Skip to comments.To a staggering degree, nearly all college grads in debt (Fed student loans near mortgage bubble)
Posted on 05/13/2012 8:32:20 AM PDT by SeekAndFind
Kelsey Griffith graduates on Sunday from Ohio Northern University. To start paying off her $120,000 in student debt, she is working two jobs and will soon move in with her parents. Her mother, who co-signed on the loans, is taking out a life insurance policy on her.
"If anything ever happened, God forbid, that is my debt also," said her mother, Marlene Griffith.
Griffith, 23, wouldn't seem a perfect financial fit for a college that costs nearly $50,000 a year. Her father, a paramedic, and mother, a preschool teacher, have modest incomes, and she has four sisters. But when she visited Ohio Northern, she was won over by faculty and admissions staff members who urge students to pursue their dreams.
"As an 18-year-old, it sounded like a good fit to me, and the school really sold it," said Griffith, a marketing major. "But when I graduate, I'm going to owe like $900 a month. No one told me that."
With more than $1 trillion in student loans outstanding in this country, crippling debt is no longer confined to dropouts or graduate students. Now, nearly everyone pursuing a bachelor's degree is borrowing. As prices soar, a college degree statistically remains a good lifetime investment, but it often comes with an unprecedented burden.
Ninety-four percent of students who earn a bachelor's degree borrow to pay for higher education -- up from 45 percent in 1993, said a New York Times analysis. This includes loans from the federal government, private lenders and relatives. For all borrowers, the average debt in 2011 was $23,300, according to the Federal Reserve Bank of New York.
At Ohio Northern, recent graduates with bachelor's degrees are among the most indebted of any college in the country.
(Excerpt) Read more at startribune.com ...
Education does not create jobs in the wider economy. In fact you need an increase in the number of jobs before you require an increase in education.Society needs more savings to provide the investment capital that creates the jobs. Less loans = less debt = more savings = more investment = more jobs = more demand(real) for education.
Governments love stealing money/wealth from future generations and giving it to the present generation to buy votes.
This is what the national debt is - massive state theft from the unborn.
Thus it is easy for the government to goad naive young people into robbing themselves of future wealth.
One measure to replace all your measures: have all colleges underwrite all student loans, and have these loans be dichargable in bankruptcy. Overnight, all worthless majors will be dropped, and no unprepared student will be accepted.
Did you bother to ask anyone?
Stupid parents and stupid students because these fools think that any degree will provide a good job. In fact most degrees would not get you a job in the field where you majored let alone get you a good job. The vast majority of arts degree are totally worthless in the real world of employment but the stupid parents let their children get into these majors not thinking for a second that there is no good jobs for their children if they chose these majors. The famous and extremely dumb statement by moronic but proud parents "my son/daughter has a college degree", the question is what type of degree does your son or daughter have, but the moronic parents do not even bother to think about it for second. The stupid students chose these worthless arts majors because they can damn party all night, get drunk, etc... without the fear of failing something that it is very easy to pass, IQ required for these arts majors is somewhere between 95 to 105 i.e no high intelligence and no hard work is required
The schools themselves are running this huge scam because they are not forced by law to show the students what is the actual return in the real world on the money they pay for their degrees. They are not forced by law to tell the student what does he or she expect to earn for the degree he or she is studying based on actual market job data.
Well of course they’re in debt. How else are they going to get the money to pay for it, if they want to go to school full-time? They might have part-time jobs, as well, but that money won’t pay for their education. Many of my generation, graduating almost 40 years ago, also had debt, but we were in school before inflation hit colleges, and the cost of education went through the roof.
And, I agree with everything you said.
The acorn certainly did not fall very far from this Government Employee Tree.
Your an idiot. A paramedic might be a government type....thank God for them. You can just save yourself the next time you are having a heart attack. The pre-school teacher is NOT a government employee who makes probably around 7 dollars an hour. Your snarky comments are not even factual. Idiot!!
And what do you think of Foreigners flooding our Universities driving demand sky high.
RE: Does the article ever mention, even in passing, what degree Ms. Griffith was graduated with?
The article states that she is a MARKETING major. Which is to say, she has a business degree.
She didn’t, apparently, learn much about business however. The whole “...like, $900 a month...” thing tells me all I need to know.
Not that I was any great scholar at that age, but knew enough not to give any interviews. Scary.
“In number, we issued 715,000 student, exchange, and vocational visas ...” in 2011
The same year the US had 20.3 million students in higher education. So if on average the US issues 715k NEW student visa’s each year. Then at any time there would be approximately 3.5 million foreigners attending US Colleges and 16.7 million US citizen student.
Therefore roughly 21% of the demand of higher education in the United States comes from non-US citizens imported abroad.
Since the H1B Visa cap is set at roughly 100k a year, we we can conclude that roughly 85% - 90% of these foreign students return to their native countries after graduation.
So the story is this: Foreigners come here, drive up our cost of education, then leave.
In my opinion our Public Colleges would rather do away with American students all together. They’d rather get fat off the foreigners.
“It is pretty obvious that her parents assume that the government will take care of them as employees and will take care of their offspring as well.”
And I’m afraid they will be correct as the taxpayers and those kids who worked their way through school at reasonably priced colleges will be stuck once again paying for people’s poor choices.
My thoughts exactly! It’d also effect salaries and bennies.
Any prospective employer of young Ms. Griffith *will* google her name and *will* come across this article (perhaps even this FR thread). I don't think she has much of a future in the marketing field.
Why would someone in her position go on the public record with such a stupid statement? She has now twice proven herself an idiot.
You are correct. I would like to see the government follow the Constitution.Of course the powerful interests ignored the restrictions from the day the ink dried.But mostly the Constitution was followed until the 1860s when the will of those in Washington, D.C. began to control the nation.In the early 1900s even more of the power shifted to D.C. elies.
And most Republicans would be aghast if anyone seriously proposed to abolish the thousand-and-one federal programs that violate the original intent and words of the Constitution.
For the great majority of the people you could edit the Constitution down to this:
“...promote the general welfare...”
You know it. Time got the cover right.