Rantings and tirades of a frustrated economist.
I paid my part of my son's loans off. Should I warn the Ex?Nah.
This will be the next big government plan.They'll try and turn this into an issue that can only be solved by government fiat.
The snake is eatting its own tail now
I don't know what's more idiotic - signing for your grandkids' loan or still having an outstanding loan from your undergraduate years 40 years before.
Frankly I still cannot fathom why it is perfectly acceptable for one to discharge their debts when they indebt themselves to buy a house they can't afford with ARMs or stuff they can't afford with Credit Cards....but attempting to improve one's education or skills...oh no can't have that.You can buy all the crap you don't need and declare bankruptcy and have it written-off, but can't do it if you are trying to better yourself.
If you can't be bothered to look up the job prospects of your or your progeny's chosen field, you deserve the hit to the bank account.As an aside, I found 'Worthless' from 3 different search results inside of a 1/2 hour. There is no excuse.
Jay is exactly correct on this matter. I may hate lawyers with a fiery passion, but I follow those law school scam blogs closely (they're very indicative of the future of higher education for everybody, not just law students) and their stories are extremely sad. A bunch of kids who got lied to their entire lives (lawyers are rich, successful, etc.) and in a lot of cases got caught up in the vicious cycle of 'told all degrees are worthwhile, majored in liberal arts crap, couldn't get a job, law school only real exit strategy they see.' Then at the end they're exactly where they were before, only now they're even deeper in debt.Normal people don't understand the consequences of $150,000 in debt, they don't understand how powerful and how cruel (depending on which side you're standing) compound interest can be. They see $150,000, which is a lot but could be reasonably paid down while making $40,000 within 10 years. They don't see the $1800 a month payments, they don't see being unable to afford marriage, kids, a home, or hell, even a car in some cases.You don't have to be a bleeding heart commie crying about how unfair it is that we expect people to work to think that maybe having 18-25 year-olds destroying their entire lives because they studied the wrong thing in college is a problem.
Expect the McDonald's job applicant list to go through the roof as these pissed off old farts kick their useless spawn off their couches and start demanding their money back
Let's take this to it's inevitable ocnclusion.1, Uproar2. Blamestorming3. Calls for the Governemnt to do SOMETHING!4. The bankers are to blame5. More regulations on the banks6. Tougher to get student loans7. Uproarlather rinse repeat
Oh man just reading that made me feel good.Can they start adding taxe- Oh, sorry, I mean "penalties" on Medicare for outstanding student loans too?How about if the government deducted a penny from your monthly SS every time grandma forwarded a politically-charged chain email?Think of the revenue!
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