One important difference between the housing bubble and the student loan bubble is that "loan forgiveness" after N years (or a lot fewer for gov't "service") for people saddled with this debt is one hell of a lot easier to sell politically than direct bankster bailouts.

What they don't tell us is that "loan forgiveness" is actually just forcing the taxpayer to eat the costs of subsidizing the education industry, which is just another voracious feeder at the public trough and a perennial major political contributor. A side benefit is that those whose loans are forgiven will be even more inclined to support ever bigger and more powerful gov't.

... assuming the "loan forgiveness" actually materializes.

Too, they are manipulating the payment terms to conduct more social engineering. More evil.

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Wife worked PT, but doesn't now. She now lives with boyfriend of two years

Is it your wife living with her boyfriend, or your daughter???

Hmmm. Bad paragraph structure - daughter lives with boyfriend, wife is kept at our house.

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My Dad in his prime pulled in 100k+ at an independent shop and at BMW, he is a master tech (20+yrs or whatever)
He also has nearly every school in the book and has had $800,000+ years worth of repairs.
Although, he decided to leave the dealer scene and has decided, recently, to hang up his wrench, if you will. He has basically said that the industry is turning into complete crap. Also with the economy,

It's the new mode of operation with global (illegals/H1Bs) wage arbitration. Students in the US are stuck with huge loans and low wages.

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I graduated from UTI (three years ago) with 3.8gpa, 95% attendence, etc.., have 6 ASEs but little in shop experience and was offered $10 to start at a MINI dealership, $10!
Was also offered $12 to start at a Subaru/ VW dealership and $13 at Firestone.

With higher taxes (sales and property) there isn't much left.

Reality is that the Federal Student Loan Administration considers that Parents are responsible for paying for their children's education. So Gen, your daughter will not be able to fill out a FASFA without your information on it. The only way she wouldn't need your info was if she didn't need any aid or if she had your parental rights terminated.

I know this because my son is a College Sophomore and he wants to get married. He attempted to fill out a FASFA for himself for the 2012-2013 year and he can't because he is not considered Independent from us. He's going to have to wait and fill it out after he gets married because I'm not helping with his Fall Semester if he's a Married Adult. I had to read up on all of the legalities of the FSAFA process.

Oh and Belmont, yeah my oldest dropped out his Jr. Year because he was supposed to go on tour. Promoter was scamming his band completely. Course I told him the whole thing didn't sound right. So too am paying off some Belmont loans myself. I know Flame Away!!

My other kids are all going to Community College for 2 years and then transferring In-State somewhere providing the Ponzi hasn't collapsed yet.

My parents gave me a free ride through college (95-99). Tuition, rent, food, credit card, etc. They could afford it and wanted me to have the opportunities they had. Well, that world doesn't exist anymore. College was a joke. As a recent graduate put it "You go through college with high expectations. Then you graduate and get a reality check."

I read the struggles of so many people. College is a scam for most. I'm fortunate because I had a free ride. I never had to apply for a loan. In different circumstances, I'd have a $30K noose around my neck. No way I'd do that now. I know the utter worthlessness of a piece of paper. Racking on debt to go to college is a bad choice for 97%+ of those who choose it. Your better off day trading. Not much better off, but a little.

I've paid $50K/yr for 4.5 yrs for one who should graduate soon, started paying $60K/yr last year for another who has 3 years to go, and have one more planning to start next year. No FASFA, no loans, and no mercy on this post tax expense. The schools nickle and dime over everything possible and hire students who cold call me during dinner to raise donations. Thats my reality.

We filled out the FASFA form, but didn't qualify. She did get a grant of $500 per semester from a Jewish organization of some kind for a year.

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Reality is that the Federal Student Loan Administration considers that Parents are responsible for paying for their children's education. So Gen, your daughter will not be able to fill out a FASFA without your information on it. The only way she wouldn't need your info was if she didn't need any aid or if she had your parental rights terminated.

I know that. This means she won't file one because I won't sign it or provide any of the requested information. They have no legal right to it and I don't give a **** what the FSLA thinks.

@ Stemmit Can u afford it?

Sallie May needs to be abolished.

I dropped out and stopped trying to complete my degree when I found I knew more than my professor (enginnering, moonlighting from gm, explains the auto cos.)

That was before MIT and others have college courses on the internet - iTunes U?

Plus a lot of 'skilled trade' skills. Makers. Anything and everything on computer sci.

My only sheepskin is the one I sit on for comfort, but it is worht more than those others as mine is useful

And at the same time, you've got parents whose one kid is getting a full scholarship to an Ivy League MD/PHd program, and another a free ride at Annapolis Naval Academy. And guess where the primary wage earner for those kids works (and how much he/she makes in any given year)?

Frank
It sucks to pay so much. I give my kids the best that I can but can only imagine how much many others have to suffer financially to do so.

Goforbroke
The few apparent exceptions to the problem that you mention require reading the fine print. Military academies get payback with 'time served' and MD/PhD students payback with very demanding work on government grants of 'the advisor' for 5-6 years at minimal pay. The real exception is Unicorn U., if you can find it. Go broke and elite schools are free but getting in is like winning the lotto even for bright, hard-working and productive kids.

I'd like to know where these entry level jobs are that pay $50,000. That's good money here in FL for a family income.

$32,000 jobs require prior experience.

Maybe engineering IF you are up north somewhere.

Today it's more like earn $32,000 with $40,000 in debt. Not gonna work. I'm glad my kids are little and all of this will play out before I have to worry about their college options.

FL lawmakers are proposing to jack tuition by another 15% to help balance the state budget.

The bottom is getting closer to falling out on Eds and Meds.

High ACT score + academic scholarship + RA job = both my sons making a profit at college.

I partied away a baseball scholarship and my wife was full academic scholarship undergrad and then grad school partial scholarship and fellowship and $20K in debt.

She earned a overall gpa in GS of 4.0 with 2 kids under 3 and me :). It's good to see our kids got her genes...

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I'd like to know where these entry level jobs are that pay $50,000. That's good money here in FL for a family income.

$32,000 jobs require prior experience.

This is why getting an internship or co-op while in undergrad will help put you ahead of everyone else.

"This is why getting an internship or co-op while in undergrad will help put you ahead of everyone else."

No one should tolerate, for one second, 'Working' for free as an intern. It's just a scam to rip-off the young and bright and turn an infinite profit on their time and youthful energy.

It's just neo-feudalism.

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No one should tolerate, for one second, 'Working' for free as an intern. It's just a scam to rip-off the young and bright and turn an infinite profit on their time and youthful energy.

Absolutely -- you'll notice I didn't advocate working for free. ;)

If you play your cards right, getting an internship or co-op with a big company can frequently result in a good paying job while you are in the program, and if you are qualified, a good job upon graduation.

Attempting to make it even better, there's a new bill in TN...I'm not sure why they specifically chose teachers in that paragraph, as it appears to deal with any trade that must be licensed.

So now, if you default on your student debt, they'd prefer you actually stop working until you pay the debt.

http://www.wmctv.com/story/16664241/stud....

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MEMPHIS, TN -
(WMC-TV) - A new bill making its way through the Tennessee House could put some jobs in jeopardy if you have outstanding student loans.

The Tennessee House voted in favor of Bill 740 Thursday. The bill would revoke, suspend, or deny a state license to teachers who default on federal and state-issued student loans.

http://www.capitol.tn.gov/Bills/107/Bill....

"The bill would revoke, suspend, or deny a state license to teachers who default on federal and state-issued student loans."

This is feudalism, pure and simple.

Johnny
Top schools do not give academic scholarships. All kids were top at HS and aid is means based. These schools claim 'means blind' admissions but few poor kids attend.

Pulling licensing now? Oh that's cute.

http://www.wral.com/news/education/story....

NC campuses looking to raise tuition again.


NCSU historic tuition:
http://www2.acs.ncsu.edu/upa/otherdata/g....

I find it amazing that parents think it is their responsibility to pay their child's college tuition. There's a psyops job.

I went when I could afford it; took 8 years but no debt.

I just shake my head in amazement at all this debt....
a mortgage against your future....hard to comprehend