$$ STUDENT LOAN CRISIS $$
[Please note correction below]
Nobody is listening as long as: Sallie Mae is making billions, For-profit sharks (including every accredited higher education facility) are making billions. The Government is not only ignoring this crisis and subsidizing these loan sharks, but are literally supporting and endorsing high interest and inflated tuition rates – with no real progressive change in sight. Has this country strayed so far from seeing a future, let alone protecting it?
How can we say that education is the key to our children’s future when they are forced into bankruptcy from student debt (Note: Student loans are protected FROM bankruptcy, no relief there) and cannot obtain jobs in their graduating field (Many because of for-profit non-accredited schools offering the “cheaper” and “more accessible” college solution, only to be 2-3 times more expensive, offering worthless paper “degrees”).
And take note below: No SSI and No Medicare is available until paid off……surprise!!!
CORRECTION: My apologies to my fellow bloggers. This has come to my attention (Thank you BB) that I may not have done my due diligence on this issue: Regarding SS:
Sadly, this seems to be the tip of the iceberg. Recent research from the Federal Reserve Bank of New Yorkshows that more than 6 million Americans 50-plus are still paying off student loans. In the third quarter of 2011, about 17 percent were late or delinquent on their payments.
If they don’t find a way to pay that debt before they claim Social Security retirement benefit, they could be facing cuts as high as 15 percent, or $190 from a benefit of $1,234. Recipients who collect $750 a month or less won’t be docked, according to the SmartMoney report.
These are our future home owners, tax payers and
producers of future generations.
Lowering the interest rate is only a band aid on the mortal wound we have blindly allowed this and future generations to bleed from.