Student loan debt could threaten economic stability
April 22, 2012 at 9:57 am in Grand Forks Herald
Move over, mortgages. Get out of the way, Greece. Another economic doomsday scenario is emerging. Student loan debt has reached about $870 billion, exceeding credit cards and auto loans, and balances are expected to continue climbing, the Federal Reserve Bank of New York said last month. In February, the National Association of Consumer Bankruptcy Attorneys referred to a “student loan ‘debt bomb’” and wondered if it was shaping up to become “America’s next mortgage-style economic crisis.” Such a burden could crimp an already weak economy. Continue Reading
This will only encourage students to borrow as much money as they can, knowing they will be able to walk away from it.
Like or Dislike:
15 
2
Student loans have gotten so far out of control. College marketers have pounded it into everyone’s head that you need a degree. They’ve convinced employers that you need a degree. I can’t even count how many job descrips I’ve read that require a degree.. didn’t matter what kind of degree, you just needed a degree. How asinine is that?
Everyone has tapped into this. How many ads do you see on TV where they offer courses that transfer NOWHERE (read the fine print). All these for-profit places are a scam, there’s a few in Fargo too. So many private colleges are becoming the same scam. You pay thousands and thousands of dollars to jump into the pool of everyone else that has the same degree as you. Good luck, hope you have a life-vest.
Like or Dislike:
15 
1
This is true. I think higher education is also part of the problem. After all, all those educators and educational institutions have to justify themselves. If they don’t have students, they don’t have pay raises (taxpayer supported) or sometimes jobs. Good thing is there’s never a shortage of educators who tell you there is nothing more valuable than an education.
The Bachelor’s degree is the new high school diploma. A two year degree might get you an entry level job. The good money comes with a 4 year degree and the big bucks are reserved for the “professions” or the high demand trades.
I just graduated with my two year degree in December and am already thinking of going back for my 4 year because that’s where the money starts. I’m 20 years away from retirement and it’s a battle to compete when you don’t have a 4 year degree.
Like or Dislike:
4 
1
You’re wrong. The Bachelor’s degree was being treated like a high-school diploma at least twenty years ago, and maybe thirty.
Dayton’s department store required a bachelors degree to work a till.
Like or Dislike:
2 
0