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One In Five Households Burdened By Student Debt, A Record

The Prof

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The share of American households affected by student debt has more than doubled in the last two decades, soaring from 9% in 1989 to a record of nearly one in five in 2010.

The 19% of households weighed down by school loans is higher even than 2007, when 15% owed money for their education, according to a Pew Research Center analysis of government data.

Young people are especially hard hit, as are poorer Americans. Among households headed by someone younger than age 35, four in 10 have student debt on the books.

For those with incomes in the lowest fifth nationwide, school loans are equal to nearly a quarter of income. The same group holds 13% of all student debt in the country, up from 11% in 2007.

But such debt is increasing for nearly every demographic in every economic category. Americans in 2007 owed an average of $23,349 — now they have to pay back $26,682.

Student loans now make up 5% of all debts, up from 3% five years ago.

Nearly 12% of people in their 40s have fallen behind on their student loan payments, according to the Federal Reserve Bank of New York. That percentage goes down to 9.1% for people in their 30s, 9.4% for those in their 50s and 9.5% for those older than 60.

One in five households burdened by student debt, a record - latimes

another wing of obama's majority coalition

too many of our kids are pursuing worthless degrees

Half of college grads can't find full-time jobs - CBS News
 
I don't think we can tag Obama with the problem but the cost of college and the student loan debt is a big problem. There is a huge profit incentive driving colleges these days. So many are expanding curriculums and building facilities like never before. The big universities are recruiting on value added services like expansive transportation systems, huge student health centers, state of the art dorms, athletic teams and facilities, food services, etc. What you don't offer just puts you behind in the recruiting game. The academic reputation doesn't seem to matter as much. You could go to the school with the more highly ranked business program but hey, they don't offer as much stuff.
 
I don't think we can tag Obama with the problem but the cost of college and the student loan debt is a big problem. There is a huge profit incentive driving colleges these days. So many are expanding curriculums and building facilities like never before. The big universities are recruiting on value added services like expansive transportation systems, huge student health centers, state of the art dorms, athletic teams and facilities, food services, etc. What you don't offer just puts you behind in the recruiting game. The academic reputation doesn't seem to matter as much. You could go to the school with the more highly ranked business program but hey, they don't offer as much stuff.

But, but, but, most colleges and universities are non-profits. *snickers*
 
The most important FACT here is for all this money our education acheivement or standing compared to all other countries is somewhere under the gutter. Our system turns out idiots as we continue to lower the standardas in order to keep the line moving. What a disgrace our education system is and alwaysa will be.
 
One in five households burdened by student debt, a record - latimes

another wing of obama's majority coalition

too many of our kids are pursuing worthless degrees

Half of college grads can't find full-time jobs - CBS News

This is one of the few current issues that I won't give an ounce of blame to Obama. The problem comes from people sucking at planning and responsibility, period.

To the students and recent college grads,
Quit expecting the red carpet to roll out to the door of your dream job the instant you graduate. You should have a prioritized list of desired employers at least 2 years before you graduate. From this list, you should be contacting the employers to express your interest in working for them, including internships. This allows you and the employer to both plan accordingly. You can make sure you're going to be too good for them to pass up, rather than just meeting their minimal requirements. If you or the employer don't think a position is likely to be reserved for you right after graduation then consider the next on your list as a start and keep in touch with the more desired employer. If you've already graduated, focus on getting "a relevant job" and not "the job". Don't waste time whining, because that will obviously make hiring you look undesirable.
 
  1. Figure out what jobs will help us stay competitive against the rest of the world
  2. Make a list of the degrees needed to fulfill those jobs
  3. Sick the penny pinchers on the colleges to curb wasteful spending
  4. Give anyone that can maintain decent grades a free education
  5. Enjoy a resurgence of high tech jobs and a stronger economy

Duh
 
It's not surprising. College education is great but way oversold as the "be all end all" of success. I've known more millionaires in La. that started as high school graduates than I can count due to hard work and natural curiosity and I've known plenty of college grads scratching to get to middle class. It's not about credentials as much as having a willingness to do what has to be done.

That said, a college degree is an advantage but one must be willing to apply things learned to use in the job market. A degree is no longer a golden ticket.
 
One in five households burdened by student debt, a record - latimes

another wing of obama's majority coalition

too many of our kids are pursuing worthless degrees

Half of college grads can't find full-time jobs - CBS News

I think there are many factors that play a role in this, A) it's not like students can pay upfront for their college education, B) their parents have been hit hard by this economy and C) a lot of these kids pursue useless degrees that have no real world application, and a lot of them go on to extend these degrees.

I have a liberal arts degree and that degree could apply to just about anything, and that is why I chose it.
 
It's not surprising. College education is great but way oversold as the "be all end all" of success. I've known more millionaires in La. that started as high school graduates than I can count due to hard work and natural curiosity and I've known plenty of college grads scratching to get to middle class. It's not about credentials as much as having a willingness to do what has to be done.

That said, a college degree is an advantage but one must be willing to apply things learned to use in the job market. A degree is no longer a golden ticket.

I absolutely agree. I believe college educations are overrated. There is nothing you cant learn on the internet that isn't taught in the classroom. Not to mention there is nothing wrong with being a blue collar worker - such as; a plumber, carpenter, machine operator, general construction, laying bricks as a mason etc... The only problem I have with trade jobs is the fact many force individuals into a union and I believe in "right to work."

To be honest with you, my degree has absolutely nothing to do with what I currently do for a living.
 
I absolutely agree. I believe college educations are overrated. There is nothing you cant learn on the internet that isn't taught in the classroom. Not to mention there is nothing wrong with being a blue collar worker - such as; a plumber, carpenter, machine operator, general construction, laying bricks as a mason etc... The only problem I have with trade jobs is the fact many force individuals into a union and I believe in "right to work."

To be honest with you, my degree has absolutely nothing to do with what I currently do for a living.
100% agree. Many of the "blue collar" jobs you described are 75K$+ per year and I agree that they shouldn't be forced unions. The thing I tell people is that if one takes college seriously it makes you "learn how to learn", and that is the secret, though some advanced degrees simply cannot be substituted outside of college(those aren't the bulk of the offerings though).

Some problems come about in specific fields where credentials are preferred such as computer science, physics, mathematics, etc. but for high paying IT jobs really it can be learned from books/internet and the certifications happen outside of university anyway.
 
100% agree. Many of the "blue collar" jobs you described are 75K$+ per year and I agree that they shouldn't be forced unions. The thing I tell people is that if one takes college seriously it makes you "learn how to learn", and that is the secret, though some advanced degrees simply cannot be substituted outside of college(those aren't the bulk of the offerings though).

Some problems come about in specific fields where credentials are preferred such as computer science, physics, mathematics, etc. but for high paying IT jobs really it can be learned from books/internet and the certifications happen outside of university anyway.

I have several cousins making big bucks at IT jobs and they don't have degrees - they were just computer nerds growing up and they learned everything they needed to know about computers because it was their hobby.... They didn't go to college, I suppose they had to pass the A+ certification exam but other than that they had no formal "classroom training" in computer science. They all make good money too 75-100k a year I suppose given their lifestyle...

Hell, I have one cousin that has a degree in physics and he works with a company that specializes in internet advertising - he actually works on popup ads...

So, I often find people who have degrees working in fields that have absolutely nothing to do with what they actually learned during their 2-6 or even 8 years in college. Another good example would be my mother - she has a liberal arts degree, but I suppose her situation is a bit different considering she was an well respected accountant for 30-years before she got her degree and only got the degree so she could take the next step up (CFO)... But it's not like a liberal arts degree has anything to do with financially managing companies.

So in my opinion I think degrees are more symbolic than anything else. I personally don't believe a degree proves much these days, there are plenty of intelligent individuals who are more than qualified for a position that don't have a degree and there are plenty of idiots who do have degrees who aren't qualified for the same position. So having a degree is more like a badge of honor or brownie points...

That's just the way I see it.
 
I have several cousins making big bucks at IT jobs and they don't have degrees - they were just computer nerds growing up and they learned everything they needed to know about computers because it was their hobby.... They didn't go to college, I suppose they had to pass the A+ certification exam but other than that they had no formal "classroom training" in computer science. They all make good money too 75-100k a year I suppose given their lifestyle...

Hell, I have one cousin that has a degree in physics and he works with a company that specializes in internet advertising - he actually works on popup ads...

So, I often find people who have degrees working in fields that have absolutely nothing to do with what they actually learned during their 2-6 or even 8 years in college. Another good example would be my mother - she has a liberal arts degree, but I suppose her situation is a bit different considering she was an well respected accountant for 30-years before she got her degree and only got the degree so she could take the next step up (CFO)... But it's not like a liberal arts degree has anything to do with financially managing companies.

So in my opinion I think degrees are more symbolic than anything else. I personally don't believe a degree proves much these days, there are plenty of intelligent individuals who are more than qualified for a position that don't have a degree and there are plenty of idiots who do have degrees who aren't qualified for the same position. So having a degree is more like a badge of honor or brownie points...

That's just the way I see it.
Yep. Really all a degree says as a rule is that one sticks things through these days which is what most employers care about. That said the true value of a degree isn't the subject matter but rather the willingness to seek knowledge and tackle new challenges. I was incredibly fortunate to have professors who challenged their classes and I to this day consider them true friends, their most important lessons taught weren't subjects, but rather an intellectual curiosity that makes me a little better every day. I get pained when I see people who took the credentials too far and rather than looking for the post graduation challenge expected the degree to do all the talking.
 
Yep. Really all a degree says as a rule is that one sticks things through these days which is what most employers care about. That said the true value of a degree isn't the subject matter but rather the willingness to seek knowledge and tackle new challenges. I was incredibly fortunate to have professors who challenged their classes and I to this day consider them true friends, their most important lessons taught weren't subjects, but rather an intellectual curiosity that makes me a little better every day. I get pained when I see people who took the credentials too far and rather than looking for the post graduation challenge expected the degree to do all the talking.

You got lucky, I got a bunch of communist Mao and Che Guevara sympathizers. Actually I had points taken from me on an essay for referring to Che Guevara by his real name "Ernesto Lynch" can you believe that?

But I suppose not all were bad, sure they may have been overly progressive but they respected intellectual freedom.

I guess college was great as far as a social experience, but I can't say there were many professors I cared for, but like I said - some were honest enough to respect opposing views while most others were completely intolerant. I will say the more tolerant ones were at the community college level, but then when I transferred to the University of Illinois things just became too wicked.
 
I absolutely agree. I believe college educations are overrated. There is nothing you cant learn on the internet that isn't taught in the classroom. Not to mention there is nothing wrong with being a blue collar worker - such as; a plumber, carpenter, machine operator, general construction, laying bricks as a mason etc... The only problem I have with trade jobs is the fact many force individuals into a union and I believe in "right to work."

To be honest with you, my degree has absolutely nothing to do with what I currently do for a living.

Sure, I should just drop out now and work. Or not (College Degree Nearly Doubles Annual Earnings)
 
student debt defaults are continuing to rise. you're investing in a bubble asset, wake. i hope it works out for you.
 
I blame the parents for the debt. Even before you have a kid, people need to be planning for the future. It costs to raise a kid. Even trade schools have a cost. Find a way to put a little away each month and live below your means.

IMO, to many people have lived pay check to pay check because they wanted a new car every other year, the big flat screen tv, the latest cell phone/smart phone, etc. This has resulted in borrowing large amounts to put the kid through school.
 
Part of the problem IMO is that the US would be better served if we created divergent education models sending people earlier on into technical v. academic programs. Some of the Governor's School programs seem to be helping--charter schools not so much.
 
Texas in particular, I think, has done some excellent work in that direction.
 
From what I know of it, Texas is heading in the right direction but they have also cooked the numbers by some school systems hiding dropout/expulsion rates in their "homeschooling" numbers.
 
I blame the parents for the debt. Even before you have a kid, people need to be planning for the future. It costs to raise a kid. Even trade schools have a cost. Find a way to put a little away each month and live below your means.

IMO, to many people have lived pay check to pay check because they wanted a new car every other year, the big flat screen tv, the latest cell phone/smart phone, etc. This has resulted in borrowing large amounts to put the kid through school.

You really don't know what you are talking about. Most people are in debt because they cannot afford college even with their parents help and thus have to borrow money to finance their education.
 
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