Student loan debt is a reality for many American students and also for black students. The nation student loans are indebtedness now are stands at more than $1.3 trillion are reported by exceeding auto loans and credit card debt. Therefore only mortgage debt is greater. There will be financial meeting with adult children, both of whom have some student loan debt. One is still in school and one is a college graduate but total amount of indebtedness were being charged.
Student loan debt at 1.57 trillion dollars:
The academic bubble is ready to burst and all the while academics in their infinite wisdom and also knows the best how to run society and civilization. 40% of the student loans are in technical default. That will be 583 billion dollars in defaulted loans that will never see the payment of. If it stops it will collapse academia will become a huge problem for a federal government that will add over 1/2 trillion to $20 trillion national debt.
By the time the election is over the student loan debt will be 1.57 trillion dollars and even though the official will claim it only 1.2 trillion that actually figured before the start of the academic year. If you don’t see the enormity of the problem then let’s talks about the auto industry right now. It will turn out that the number of the subprime auto loan defaults are at another time high of 4.5% subprime loans made without proof of ability to pay.
This will happened the auto industry crashed and needed a big bailout and that are reaching the same numbers now and realize only 4.5% like the student loan problem.
Student loan trap:
One of the most concerning facts about the increasing amount of student loan debt is the smaller more specialized for the profit that has taken over the TV adds. With the US economy still in an economic quandary and employment opportunities are too many times these students will not land a qualified job with the salary to match their ability to repay all the student loans.
One of the most factors in college recruitment will practice among the career advisors, school officials and college recruiters will claim by going to college it is an investment in your future. With so many little actual good paying jobs in specialized fields that future is married by enormous debt from all the student loans.
American history has its nation been so immersed in debt. It is auto loans, home mortgages and student loans have all trillions of dollars of debt that will never be able to repay. Credit or debit financing has taken hold of the whole economy. When add student loan debt combined with all the mortgage foreclosures that have millions of Americans is being crushed by the weight of colossal debt. This past year the federal government reaped over $42 billion in profit from all the student loans that they issued.
You will private for-profit institutions of higher learning continue students and loans offered by the universities in conjunction with the federal government. The total amount of student loan debt in the US is over $1.3 trillion. A college education had always been a gateway to an occupation to chosen field that will provide the means for a standard of living much better.
The problem will be the enormous debt that is associated with student loans is that financial institutions that will provide these loans are now building them together. The housing bubble broke the same thing is going to happen with the student loan debt.