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Wednesday, February 08, 2012

Economics Education

I was just reading on the Huffington post how student loans will be the next big collapse in our economy ...

There has been a 25% increase or so of people listing student loans as debt while filing for bankruptcy ...

This means that is you were hoping that your kid was going to be able to go to college Ina loan -- forget it ...

Either that or expect that laws will be changed so that you will not be able to claim it or any part of it during bankruptcy ...

Very much like they did with credit card debt

So this will mean that instead of people declaring bankruptcy they will simply walk away from the loans like so many did the mortgages and homes that they couldn't afford in the first place

Just like so many kids will never be able to pay off these loans ... Instead of "choo-choo training" the loans, paying off one loan at a time the way it was in the 80s and beginning of the 90s - now they want people to consolidate the loans and pay them all off at the same time ....

Only saving money by paying off the loans AS THEY GO TO SCHOOL!

The result will be that the middle class student - those who's parents earn between 18,000 - 150,000 will not be able to afford a higher education ...

Those who's parents earn more will hopefully have their education paid for by mom&dad and those under will be able to qualify for grants/scholarships ...

We will have a lost generation ...

They won't be able to afford a trade school which are now costing as much as, if not more Han, a state college ... Private colleges will be totally out of reach ...

And with the recent announcement by the WH/Congress that they are cutting drastically back on the military and the number of troops they will allow to sign up each year -- the GI bill will be lost to these kids as well ...

So what to do?

How do we push our kids to exceed in school when even if they do, the world will be closed to them?

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