Thursday, October 25, 2012
Student Loan Debt Exceeds One Trillion Dollars
I have been worried about this growing debt for over 10 years. No one really seems to care or listen and most importantly understand what this is going to do to the common taxpayer.This is going to make the housing market debacle look like a joke.
Both of my children have been paying on student loans for years. The monthly amounts are staggering and exceed many house payments. Yet no one cares and no one SPEAKS!!.
We are two week away from the presidential election and the student debt topic barely gets 2 minutes of debate and no headlines. WHY?
That's easy, it's not a republican or democrat problem. No one can blame the other because it is so out of control no one knows what to do or what to expect. The solution - pass it on to the taxpayers.
Garnishing wages from students who do not have high paying jobs or even a job will not work. Going after parents who co-signed will not work.
The part that I am most worried about is the government is going to attack the results and after the fact problems instead of NOW putting in laws and measures to stop the bleeding and close the flood gates of over priced education at many of our colleges and schools (for profit and non-profit).
Generally, non-profit schools include state universities and community colleges. They receive a significant portion of their funding from the government. Most private universities are also non-profit institutions. - WELL THAT EXPLAINS IT!!
I have wiritten on this before it is time for education to be state funded for K-16.
If our graduates are not finding jobs then colleges must give money back for a lousy education (Non-Value Added). If I was starting a new university I would build a sound system where every graduate is guaranteed a job as long as they want one in their chosen field of study. If I can not do this then I don't offer that degree or program. Colleges do what they want. As with most in education they do not see parents and students as customers. The Education SYSTEM feels they are doing us a favor.