This student-debt crisis is escalating quickly

posted at 3:31 pm on November 29, 2012 by Erika Johnsen

Throughout his perpetual campaigning, President Obama has made a big point about being the champion of students and young people in helping to make college more accessible and affordable and helping out with student debt — and yet, miraculously, here we are with student-loan debt and college tuition prices both quickly ballooning, and no end in sight. Could it be that perhaps the government trying to do more to “help” prospective-and-past students is actually what’s dramatically worsening the student-debt problem? From the WSJ:

Nearly all student loans—93% of them last year—are made directly by the government, which asks little or nothing about borrowers’ ability to repay, or about what sort of education they intend to pursue. …

Student lending grew rapidly in the 2000s, as did other consumer borrowing. The bulk of the loans were made by private lenders and guaranteed by the federal government. In 2010, in a money-saving effort pushed by Mr. Obama, Congress cut out the private middlemen and had the federal government start making loans directly.

Since the end of 2007, just before the financial crisis hit, total student debt has grown by more than 56%, adjusted for inflation, the new Fed data show. During that time, overall household debt—including mortgages, student loans, auto loans and credit cards—fell by 18%, to $11.31 trillion as of Sept. 30.

Is this ringing any bells for anyone else? Housing market; government taking over for the private sector; easy access to credit; bubbles going “pop!”? Jim Pethokoukis wondered yesterday if student-loan debt isn’t destined to fall victim to our burgeoning bailout culture (because we’ve got plenty of money to burn and everything), and has more of the startling numbers:

Image Credit: Citigroup

Banks already got their bailout, so is it time for loan-laden college grads to get theirs? Consider the following:

1. Student debt has climbed by 74% since the start of the Great Recession, according to a new report from Citigroup, and now approaches $1 trillion.

2. As of the third quarter of this year, roughly 11% of student loans were seriously delinquent, surpassing credit cards for the first time.

3. Default rates are also rising with 9.1% of student borrowers defaulting within their first two years of repayment.

4. Higher default rates mean lower credit scores for Generation Y than other age groups, hurting its ability to buy a first new car or starter home. Rutgers University find that 28% of recent graduates say they have moved back in with their parents to save money, and 40% have delayed a major purchase such as a house or car due to their educational debt.

Government largesse making it insanely easy for anyone and everyone to obtain big loans, without even having to carefully plan their future options and obligations, is only helping to inflate tuition prices and is saddling young people with monstrous amounts of debt — the ramifications of which nobody made them seriously consider when they decided to take it on. What’s more, young people are graduating into the slim employment pickings of the Obama economy, making it even more difficult for them to pay off their investment in the long run. This is not going to get any prettier while big-government policies continue to reign, as American Majority Action‘s Ron Meyer explained further on the Kudlow Report last night:


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Comment pages: 1 2

Looks like they weren’t so smart after all…

right2bright on November 29, 2012 at 3:33 PM

All this student loan debt, all 1 trillion of it could be paid for by confiscating everyone’s 401k.

tom daschle concerned on November 29, 2012 at 3:36 PM

I like iowahawk’s idea. Let students default then bill their colleges for the cost.

OT: so I was owning some Obots on Obama’s stupid #My2K hashtag on Twitter then suddenly my account was suspended. I broke none of the twitter rules. Has anyone else had this happen to them?

jawkneemusic on November 29, 2012 at 3:37 PM

Didn’t the Govt take over student loans as a way to fund ACA ?

Looks as if that plan failed.
If loans are forgiven Obamacare looks even worse that it does today.

I am not sure I would hire anyone who had a loan forgiven.

Jabberwock on November 29, 2012 at 3:38 PM

QUICK let’s see how many of these brilliant young Students we can cram in the back of the Ford Focus before it hit’s the wall at 120 miles per hour

SWalker on November 29, 2012 at 3:38 PM

Yeah, who needs student loans?

Do like Romney said and just borrow the money from your parents. Duh!!!!

Politricks on November 29, 2012 at 3:38 PM

Let’s fix it by soaking the rich.

The Rogue Tomato on November 29, 2012 at 3:40 PM

jawkneemusic on November 29, 2012 at 3:37 PM

Yeah because twitter where millions of tweets are exchanged a day touching on all subjects, twitter banned you because you were talking bad about Obama.

Lol. You guys are really out there.

Politricks on November 29, 2012 at 3:40 PM

OT: so I was owning some Obots on Obama’s stupid #My2K hashtag on Twitter then suddenly my account was suspended. I broke none of the twitter rules. Has anyone else had this happen to them?

jawkneemusic on November 29, 2012 at 3:37 PM

That happens all the time, when the liberals can’t win an argument or are exposed as the lying imbeciles that they are, they file a complaint with Twitter who suspends the account.

SWalker on November 29, 2012 at 3:40 PM

Boo freaking hoo. I spent 12 long years living in a crappy house to pay back my student loans that cost as much as my house payment each month. We all know where this is headed. Obama is going to cancel all their student debt. Those of us who were responsible were the stupid ones.

txhsmom on November 29, 2012 at 3:41 PM

Nationalize. Then Organize.

faraway on November 29, 2012 at 3:41 PM

OT: so I was owning some Obots on Obama’s stupid #My2K hashtag on Twitter then suddenly my account was suspended. I broke none of the twitter rules. Has anyone else had this happen to them?

jawkneemusic on November 29, 2012 at 3:37 PM

Yes. Rule 1.

1. Do not own the Obots.

The Rogue Tomato on November 29, 2012 at 3:41 PM

Lol. You guys are really out there.

Politricks on November 29, 2012 at 3:40 PM

You imbecile, Twitter has a “Report and Block” feature and the left has been abusing it for a long time as a method of silencing anyone who they do not agree with on Twitter.

SWalker on November 29, 2012 at 3:42 PM

Since virtually none of the students had a credit rating worthy of the loans, it’s time to go fetch the money back from the colleges that took it for phony educations.

How do we know they’re phony? simple – they do not help 85% of the students get employment after graduation. That is way more than needed to prove a deliberate scam to defraud.

Madoff should ask for his sentence to be commuted since others doing the same thing he did are allowed to stay free.

platypus on November 29, 2012 at 3:42 PM

Does anyone else want to smash their monitor and/or never return to HA everytime them come in and see that f@#$ing smug Obamagrinning on the phone pop-up when they first get here?

Seriously, HA guys – WTF are you thinking?

Midas on November 29, 2012 at 3:43 PM

That happens all the time, when the liberals can’t win an argument or are exposed as the lying imbeciles that they are, they file a complaint with Twitter who suspends the account.

SWalker on November 29, 2012 at 3:40 PM

Exactly. Liberals are all about free speech and tolerance. As long as you agree with them about everything.

The Rogue Tomato on November 29, 2012 at 3:43 PM

Who cares anymore, the asshole Communist Failed President will take care of everything. He will NOT think about it when he and the beast take their vacation of 4 million on the taxpayers dime.

They are pure SCUM is all…

Brushjumper on November 29, 2012 at 3:43 PM

Yeah because twitter where millions of tweets are exchanged a day touching on all subjects, twitter banned you because you were talking bad about Obama.
Lol. You guys are really out there.
Politricks on November 29, 2012 at 3:40 PM

Is it not possible that those pansy libs started falsely reporting my posts as spam to get me banned? It’s happened before.

jawkneemusic on November 29, 2012 at 3:44 PM

Personal responsibility is soooooooo last century.

Pork-Chop on November 29, 2012 at 3:45 PM

Yeah, who needs student loans?

Do like Romney said and just borrow the money from your parents. Duh!!!!

Politricks on November 29, 2012 at 3:38 PM

Easy money from the Govt. was a green light for the schools to jack up tuition. Tuition cost increased faster than healthcare and all govt did was feed the beast. The promise of an college education means nothing.
If tuition was harder to come by, cost of schools would necessarily go down.
Lots of students are about to find out that even cheap money can be costly.

Jabberwock on November 29, 2012 at 3:45 PM

The way higher education works presently is borderline criminal. They jack up tuition rates beyond what they should be and get their loan money flowing in while endlessly building new dorms and other garbage they don’t need. Seriously, go to a campus and try to find one that isn’t building crap they don’t need all over the place.

RINO on November 29, 2012 at 3:46 PM

i’m sure that’s why so many ‘youths’ voted for barry.

when lefitsts used to talk about free this and that the right suffered them because they were idiots

but just because people are idiots and hard-leftists doesn’t mean that they aren’t busy little beavers. So affordable housing and affordable education is here…soon to be free since loans (at least for ‘poor’ people will be forgiven’…a Free Education has always been a clarion call (professors need someone to teach)

Affordable heathcare is next…Free Stuff…Free Lunch? Si Se Puede

feasting at the trough of our countries seed corn…yum yum

r keller on November 29, 2012 at 3:46 PM

Lol. You guys are really out there.

Politricks on November 29, 2012 at 3:40 PM

You imbecile, Twitter has a “Report and Block” feature and the left has been abusing it for a long time as a method of silencing anyone who they do not agree with on Twitter.

SWalker on November 29, 2012 at 3:42 PM

Liberals abuse Twitter spam protection by targeting conservative users

There’s a budding war in the Twitterverse as liberals are evidently carrying out organized attacks on conservative Twitter users by reporting their tweets as “spam,” thus triggering an automated block on their accounts.

Apparently, a threshold has to be crossed as far as the number of tweets for the system to kick in, as well as the number of spam reports in order to ban the user so not all conservative Twitter activists are vulnerable. But several high profile conservatives have had their accounts blocked and trying to get them reinstated is proving to be a difficult matter.

But Chris Loesch, husband of talk radio host Dana Loesch has been banned, reinstated, and banned again several times in the last 48 hours.

While Twitter executives sleep on the job, conservatives online are battling not only Loesch’s suspension, but the suspension of more than a dozen — and possibly dozens, if not hundreds more — innocent conservative social-media users who appear to have been maliciously targeted by Twitter abusers. The system is obviously broken and being exploited by vigilantes who oppose everything the engagement-enhancing ethos of Twitter stands for (or is supposed to stand for, anyway).

The targets are not big-time conservative celebs with large followings (which seems to be why Chris Loesch was targeted instead of his fellow conservative activist wife — Breitbart.com editor/CNN contributor Dana Loesch — whose high-follower Twitter account may be more immune to flag-spam attacks).

The progressives never expect pushback. But with the back-to-back suspensions of @freemarket_us and @chrisloesch, the conservative activist community online is banding together to Flag the Flag-Spammers for Twitter to see all in one place — no, not by abusing the flag-spam system, but by naming names and showing Twitter the extent of the problem.

Shane Wright, who himself was the victim of a temporary suspension, has compiled a list of conservatives suspended at some point on Twitter.

A tidal wave of Tweets from conservative activists are trying to keep pace with the organized attack on free speech from the left. If you’ve got a Twitter account, it might be a good idea to join with others and tweet like crazy – and retweeting banned users tweets — until Twitter can figure out how to stop the abuse.

SWalker on November 29, 2012 at 3:46 PM

You imbecile, Twitter has a “Report and Block” feature and the left has been abusing it for a long time as a method of silencing anyone who they do not agree with on Twitter.

SWalker on November 29, 2012 at 3:42 PM

They do this on Facebook, too. I and several friends have been put in Facebook jail several times, and all we did was post anti-liberal funny pictures or make anti-liberal comments. I’ve seen much worse on FB… but since it wasn’t anti-liberal, nobody files a complaint.

Liberals visit conservative pages and get people kicked off FB all the time. They don’t seem to understand that they don’t need to visit conservative pages, and they can “unlike” them anytime they want.

The Rogue Tomato on November 29, 2012 at 3:46 PM

All this student loan debt, all 1 trillion of it could be paid for by confiscating everyone’s 401k.

tom daschle concerned on November 29, 2012 at 3:36 PM

Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)
http://business.time.com/2012/11/28/fiscal-cliff-why-congress-might-have-to-mess-with-the-401k/

One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the nation’s debt problems. We’re about to find out if those fears—persistent for decades—have been justified.

So hold on to your wallet. Congress has many options when it comes to tapping this vast reservoir. It could eliminate the deduction altogether or just for top earners, further restrict the amount that is deductible (currently $17,500; for those over 50, $23,000), start taxing retirement savings growth, or take back the part that has grown tax-free.

In the throes of a retirement savings crisis, none of these options is appealing. But that last one is most troublesome. At stake is any savings that has accrued tax-free in a Roth IRA. Tax-deferred growth could be a target too if you find yourself in a lower tax bracket in retirement. There is no discernible momentum behind such measures. But a retroactive tax on this sheltered income has been a worry from the start. And now these accounts have a meaningful total—and everything is on the table.

Does Government Want To Drain Americans’ 401(k) Plan?
http://news.investors.com/ibd-editorials/112812-634984-401k-on-the-table-for-fiscal-cliff.htm

One group of retirement plan professionals is warning that the hostilities might be closer than many of us think. The American Society of Pension Professionals and Actuaries launched on Monday, according to Reuters, “a media campaign intended to educate U.S. employers and workers that the federal government might consider changing the tax benefits of retirement savings accounts.”

And nearly three years ago, Newt Gingrich and Peter Ferrara wrote on these pages about the Treasury and Labor departments “asking for public comment on ‘the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.’”

“In plain English,” said Gingrich and Ferrara, “the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.”

Colbyjack on November 29, 2012 at 3:48 PM

Yeah, who needs student loans?

Do like Romney said and just borrow the money from your parents. Duh!!!!

Politricks on November 29, 2012 at 3:38 PM

IQ challenged?

darwin on November 29, 2012 at 3:49 PM

Yeah, who needs student loans?

Do like Romney said and just borrow the money from your parents. Duh!!!!

Politricks on November 29, 2012 at 3:38 PM

Working and saving is foreign to parasites.

Bevan on November 29, 2012 at 3:51 PM

Colbyjack on November 29, 2012 at 3:48 PM

You and I have been on the very same wavelength the past few days :)

tom daschle concerned on November 29, 2012 at 3:51 PM

Yeah, who needs student loans?

Do like Romney said and just borrow the money from your parents. Duh!!!!

Politricks on November 29, 2012 at 3:38 PM

Working and saving are foreign concepts to parasites.

Bevan on November 29, 2012 at 3:53 PM

They don’t seem to understand that they don’t need to visit conservative pages, and they can “unlike” them anytime they want.

The Rogue Tomato on November 29, 2012 at 3:46 PM

Oh I assure you, they most certainly do understand that, what they are doing is 100 percent intentional, it is all about controlling the public narrative.

SWalker on November 29, 2012 at 3:54 PM

Let them go broke and file for bankruptcy, they’ll learn an invaluable lesson on debt and become conservative Republicans.

Tater Salad on November 29, 2012 at 3:54 PM

Let them go broke and file for bankruptcy, they’ll learn an invaluable lesson on debt and become conservative Republicans.

Tater Salad on November 29, 2012 at 3:54 PM

Bankruptcy does not clear student loan debt.

tom daschle concerned on November 29, 2012 at 3:56 PM

This political battle is quickly becoming a battle of takers vs makers. It can only be won when the makers stand up and say no to the takers.

Tater Salad on November 29, 2012 at 3:56 PM

I must admit to being one of the stupidest people in this country. Hubby and I qualified for home loans and home equity loans for a McMansion, yet we lived within our means. Our neighbors right across the street mortgaged their house to the hilt, spent the money on 2 mustangs, and they’re still living there. Living fat and happy.

We stupidly worked to pay down our mortgage, and are not underwater, ie, no bailout for us.

Then I went back to grad school (mucho expensive) to get a better paying job. I have been working 2 jobs for 2 years to pay down my student loans, I am less than 1 year away from accomplishing what I thought was great..paing off my debt in 3 ears, when most of my fellow graduates will take 20 to 30.

Stupid, stupid, stupid.

I should have borrowed the max and paid back none of it.

I used to love this country.

JustTruth101 on November 29, 2012 at 3:57 PM

Bevan on November 29, 2012 at 3:51 PM

How do you save $80,000 by the time you’re 18?

TheBlueSite on November 29, 2012 at 3:57 PM

******ALERT ****

Live Feed

Video: U.N. vote on Palestinian State

Abbas: Vote on raising UN status of Palestine is last chance to save 2-state solution – @AP; live video:

3 mins ago from http://www.breakingnews.com by editor

http://www.breakingnews.com/

canopfor on November 29, 2012 at 3:57 PM

Bankruptcy does not clear student loan debt.

tom daschle concerned on November 29, 2012 at 3:56 PM

Give the King time, he’ll take care of it via Executive Order.

JPeterman on November 29, 2012 at 3:58 PM

Bankruptcy does not clear student loan debt.

tom daschle concerned on November 29, 2012 at 3:56 PM

Good point and good policy, maybe they will realize the liberal crap they just learned in school isn’t as valuable as they thought.

Tater Salad on November 29, 2012 at 3:58 PM

How do you save $80,000 by the time you’re 18?

TheBlueSite on November 29, 2012 at 3:57 PM

Why should an education cost $80000?

tom daschle concerned on November 29, 2012 at 3:59 PM

Does anyone else want to smash their monitor and/or never return to HA everytime them come in and see that f@#$ing smug Obamagrinning on the phone pop-up when they first get here?

Seriously, HA guys – WTF are you thinking?

Midas on November 29, 2012 at 3:43 PM

I’m with you 100% on that!

UltimateBob on November 29, 2012 at 3:59 PM

Here’s the thing, though: Since, for practical purposes, the Federal Government is the only entity making the loans, is there really a bubble to pop? The housing market came crashing down not because of any change in federal policy, but because banks stopped giving out loans.

The only way for the education bubble to pop, then, is for the federal government to stop giving out student loans. Given the current status of things, do we really think that’s going to happen?

Mohonri on November 29, 2012 at 3:59 PM

Seriously, HA guys – WTF are you thinking?
Midas on November 29, 2012 at 3:43 PM

It must make money for The Parent Company, so you and me hating it is not even a speck on their scales.

Akzed on November 29, 2012 at 4:00 PM

You and I have been on the very same wavelength the past few days :)

tom daschle concerned on November 29, 2012 at 3:51 PM

Yes, check out Rush’s notes on his broadcast today – he had an extensive discussion about it.

Democrats Are After Your 401(k)
http://www.rushlimbaugh.com/daily/2012/11/29/democrats_are_after_your_401_k

Colbyjack on November 29, 2012 at 4:02 PM

Students with federal student loan debt need only pay a percentage of their discretionary income each month, then after 20 years the remainder is discharged – and paid off by the taxpayer.

That’s you.

Because you guaranteed it.

Thassa fact.

Yessiree Bob!

Akzed on November 29, 2012 at 4:03 PM

I’m with you 100% on that!

UltimateBob on November 29, 2012 at 3:59 PM

Firefox with adblock plus is your friend. I see nothing.

JPeterman on November 29, 2012 at 4:04 PM

To have your student debt forgiven, all you need is to sign up for Civil Forces, otherwise known as “Obamajugend”. Please sign here and here, and proceed to the next window for your free brown shirt.

Archivarix on November 29, 2012 at 4:04 PM

On many campuses, administrators outnumber the professors.

How about Congress putting a cap on tuitions of colleges not run by churches and Tuskegee Institute? They’re into everything else, regulating every other institution and business. Why should colleges be exempt?

Liam on November 29, 2012 at 4:04 PM

JustTruth101 on November 29, 2012 at 3:57 PM

Me too. Twenty years ago when I bought my first home, I spent a lot less than I was told (by the mortgage company) that I could afford. I wanted to live within my means and not have all my money tied up in mortgage payments. Now my house is almost paid off and I have very little debt.

Silly me…. I should have sprung for the McMansion on a couple of acres and the shiny new car every couple of years. I’d be one of those people who got a bailout.

UltimateBob on November 29, 2012 at 4:05 PM

Firefox with adblock plus is your friend. I see nothing.

JPeterman on November 29, 2012 at 4:04 PM

I’m running Firefox on both my home computer and my work laptop.

Is Adblock a built-in feature or something I need to download?

UltimateBob on November 29, 2012 at 4:07 PM

I installed ad block long ago but it don’t help with the HA introductory off-pisser.

Akzed on November 29, 2012 at 4:08 PM

https://addons.mozilla.org/en-US/firefox/addon/adblock-plus/

Akzed on November 29, 2012 at 4:06 PM

Dang, dude, what are you some kind of mindreader?

UltimateBob on November 29, 2012 at 4:09 PM

It stops 99% of popups. Go to the link I graciously supplied above and download. It takes 30 seconds.

Akzed on November 29, 2012 at 4:09 PM

Is Adblock a built-in feature or something I need to download?

UltimateBob on November 29, 2012 at 4:07 PM

Just go and download it, it’s painless.

JPeterman on November 29, 2012 at 4:10 PM

Obviously past college grads need to chip in and pay for these – you know, “It’s not that I want to punish your success. I just want to make sure that everybody who is behind you, that they’ve got a chance at success, too…” – PBO

Deets on November 29, 2012 at 4:11 PM

lol…why is everyone obsessing over debt. The most important things from the election were contraception, condoms and abortion. I don’t see debt on that list. Be quiet and eat your peas. Our “lord and savior” has it all taken care of…

RedInMD on November 29, 2012 at 4:12 PM

It stops 99% of popups. Go to the link I graciously supplied above and download. It takes 30 seconds.

Akzed on November 29, 2012 at 4:09 PM

Done. It took less than that, actually.

Just go and download it, it’s painless.

JPeterman on November 29, 2012 at 4:10 PM

Thanks, guys! Now let’s see how it works…..

UltimateBob on November 29, 2012 at 4:12 PM

I’m running Firefox on both my home computer and my work laptop. Is Adblock a built-in feature or something I need to download? UltimateBob on November 29, 2012 at 4:07 PM

https://addons.mozilla.org/en-US/firefox/addon/adblock-plus/
Akzed on November 29, 2012 at 4:06 PM

Dang, dude, what are you some kind of mindreader?
UltimateBob on November 29, 2012 at 4:09 PM

I’m a neutrinoid.

Bwahahahahaha…!

Akzed on November 29, 2012 at 4:13 PM

Colbyjack on November 29, 2012 at 4:02 PM

Demorats have been wanting to get their paws on those funds ever since the programs were created. Total private retirement funds currently would be more than enough to cover much, much more than student loans debt:

http://www.ici.org/research/stats/retirement/ret_12_q2

They’ve just been patiently waiting for the right “crisis” to provide cover for the theft.

Stu Gotts on November 29, 2012 at 4:13 PM

Tater Salad on November 29, 2012 at 3:54 PM

Bankruptcy does not clear student loan debt.

tom daschle concerned on November 29, 2012 at 3:56 PM

Indeed, and that is exactly how they will learn that their is no such thing as a free lunch/education…

SWalker on November 29, 2012 at 4:14 PM

Now my house is almost paid off and I have very little debt.

Silly me….

UltimateBob on November 29, 2012 at 4:05 PM

In a couple of years it really will be like Dave Ramsey says: Like a BMW used to be, a paid off house will be the new status symbol of choice. The first few months are like when you graduated from college and realize you have nothing due. Ahhhh

DanMan on November 29, 2012 at 4:16 PM

That happens all the time, when the liberals can’t win an argument or are exposed as the lying imbeciles that they are, they file a complaint with Twitter who suspends the account.

Fight back with the same weapons until twitter breaks.

1. Open a few distinct free email accounts, none linked to yourself but crosslinked with yahoo, msn, google

2. Create twitter accounts

3. File complaints against those leftists from all your accounts

4. Link up with others so the number of complaints increase and make it even more likely the leftists will loose their account.

huntingmoose on November 29, 2012 at 4:16 PM

It stops 99% of popups. Go to the link I graciously supplied above and download. It takes 30 seconds.

Akzed on November 29, 2012 at 4:09 PM

Yes, every once in a while I’ll get one popup here but I’m also running “ghostery”. I have some sites so customized, I only see the bare minimum.

JPeterman on November 29, 2012 at 4:17 PM

So I downloads Ad Block again just now, quit outa Firefox, and come back to HA and there’s Obooba’s gay visage again to welcome me.

So Town Hall figured out how to infuriate their subsidiary’s audience AND how to thwart Ad Block as a means to that end. Kudos!

Akzed on November 29, 2012 at 4:18 PM

Like a BMW used to be,
DanMan on November 29, 2012 at 4:16 PM

I have a BMW 328IC that is fully paid off… Lucky me… ;)

SWalker on November 29, 2012 at 4:19 PM

JPeterman on November 29, 2012 at 4:17 PM

And what is this “ghostery” of which thou speakest?

Akzed on November 29, 2012 at 4:19 PM

Yes, every once in a while I’ll get one popup here but I’m also running “ghostery”. I have some sites so customized, I only see the bare minimum.

JPeterman on November 29, 2012 at 4:17 PM

Yup yup yup… I run Do not Track, Ghostery and Ad Block… I only see one pop-up here once in a while.

SWalker on November 29, 2012 at 4:21 PM

They could do a half-measure and make this debt covered under bankruptcy.

blue13326 on November 29, 2012 at 4:21 PM

Yeah, who needs student loans?

Do like Romney said and just borrow the money from your parents. Duh!!!!

Politricks on November 29, 2012 at 3:38 PM

do like Obama/Lizzie Warren and claim minority status and charge your tuition to those paying taxes (rich people) based on your skin color.

burserker on November 29, 2012 at 4:21 PM

I actually had a conversation with one of these students who appearantly believed that if Obama got re-elected; their student debt would eventually be forgiven.

LOL

Welcome to the reality, chumps.

Norwegian on November 29, 2012 at 4:22 PM

Easy money from the Govt. was a green light for the schools to jack up tuition. Tuition cost increased faster than healthcare and all govt did was feed the beast. The promise of an college education means nothing.
If tuition was harder to come by, cost of schools would necessarily go down.
Lots of students are about to find out that even cheap money can be costly.

Jabberwock on November 29, 2012 at 3:45 PM

Not everything should be turned into a business/for-profit model, particularly when a Socialist construct is dreamed up where the taxpayer basically underwrites the debt.

Dr. ZhivBlago on November 29, 2012 at 4:23 PM

OT: so I was owning some Obots on Obama’s stupid #My2K hashtag on Twitter then suddenly my account was suspended. I broke none of the twitter rules. Has anyone else had this happen to them?

jawkneemusic on November 29, 2012 at 3:37 PM

Welcome to the Twitter Gulag.

The LGF blogger dude has spent many moons simultaneously denying a coordinated attack against conservative tweeters, and congratulating people on using the system to get them blocked.

The Schaef on November 29, 2012 at 4:23 PM

Friend of mine has 2 bachelors and a masters in fine arts and a post baccalaureate in paralegal. On top of that he did two years to get his teaching certificate.

$120,000 in SL debt
Teaches high school.
On a plan whereby his student loan repayment play is tagged to his salary and after x years, it may be twenty, the remainder is “forgiven”

It is unbelievable that such STUPIDITY AND IRRESPONSIBILITY is REWARDED.

tom daschle concerned on November 29, 2012 at 4:24 PM

And what is this “ghostery” of which thou speakest?

Akzed on November 29, 2012 at 4:19 PM

Google it. Just another free ad-on.

Oh, and right click on the Barry mug that pops up and block it from there.

JPeterman on November 29, 2012 at 4:25 PM

They could do a half-measure and make this debt covered under bankruptcy.

blue13326 on November 29, 2012 at 4:21 PM

Never gonna happen.

Norwegian on November 29, 2012 at 4:26 PM

The student loan bubble could be fixed with one easy step. Make the amount of money a student is allowed to borrow equal to the cost of a specific degree program, time the percentage rate of students from that program that have a full time job in that field within 4 years. So if a program to a 4 year degree costs $100,000 but the school only has a 20% success rate in getting students employed, future students to that program could only get $20,000 in student aid funding, grants and loans combined.

If a school can’t get students employees they would not be able to recruit students to their programs. This would be the end of useless degrees in things like minority women’s studies, etc.

MikeA on November 29, 2012 at 4:26 PM

Tax the college endowments at 100% and pay it off. Cap higher ed salaries and cap tuition increases.

Give them exactly what they’ve been preaching.

forest on November 29, 2012 at 4:27 PM

I used to love this country.

JustTruth101 on November 29, 2012 at 3:57 PM

But Barry was just reelected. Doesn’t that make you PROUD???

thebrokenrattle on November 29, 2012 at 4:30 PM

Politricks on November 29, 2012 at 3:38 PM

Jealous of Romney?

Maybe they could do like my daughter did and work full time and attend part time to pay for it. It took her longer but by golly she had zero debt when she finished school unlike her contemporaries. That has worked out quite well for her. Well on her way to actually owning her own home and a good career.

chemman on November 29, 2012 at 4:33 PM

I right clicked on Barry and banished him, but the charcoal background is still there. Downloaded Ghostery too, thanks.

Akzed on November 29, 2012 at 4:35 PM

UltimateBob, you and I are pulling the wagon, and the people in it are calling us names and literally taking money out of our pockets. Yet I continue to produce…I guess my parents ingrained it into me, and now I cannot stop and sit on my arse…I am SO GLAD this world is not my final destination.

brokenrattle – down deep I knew it wasn’t true, but in 2008 after Obama won i allowed myself to think “Well, at least people will quit screaming racist all the time…” I didn’t think playing the race card would ever go away, but waht surprised me was just how ridiculously divided the great uniter has intentionally divided the country, and how he has set race relations back 50 years. Obama certainly is prolific.

JustTruth101 on November 29, 2012 at 4:43 PM

There’s an awful lot of “Foundation” money just lying there for the taxing or taking.

Fallon on November 29, 2012 at 4:46 PM

The system is broken for another reason actually. The rates should be high, but if you show an ability to pay the loans, the rates should come down drastically.

If you pay your loans on time, the number should be between 3-4%. If you dont, it should rise above the high rate that was initially charged. That way there is a carrot and the stick. Instead, if you are responsible, you get screwed, and if you are irresponsible, you get screwed as well (although who doesn’t think Democrats will try to make it easier to discharge loans in bankruptcy to buy more votes, or at least assuming they cant just get them through amnesty and our current immigration system from countries that supply nothing but new democratic voters).

milcus on November 29, 2012 at 4:47 PM

The smart thing to do would be to have write the loans to require the student to front the first years expenses, something like the 20% down payment on a house you used to be require to put up before getting approved for a loan. Students would have been more cautious about going to those $100k schools if they’d have to work a year or two before enrolling.

Second, loan repayment should start the year given, even if only a fractional amount of the normal payment. Putting the squeeze on students, especially when they see the monthly payment grow each year of school as they took out additional loans would have probably been very “educational” for them.

Can’t cover it? Go to a cheaper school. Or do what Grandpa did: Worked one year, went to school one year. Lather, rinse, repeat.

SPCOlympics on November 29, 2012 at 4:59 PM

Who wouldn’t want to take out an unsecured loan which cannot be removed through bankruptcy?

Hey kid. Your Uncle Sam has some free money for you.

TexasDan on November 29, 2012 at 5:00 PM

I right clicked on Barry and banished him, but the charcoal background is still there. Downloaded Ghostery too, thanks.

Akzed on November 29, 2012 at 4:35 PM

I clicked on TownHall and got that same gray screen. I refreshed and it was gone.

UltimateBob on November 29, 2012 at 5:02 PM

So, I hear the Obamas are heading to Hawaii again. Is there a fiscal cliff there?

Fallon on November 29, 2012 at 5:07 PM

So, I hear the Obamas are heading to Hawaii again. Is there a fiscal cliff there?

Fallon on November 29, 2012 at 5:07 PM

Not as long as the biggest welfare queen of them all–government–gets its free and forced income though that thing called ‘taxation’.

Liam on November 29, 2012 at 5:11 PM

Of my previous, please change my word ‘forced’ to the term ‘forcibly-taken’.

Liam on November 29, 2012 at 5:14 PM

How do you save $80,000 by the time you’re 18?

TheBlueSite on November 29, 2012 at 3:57 PM

Join the Navy when you’re 14?

TexasDan on November 29, 2012 at 5:16 PM

That’s ok, obummer can proclaim debt forgiveness across the board. A good reason is that we are selling their futures down the road now with the debt. Therefore we owe it to them. Then, who pays for the forgiveness? Well use their SS general fund or spread the debt over all Americans’ tax burden. That way we all can pay as restitution for saddling them with the future national debt of 100 Trillion in 25 years(I predict). But according to Geitner we should up that to infinity. What is wrong with picture?

jake49 on November 29, 2012 at 5:18 PM

Sounds like the students are getting an “education”. But not the one they wanted.

GarandFan on November 29, 2012 at 5:24 PM

Put them in the military and make the WORK off their debt.

kurtzz3 on November 29, 2012 at 5:27 PM

The way higher education works presently is borderline criminal. They jack up tuition rates beyond what they should be and get their loan money flowing in while endlessly building new dorms and other garbage they don’t need. Seriously, go to a campus and try to find one that isn’t building crap they don’t need all over the place.

RINO on November 29, 2012 at 3:46 PM

Two comments on the “building crap”:

1.Higher Ed recruitment is a very competitive game. Very. Competitive. Schools have to upgrade dorms and facilities to remain “attractive” to the top students. If your dorms are 30, 40 years old, have no ac and stink of mold and you aren’t one of the flagship schools – it’s costing you enrollment. State funding (at least in TX) is based on enrollment. Therefore, it costs schools money to have a crappy run-down campus.

2. That construction you’re seeing – where are you assuming the funding is coming from? We have a new building going up – the money? Private Donor. We got new dorms – the money? Residence Hall company that builds them and manages them – we’re just the landlord. New student rec center – the money? Student fees that THE STUDENTS voted in favor of paying in order to fun construction.
In short,I don’t think the money is coming from where you think it is.

Student loan problems may very well have something to do with the students who are taking loan monies for much more than the cost of school and being irresponsible with it.

WhaleBellied on November 29, 2012 at 5:30 PM

How about Congress putting a cap on tuitions of colleges not run by churches and Tuskegee Institute? They’re into everything else, regulating every other institution and business. Why should colleges be exempt?

Liam on November 29, 2012 at 4:04 PM

Because that’s a state issue, not a federal one? Institutions are either private – and can do whatever they want with tuition – or state-funded.

In Texas, there IS a cap. Tuition cannot be increased more than 5% annually.

Are you, a conservative, SERIOUSLY asking for more government interference into our daily lives?

WhaleBellied on November 29, 2012 at 5:37 PM

JustTruth101 on November 29, 2012 at 3:57 PM

You’re not alone. We have zero debt. None. Zilch. Nada. With the exception of our first two homes, we never bought anything on credit or took out a loan. And the mortgages for those two were very small. We put down 50% at the time, which was nearly thirty years ago. We paid them off early.

We paid for our kids’ college educations, too, in cash.

Stupid, stupid us. We did things the right way and our reward is for the government to take from us and give to the slackers and takers and sycophants.

Carolina21 on November 29, 2012 at 5:47 PM

WhaleBellied on November 29, 2012 at 5:37 PM

If loans are guaranteed by the Feds, which is the existing case, then there are two options: Either Feds get out of the matter (never going to happen), or they cap tuition.

If the Feds didn’t get involved in the first place, we wouldn’t have this problem. But they did, now it a needs to be fixed.

If you have a better solution, I’d love to hear it.

Liam on November 29, 2012 at 5:47 PM

In Texas, there IS a cap. Tuition cannot be increased more than 5% annually.

Are you, a conservative, SERIOUSLY asking for more government interference into our daily lives?

WhaleBellied on November 29, 2012 at 5:37 PM

And another thing: A ‘cap’ as I define it is NOT allowing growth of any percentage. No increase whatsoever.

Liam on November 29, 2012 at 5:49 PM

My blue collar dad worked like hell (and sacrificed his own wants) to put 3 kids through college (and pay grad school tuition too) – granted, public state univiersities with and in-state tuition – but none of us had loans.

Middle class us put the kids through, again in state tuition for public universities – no loans for them.

If this government continues to punish the ants and give our stuff to the grasshoppers, I’ll go nuts.

krome on November 29, 2012 at 5:49 PM

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