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Wed Mar 7, 2012, 05:37 PM

America's University System Is Bankrupting A Generation

Another student protest, another mass arrest. Monday, thousands of students from all over California snarled traffic during their march on the Capitol in Sacramento. Hundreds of them then flooded the Rotunda of the Capitol, a somewhat raucous affair.

Eventually, the California Highway Patrol cleared them out, and 60 were carted off and thrown in the hoosegow for trespassing and resisting arrest.

Their problem: tuition increases. Already, tuition in California's state schools has tripled over the last decade, and state budget cuts will induce universities to jack up tuition again. But the state is out of money. And so it's struggling in a weird and ineffectual way with its red ink. For California’s ongoing debacle, read.... Searching For The Missing Moolah.

The same day the students were arrested, the New York Fed released a report on the consequences of incessant tuition increases across the nation: ballooning student loan balances that are increasingly difficult to bear:

- 27 percent of the borrowers who had to make payments (not current students) were past due.

- $870 billion in student-loan balances at the end of the 3rd quarter 2011 (higher than credit card debt of $693 billion and auto loans of $730 billion), up 2.1 percent from the 2nd quarter, while other consumer debt declined or remained flat.

- Average balance: $23,300. That includes the millions of student loans that, after years of payment, have much smaller balances or are nearly paid off. Average balances owed by recent graduates are much higher.



Read more: http://www.businessinsider.com/www.testosteronepit.com/home/2012/3/6/next-bankruptcy-for-a-whole-generation.html

16 replies, 1404 views

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Arrow 16 replies Author Time Post
Reply America's University System Is Bankrupting A Generation (Original post)
FarCenter Mar 2012 OP
xchrom Mar 2012 #1
badtoworse Mar 2012 #2
KansDem Mar 2012 #4
aint_no_life_nowhere Mar 2012 #3
KansDem Mar 2012 #5
zeemike Mar 2012 #6
KamaAina Mar 2012 #7
ProdigalJunkMail Mar 2012 #8
FLAprogressive Mar 2012 #9
jimlup Mar 2012 #10
Sancho Mar 2012 #11
bongbong Mar 2012 #12
taught_me_patience Mar 2012 #13
badtoworse Mar 2012 #14
Logical Mar 2012 #15
saras Mar 2012 #16

Response to FarCenter (Original post)

Wed Mar 7, 2012, 05:39 PM

1. Du rec. Nt

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 05:42 PM

2. They should go to community college

Much cheaper. Loans that will take 20 years to pay off may not make sense.

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Response to badtoworse (Reply #2)

Wed Mar 7, 2012, 05:47 PM

4. "Loans that will take 20 years to pay off may not make sense."

Especially if they do not find the position they were working toward and have to take a 20-hour-a-week job (if they're lucky) at minimum wage...

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 05:46 PM

3. I feel bad for the young people of today

When I went to the University of California in the early 1970s it was really, really cheap including books and parking. Guys and girls could get by with a little part-time job with no sweat.

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Response to aint_no_life_nowhere (Reply #3)

Wed Mar 7, 2012, 05:49 PM

5. Tell me about it!

My final semester at San Diego State University in 1975, I paid $80 and some change for a full load!

I have a 20-year-old daughter and a 14-year-old son and I don't know what they're going to do!

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 05:57 PM

6. But it is good for business

To have a generation of economic slaves.

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 06:06 PM

7. Someone just figured out that Harvard can be cheaper than the Cal State system

for middle-class families, becauses Harvard, like Yale and most of the other Ivies, commits to meeting every student's demonstrated financial need.

And that's the Cal State system, the second-tier public university system here (Berkeley, UCLA and other prestigious ones are the University of California system).

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 06:12 PM

8. we have spent two generations saying EVERYONE should go to college

when you create that kind of demand while drying up gov't fund the Universities are going to jack the rates...what'd we expect?

sP

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Response to ProdigalJunkMail (Reply #8)

Wed Mar 7, 2012, 06:20 PM

9. +1

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 06:21 PM

10. I can only imagine what it is like for lower income students today...

I still have 17k in loan debt and I'm 54 and finished grad. school two decades ago.

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 07:00 PM

11. I disagree!!!!

it's the state governments who have decided not to support higher education that is putting the hit on college students!!

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 07:29 PM

12. Part of the plan

 

College has made too many of the hoi polloi think they're as good as the 1%.

Also, education always turns people left-ward, and the 1% can't have that!

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 07:33 PM

13. This is the kind of society we voted for

unless something changes, this trend will only continue to get worse and worse. UC schools could charge 50k per year and people will have to pay... what else are they going to do?

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Response to taught_me_patience (Reply #13)

Wed Mar 7, 2012, 10:32 PM

14. To quote Judge Smails

"The world needs ditch diggers too."

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 10:35 PM

15. No one is forcing them to go to college! They choose to go!

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Response to FarCenter (Original post)

Wed Mar 7, 2012, 11:37 PM

16. I assumed when I got loans that Obama would jail a bunch of bankers and get our money back. Oops.

 

At this point, I have no expectation of ever paying those loans off before I die, not in this economy. And not in a corporatized economy, no matter how "good" it is.

But hell, I was poor for a decade before that - I can continue to be poor.

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