The Student Loan Debacle.

[JDMeister]

First, the colleges lobbied the Fed to raise the
loan amounts so they could charge more to students.
Second, the colleges are not being held responsible.
Here may be an answer.
ederal prison before you can blink,.
The schools
Edit to add: The schools do not teach financial responsibility,

and the students are guilty? And, add the fact that this student

loan is the only loan in the USA not protected by bankruptcy rules.

And, add onerous (Illegal) interest rates that compound the amount

owed, and even if the original amount is paid, the interest compounds creating

a "No win" situation that can't be discharged in any way.

If you bought a vehicle with those same conditions, the dealer would be in

federal prison before you can blink.
Th school lobby the fed to create a system that
rips off the stupid, and the students have no way out.
.
.
View attachment AQMoOqXHpi6cL9fmKWeKJ6PHKwKqaT2aboixaqszZO9XF0N49d1A_PcZ6jMTSmD_15PFZeoaBUdtaJ4n6VijFvtLuVspzT...mp4

 

[Phil Brown]

Theres no debacle, you signed the loan papers, you pay the debt.
The answer going forward is to teach financial responsibility BEFORE college

 

[Realbadlarry]

Theres no debacle, you signed the loan papers, you pay the debt.
The answer going forward is to teach financial responsibility BEFORE college

Don't you know they have been taught that it's not THEIR fault...they are victims and other people are responsible....

 

[Cookie]

The system is broke for sure, but responsibility is still on the borrower.

 

[JDMeister]

The system is broke for sure, but responsibility is still on the borrower.

Two side to every story. Watch the video did you?
The schools created this system not the students.
It's all about profit for the schools.

 

[Cookie]

Two side to every story. Watch the video did you?
The schools created this system not the students.
It's all about profit for the schools.

I watched the video and also have three kids that navigate thru the system. Of course, the schools created the system with the help of our Federal Government. Getting a loan doesn't have any merit based on how it will get paid back, the lower your credit number is, the easier it is to get a loan (complete backwards). Then take in account the interest the government charges. total scam. Current Student loan interest percentage is anywhere from 6.5% to 8% today. If the government and schools were focused on students getting an education instead of making money, we wouldn't be in the mess. Then add the minimum payment, if you pay that your loan will never be paid off. The cycle is never ending, thus my point about the system being broken.

FYI, my kids took out student loans, but they also pad them off within 2 years from graduation. They drove crappy cars and put every extra dollar into the loans, it can be done.