Forum Post: Student loans, gravy for bankers.
Posted 13 years ago on Oct. 8, 2011, 10:38 p.m. EST by knightofdespair
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Student loan debt is higher than at any point in our history, at the same time jobs are scarce and starting wages are lower. These loans are made easy as pie to anyone with a pulse, then once you are stuck after taking 1 class to the full program of classes you cannot get any help whatsoever. You can walk away from $500,000 in gambling debt, housing debt, or medical debt but get punished for 30 years for trying to better yourself. America used to be a land where people could work hard and succeed, wall street has made it so it is now a land where people work hard and one guy at the top succeeds, often only working a handful of days a year.
Dear Chvelle, The 10% payment plan only applies to Stafford (government) loans- it does not apply to private, commercial student loans. The private lenders, gave out millions of loans with a very high interest rate. These loans have now BALLOONED. Millions of people can't afford to pay them. Even if you did major in business, it depends on your particular life circumstances. For instance: $24K borrowed from a private lender, can turn into $38K in ten years ( with fees and interest).
If I've read the Healthcare Bill correctly, join the federal govt and you will have to only pay back 10% of your loan for the first 10 years, then nothing else is due. Uncle Sam trying to get the private institutions out of the school loan business so they can control the whole gambit of schooling from K -12 Of course, if you are dumb enough to get a so called degree in Fine Arts, Liberal Arts, etc, you probably deserve to be jobless and in debt. I would image there is a limited amount of positions availible for those type of degree's.
If I've read the Healthcare Bill correctly, join the federal govt and you will have to only pay back 10% of your loan for the first 10 years, then nothing else is due. Uncle Sam trying to get the private institutions out of the school loan business so they can control the whole gambit of schooling from K -Of course, if you are dumb enough to get a so called degree in Fine Arts, Liberal Arts, etc, you probably deserve to be jobless and in debt.
its a bubble like the housing bubble no one gets denied so everyone will pay