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Student loans are killing us

#1OMGWTFPIEPosted 3/27/2013 1:00:08 PM
http://wallstcheatsheet.com/stocks/is-the-college-debt-bubble-finally-bursting.html/

"FICO finds that approximately 12 million Americans had two or more open student loans on their credit report in 2005. In 2012, this figure more than doubled to 26 million Americans."

"In 2005, consumers in the United States with at least one open student loan on record had an average student debt load of $17,233. However, this debt load increased 58 percent to $27,253 last year. In comparison, all other debt categories combined only grew 4.3 percent."

Higher education costs are rising 8% per year, so this problem isn't going away. Eventually you'll either have to join the military, graduate high school at the top of your class, or have extremely rich parents if you want a college education.

The problem is our culture dictates that everyone should go to college. The market is trying to price people out who shouldn't be there, but they go regardless because that's what you're supposed to do. This will have dire consequences when we have one too many students working at Pizza Hut after graduating with a Bachelor's in Sociology.
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#2Orange ClockworkPosted 3/27/2013 1:03:03 PM
Then culture needs to change to tell people they need to get useful degrees.
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#3azuresou1Posted 3/27/2013 1:13:26 PM
A) Not everyone should go to college
B) People need to accept the consequence that majoring in certain fields means that job placement is less likely
C) Even then, "good" major does not guarantee a job
D) Federal student loans are allowing schools to raise tuition rampantly, and if they were ceased schools would be forced to charge MUCH more reasonable rates
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#4Magus1947Posted 3/27/2013 1:16:07 PM
Orange Clockwork posted...
Then culture needs to change to tell people they need to get useful degrees.


Assuming that you're defining useful to mean employable (which isn't always the case), there's tens of thousands of graduates who thought getting a law degree was "useful." People can't always know in advance what degrees are going to be marketable.
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#5kmick2Posted 3/27/2013 1:16:26 PM
I'll just quote Judge Smails from Caddyshack, "The world needs ditch-diggers too".
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#6LuigisBroPosted 3/27/2013 1:17:13 PM
college grads can't get jobs cause old people refuse to retire
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#7Magus1947Posted 3/27/2013 1:19:21 PM
LuigisBro posted...
college grads can't get jobs cause old people refuse to retire


Lump of labor fallacy.
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In the corrupted currents of this world, offence's gilded hand may shove by justice, and oft 'tis seen the wicked prize itself buys out the law
#8KwancahiPosted 3/27/2013 1:19:26 PM
The probem is that as long as college degrees are seen as mandatory for even the most basic of non-poverty level jobs, any push to reduce the number of students attending college will risk resulting in a 'lost generation' of students who are effectively non-competitive in the job market owing to their lack of a college degree.

Plus, thirty plus years of cultural reinforcement isn't just going to disappear over night.
#9Nitro378Posted 3/27/2013 1:19:53 PM
azuresou1 posted...
D) Federal student loans are allowing schools to raise tuition rampantly, and if they were ceased schools would be forced to charge MUCH more reasonable rates


or, you know, instead of making education even more class based than it already is you could just regulate the universities
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#10765351Posted 3/27/2013 1:23:02 PM
l will be at least 50 before my loans are paid off
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