And I bet I don’t get any benefit from it either…
Student loan debts crush an entire generation
Hyped like subprime mortgages, school loans now run to hundreds of billions with no relief in sight
http://www.salon.com/2011/10/20/student_loan_debts_crush_an_entire_generation/singleton/
I have been out of school now for over 15 years but because of lots of financial difficulties (resulting in capitalization of the unpaid interest) I have barely made a dent in my student loans and will (barring winning the lotto) be making payments for the next 15-20 years (at, btw, over $500 a month with record low interest rates (I currently owe something on the order of $55K)). Since I have means, my debt will eventually get paid, but exactly like the Fannie/Freddy mortgage mess, the US taxpayer is on the hook to pay back the majority of the debt (I am sure that the article is off by three orders of magnitude; the collective debt isn’t a billion, it is a trillion) and at some point people are going to have to wake up to the realization that most of this debt, just like the mortgage issue (where, at least part of the debt can be recovered because of the house as security) will never get paid. It seems to me that the earlier article I sent that talked about wiping out debt for the 99% really makes sense if we ever want to return to a vibrant economy in our life times. Sure, there are some snags that have to be worked out, but think of all the money now pumped into the economy!
