As costs of college soars (with thanks to absurd union salaries and benefits, as well as absurd administrator salaries and benefits), those attending college have increasing trouble paying back loans.

The fully expected consequence is Student-Loan Delinquencies Now Surpass Credit Cards.

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Mike Shedlock

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.

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10 Comments So Far
feawen Wrote: Nov 30, 2012 12:18 AM
As with any issue, there are many sides and also just as many possible solutions. In 1983, newly divorced with two children to support and few factory jobs available, I leaped into the old *promise* that a good education = a secure future. I graduated in 1989 and by 1997 I experienced no less than 5 layoffs, periods of unemployment, several moves (homeless at one point), and the loan went into default. Got a job at Walmart (cashier) and paid my loan for the 10 years I was there. I have paid back almost $17,000. but still owe $16,500. on that $12,000. loan. Frankly I'm tired and can't jog through quicksand anymore. Promise? No.. It's a Nightmare!! There is no light at the end of the loan tunnel... no wonder people just give up.
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Curtis104 Wrote: Nov 29, 2012 5:08 PM
Oh, don't worry, since that is where Obumber get's his support from! He will save you by forgiving your debt to buy your vote! Since all of you college Grads are so smart, you can go live on food stamps with the other millions of Obumber voters!
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AudiR10 Wrote: Nov 29, 2012 3:45 PM
Stand back and let it crash. At this point, that's the only way to stop the juggernaut that is overwhelming people who insist on graduating in Museum Studies or Gender Identity in Rock and Roll from borrowing themselves to death to fund Playskool.
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Joseph1790 Wrote: Nov 29, 2012 2:32 PM
Make student debt dischargeable in bankruptcy
Really?
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lehigh69 Wrote: Nov 29, 2012 12:29 PM
Feds' November 2012 report which includes many of the above quotes: http://www.newyorkfed.org/research/national_economy/householdcredit/DistrictReport_Q32012.pdf
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Docnick Wrote: Nov 29, 2012 8:50 AM
Are you aware that most of the links to your second page do open? Ron
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Leb2 Wrote: Nov 29, 2012 8:34 AM
At least we should have the most educated poor people in the world.
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M1946W Wrote: Nov 29, 2012 7:33 AM
Adding to the problem is corruption with our politicians mired in it up to their necks. The August 8 NY Times story on Education Management. Here we find the usual suspects: Goldman-Sachs and two politicians, former Governor of Maine Jock McKernan and his wife, current Maine senator Olympia Snowe, While other for-profits have settled similar whistleblower complaints the investigation on this one seems particularly slow. Perhaps Justice is just keeping it in their back pocket for whenever they need a vote in the Senate.
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Chris from Kalifornia Wrote: Nov 29, 2012 6:17 AM
You have most of the answer. What you've left out are jobs that don't require a degree in order to perform but employers require a degree anyway. I was doing the same exact job as people who had 4 year degrees with no problems, and when I got my degree I got a promotion and did exactly the same job for more money. Yay me! Duh employer. I don't have a clue how much of that actually goes on but in my case it was real, it was blatant and it was stupid of them.
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