11 Replies to “Everything You Needed To Know About Student Loan Debt”

  1. Why is it the responsibility of the taxpayer to keep paying $60,000 per foreign student total foreign students each year in Canada about 150,000. End the scam.

  3. My favourite part of the linked zerohedge comment thread:
    Isn’t Obongo jibber jabbering later I already need a drink.

  4. student debtors arn’t going to have a problem though – the OWS crowd will ensure all the loans are forgiven – the 1% will cover them.

  5. Make that Grade 7. I learned all about simple and compound interest, and the simpler financial instruments, in Grade 7 Math,
    in the Namao AFB school outside of Edmonton.

  6. Golly, they must be the smartest bunch of people ever if they ‘invested’ that much in it…

  7. What is it with this need for people to get a university education in moronic subjects? The place I live in now is one where most kids seem to go to trade school, or head up to Ft. McMurray, the NWT and other places where all you need to get a job is a high school education, be physically fit and not mind working 12-16 hour days for 2-3 weeks before coming back to town and spending some money. There are a lot of tradespeople who are making better money than doctors and their primary complaint when I see them is that they can’t find enough qualified people to help out.
    I thought that the idea of a high school education was to get people to learn some basic math like algebra, trigonometry and fundamental calculus, chemistry, physics and how to read critically. Once someone has that, they are ready to try anything. With the rapid change that is happening in technology, the most important attribute someone should have is the ability to learn new fields quickly and that means having critical reading ability and enough math and science to get a basic understanding of the technology. One of the fundamental laws of the universe is that stuff breaks and people who know how to fix things will always have a job.
    Given a choice between getting a degree in “women’s studies” or working as a welder outside in -40 weather, I’ll go for the welding any time (although I’ve been told I’m not a natural at welding the few times I’ve tried it). Rather than suggest to people that they take garbage university courses, perhaps there could be a high school class teaching people how to take fast food orders and some basic arithmetic involving the concepts of student loan debt, compound interest and how long it would take to pay off a $250 K loan making $10/hour assuming one didn’t want to sleep under a bridge and eat out of restaurant dumpsters for the next 10 years.

  8. People ask what is the difference between the housing bubble and the student loan bubble. Answer: banks don’t have standing armies or police forces. The governments do.
    Being indebted to government is much different than being indebted to a bank.

  9. $50,000 tuition fee per YEAR vs. 1960s price for a three bedroom bungalo at approx. $50,000 amortized mortgage over 25 years. Add to that, wages have stagnated at 30 years ago levels and you may see the youths’ objections.
    Old farts, open your eyes — there’s none so blind as those who refuse to see. Torpedo the math skills…

  10. I have a small bit of sympathy for these people. They were told, in government schools, that they were special, and needed a college education to succeed in life. They believed what they were told.
    We know that’s a lie. Heck, I knew it was a lie when I earned enough money during the summer to go to the state university. I wasn’t going to go into debt for a private school. I even let the Marine Corps pay for most of my education, but I slightly digress. We were not well off, and my parents weren’t paying. I was, and I did, with no debt. It’s not so easy today.
    Now kids are getting taken by the price of higher education, which has soared beyond reason. Most of them saw that successful people had degrees, more often than not, and believed that the success came from the degree.
    In other words, they never learned correlation was not causation. There’s that government education again.
    One could argue that we let these kids down. How o you let someone borrow obscene amounts of money, and make that debt non-dischargeable by bankrupcy, and lend it to a kid whom you wouldn’t let drink because he’s too young? Don’t ask me, I’m not a Senator or a Representative.
    Who’s responsible for not allowing companies to use achievement tests to screen candidates for good jobs? (Google Griggs vs Duke Power) It wasn’t Wall Street. I am not a judge, but some robed fools decided this.
    Who let richly endowed schools keep jacking up tuitions and padding their bureaucracies? Who let the state universities award these useless degrees? Fail to require them to inform prospective students of the employment prospects of their graduates? I’m not a university chancellor.
    The protesters are young, and dumber than I ever was, but I understand the anger. I could have bought a condo in Hawaii for what I paid to educate my three, but that was my money and my choice. I’m hardly rich, but I have a job and have always lived less than ostentatiously. I did it because I wanted my kids to succeed. They chose more useful majors and are doing OK.
    My kids simply were born sooner, chose better majors, and had parents with more resources than most. It doesn’t make them morally superior to the OWS crowd.
    The movement is full of useful tools for the political class that created the very problem they protest.

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