Forum Post: The Student Loan RACKET
Posted 12 years ago on Oct. 24, 2011, 12:14 p.m. EST by reddy2
(256)
This content is user submitted and not an official statement
Student loan debt, now at $850 billion+ , has surpassed credit card debt - a statement unheard of 20 years ago.
Student loans, unlike any other form of debt, CANNOT be forgiven via bankruptcy.
These loans MUST be repaid.
Is this the next bubble to burst?
http://www.healthcareadministration.com/college/
http://www.usatoday.com/money/perfi/college/2010-09-10-student-loan-debt_N.htm
http://www.zerohedge.com/news/fraud-heart-student-lending-exposed-one-sentence-everyone-should-read
http://inflationdata.com/inflation/Inflation_Articles/Education_Inflation.asp
Yes, it most likely will be the next bubble to bust. People are waking up to the fact that going to college is not the investment it once was. Too many college grads are finding themselves up against a brick wall. They can't find employment in their chosen field, and thus end up either unemployed or underemployed. All the while they have racked up debt (student loans that will be haunting them for the rest of their lives). This is creating debt slaves & poverty.
OWS needs to protest outside some targeted colleges (especially the expensive private colleges). They need to protest about how unaffordable these colleges are and how graduates are coming out of them with large debt and little job prospects. It is crazy seeing a 22 year old weighed down with $100,000 dollars in debt.
Here is a very informative video from the National Inflation Association (N.I.A.). It is about an hour long, but it really tells it like it is. http://inflation.us/videos.html