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||09-30-2012 10:02 AM
Deadbeat College Students Defaulting In Droves
Everyone loves to blame poor people for our financial problems. The housing bubble was due to too many loans to poor people, the 47% riding the govt gravy train, etc..
But little is mentioned about how the 'smarter' folks can't pay their bills.
And while it is impossible using historical data to extrapolate with precision what the current consolidated federal student loan default rate is, we do know that there is now $914 billion in federal student loans (which also was mysteriously revised over 50% higher by the Fed just a month ago). Using simple inference, all else equal (and all else has certainly deteriorated), there is now at least $122 billion in federal student loan defaults. And surging every day.
Ladies and gentlemen: meet the new subprime.
Stupid idiots push college like it's the only way for a country to advance.
How about on the job training, like normal people do?
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