Student loan debt a growing threat to the economy

Chicago Tribune ^ | 04/15/2012 | Becky Yerak

[hal ogen]

First, they are college students and supposedly can read. Shouldn’t they read what they sign (or is that asking too much?)? Shouldn’t they educate them selves about interest? I guess everything is so dumbed down and expectations are such that they are know-nothings so should be forgiven for being ignorant.

Second, they are then college graduates. For Goodness sake, be creative. Work two jobs. Do what you have to do to pay your obligation. Work a crummy job. Move. Do something “beneath” your status.

Toughen up and survive with some integrity and grit. Life isn’t a vacation or an easy stroll down the lane. Did anyone think about working while in college? You are only in class about 15 hours per week. Let’s stop making excuses for slacking. This is America. Work hard. Meet your obligations. Is this now a country of wimps??????

[PapaBear3625]

The hearing was convened by Sen. Dick Durbin, D-Ill., who is pushing legislation, the Fairness for Struggling Students Act, which would allow students who borrowed from private lenders for their education to wipe out that debt in bankruptcy proceedings, just as credit card borrowers and many other unsecured debtors may do.

This would be fine for loans issued AFTER the legislation becomes law, and is something I've also been advocating. Student loan issuers would simply stop issuing loans to students who are not likely to earn enough from their degree to pay off their loans. These students would be disproportionately minority, so look for the screaming to start.

I would also want the schools to issue at least part of the loan, so that if the student fails to pay off the loan, the school has to eat it.

[PapaBear3625]

Feeling fortunate: 4 kids...no college debt. They all attended local Junior College first and lived at home. All lived on a shoestring for sure. One only attended long enough to be certified with a practical skill, but no degree. Two now has a PhD. Three is now a stay-at-home Mom with a four year degree. Four, has a four year degree, and has never used it... instead by following a passion.

One daughter is going into nursing. Local community college has a good program, tuition is about $8K/year. After two years you get your associates degree, and can get your RN license. Then another two years to get your BS in nursing, while working as one on the side. Hope to see her get her BSN with little or no debt.

[GOPJ]

Perry is trying to get rid of this system of self serving liberalism at State Universities.

If he can do it, maybe other states will try... Thanks for sharing.