Will this be the next BIG bail out ????? Will this be the next BIG bail out ?????
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    Will this be the next BIG bail out ?????
from DaveT  
7/20/2012 4:31:05 PM

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http://chronicle.com/article/Boom-in-Private-Student-Loans/133069/?cid=at&utm_source=at&utm_medium=en


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   It's a big mess from Skipper  7/20/2012 10:38:01 PM
 An 18 year old fresh out of high school is not capable of understanding the ramifications of borrowing $100,000+ and that is exactly what's happened here.


Make no mistake, the colleges love it because they love money and want all they can get ahold of. If they can get $150,000 out of a kid in 5 years and the kid end up with a loan for that amount the college is lark happy.


It's still happening today more so given the soft economy and the fact that high school graduates don't have as many opportunities to go to work so they choose school. Why not? Someone convinced them it could be paid for on credit. Rent an apartment, buy a car, pay tuition, and get an education.


Reality sets in when they graduate, get an entry level $35,000 job and look at an $800/month college loan payment not counting rent, car payment, and other bills.


   It will, but not for the reasons most think from JohnM  7/21/2012 8:03:08 AM
  http://www.youtube.com/watch?v=0NwEFVUb-u0&feature=youtube_gdata_player


While
need more trade skills the DOE is busy closing them because most are "for profit". ABC ran a half.....make that a 1/4 true piece the other night on for profits. They left off tons of info.


The biggest reason colleges are so darn expensive is reporting and compliance. That's most any school even your local K-12. Try hiring the staff that understands the reams of regulations.


They will need to know business, education, state regulations for every state you do business in, federal regulations for everything your business touches. The HR side of it alone is a nightmare, not only do you have employees you have hundreds for small schools or thousands for large schools. How many parking tickets were issued on your campus last year? You damn sure better know and have it reported in a timely manner.


Then you have accrediting bodies. They ALL fall under DOE, not one of them are the same. NOT ONE OF THEM WILL ACCEPT OVER HALF THE CREDITS FROM THE OTHER, that's up too the schools which are run by a board of regents at the state level or a board at the private level. Both have to turn a profit to keep the doors open.


The deal with you need a 100K in debt to graduate, bulll##%%. My wife went to one of the most expensive undergrad private schools in our area, then a state school for grad, now a for profit for doctorate and still doesn't owe 100K.


My son took 6.5 years of partying to get his undergrad at three state schools. I cut him off two years ago. He owes 10 grand. My niece ....a single parent is a new RN doesn't owe a dime.


The story is mis leading and not telling about pell overpayments, students taking loans to pay rent with the intention of never graduating etc... The college is there to educate. If the DOE was doing what it was supposedly set up to do the same rules on placement for reciept of title IV Funding would be the same for all schools. Looked at a private non profit last night which reports 33%, if it were a for profit they would chain the doors. It's rated "medium" in effectiveness. Yeah another law, Gainful Employment"


Off my soapbox and I haven't even started on the waste of tax dollars on lack of articulation. #%^^*. The DOE and their supposed doing what's right for us!!! The people at the state level know what we need. That alone would drive tuition down.


   this will be drawfed by the government employee retirement deluge from MikeF  7/21/2012 9:33:50 AM
 All over the country at all levels of government millions of public sector workers are approaching retirement with huge pensions and benefits that for the most part are totally unfunded. A lot of government entities are already to the point where over half of their expenses are for retired employees. The rest are just around the corner.


Politicians have promised things they did not pay for and we can't afford. These employees are working 30 years and living 30 more making pretty much the same. Then you add to that the expense of the people hired to replace them and the system collapses under the financial weight.


   It is insane , Mike from Hutch #10968 #10968  7/21/2012 9:51:49 AM
  A judge ordered the City of Scranton to pay city union employees their full wages and benefits....... WHEN Scranton does not have the money to continue to pay them..... FULL WAGES AND BENEFITS.... Totally insane.... And gonna get worse....... They cannot use Obama's wish of taxing the rich more.............. cause the rich will just leave..... Hello Detroit and Camden and Trenton..... and (pick a city California) Hutch

http://www.myfoxphilly.com/story/18988049/pa-mayor-cuts-city-workers-pay-to-minimum-wage p>Edited 7/21/2012 10:55:30 AM


   Omg! from Brad  7/21/2012 12:22:55 PM
 A judge actually mandated that people get paid for their labor, why that's OUTRAGEOUS! Should be illegal! What the hell is this country coming to when you can't force public employees to work for less wages than their NEGOTIATED contact provides for--


IT'S TYRANNY I TELL YOU!! TYRANNY!


People are supposed to work for free just like YOU do!


Right???????


   uhhh dumbazz from Hutch #10968 #10968  7/21/2012 12:36:09 PM
 The point is ..... if you don't have the money you cannot pay it..... also your comments about union pension funds being underfunded for the first time in history because of manipulated stock prices is a LIE.... The union pensions became underfunded the day x number of people retired at a rate of over 50 percent of their salary and the funds went broke..... You cannot pay an ever increasing amount of union employees over 50 percent of their salary WHEN THEY RETIRE and have the retirement fund stay solvent........ PERIOD!! And that does not even include insurance benefits..... What a doofus...... Hutch


   Wheres your damn courts from JerseyBasser  7/21/2012 7:44:03 PM
 you covet so much and the liberal bastards that let me get gigged for over a 100 thousand dollars 4 years ago on money I was owed? Huh ?
So you only care about the public employee who has a contract with their government? There union ? Figures u dumbass.
I took mine to court,they told me go take a hike. So u,the liberal courts and your contracts can kiss my ass.


   money you were owed....? from Brad  7/21/2012 8:57:40 PM
 tell us more


   I'll get mine dangitman from GITTHENET  7/22/2012 10:47:10 AM
 Country and state be damned! There you has right there! The perfect liberal entitled mentality and from a citizen of a bankrupt state! It was negotiated I tell ya so I'm entitled even if the rest of you DAs from other states have to pay for it.


Now imagine the same at a federal level only borrowing $0.40 on every dollar from China and Japan. All the while under democrat control no budgets and more spending (Obamacare) and debt. But this idiot is entitled cause it was negotiated by a union who bought the politician with campaign funds.


But yet Obama thinks we should grow government even bigger even though government pensions rank in the top five budget expenditures. Idiots!



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