Student Loan Debt the Next Financial Bubble to Burst Say Experts
Topix Staff FeatureThe Huffington Post reports a survey by the National Association of Consumer Bankruptcy Attorneys suggesting that student loans may be set to blow America's next big financial bubble:
With so many college graduates burdened with so much debt, the potential for bankruptcies is huge. Nearly 25 percent of bankruptcy attorneys said they've seen potential student loan client cases surge by 50 to more than 100 percent, according to the NACBA survey.The Los Angeles Times concurs, citing the rating agency Standard & Poor's assessment that "student-loan debt may become the next U.S. asset bubble as rising tuition costs climb while household income stagnates."Last year The Atlantic's Daniel Indiviglio outlined the increase in student loan obligations since 1999, showing them to have shot up by over 500%. There appears to be widespread agreement that college debt is a big and growing concern - President Obama has floated the idea that federal aid to colleges be tied to their controlling tuition costs - but like everything else in politics a solution to the problem is a lot like an...well, you know what. Everyone's got one.What do you think? Is college loan debt a financial bubble waiting to burst? If so, what should be done about it?
Join the discussion below, or Read more at www.huffingtonpost.com.
#1 Feb 9, 2012
30 seconds of research will show you how hard it is to get a student loan cancelled under bankruptcy.
Too bad the banks would be 'utterly detroyed' by loan forgiveness.
It'd be one of the best ways to right this upside-down economy.
#2 Feb 9, 2012
I realize I'm dating myself but when I started at Ohio State tuition was only $125 per quarter. Today it cost thousands per semester. Back in the day most students could put them,selves through college without borrowing. A lot of students I knew busted their hump, worker two and even three jobs and graduated in three years. Today that is all but impossible. The bottom line that when banks loan money they expect to be paid back. If too many default on their loans it will be all but impossible for future generations to qualify for student loans.
#5 Feb 21, 2013
A little debt relief can go a long way
#6 Feb 21, 2013
...and after that happens, tuition rates will be forced back down to reality--what people can really afford to pay, not loan-inflated bubble tuition rates.
#7 Feb 21, 2013
2:23 pm, Thursday, February 21, 2013:
RE: Student Loan Debt the Next Financial Bubble to Burst Say Experts
..... If you go into a store you have to pay for it. Similarly, if you want to get an expensive education then you also have to pay for it.
..... Lots of people go into debt; the problem is that they may have trouble repaying that money during times of high unemployment and in that case there could then be another "bubble" bursting!
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