Posted on Sep 26, 2016
Sheila Bair Called the Financial Crisis. Here’s Her New Nightmare.
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Some 43 million Americans, she learned, collectively carry nearly $1.4 trillion in student debt, making it the second-largest source of household debt after home mortgages, according to the Federal Reserve. The federal government owns or backs more than 90 percent of it. More than 42 percent of federally owned student loans aren’t being repaid as expected or on time.
“We are not doing these young people any favors by giving them loans that they cannot afford, that they cannot discharge in bankruptcy, and that could be a drag on their financial well-being even into retirement,” she said at the Sept. 13 congressional hearing.
“We are not doing these young people any favors by giving them loans that they cannot afford, that they cannot discharge in bankruptcy, and that could be a drag on their financial well-being even into retirement,” she said at the Sept. 13 congressional hearing.
Sheila Bair Called the Financial Crisis. Here’s Her New Nightmare.
Posted from bloomberg.com
College
Finance
Banking
Loans
Posted 8 y ago
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This system is so backwards. Our young folks can easily get student loans & high interest credit cards at 18 but not a house or car loan. It's a must that we get car, home, & health insurance coverage but have to be approved for life insurance. Creditors report mortgage, car loans, credit cards debt, but not you paying your cell phone, apartment, medical, light bill, etc...on time to help with your credit. However, it will be reported if a payment is late. Sorry for the rant, just thought of the plot to hold the working class in a box of debt.
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MAJ (Join to see)
Couldn't agree more. I think a lot of our rants is due to the cognitive dissonance how this model is allowed to grow at the peril of society as we know it. Its like watching someone set a fire to a crowded theater while the authorities and news proudly proclaim how great his actions will be for the local construction and funeral industries.
While we may not be able to change it directly, perhaps we can help others see this model for what it is; even if we can educate one other on the facts, we made a difference https://goo.gl/images/EYQeMM
While we may not be able to change it directly, perhaps we can help others see this model for what it is; even if we can educate one other on the facts, we made a difference https://goo.gl/images/EYQeMM
Image: The Starfish Story. "It Matters to This One." | So cute ...
Found on Google from pinterest.com
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SPC Britanny *Winnie* Balthaser I have three daughters in college right now and that will eat every bit of my military retirement to make the payments when they are done! I hope something changes before I donate the rest of my life paying student debt for my girls. In the end its worth every dime I borrowed for each of them!
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SPC Britanny *Winnie* Balthaser
You are a good man! And a great father! We sacrifice a lot for our children, I think that's the way it should be.
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Outstanding leader who gets it. It is important to see that while the federal government secures the loans, there never was an attempt to keep college tuition at a low level. It went up higher than inflation, and now people are wondering if college is even worth it. We are effectively condemning this country to mediocrity by the banker's greed in the future.
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SPC Britanny *Winnie* Balthaser
MAJ Rene De La Rosa No wonder other countries are inviting foreigners to come live and get a free education. Germany recently did.
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