Over the last decade, the federal student loan segment experienced an explosion in growth.
As the cost of college soars, the result is a widening default crisis that even Fed Chairman Jerome Powell recently warned:Burgeoning levels of student loan debt could slow down economic growth over time.
Millennials have frantically tapped into student loans, up almost 157% in cumulative growth over the decade. By comparison, Bloomberg notes that auto debt has grown by 52% while mortgage and credit card debt fell by 1%. Student Loans Owned and Securitized, Outstanding has breached the $1.5 trillion level under the Trump administration, making it the second largest household debt segment among all Americans, after mortgages.
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7 comments:
My generation based success or failure on the choices we made.College is a choice.
So when the loan goes to default then the degree should be voided.
But today's society says you need a degree to be successful. Today's bosses have degrees and expect (private industry and govt jobs) those coming in to resemble themselves - thus a degree can be required. THEN those bosses want folks with degrees from their graduating college.
You can imagine how this gets out of hand and makes the job environment very unsteady. More than just degree debt going on, there are no good paying jobs here on the eastern shore!
Getting a student loan was too easy under Obama administration not Trump. Slot of these student loans were used for other purposes such as weddings; vacations; Cars etc not on college expenses. Now they don't want to repay. Have good jobs and good money but feel the college loan was owed to them. Amazing.
Some jobs pay college tuition if they have confidence in the employee.
i know many people who pay more every month in college loans than they pay for their mortgage or rent.
@7:46..my daughter graduated from salisbury university and now works for them,they are paying for her to get her masters degree, and she gets paid WAY toooooooooooooo much already for what she does. I expect that after she gets her masters degree next year they will pay her even more for what she does because she`ll have a masters degree, and guess who is paying for all that? that`s right the the fools who are taking out all those student loans to attend salisbury university.she`s already making almost 6 digit`s in pay and benefits,and after she gets her masters she`ll easily be making 6 digits in pay and another $60,000 to $80,000 in benefits.colleges and universities are making as much as insurance companies are. they are both making a ton of profits.
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