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Today is Tuesday, May 22nd, 2012
Suze explains how student loan crisis is looming as the next big thing. She says the real estate implosion and banking crisis including the credit crunch have not yet been dealt with well. She implores Congress to head this one off at the pass as our young people are being saddled with compounding interest at such a rate that very quickly the loans become insurmountable. The show took place on 1/24/09.
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Comment by td84 on 16 January 2011:
@Videowatcher198 Finally, someone with a real education!
Comment by artmak5 on 16 January 2011:
@7alevan – Because colleges are not about education anymore, they are about profit, and middle class and poor people fall for it, but in reality, colleges only really benefit people who are already in upper middle class or rich and who have connections even before they go to college…
Comment by artmak5 on 16 January 2011:
@Videowatcher198 – Let me clarify, I think this crisis will destroy the middle class and create more poor people with college degrees with ever growing student loan debt for the rest of their lives. It is an endless cycle, people think that college will improve their situation, but they end up in huge non-dischargable debt for the rest of their life, and with no job in their field, because its a lost hope, colleges do not guarantee jobs, colleges do not provide good education, they are a lie!
Comment by Videowatcher198 on 16 January 2011:
@td84. but the problem with socialism is that you run out of others people’s money.
Comment by Videowatcher198 on 16 January 2011:
@artmak5. Please explain, i wont be suprised if i agree with your viewpoint but i wish to hear more.
Comment by Videowatcher198 on 16 January 2011:
@DaCMasta. And when you say inflation, you mean there are more people with degrees than jobs they qualify for. The one thing i understand about hyperinflation is that the more something cost the less value it has.
Comment by hazelhybrid on 16 January 2011:
Alright Miss Thing….Preach!
Comment by 7alevan on 16 January 2011:
What I don’t understand is why can’t student loans be interest free? Why charge interest at all? Why must they be greedy when we are just trying to go to college to be more productive members of society? I am now 12 grand in debt and got my nursing degree. Even with public service…good loan reimbursement programs are hard to come by without having to be “owned” by somebody for a few years. Grad school? I dont think so.
Comment by DaCMasta on 16 January 2011:
@selfrealizedexile Degrees don’t mean much now because of their inflation, the demand and supply has gotten so high that it raises costs and the degrees have a lot less impact.
Comment by gamehound83 on 16 January 2011:
@tomx1704 If you can find a job that might work.
Comment by tomx1704 on 16 January 2011:
@gamehound83 you could also go to college and work your way through school…i have 1 more semester left and graduate in may but i have to work fulltime while going to school fulltime..
Comment by tomx1704 on 16 January 2011:
@selfrealizedexile yeah thats what im doing..working through school..i just have 1 more semester & i graduate in may!! =)
Comment by andy08s on 16 January 2011:
Well I went to college trying to learn some profession spent tons money on them and now have no profession and no real income, what is it that I did wrong? I trusted them pay them and now it is struggle without end, I think colleges got corrupted by finance companies.
Comment by tomx1704 on 17 January 2011:
this is very sad!people should work a year or two fulltime & save up to go to college & then when theyre in college they could work parttime or what not…or take that risk and work fulltime while theyre in college so they dont have to pull out a student loan.regardless if you’re in the healthcare field or not ppl should definately work as a certified nursing assistant to help pay for college….you could work 3 12s or 2 16s on the weekends & still be able to go to class..thats what im doing!!
Comment by selfrealizedexile on 17 January 2011:
, and most students would be able to afford it working through school and probably graduate debt-free. Easy credit given because we apply these normative ideas like “everyone should get to go to school” or “everyone should own a house” is what creates bubbles and, ultimately, destroys industries.
What’s more, if we made a college degree “free,” so many students would have it it wouldn’t mean anything and colleges would slowly go out of business; you would have a shortage.
Comment by selfrealizedexile on 17 January 2011:
be at rates like the old days where you could wait tables in the summer and pay off your education. I know it sounds far-fetched, but ask anyone who went to college 20-30 years ago how much they paid and how much money that was considered during that time. If you look at the data, tuition has ballooned at such a high percentage (starting in the ’80s), it literally dwarfs the housing bubble by orders of magnitude.
So, the net effect if less student loans were given is lower tuition, less debt
Comment by selfrealizedexile on 17 January 2011:
Student loans are so dangerous because tuition is so high. Tuition is so high because students can get easy access to credit because the FDIC guarantees the loan. If the gov’t would stop guaranteeing the loans, only those who were seen as a true investment by the bank would get a loan. This would drastically lower the amount of loans being given which would decrease college demand. This decrease would force colleges to lower tuition until students demand it again. This coincidentally would
Comment by xrangerx on 17 January 2011:
they should cap interest at no more than balance. If you borrowed 26k, ur interest portion can’t go beyond that balance of 26k.
I got so scared of loans i went to state school instead of UCLA. I saved 20k per year in loans, never regretted by decision!. It took me 5 years to get my bachelors degree.
Comment by singapore7773 on 17 January 2011:
@ycdtotv absolutely correct.
Comment by singapore7773 on 17 January 2011:
my daughter is in college. I help her out each month. I told her if she gets student loans im out. Student loans are for Doctors and Lawyers. Not for ave. people
Comment by singapore7773 on 17 January 2011:
@ultra319 if education were free it would be way more expensive
Comment by singapore7773 on 17 January 2011:
@SugarBare28 i am a high school drop out. not one day in college not one cent in student loans. i make $50K. I work very hard. although i live in Santa Cruz ca. very expensive to live here
Comment by 2plnkr on 17 January 2011:
Suze, I think you need to review this isse. Colleges are providing misinformation that shows student are likely to be employed and at a salary that they can afford to pay back their student loans. This misinformation leads students into taking out these loans because the colleges are misleading them. However, there are no jobs for these students! You are spot on in realizing congress is in bed with Sallie Mae (Al Lord and Congressman Paul E. Kanjorski), but the schools are misleading students.
Comment by naas000media on 17 January 2011:
For interest-free students loans, please refer to NAAS channel.
Comment by td84 on 17 January 2011:
Suze, you missed the mark on this one. If anything, Congress should stop all backing of Sallie Mae loans. If you limit the interest rate, or payment caps, that will reduce the amount of loans given to students.