invisib1e hand
less likely to prove to be an oxymoron.

s/b "likely to prove to be an oxymoron." glad I dropped out, or it would have been worse.

3 posted on 03/25/2012 3:40:32 PM PDT by the invisib1e hand (obamacare is an oxymoron.)
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To: SatinDoll

Hire Vinny’s Collection Agency


4 posted on 03/25/2012 3:41:06 PM PDT by YHAOS (you betcha!)
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To: the invisib1e hand

50 grand a year and the best a lot of them can do is go back home and live in the basement.


5 posted on 03/25/2012 3:41:52 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: Farmer Dean
the lucky ones get their parents' apartment in the city, where they become even more obnoxious.

I'm a little tired of walking around their puke on the sidewalks on Saturday morning.

6 posted on 03/25/2012 3:44:21 PM PDT by the invisib1e hand (obamacare is an oxymoron.)
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To: SatinDoll

Provided Uncle Sam is around, these “borrowers” will simply be garnished for a long, long time.


7 posted on 03/25/2012 3:48:41 PM PDT by Michael Barnes (Obamaa+ Downgrade)
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To: SatinDoll
and so it begins...
8 posted on 03/25/2012 3:50:03 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: the invisib1e hand

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.


9 posted on 03/25/2012 3:50:14 PM PDT by SatinDoll (No Foreign Nationals as our President!)
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To: Chode

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.


10 posted on 03/25/2012 3:52:53 PM PDT by SatinDoll (No Foreign Nationals as our President!)
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To: YHAOS

You DO realize a LOT of people won’t “get” that statement.

:)


11 posted on 03/25/2012 3:53:12 PM PDT by Bradís Gramma (PRAY for this country like your life depends on it......because it DOES!)
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To: SatinDoll
yup, at $270B, pretty soon you're talking real money...
12 posted on 03/25/2012 3:57:26 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: SatinDoll

waiting for the leftists to start protesting “big education” as tuition costs have risen much faster than health care (or long-term oil)

waiting

waiting

waiting....


13 posted on 03/25/2012 3:57:39 PM PDT by PGR88
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To: SatinDoll

In the 60’s, late 70’s are colleges produced ENGINEERS.

Today, our colleges produce Gay, Lesbian and Transgendered Studies Majors, like Sandra Fluke.


14 posted on 03/25/2012 3:57:39 PM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: SatinDoll
Terrible. Glad that at least these thief's will have crappy credit scores and won't be able to do anything worthwhile for a long time.
15 posted on 03/25/2012 3:57:40 PM PDT by napscoordinator (A moral principled Christian with character is the frontrunner! Congrats Santorum!)
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To: Chode

Obama took over student loads so everyone could have a free college education


16 posted on 03/25/2012 4:13:53 PM PDT by molson209
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To: SatinDoll
Why, just one little IndyMac Bancrap letter...
17 posted on 03/25/2012 4:23:34 PM PDT by StAnDeliver (What's good for the goose...)
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To: molson209
and hopefully nobody will hire them with a loan default on their credit history... so much for their free lunch
18 posted on 03/25/2012 4:34:03 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Brad's Gramma
Keep up as best you can.
I miss sumptin every now and then too.
(grin)
19 posted on 03/25/2012 4:42:11 PM PDT by YHAOS (you betcha!)
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To: SatinDoll

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.


20 posted on 03/25/2012 4:43:34 PM PDT by cattledogfan
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