I’m going to keep saying this because this subject will be one of the issues that sends this whole cauldron boiling over.
These angry kids that are protesting in the streets don’t even know how bad things are for them yet. Right now they’re angry because they can’t find jobs. Many understand they don’t have jobs because they (and all of America) have been utterly sold out by the White Collar Criminal Oligarchy.
Hardly any of them understand that they have been sold into a lifetime of bondage by the same group.
Hardly any of them can yet appreciate the full consequences of their debt slavery.
Hardly any of them understand their bonds are owned by the Wall Street players they are protesting.
But they will.
And when they find out. When we all find this out, it will be at least as destabilizing as the subprime boom….I’m betting it will be worse….from Brevard Times:
The U.S. Government paid over $2 billion to private debt collection contractors to collect just under $1 billion for Fiscal Year 2011.
You got that right…
Full employment for debt collectors appears to be the current economy.
The American college experience is coming full circle. Prior to WWII relatively few Americans attended college after high school, and students were disproportionately white males from wealth and privilege. The war changed that forever, with passage of the G.I. Bill. https://en.wikipedia.org/wiki/GI_Bill Millions of servicemen pursued higher education. The G.I. Bill had an important influence on the lives of returning veterans, higher education, and the economy. Because of the ongoing military draft from 1940 to 1973, as many as one third of the population (when both veterans and their dependents are taken into account) were eligible for benefits from the expansion of veterans’ benefits.
But over time tuition increased as universities spent more on programs, facilities, and salaries. A report by the Chronicle of Higher Education for the 2008-09 school year of showed 30 private-college executives who received more than $1 million in total compensation. The highest-earning sitting college president was Southern Methodist University’s R. Gerald Turner, whose total compensation was $2,774,000.
College textbooks are another cash cow. Considering that nearly half of all U.S. college students receive federal aid to fund their education, the U.S. Congress asked the Government Accounting Office (GAO) to investigate the soaring price of college textbooks. Guess what the GAO found out? Over the last 20 years, college textbook prices have increased at twice the rate of inflation but have followed close behind tuition increases. Increasing at an average of 6 percent per year, textbook prices nearly tripled from December 1986 to December 2004, while tuition and fees increased by 240 percent and overall inflation was 72 percent. https://usgovinfo.about.com/od/consumerawareness/a/gaobookcosts.htm
The increasing costs of education leave many students with a crushing debt burden. Faced with few job prospects, future generations of working class and lower middle class young adults may forgo a college education and the average $25,250 student loan debt, which is up 5% from last year, according to the New York Times https://www.nytimes.com/2011/11/03/education/average-student-loan-debt-grew-by-5-percent-in-2010.html
America could see a decline in higher education, and a move toward the days when students were disproportionately from wealth and privilege. Just another piece of the American dream slipping away…
yes, i couldn’t agree MORE…i’ve been trying to set up a repayment option that works for me and can get nothing from them but more of the same………..oh, they did call several times at very inopportune times…i’ve left my email for them but they do not chose to use that…..then there would be a record of their total lack of concern for the aggravation of the situation.
Jana, Ive had same experience.I would suggest pay what you can and hire a lawyer to handle the bill collectors when they get ugly, and they do. Tape them and things they say and document witness statements ( i had one call payroll woman at work. He knew she would tell me in hopes to provoke)charges have been brought on him. Im going to make him and anybody else pay those loans off.If they wont make logical deals screw em…..also when they want all your information because they want to see if you qualify for a reduced payment??? dont give it to them, your reduction will hardly be worth it. Pay something every month and the court wont bother you if you end up there. How are kids ever going to survive this country sucking the middle class dry. Imagine, not many jobs that pay acording to your education and you owe 200k right off the bat.??? The Fat Pigs on Wall Street, ya know the type with lipstick at both ends? Have ruined your future and the futures of anybody who invested with them. I know Im rolling but….why doesnt gov do something about all this? Probably because thats the plan and gov is involved???? Do you think that the Occupy Wallstreet isnt message enough for these leaders of ours….or are they going to wait until violence starts happening…….Im depressed over all this……going for a swim……………..T
I had a student loan for 7500 in 1999. Been paying auto payment to dept of edu for 100 a month since then. Still owe 2600. They turned my account over to Aspire, who, without informing me, lowered my payment per month to 11. At a 3 dollar a day charge for the loan and a payment amount of 11 month;, it will NEVER be paid off. I am very angry and feel like killing someone.
NEVER EVER GET A STUDENT LOAD EVER. YOU ARE BETTER OFF SELLING DRUGS OR BECOMING A PROSTITUTE. YOU WILL PAY FOREVER, AND IT WILL RUIN YOUR LIFE, CREDIT, AND ABILITY TO GET A JOB. PLEASE DON’T DO IT. 3% INTEREST PER DAY. THAT’S RIGHT. PER DAY. YOU COULD GET A BETTER LOAN FROM THE MAFIA.