There's an article about the upcoming "Student Debt Tsunami" that will destroy the American economy in the near future.
Of course, the numbers are used to argue the case for "Free" College for All. I don't need to point out to readers of this blog the stupidity of that idea.
One 'heart-rending' factoid used in the article is that Black students will be 'unfairly' the biggest recipients of the crash. The figures are below.
Student Loan Default Rates Are Highest For African Americans
The default rate among African American graduates is more than five times the rate of white graduates.
BACHELOR'S DEGREE GRADUATES
|
TOTAL AMOUNT BORROWED
|
DEFAULT RATE
|
|---|---|---|
| Black | $55,667 | 20.6% |
| Hispanic or Latino | $28,599 | 8.6% |
| White | $26,005 | 4% |
| Asian | $30,612 | 1.4% |
Notes
Debt and default among bachelor's degree graduates 12 years after college entry, 2004 entry cohort.
8 comments:
Not only Big10 but what happens to the SEC? All except for Vanderbilt maybe. Very true though, college is not a necessity and many people are successful without paying to be indoctrinated.
The biggest problem is that the left has convinced everyone that no matter what they do they will not be discriminated against. Problem is that when it comes to jobs and careers, certain occupations are more vital to our society despite what the left says.
I would be far more sympathetic to the teacher if schools reinforced my values in how they teach and treat children. Sadly, this is the opposite of what is the truth. Schools are tearing down the building blocks of our society in their efforts to rebuild America into some socialist utopia that will never succeed.
In the long run, I value and enjoy the fruit of the engineer's labor far more than I do the results of the myriad of teachers out there. My life is enriched and improved by the accomplishments of engineers.
The student loan debt problem has risen at the same rate as the federal government has increased the ceilings of what can be borrowed per semester. College costs more because students can pay more and not because it is worth more.
If a college graduate could objectively provide a rating of the worth of their education that had bearing on how much their alma mater could charge for tuition, or at least what they can ask for, then the new prospective students could make an educated decision as to whether they want to attend a certain college or not.
Get the government out of the student lending business, either lending directly or backing the loans.
No private investor would go in for some of these atrocious degree programs.
Make the schools guarantee the loans.
Dystopic FTW.
Daughter graduating this semester. Psych Degree. No Debit (I payed). Local State College. Lived @ home. Happy.
Neighbor went out of state + semester in England. Some sort of 'social' degree. $150k in debt. Not happy. Why her parents supported this is a mystery to me. Giving late teens a 6 digit loan is like giving them grenades.
And, too often, a generous portion of those loans are used to support an upper-class lifestyle - vacations, entertainment, clothing, etc.
People graduating from college are at the prime age for marriage and family formation.
Who in his or her right mind would marry someone with a debt level equal to the price of a house. Unless that debtor had already secured a job paying enough to quickly amortize the burden.
This contributes to the crash in the rate of marriages, I believe.
In the current world I would rather have a 2 year training with apprenticeship as an HVAC tech or certified welder ($100,000 + for working in the oil patch!) than a run-of-the-mill Bachelors degree in Something Studies.
Worse, women tend to turn up their nose at non-elite potential husbands. The guy who works in a trade is NOT favored (although he could, with his greater earnings, retire her debt earlier, making forming a family at an earlier point possible).
Women are woefully ignorant of the Baby-Making Window of Time. I do thank God that my daughter married and started a family while very young. She was able to squeeze in 2 additional children (one came with the marriage), finish her degree, and get back to work while still young. Her income was needed, as her husband is a disabled vet, who's had 2 bouts of cancer. His income alone would make their life a real squeeze.
My son was able to wait until his late 30's to start a family. No, it's not "fair" for women, but it is reality.
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