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Senior citizens owe over 18 billion in student loan debt.

Mai72

Mai72

Lifer
http://www.cbsnews.com/news/more-seniors-on-hook-for-student-loans/

http://www.cbc.ca/news/business/u-s-senior-citizens-owe-18-billion-in-student-loans-1.2763377

http://www.cbc.ca/news/business/u-s-senior-citizens-owe-18-billion-in-student-loans-1.2763377

Among Americans ages 65 to 74, 4 percent in 2010 carried federal student loan debt, up from 1 percent six years earlier, according to a Government Accountability Office report released Wednesday at a Senate Aging Committee hearing. For all seniors, the collective amount of student loan debt grew from about $2.8 billion in 2005 to about $18.2 billion last year.
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Awful. We are giving loans out to everybody and everyone. We are going to have people who aren't going to be able to pay back their loans. I can't imagine being 60 plus and saddled with student loans.
 
"Four percent of people ages 65 to 74 carried student loan debt, up from 1 percent six years earlier," That would mean quite a few people, 3% or so, in their late 60's and early 70's are going back to school. Something doesn't sound right there.
 
There's also this question- "How much money do you want to owe when you die?"

For some, the correct answer is "As much as possible."

Therefore...
 
PliotronX said:
Those poor souls taken advantage of by useless youth.
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Never said that. The problem isn't the loans, it's that loans are needed because there are loans. Unfettered lending without true credit risk leads to bubbles. Tuition is in a bubble. Since nobody gives a shit there is a bubble they just lend unlimited amounts and shackle people with unnecessary debt.
 
Mai72 said:
Awful. We are giving loans out to everybody and everyone. We are going to have people who aren't going to be able to pay back their loans. I can't imagine being 60 plus and saddled with student loans.
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That's nothing. The real avalanche will start in about 20 years when today's forty-somethings become sixty-somethings.

Because we, as a society, tried to solve our economic and social problems with the fairy-tale notion that higher education would create solid middle class jobs for all college graudates (as opposed to addressing actual economic issues like wealth inequality, mass immigration, and foreign outsourcing), and because we disconnected higher education funding (supply of college graduates in various fields) from market forces (businesses' demand for those graduates), we have produced huge oversupplies of college graduates that were unable to obtain returns-on-investments, thus carrying student loan debt into old age. Many people will die with their student loan debts.

Gosh, that sounds like the title for a bad movie: "He Died Wearing His Student Loan Debt."
 
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WhipperSnapper said:
That's nothing. The real avalanche will start in about 20 years when today's forty-somethings become sixty-somethings.

Because we, as a society, tried to solve our economic and social problems with the fairy-tale notion that higher education would create solid middle class jobs for all college graudates, and because we disconnected higher education funding (supply of college graduates in various fields) from market forces (businesses' demand for those graduates), we have produced huge oversupplies of college graduates that were unable to obtain returns-on-investments, thus carrying student loan debt into old age. Many people will die with their student loan debts.

Gosh, that sounds like the title for a bad movie: "He Died Wearing His Student Loan Debt."
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It's just a way to forestall the inevitable realization that there aren't enough jobs & that there probably won't be anytime RSN.

That's because of automation & offshoring. If the job creators wanted everybody to work, then there'd be work for everybody. They don't, but they want us to think that joblessness is some sort of moral failing so they can deny the effects of their own greed.
 
Jhhnn said:
It's just a way to forestall the inevitable realization that there aren't enough jobs & that there probably won't be anytime RSN.

That's because of automation & offshoring. If the job creators wanted everybody to work, then there'd be work for everybody. They don't, but they want us to think that joblessness is some sort of moral failing so they can deny the effects of their own greed.
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And you wonder why people call you a Marxist.....
 
Matt1970 said:
And you wonder why people call you a Marxist.....
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You don't think it's true?

Do you think Waltons give a shit about treating their employees like garbage and offshoring most of their goods to drive down costs?

Do you think Zuckerberg gives a shit about all of the illegal aliens flowing in?

Do you think Gates does?

Do you think Cook cares about the fact that making the iphone here in the US would cost $10 more per phone?


Do you think any one of these fucks thinks about the feedback loop they've put this country into. The fact that lower paying jobs results in the need for lower costing goods which results in less/lower paying jobs?

Do you think any hedge fund managers really give a shit?

This feedback loop is something nobody in the top 20% gives a shit about. They just want to keep circling the shitter.

They get theirs through favorable tax treatments, offshoring of their wealth and short-term compensation. The best laws money can buy.

Look at Germany. Better unemployment, better social structure, a manufacturing/engineering economy the envy of the world. What is the #1 policy they pursue, in all aspects of the economy? Germany is #1. Mittlestand. Middle class is #1. Manufacturing and local/small businesses #1. And now, what is their position?
 
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LegendKiller said:
This feedback loop is something nobody in the top 20% gives a shit about. They just want to keep circling the shitter.
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I'm not sure I'd make that attribution to the top 20%, but certainly to the top .1%. I'll agree with the rest of it.

At some point or another, it's not about money, possessions or lifestyle but rather about power. Money is just a way of keeping score & gaining more power.
 
Take their SS.

Dont laugh because they can take some of the SS to pay debts. It actually happens.

On a side note, after the last economic crash a lot of older people were forced to retrain to change carreers. That costs money.
 
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LegendKiller said:
You don't think it's true?

Do you think Waltons give a shit about treating their employees like garbage and offshoring most of their goods to drive down costs?

Do you think Zuckerberg gives a shit about all of the illegal aliens flowing in?

Do you think Gates does?

Do you think Cook cares about the fact that making the iphone here in the US would cost $10 more per phone?


Do you think any one of these fucks thinks about the feedback loop they've put this country into. The fact that lower paying jobs results in the need for lower costing goods which results in less/lower paying jobs?

Do you think any hedge fund managers really give a shit?

This feedback loop is something nobody in the top 20% gives a shit about. They just want to keep circling the shitter.

They get theirs through favorable tax treatments, offshoring of their wealth and short-term compensation. The best laws money can buy.

Look at Germany. Better unemployment, better social structure, a manufacturing/engineering economy the envy of the world. What is the #1 policy they pursue, in all aspects of the economy? Germany is #1. Mittlestand. Middle class is #1. Manufacturing and local/small businesses #1. And now, what is their position?
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You hit the nail on the head.

 
LegendKiller said:
You don't think it's true?

Do you think Waltons give a shit about treating their employees like garbage and offshoring most of their goods to drive down costs?

Do you think Zuckerberg gives a shit about all of the illegal aliens flowing in?

Do you think Gates does?

Do you think Cook cares about the fact that making the iphone here in the US would cost $10 more per phone?


Do you think any one of these fucks thinks about the feedback loop they've put this country into. The fact that lower paying jobs results in the need for lower costing goods which results in less/lower paying jobs?

Do you think any hedge fund managers really give a shit?

This feedback loop is something nobody in the top 20% gives a shit about. They just want to keep circling the shitter.

They get theirs through favorable tax treatments, offshoring of their wealth and short-term compensation. The best laws money can buy.

Look at Germany. Better unemployment, better social structure, a manufacturing/engineering economy the envy of the world. What is the #1 policy they pursue, in all aspects of the economy? Germany is #1. Mittlestand. Middle class is #1. Manufacturing and local/small businesses #1. And now, what is their position?
Click to expand...

You are right. All people ever start businesses for is to oppress the workers. As soon as they start that business they become soulless creatures out to squeeze every nickel out of their employees and watch them suffer. If things are so much better in Germany, then move there.
 
Student Loan Debt Burdens More Than Just Young People
More than 80 percent of the outstanding balances are from seniors who financed their own education, the G.A.O. report concluded, and only 18 percent were attributed to loans used to finance the studies of a spouse, child or grandchild.

But the default rate for these loans is 31 percent — a rate that is double that of the default rate for loans taken out by borrowers between the ages of 25 and 49 years old, according to agency data.
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Do I understand this correctly. Government makes loan program to 'help' people. Some people end up indebted for life often because a child or grandchild has defaulted on a debt.

And people on this board want to blame that on the Waltons, Zukerberg, Gates, and Cook?

Interesting.

Uno
 
piasabird said:
Take their SS.

Dont laugh because they can take some of the SS to pay debts. It actually happens.

On a side note, after the last economic crash a lot of older people were forced to retrain to change carreers. That costs money.
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a better idea: let's stop sending $4 billion plus evry year to israel and use that money to fix our own country. that $4 billion plus the billions we give them in military aid can fix our country's infrastructure, social security, social services, and put a huge dent in our deficit.
 
SandEagle said:
a better idea: let's stop sending $4 billion plus evry year to israel and use that money to fix our own country. that $4 billion plus the billions we give them in military aid can fix our country's infrastructure, social security, social services, and put a huge dent in our deficit.
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That's the same amount we send to Palestine. Why no mention of that?
 
Matt1970 said:
You are right. All people ever start businesses for is to oppress the workers. As soon as they start that business they become soulless creatures out to squeeze every nickel out of their employees and watch them suffer. If things are so much better in Germany, then move there.
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Love it or leave it is an attitude of the knuckle draggers and the people who have bought into the bullshit peddled by the uber wealthy.

We can do better and we should strive to. That includes leveling the playing field a little, not a lot, but a little.
 
LegendKiller said:
Love it or leave it is an attitude of the knuckle draggers and the people who have bought into the bullshit peddled by the uber wealthy.

We can do better and we should strive to. That includes leveling the playing field a little, not a lot, but a little.
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And the people who constantly say "look at what Germany has" usually don't understand the measures they have in place to protect their way of life like 19% sales tax, 30% tariffs and an income tax system that basically leaves everyone paying at least something. You want more guaranteed outcomes? It starts with opening your wallet.
 
Matt1970 said:
And the people who constantly say "look at what Germany has" usually don't understand the measures they have in place to protect their way of life like 19% sales tax, 30% tariffs and an income tax system that basically leaves everyone paying at least something. You want more guaranteed outcomes? It starts with opening your wallet.
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Links?
 
Matt1970 said:
And the people who constantly say "look at what Germany has" usually don't understand the measures they have in place to protect their way of life like 19% sales tax, 30% tariffs and an income tax system that basically leaves everyone paying at least something. You want more guaranteed outcomes? It starts with opening your wallet.
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It also comes at a lower, but far more stable, growth in GDP. Quality of life is far better. So is their income and wealth distribution.

I understand perfectly what Germany has, I went there twice before college, spent almost 6 years at a German investment bank, working closely with people all over Germany and Italy. I managed several Mittlestand financings and dealt with a lot of people in the Daimler Benz and BMW headquarters.
 
LegendKiller said:
It also comes at a lower, but far more stable, growth in GDP. Quality of life is far better. So is their income and wealth distribution.

I understand perfectly what Germany has, I went there twice before college, spent almost 6 years at a German investment bank, working closely with people all over Germany and Italy. I managed several Mittlestand financings and dealt with a lot of people in the Daimler Benz and BMW headquarters.
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Ok, so you know the things they have put in place to protect themselves. Which ones of their plans and policies do you want to see us lean towards? I highly doubt people are going to go for a 19% sales tax here and there very well could be riots in the streets when people see what the higher tariffs would do to the price of the iPhones and x-box.
 
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