Friday, November 01, 2019

Blame the Universities, Not "the Bankers" for the Student Loan Crisis

A QOTD here from the Older Brother comments section:

"It's interesting how these greedy millennials screaming for bailouts never EVER blame the schools for this problem.

It's the bankers' fault (even though they don't do college loans anymore)

It's the fault of white men

It's the fault of the government not taking action

It's the fault of patriarchy

Blah blah blah.
If they want to blame someone else then why not blame the universities, you know, the ones that are taking the money?
Sue their high school guidance counselors for encouraging them to attend college WITH NO PREDETERMINED MAJOR."

But Millennials and now Gen Z'ers have been brainwashed to be incapable of critical thinking.  So this won't happen.  Regardless, I did post this video before, but if you have not watched it, it's worth watching and ESPECIALLY sharing with any young person who's contemplating attending college.


Unknown said...

I've had the opinion for awhile that if we wanted to fix the student loan crisis we should get the federal government out of the loan buissness and make all newly issued loans defaultable.

Joe in PNG said...

College is just after Social Security as for being one of the biggest scams in history.

Maniac said...

I was tied down for over a decade paying my tuition bills, but that was because I chose a stupid major. I didn't expect to be bailed out, and I don't want my tax dollars to go towards bailing out these entitled Marxist assholes.

Anonymous said...

There is Skillshare, LinkedIn learning, and online learning programs that cost half the price of university tuition. I have seen so many advertisements for online business programs to counteract the university scam. I think more people are considering dropping out or not attending college because the debt crisis affected many millennials.

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Jaunty K said...

I am in the real estate loan business. Most people dont realize THOUSANDS of companies are built around fannie mae and freddie mac buying up all the real estate loans. Very few lenders actually "service" the loans themselves and almost all of them are ultimately bought by the government. The few that do service the loans and keep them in their own portfolio are not the most competitive rates at any given point, in fact theyre usually 1-3% higher than the rates everyone else is giving out.

The reason I bring up this parallel is because another commenter said the government should get out of the loan business. I agree, but student loans, real estate loans, even private loans will all dry up and collapse overnight. And with it, the entire industries built around the government funding real estate and college education and ultimately, the too big to fail banks. Hundreds of thousands of employees will be displaced and without income literally overnight. Mortgages would probably go up to 6%+ interest rates we had in the past instead of the 3.5% many people are getting today. Who knows what it will do to student loan interest rates. Very few people would get a student loan if they had to pay 6-8% on it.