Official numbers on student debt don't tell the whole story

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  • OHBU Columbus, OH
    March 21, 2014 10:36 a.m.

    So many problems here, but I'll highlight the biggest:

    The fact that students still in school aren't paying their loans yet, in no way makes them equivalent to "delinquent" loans. Are you kidding me? This was the central basis of the entire argument. If you buy a car and they say no payments for twelve months, are you a delinquent borrower if you don't start paying until it's actually due? Likewise, students whose loans aren't yet due are not delinquent if they're not paying on them yet.

    Secondly, what's with this: "isn't due usually until the person is out of school and has that liberal arts degree in hand." Here, the author's agenda is showing through by trying to imply that those that receive student loans are those receiving a liberal arts degree. This is a tactic of those advocating narrow, for-profit, career colleges. Besides, do you know what is the most unemployed major? Business Administration. That's according to Business Insider.

  • jasoncastle Salt Lake City, UT
    March 20, 2014 9:46 p.m.

    Great article, Michael. The student loan debt bubble is a disaster engineered by both the financial system and the government, to make a few people very wealthy but drive the nation as a whole deep into debt, with a taxpayer bailout expected just like for the banks in September 2008. It's really impossible even for hard-working middle class families to afford college, even those who've saved a lot and done reasonably well, and too expensive to work your way through college. Even many upper-class families struggle with this.

    Probably the best thing you can do for your kids these days is to emigrate. I have relatives and friends who've set up in a variety of countries-- Norway, Belgium, Brazil, Uruguay, Germany, France, Switzerland, South Korea, Netherlands, Sweden-- for all kinds of reasons, and they and their kids have been able to go to school totally debt-free. They start building their savings even while in school, start businesses and get good jobs, start families and are much better off than Americans. Especially if you learn something like German, or maybe French or Dutch your kids have much better opportunities elsewhere, even in South America.