The Student Loan Trap
Via: HealthcareAdministration.com
Another infographic exposing the higher education student debt bubble. This debt bubble is larger than credit card debt, but student loan debts cannot be discharged via bankruptcy. Students can be haunted by this debt for decades, whether they graduate or not.
There are better ways to start one's adult life than to get in debt for a couple hundred thousand dollars for nothing, then try to get a job in the middle of an Obama depression. No wonder methamphetamine is becoming such a popular drug among student loan defaulters and the occupy movement.
Labels: infographic, University
posted by al fin at 12:05 am
4 Comments:
It baffles me that, with two world class universities in my state, so many of my high school peers chose out of state and private schools. Clearly a big part of the reason for the soaring costs of tuition and subsequent student debt is that high school students simply don't comprehend how big of a financial responsibility these loans are. Luckily I had parents wise enough to teach me how to get value for my dollar and I was motivated enough to pay for my schooling exclusively with scholarships.
I think the very first (and most fundamental) action to be taken is to tax all income students receive from their parents and/or loans and demand payments be made by students for loans immediately as they receive them. This would immediately hit students and they would have to consider the costs of their education much more. Perhaps this is too harsh but I'm just so frustrated that no one seems to think ahead with these types of things.
One of my former professors elaborates on the type of cause and effect thinking I'm referring to in the link below.
Libertarian IQ
Guaranteed to make you see red. Lord, I'm glad I'm not a student these days.
WOW!
With the Student loan debt consolidation, the student will usually have a longer time to repay the loan. In fact, the larger is the combined education amount borrowed, the longer will the time you have to repay the loan.
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