Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Student Loans Are Ruining Your Life. Now They’re Ruining the Economy: Over One Trillion in Debt
TIME ^ | 02/27/2014 | By Sam Frizell

Posted on 03/01/2014 6:51:40 PM PST by SeekAndFind

Chris Rong did everything right. A 23-year-old dentistry student in New York, Chris excelled at one of the country’s top high schools, breezed through college, and is now studying dentistry at one of the best dental schools in the nation.

But it may be a long time before he sees any rewards. He’s moved back home with his parents in Bayside, Queens—an hour-and-a-half commute each way to class at the New York University’s College of Dentistry—and by the time he graduates in 2016, he’ll face $400,000 in student loans. “If the money weren’t a problem I would live on my own,” says Rong. “My debt is hanging over my mind. I’m taking that all on myself.”

Rong isn’t alone. Across the country, students are taking on increasingly large amounts of debt to pay for heftier education tuitions. Figures released last week by the Federal Reserve of New York show that aggregate student loans nationwide have continued to rise. At the end of 2003, American students and graduates owed just $253 billion in aggregate debt; by the end of 2013, American students’ debt had ballooned to a total of $1.08 trillion, an increase of over 300%. In the past year alone, aggregate student debt grew 10%. By comparison, overall debt grew just 43% in the last decade and 1.6% over the past year.

According to a December study by the Institute for College Access & Success, seven out of 10 students in the class of 2012 graduated with student loans, and the average amount of debt among students who owed was $29,400. There’s no clear end in sight. ”The total amount of student debt is growing basically at a constant rate,” Wilbert van der Klaauw, an economist with the Federal Reserve Bank of New York tells TIME.

(Excerpt) Read more at business.time.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: college; debt; economy; studentloans; tuition
Navigation: use the links below to view more comments.
first 1-2021-4041-45 next last

1 posted on 03/01/2014 6:51:40 PM PST by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind

Prediction: a certain hack politician who is proud to have a pen and a phone will try to issue an executive order “forgiving” some or all of it.

Probably on the eve of a critical election.


2 posted on 03/01/2014 6:54:44 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Let me guess, White House Santa is going to forgive them all?


3 posted on 03/01/2014 6:55:18 PM PST by 2ndDivisionVet (I will raise $2M for Sarah Palin's next run, what will you do?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

4 posted on 03/01/2014 6:56:09 PM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

There are better ways to train the young for demanding and highly skilled careers than how we’re doing it.


5 posted on 03/01/2014 6:56:39 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jonty30

The world needs ditch diggers, too.


6 posted on 03/01/2014 6:57:05 PM PST by dfwgator
[ Post Reply | Private Reply | To 5 | View Replies]

To: 2ndDivisionVet

Slavery is the name of the game.


7 posted on 03/01/2014 6:57:16 PM PST by Noumenon (Resistance. Restoration. Retribution.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: dfwgator

8 posted on 03/01/2014 6:59:03 PM PST by EEGator
[ Post Reply | Private Reply | To 6 | View Replies]

To: SeekAndFind
I train field biologists, virtually all of whom are in their twenties.

They are ALL in debt due to college loans. ALL OF THEM!

It mortifies me. I have no words of advice to them. What can I say?

Obama's Amerikkka is absolutely ruinous.

9 posted on 03/01/2014 6:59:54 PM PST by Flycatcher (God speaks to us, through the supernal lightness of birds, in a special type of poetry.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
he’ll face $400,000 in student loans

Did he not sign one of those truth in lending statements, where the principal and interest blare like clarions from a thousand trumpets atop the page? Four hundred grand? Chris, your last name is a clue.
10 posted on 03/01/2014 7:00:05 PM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: dfwgator

Does the military spend $400,000, or more, per person to get transmit the highest level of skills to its workforce?

I doubt that, yet they seem to get some pretty impressive results.


11 posted on 03/01/2014 7:00:41 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults)
[ Post Reply | Private Reply | To 6 | View Replies]

To: SeekAndFind

2 years in community college: $5,000
2 years at state university: $20,000

About the price of a brand new car.


12 posted on 03/01/2014 7:01:06 PM PST by icwhatudo (Low taxes and less spending in Sodom and Gomorrah is not my idea of a conservative victory)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jonty30

I’ve never thought of that before, but you are right: The military gets impressive results for far less money.


13 posted on 03/01/2014 7:02:11 PM PST by CodeToad (Keeping whites from talking about blacks is verbal segregation!)
[ Post Reply | Private Reply | To 11 | View Replies]

To: SeekAndFind

At least Dr. Rong chose a career path. And at least, for now, the government cannot put limits on what he gets paid. It’s far worse for the Womyn’s Queer Islamic Theory grads.


14 posted on 03/01/2014 7:03:32 PM PST by informavoracious (Open your eyes, people!)
[ Post Reply | Private Reply | To 1 | View Replies]

Support Free Republic.

Less than $4.2k to go!!
Git-R-Done!

15 posted on 03/01/2014 7:05:45 PM PST by RedMDer (May we always be happy and may our enemies always know it. - Sarah Palin, 10-18-2010)
[ Post Reply | Private Reply | View Replies]

To: dfwgator
The world needs ditch diggers, too.

True, but we also need dentists and it shouldn't cost $400,000 to get a degree in dentistry. That's just ridiculous!

We're going to wind up importing a bunch of Filipino "dentists" on H-1B visas because we don't have enough of our own --because our own can't afford to go to dental school.

16 posted on 03/01/2014 7:06:20 PM PST by Drew68
[ Post Reply | Private Reply | To 6 | View Replies]

To: Sooth2222

I have five years before my child faces this monster. HOPEFULLY the whole maddening circus collapses before then.


17 posted on 03/01/2014 7:07:19 PM PST by catbertz
[ Post Reply | Private Reply | To 4 | View Replies]

To: Sooth2222

The reality is very different from your chart.

1. The cost of living is adjusted for quality.
2. The medical cost and college tuition is not.
3. The list price for medical and college is only about 50% of what most people pay out of pocket.

For example, at Harvard and Stanford, if your parents make less than 60,000 per year, you pay nothing except for travel. You don’t pay for books, tuition or room and board.

Furthermore, medical charges are generally based on a “sliding scale” that is incomprehensible to me but I usually pay about 40 times what a poor person pays.


18 posted on 03/01/2014 7:09:52 PM PST by staytrue
[ Post Reply | Private Reply | To 4 | View Replies]

To: CodeToad

My personal belief is that, with the proper support, you can probably learn as much or more just doing the job than you can in a formalized education system and that goes for nearly every single job out there.

That is not to say that you hire people for positions that they aren’t qualified to do, but start them at the bottom and let them prove themselves into higher skilled positions. This can be done for a fraction of how much it is costing us now.


19 posted on 03/01/2014 7:12:10 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults)
[ Post Reply | Private Reply | To 13 | View Replies]

To: catbertz

Only saving grace for my kid is he finish his bachelors and masters in four years. And he already has a paid internship in his field.


20 posted on 03/01/2014 7:13:56 PM PST by EQAndyBuzz (Insurgent Conservative)
[ Post Reply | Private Reply | To 17 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-45 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson