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Thread: Student loans: The next debt bomb

  1. #1

    Student loans: The next debt bomb

    Bankruptcy lawyers have a frightening message for America: They’re seeing the telltale signs of a student loan debt bubble that is placing increased financial pressure on families struggling with their children’s mounting debt. According to a recent survey by the National Association of Consumer Bankruptcy Attorneys, more than 80 percent of bankruptcy lawyers have seen a substantial increase in the number of clients seeking relief from student loans in recent years.

    In most cases, those clients could not meet the federal hardship standards that are necessary to discharge a student loan through bankruptcy proceedings. Instead, many of these parents or guardians who co-signed the student loans face the prospect of losing their life savings, cars or homes to collection agencies for aggressive private lenders.

    William Brewer, head of NACBA, has said, “This could very well be the next debt bomb for the U.S. economy” — something akin to the housing mortgage loan crisis that triggered the U.S. financial crisis.


    [url]http://www.washingtonpost.com/business/student-loans-seen-as-potential-next-debt-bomb-for-us-economy/2012/03/05/gIQAM0iF4R_story.html[/url]
    Last edited by Frequent Flyer; 03-13-2012 at 02:50 AM.

  2. #2
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    God forbid someone question the academic community on the cost of higher education. It certainly isn't cost-based.
    It's a shell game on a monumental scale.

  3. #3
    [QUOTE=Piper;4394403]God forbid someone question the academic community on the cost of higher education. It certainly isn't cost-based.
    It's a shell game on a monumental scale.[/QUOTE]

    Yeah, it's a racket.

  4. #4
    [QUOTE=Piper;4394403]God forbid someone question the academic community on the cost of higher education. It certainly isn't cost-based.
    It's a shell game on a monumental scale.[/QUOTE]

    +Infinity

    Folks talk about "Obscene profits" in other industries, the higher education industry is teeming with profiteering and massive over-charging vs. real costs.

    If you knew how much of your tax dollars were already going to State Universities, you'd choke when you get the first tuituion bill.

    All to pay for $200,000 Professors and $5,000,000 a year Basketball Coaches.;)

  5. #5
    [QUOTE=Warfish;4394492]+Infinity

    Folks talk about "Obscene profits" in other industries, the higher education industry is teeming with profiteering and massive over-charging vs. real costs.

    If you knew how much of your tax dollars were already going to State Universities, you'd choke when you get the first tuituion bill.

    All to pay for $200,000 Professors and $5,000,000 a year Basketball Coaches.;)[/QUOTE]

    :beers:

  6. #6
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    [QUOTE=Warfish;4394492]+Infinity

    Folks talk about "Obscene profits" in other industries, the higher education industry is teeming with profiteering and massive over-charging vs. real costs.

    If you knew how much of your tax dollars were already going to State Universities, you'd choke when you get the first tuituion bill.

    All to pay for [B]$200,000 Professors [/B]and $5,000,000 a year Basketball Coaches.;)[/QUOTE]

    Underestimate.

    Let's not forget that these higher education institutes are able to charge this much because they can. Student loan/grant access has a lot to do with that.

  7. #7
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    [QUOTE=Warfish;4394492]+Infinity

    Folks talk about "Obscene profits" in other industries, the higher education industry is teeming with profiteering and massive over-charging vs. real costs.

    If you knew how much of your tax dollars were already going to State Universities, you'd choke when you get the first tuituion bill.

    All to pay for $200,000 Professors and $5,000,000 a year Basketball Coaches.;)[/QUOTE]

    Not sure about the $200,000, I am SURE that number is plenty OK for many but I taught at UNCC for many years and can tell you the MOST profs do NOT make anywhere near that. Tenured profs make about 100K to 120K with 6 percent THATS IT applied towards their pension. A NON guranteed pension that is tantamount to a 401K. They also have Phd's. The "Better" profs bring in revenue through grants and studies etc and make extra that way.

    In my view... a piece of the problem is the easy ability to federal loans thus making Phoenix, Strayer and other"paper" colleges appear legit.

    I want to puke when I see all these kids with 60 to 80K loans with general degrees in business, english etc..

  8. #8
    WHY??? do theses thieves need this kind of $$$$$$$$$$$$?????????
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  9. #9
    [QUOTE=JetPotato;4394586]Student loan/grant access has a lot to do with that.[/QUOTE]

    Now you've found your real culprit...

    If the majority of Americans had no access to the money upfront, you bring down the cost...

    It's the only way...

  10. #10
    [QUOTE=Warfish;4394492]+Infinity

    Folks talk about "Obscene profits" in other industries, the higher education industry is teeming with profiteering and massive over-charging vs. real costs.

    If you knew how much of your tax dollars were already going to State Universities, you'd choke when you get the first tuituion bill.

    All to pay for $200,000 Professors and $5,000,000 a year Basketball Coaches.;)[/QUOTE]

    LOL!
    I agree that the costs of higher efucation in this country are obscene. But to suggest that college professor's salaries is a factor is a joke. A Full professor usually makes arround 125,000. It typically takes 15-20 years to become a full professor and most never get promoted to that rank. To become a full professor you need to publish a significant ammount of research and in the sciences this means bringing in hundreds of thousands of dollars in grants which help the university tremendously. Associate professors make 80-100k while Assistant Professors make 60-80k.

    Your disdain for academics is comical but also boarderlines on insane.

  11. #11
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    I've worked in academia for almost 13 years now and trust me, the money isn't going to professors. Most of it goes to administrators...

    [url]http://www.washingtonmonthly.com/magazine/septemberoctober_2011/features/administrators_ate_my_tuition031641.php?page=all&print=true[/url]

  12. #12
    [QUOTE=kennyo7;4394931]LOL!
    I agree that the costs of higher efucation in this country are obscene. But to suggest that college professor's salaries is a factor is a joke. A Full professor usually makes arround 125,000. It typically takes 15-20 years to become a full professor and most never get promoted to that rank. To become a full professor you need to publish a significant ammount of research and in the sciences this means bringing in hundreds of thousands of dollars in grants which help the university tremendously. Associate professors make 80-100k while Assistant Professors make 60-80k.

    Your disdain for academics is comical but also boarderlines on insane.[/QUOTE]

    I'm surprised you're defending college professors...

    I had three that were Jewish...

    You sure you don't want to change your mind?

  13. #13
    [QUOTE=AlwaysGreenAlwaysWhite;4395035]I'm surprised you're defending college professors...

    I had three that were Jewish...

    You sure you don't want to change your mind?[/QUOTE]

    Mostly secular, atheist and lib/ commie. I'm surprised that your surprised!

  14. #14
    [QUOTE=AlwaysGreenAlwaysWhite;4395035]I'm surprised you're defending college professors...

    I had three that were Jewish...

    You sure you don't want to change your mind?[/QUOTE]

    I'm not sure why you would think the top Anti-Israel poster here was Jewish. As sickening as it is I have to agree with Kenya there. The Professors are not the reason for the high tuition costs. They don't make much more than school teachers. Private Universities should charge whatever they want. People in most states have State Schools that subsidize the tuition. Choose to go to one of those if you cant afford the private tuition.

  15. #15
    [QUOTE=chiefst2000;4395043]I'm not sure why you would think the top Anti-Israel poster here was Jewish.[/QUOTE]

    I thought what I said was fairly clear...

    I was surprised he was defending a profession littered with folks he's so resentful of...

  16. #16
    [QUOTE=AlwaysGreenAlwaysWhite;4395035]I'm surprised you're defending college professors...

    I had three that were Jewish...

    You sure you don't want to change your mind?[/QUOTE]

    I have a great deal of respect and admiration for the Jewish people. Its thepolicies of Israel, specifically the Likud party that i disdain. If you ever visited Israel, you would see that more people agree with me than you would imagine.

  17. #17
    [QUOTE=kennyo7;4394931]I agree that the costs of higher efucation in this country are obscene.[/quote]

    Nice to see we agree for a change.

    What would you say are the top three main causes then of that obscenity?

    [QUOTE]But tuggest that college professor's salaries is a factor is a joke.[/QUOTE]

    If you say so.....Professor.

    [quote]Your disdain for academics is comical but also boarderlines on insane.[/QUOTE]

    What disdain?

    I'm college educated myself, and in a perfect world would LOVE to do nothing BUT go to school for the rest of my life. If I ever won the lottery, thats part of what I'd do with my life, amass about 8 degrees in the subjects that truly interest me, Millitary History, Astronomy, Geology, Music Theory, Writing and Literature, etc. I read more non-fiction science or history books that (I'd bet) most folks I know or work with, and am passionate that education is the most vital choice one can make as an individual.

    My disdain has never been about education. It's for the system of education, and those who profiteer of it, and those who use it for politcal aims. Oh, and those who forced affirmative action on it, and screwed me personally, but thats old hat at this stage
    Last edited by Warfish; 03-13-2012 at 04:59 PM.

  18. #18
    Has anyone seen the new structures being erected at some of these schools? Those costs are tremendous and they are paid for with the student loan program.

    True, some of these colleges make obscene monies on the sports programs and yet they are still able to overcharge for the education. College, like war is a racket

  19. #19
    [QUOTE=kennyo7;4395251]I have a great deal of respect and admiration for the Jewish people. Its thepolicies of Israel, specifically the Likud party that i disdain. If you ever visited Israel, you would see that more people agree with me than you would imagine.[/QUOTE]

    I have been there many times. Israelis are a diverse society. Like Jews in America the vast majority are secular and socially very liberal. Aside from a few left wing loons which exisit in any free democratic society the vast majority of folks would not agree with your virlulent anti-Israel sentiment.

  20. #20
    [QUOTE=AlwaysGreenAlwaysWhite;4395047]I thought what I said was fairly clear...

    I was surprised he was defending a profession littered with folks he's so resentful of...[/QUOTE]

    Sorry, I misread the post.

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