Thursday, September 3, 2009

I know you're ALL shocked by this . . .

 
"Oh, gee, honey . . . What a surprise!"


The Wall Street Journal put out an article that states, "Students are borrowing dramatically more to pay for college, accelerating a trend that has wide-ranging implications for a generation of young people."

Ahem. Shocking to all of us, right?

Here are my questions:

a) why is deputy undersecretary of the Education Department, Robert Shiremen so surprised?
and . . .
b) what is the Department of Education doing to protect students from predatory lenders and this serious lending problem?

5 comments:

Anonymous said...

Yeah! They are fully aware of the problem and the extent to which our educated with loans are SUFFERING!! DUE TO THE INTEREST ON COLLEGE LOANS, IF IT IS A LARGE LOAN YOU CAN NEVER PAY IT OFF IN AN HONEST WAY. Too bad we chose to make a living honestly as psychologists, nurses, doctors, etc. Maybe future young people should be advised to become hookers, drug dealers, or just take a minumum wage job so that they will be better off then the college educated are TODAY!!!! WHY DOES AMERICA PUNISH ITS EDUCATED?? WHY DOES AMERICA REWARD LAZY PEOPLE WITH "MEDICAID, FOOD STAMPS, HUD, AND SOCIAL SECURITY". HELL, being in the counseling field I have seen THOUSANDS of children with ONLY ADHD get social security every month. Those parents with food stamps, SSI, and Medicaid are BETTER OFF THEN ME!!!! WHAT THE HELL !!!!!!!!!!!!!!!!!!!!!!!!!!!

John said...

Why do I need someone to protect me from my decision to take a loan? No one forced me to do that. I have other choices. We all do. Take a part time job; go to a less expensive school. Don't go to college; learn a trade instead.

Who said loan companies are predatory? The lending business is so highly regulated that there is virtually little profit in it. Ninety percent of the loans are Stafford or Parent PLUS loans, backed and regulated by guess who? The Federal government! Perhaps people should not go into debt to major in art, psychology, social work or other low paying careers. And perhaps if they didn't default on student loans at such a high rate, the interest would be lower for others. The whiners complaining on this blog and elsewhere on the internet have no one to blame but themselves. It was their decisions that led them to their current circumstances. The world does not owe them a college education or anything else. You earn it yourself. It's a tough world out there, but get used to it because it won't get any easier. - A college financial planner.

C. Cryn Johannsen said...

John - please read my blog and the links I've posted about this crisis. I think you could use an education on these matters. But thanks for the presumptuous, knee-jerk reaction.

Rob Applebaum said...

Your unsurprising, predictable opinions have been duly noted, Mr. COLLEGE FINANCIAL PLANNER

Leni Ellwein said...

To the college planner- I wish there has been a college planner when I attended college. If you had advised me, I would have traded what you termed as my "low income profession" as a social worker for working on a hedge fund for Lehman Brothers....oh...wait a minute...didn't they close?

I think the predatory lending practices need to stop, not people choosing a career in public service because they want to contribute to their community and their country.