Student Loan Bubble Trouble


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As the linked article below reports today, “Banks wrote off $3 billion of student loan debt in the first two months of 2013—up more than 36% from the year-ago period, as many graduates remain jobless, underemployed or cash-strapped in a slow U.S. economic recovery …”

Imagine that! Are you shocked?! This is what happens when the government makes student loans easy money. Universities know they have access to the funds, so there is no pressure on them to keep tuition low. Tuition goes up, and students need to borrow more of that easy money.

And I’d love to see the stats on how much of this money was (and continues to be) used to get degrees ending in the word “Studies”—you know, the kind of useless degrees where jobs are few and far between and most of THOSE are at the universities where they are taught and the jobs are held by the professors that taught them!

The downward spiral will continue until we acknowledge that some people simply won’t be able to afford to repay the student loan debt they want to take on. We need to start telling them “No, you can’t borrow $100,000 to go study art history. That field’s income level isn’t sufficient to service that kind of debt load. Our economy doesn’t have sufficient opportunity for that field. So no, you can’t borrow $100,000.”

The spigot flowing of easy money needs to be turned off. We should only be making loans to people who are choosing career fields that we know will allow them to service their student loan debt load. Much like a home loan, if it’s abundantly clear an individual will NOT be able to repay the debt, he or she should NOT be allowed to borrow.

When the flow of easy money is turned down, it will put downward pressure on tuition costs. But nooooooooo … we couldn’t have THAT, now could we? After all, we need to keep paying liberal, progressive propaganda pushing professors $150,000 and more a year to teach college kids about putting condoms on cucumbers. Oh wait … that’s what they teach in kindergarten. In college, they teach, “How to use the vending machine to purchase a condom” and “How to pleasure oneself when a condom-using partner isn’t available and you don’t need to use the vending machine.” Now THOSE are the kinds of skills that our young people will need to compete with China, ay?

The fact is: ObeyMe’s “magic touch” strikes again. What was already of concern, the student loan program, went to hell once he Federalized the program. Like his investments in green energy, his failed stimulus spending, his “relentless” (yeah, right!) attack on reducing unemployment, his fiscal mismanagement that was going to cut the deficit in half in his first four years, and even his failed trip to Copenhagen to pitch Shitcago as a summer Olympics site … the student loan bubble is going to burst … BIG TIME.

Comrade Barack Hussein Obamavich (hmm, hmm, hmm) is a loser. The people who voted for him are low information losers, too.

References: Student loan write-offs hit $3 billion in first two months of year

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  • pgissme

    how can I get them to write off my student loan? its only 10k after all the interest and sell offs to collections

    • Greggie

      Did you vote for obumfuk? There’s your problem!

      • pgissme

        Whether or not I voted for Obama does not answer my question I live in Oklahoma which is a Republican state which did not carry Obama

        • Greggie

          My point exactly! You didn’t vote for him, the state didn’t carry him, so what part of his vindictive nature do you not understand?

  • Papio

    I paid student loan off long time ago. Sorry you are stuck and punishment for yourself. Figuring out yourself.