Tag Archive | "student loan debt"

Sen. Durbin: Why Is It Ok With Him To Let Private Lenders Get Cheated, But Not The Government?


“Roughly 85 percent of outstanding student loan debt is owed to the federal government. The remaining 15 percent that’s counted as private student debt is owed to various non-federal lenders, ranging from banks to loan companies like Sallie Mae Corp. to non-profits and state-affiliated agencies (under the Durbin bill, loans from any government-funded entity still wouldn’t be dischargeable, only those from truly private lenders).”
This story about student loans was in the paper today (Peoria Journal Star)

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Why Do Parents Continue To Tell Their Kids To “go To College So You Can Get A Good Job”?


The supply of college degrees exceeds demand. Student loan debt is at an all time high. Students graduate 100k in debt with interest accruing – in most cases – for a degree that pays 30-40k per year if they can even get that. The cost of living is so high today these loans stay with them for life.
Nothing is taught in colleges about one of the most important things in life – making money. When the subject of entrepreneurship is taught, in most cases, it’s taught by college professor who has never started or run a business in the real world.
Trade school jobs and niche jobs are now almost totally overlooked. Why? These are the jobs with the highest demand. A helicopter pilot pays 80k per year – so why not go to helicopter pilot school? A deep sea diver pays 60k per year. Why not do that? What about a Yacht mechanic? That’s about 70k per year. Manufacturing plant inspector? The list goes on an on. These are all occupations you don’t need to shackle yourself to a lifetime of debt for.
Why follow the crowd? I don’t get it. Parents continue to parrot this outdated advise without a clue the world around them as drastically changed. Oh yes Mom and Dad. Tell your son or daughter to waste 4 years in college racking up 100k in debt to compete with 500 applicants with business degrees for a 40k per year job working for someone else – under their control – 50 hours per week and 4 months for free to pay taxes to the government?
And parents think this is security? I don’t get it.

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