The choice of course of study is another important consideration. A BA degree in French poetry does not lead to the same number or qualities of opportunities as a BS in chemical engineering, for example.
It's not about who is at fault. It's about the cost of the mistake to the economy and to others. You forget the collateral damage from the bad real estate loans in the last crisis. Easy indebtedness has far reaching ramifications.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@cohodk said:
The best cure for high prices is high pruces. The college debt problem is no problem.
Easy real estate debt was also not a problem. . . until it was.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
As long as you send me the next 40 years of earnings above a non college educated profession.
waiting tables and tending bar doesn't pay as well as you think, even with a degree.
Maybe I'm wrong, but I don't think those are college educated professions. Nope, I'm not wrong.
You are right, the professions don't require a degree. Unfortunately many of those in the positions have a college degree. Seems to be many more degrees than high paying jobs.
If an individual has a college degree and a lot of debt and is working as a waiter or bartender or barrista or the hotel desk for any length of time, it is unlikely to be anyone else's fault but their own.
To me its like they are being fed into a giant debt machine that will never let go . Their parents haven't taught them about money , their high schools go out of the way to not teach them about money. The credit card companies are on campus offering them cards even though they have no work history and no earning potential.
A lot of these loans and grants just put money in the kids hands and the idiots use it to pay for spring break or buy cars or it drains away through the damn debit cards they pay for everything with.
In my extended family there are 15 people of this age bracket. We have 3 that got degrees and are working in their field , 2 others with pointless degrees being crushed , 3 halfway through dropouts ( 1 that changed their mind , 1 lazy slug that thought college was going to be all sorority life and beer pong and failed out , 1 that was bullied out of her college the details of which seem to be a closely guarded secret ) that are paying loans for nothing useful. There are also 3 normal non degree hard worker types and one throwback tie die stoner , a regular Spicoli
The last three brushed up against the opioid crisis , one in jail and not going to survive when she gets out she is just so bad , one is 5 years clean and doing well in construction but still to this day taking suboxyn and at weekly group , and one that had her kid taken but has been clean about a year and will probably survive but probably not get her kid back.
Only 4 of the 15 got married so far and one of those cheated on the spouse and it ended in an ugly mess after 3 years.
Overall the generation that raised them has done pretty well and none of us are still paying college debt most own homes and are reasonably solid within marriages or long term relationships. Probably half of us have degrees and all are working .
I think my parents generation had less college , working history about he same as mine but they have pensions which I and my group won't . These millennials won't have anything at age 65 .
The trend is steadily downward and the generation coming behind the millennial is not looking any better
debt by design, it's the money machine for the banks.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@cohodk said:
I graduated from college almost 30 years ago with a comparable amount of debt and a higher interest rate. $35 grand is nothing. The college debt "problem" is not a problem.
Your experience of 30 years ago is out of touch with today's reality.
@derryb said:
cure for prices? how about a cure for the debt. Debt is the problem, not prices. Financing is what makes high prices acceptable in most consumer markets.
Financing is an individual choice. Accept your responsibilty.
Suppose you want to go to College, and not incur the debt. So you work and save to pay for it debt-free.
But even if your "individual choice" is not to finance it, you are still affected by all those that do finance it because they bid up the cost of going to college and so you must work ever harder and save ever more to be able to go.
@cohodk said:
I graduated from college almost 30 years ago with a comparable amount of debt and a higher interest rate. $35 grand is nothing. The college debt "problem" is not a problem.
Your experience of 30 years ago is out of touch with today's reality.
@derryb said:
cure for prices? how about a cure for the debt. Debt is the problem, not prices. Financing is what makes high prices acceptable in most consumer markets.
Financing is an individual choice. Accept your responsibilty.
Suppose you want to go to College, and not incur the debt. So you work and save to pay for it debt-free.
But even if your "individual choice" is not to finance it, you are still affected by all those that do finance it because they bid up the cost of going to college and so you must work ever harder and save ever more to be able to go.
@cohodk said:
I graduated from college almost 30 years ago with a comparable amount of debt and a higher interest rate. $35 grand is nothing. The college debt "problem" is not a problem.
Your experience of 30 years ago is out of touch with today's reality.
@derryb said:
cure for prices? how about a cure for the debt. Debt is the problem, not prices. Financing is what makes high prices acceptable in most consumer markets.
Financing is an individual choice. Accept your responsibilty.
Suppose you want to go to College, and not incur the debt. So you work and save to pay for it debt-free.
But even if your "individual choice" is not to finance it, you are still affected by all those that do finance it because they bid up the cost of going to college and so you must work ever harder and save ever more to be able to go.
So people who work harder and more intelligently succeed? How is this different than 30 years ago, or 100 years ago?
My dad was one of 11-- he had me and 5 siblings. Combined, all 6 of us only had 3 kids. So far there's only 2 great grandkids. White Rhinos will be around longer than my bloodline.
"I'll split the atom! I am the fifth dimension! I am the eighth wonder of the world!" -Gef the talking mongoose.
Actually, it's the college DEBT that is in a bubble.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
How can it be a bubble if it is not possible for the "bubble" to pop at any point? It is not like student loan debt will ever go away unless you are 6' under...or can pay it off.
It will pop when taxpayers are needed to bail it out
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Comments
The choice of course of study is another important consideration. A BA degree in French poetry does not lead to the same number or qualities of opportunities as a BS in chemical engineering, for example.
Liberty: Parent of Science & Industry
It's not about who is at fault. It's about the cost of the mistake to the economy and to others. You forget the collateral damage from the bad real estate loans in the last crisis. Easy indebtedness has far reaching ramifications.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Easy real estate debt was also not a problem. . . until it was.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
To me its like they are being fed into a giant debt machine that will never let go . Their parents haven't taught them about money , their high schools go out of the way to not teach them about money. The credit card companies are on campus offering them cards even though they have no work history and no earning potential.
In my extended family there are 15 people of this age bracket. We have 3 that got degrees and are working in their field , 2 others with pointless degrees being crushed , 3 halfway through dropouts ( 1 that changed their mind , 1 lazy slug that thought college was going to be all sorority life and beer pong and failed out , 1 that was bullied out of her college the details of which seem to be a closely guarded secret ) that are paying loans for nothing useful. There are also 3 normal non degree hard worker types and one throwback tie die stoner
, a regular Spicoli
The last three brushed up against the opioid crisis , one in jail and not going to survive when she gets out she is just so bad
, one is 5 years clean and doing well in construction but still to this day taking suboxyn and at weekly group , and one that had her kid taken but has been clean about a year and will probably survive but probably not get her kid back.
Only 4 of the 15 got married so far and one of those cheated on the spouse and it ended in an ugly mess after 3 years.
Overall the generation that raised them has done pretty well and none of us are still paying college debt most own homes and are reasonably solid within marriages or long term relationships. Probably half of us have degrees and all are working .
I think my parents generation had less college , working history about he same as mine but they have pensions which I and my group won't . These millennials won't have anything at age 65 .
The trend is steadily downward and the generation coming behind the millennial is not looking any better
debt by design, it's the money machine for the banks.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
So people who work harder and more intelligently succeed? How is this different than 30 years ago, or 100 years ago?
Knowledge is the enemy of fear
My dad was one of 11-- he had me and 5 siblings. Combined, all 6 of us only had 3 kids. So far there's only 2 great grandkids. White Rhinos will be around longer than my bloodline.
Actually, it's the college DEBT that is in a bubble.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
How can it be a bubble if it is not possible for the "bubble" to pop at any point? It is not like student loan debt will ever go away unless you are 6' under...or can pay it off.
It will pop when taxpayers are needed to bail it out
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey