Posted on 06/04/2014 4:01:44 PM PDT by Oldeconomybuyer
The nation’s $1.2 trillion — and growing — student debt is reshaping Americans’ economic lives in far-reaching ways, from slowing rates of homeownership to retirement security to choice of specialty for medical students.
The consequences of that financial burden on both borrowers and the U.S. economy were the focus of a Senate Budget Committee hearing Wednesday chaired by Sen. Patty Murray.
In her opening statement, Murray noted that nearly one-third of young households now carry student debts. Each college graduate owes an average of $30,000. Such a “crushing” load, Murray said, could dog students through their entire financial lives.
“A college degree shouldn’t drown borrowers in debt,” she said.
(Excerpt) Read more at seattletimes.com ...
Oh, shut up, Patty.....you are part of the reason.
Not even in Socialist countries do the taxpayers foot the bill for college students. These people have gone MAD!
Actually, in Finland they do. It’s a fairly regular argument with my Finnish friends who proudly proclaim “free” college. They get a little animated when I ask them about their tax rates though.
Since at least 1958, the American people have been gung-ho on federal aid to “education”. They know not what they want.
Federal student loans loans led to the high costs of college.
Eliminate the federal loans, and look how fast administrative and useless programs get eliminated.
I seem to recall that Pocahantas’ base salary at Harvard was something like $370K/yr, and that’s before her speaking fees, book deals, and consulting gigs kick in.
I also seem to recall that Graham Spanier (the president of Penn State during the Sandusky Boy Lollipop scandal) was pulling down around $600K/yr, plus all kinds of sweet bennies.
All this while they rail about income inequality and the nastiness of corporations and capitalism.
Pay your damned loan. No discharge in bankruptcy!!. I paid for every damned dime of my two degrees!! I owe these people NOTHING!!
In Britain, they don’t. Nor France, etc. Scholarships are available but the college/university bound students are not a high percentage of the population. Do you know the percentage of students that go on to higher education in Finland? I know in Britain, it used to be about 5%.
PS-just fYI, when I worked in Britain in the 80’s, my tax bite was 50%. And that was the lowest tax bracket. Straight off the top, straight to the Government. Didn’t have to file.......I received a postcard once a year telling me what I had paid.
How about the millions given to college Deans?
Runup to yet another economy-crushing gaffe.
If Obama wanted deliberately to destroy the American economy, he could’t possibly be doing a better job of it.
It is 25% in Finland. The taxpayers foot the bill all the way through masters. In addition, some also go into taxpayer funded vocational training, but I don’t know that percentage.
The Scandinavians have much more of a welfare state than Britain or France. Smaller populations, and have been socialist for much longer I guess.
Now hand over ~70% of your income to the government, and you too can have “free” university and healthcare.
To fricking bad Dogface. No complaining from the County Pound until College Professors / Teachers work a full 40, and tenure is eliminated. And how about a 20% across the board pay cut to boot.
I think Nokia either purchased a university or started its own, back in its heyday (which was about six years ago).
Then it stumbled, and I wouldn't be surprised if all that came to a screeching halt.
“Student Loans. The 2014 election year Bailout. I figure around Oct 5th.”
Can someone explain to me, after I spent so much more putting them through school than was spent on me (YES, INCLUDING INFLATION), and then going into debt,borrowing money from the taxpayers (i.e., me) and THEN getting it “forgiven”...not by me, but FOR me...why these f%T^$% are so stupid?
Yeah, when we get that down to 40K plus a free apartment in a Soviet-style faculty dorm, we will be on the right track. :)
Not that I know of (and may be completely wrong), but I worked for Nokia for 13 years, until it came to a screeching halt. All universities, public and private, have to follow a similar curriculum anyway, and be staffed by union teachers and professors. Nokia did invest heavily in doctoral research programs at state universities, which is not included in the taxpayer bill.
I know someone who finished public school in England (and that was it) in the mid-70’s. I assure you that she was and is more literate and knowledgeable in history, current affairs, finance, and practical matters than 80% of present-day college graduates.
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