Quote:
Originally Posted by Bucco
First, be aware, the misinformation you speak of is the norm on this forum.
There actually is a group that openly hates facts.
Good news, FACTUALLY student loan default is down, and has been trending that way for some time. Hope that is correct information.
Student Loan Default Rate Continues to Decline
Problem, in my opinion is those loans taken in the past were great BUT what you can earn has not kept up with the cost of college costs.
Most don't think of debt as a bad thing (see US government), and I just read recently the default on car loans dwarfs default on college loans. |
The disconnect between the cost of a good education and what one can earn is because education is not what it used to be. When we all went to college engineering, math, science, physics, business, law, and pre-med were degrees of choice. Now kids go to school for degrees in social justice, climate sustainability, and the like. It's no wonder they can't pay off their loans. And you are correct that car loans dwarf the defaults on college loans, that is because banks can reposess your car if you don't pay the loan, but they can't take back the time you spent in college if you default on your student debt. Collateral that can be taken back is definitely worth something to a lender.