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Golly, Gosh and Gee....what can we do to help these poor over-educated but financially inept College and University graduates who signed their names (not yours and not mine)....on the "dotted line".
I know....I know...we can follow our "Messaih's" wishes and email, write or call (or do all three) our Congressperson (P.S.) or Senator asking them to give "student loan amnesty" to all of these graduates.
What's another.... TRILLION DOLLARS......added on to a ....$15 TRILLION DOLLAR DEFICIT.
Think of all the happy students who would be voting for their "MESSIAH"....in gratitude.
Everyone talks about healthcare costs outpacing inflation. Post-secondary education has outpaced healthcare! Schools are paid through government-backed loans. If the student can't earn what they were led to believe, the government collects the debt. The collection can last all the way into retirement, with your Soc. Sec. garnished.
No other debtor can garnish Soc. Sec. Basically we converted retirement insurance into educator payola.
This leaves educators with virtually no skin in the game. They can overhype and over charge for education. They consume the maximum government-guaranteed benefit. And then, when the credentials don't have the expected earning power, the educators have virtually no downside risk. They have the money. The government (aka Society) will act as the collection agency for *decades*, ultimately seizing Social Security benefits which were intended to prevent the individual from becoming a burden on society.
Educators say it's "just a free market. If an individual doesn't want the risk, they can choose not to attend college." It's hardly a "free market" when society guarantees your loans. I.e., if educators stood to loose money when students discover their credentials are worth less than the educators stipulated, maybe educators would be more cautious about who they loan to.
In a free market of "willing buyers and sellers" you don't have society stepping in backing your loans to customers.
lol. If you are a couple of 30 year-old college grads, both working, and your income is only $3k/month, you made some really bad choices for a field of study.
Or you are part of an Obama economy and working at Home Depot.
What a worthless study, I am sure there is no agenda behind it at all-oh wait there is, read the last sentence of the article.
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