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 ...
Maybe they shouldn’t have chosen to take the loans.
Yeah, I guess you’re right. I should have checked first. I do recall hearing something outrageous about Nokia and Finnish universities, like that they were hiring 90% of their computer engineering graduates.
BTW, what brought it to a screeching halt? It seemed that at one time Nokia was going to take over the world.
Then again, at one time it seemed that Blackberry/RIM was going to take over the world.
‘‘Crushing’ college costs hurt students, entire economy’
Government is not and will not be the solution.
I’m sorry, no one put a gun to their heads to force them to take out these loans. Now Patty Murray and the other bleeding hearts want to shield them from the consequences of their actions by making lower and middle class taxpayers bail them out? Bad optics here.
That much is true, we were hiring a boatload of Finns. I guess when the company makes up 40% of the value of the local stock exchange, they end up hiring the majority of tech people.
What brought it to a screeching halt has been a matter of much wailing and gnashing of teeth, and numerous post-mortems in the Finnish press. From my perspective, having worked in their strategy office, it was a case of a company not being able to change its DNA, coupled with some good old-fashioned arrogance. When phones were hardware, they were the best, with a superb supply chain, and then they couldn’t, or wouldn’t, change to become a good software company when smartphones became the most wanted product.
I can share some stories from inside the boardroom, but it wouldn’t be prudent to do so in public, and don’t want to hijack the thread any further.
“From 2009 to 2012, executive compensation at public research universities increased 14% to an average of $544,554, while compensation for presidents at the highest-paying universities increased by a third, to $974,006.”
...............
“From FY 2006 to FY 2012, spending on nonacademic administration rose 65%, much faster than spending on scholarships in the top 25,” says the report.
“Not even in Socialist countries do the taxpayers foot the bill for college students.”
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Really???
http://en.wikipedia.org/wiki/Free_education.
.
Who pushed student loans?
NO, it’s just the RAT’s that vote for her have gone mad.
I would like to return to a society where people didnt need a college degree for every dang calling in life. But I think everybody here has heard that rant.
"A true Zen saying."---Frank Zappa...may he rest in peace.
FMCDH(BITS)
TANSTAAFL.
predictable
everything must be free!
Both education and medical care are a mess. Both are threatening to eat the whole economy, because they are far out pacing inflation. Both are paid for via a complex web of government financing. You're right--she's part of the problem because she's for increased regulation and support, which artificially stimulates demand and raises prices.
I agree. Pass a federal law requiring the reduction of professor salaries by 50%, requiring professors to work minimum 40 hour weeks (clocking in & out), outlawing paying any ex-politicians (not a full professor) to teach any course, paying invuited speakers only transportation, room and meals (only if they claim poverty and so sign), require colleges to live up to the same standards as commercial colleges regarding job attainment percentages, and make colleges give a detailed cost breakdown up front before the student signs up.
Ditto!
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