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Next Mega-Bailout On Deck: White House Studying "New Bankruptcy Options" For Student-Loan Borrowers

Tyler Durden's picture




 

A quick reminder of what the biggest debt bubble currently facing America's population is.

 

Why is this a problem? Because as the TBAC revealed a few months back, the default risk from the $1 trillions in student loans is several orders of magnitude above the 9% student loans which the Fed has revealed as currently "in default", as one has to add those 12% of loans in deferment and 11% in forbearance to the entire risk pool. In short: a third of all student loans are likely to end up unrepaid!

 

And, the punchline: according to the TBAC's worst case scenario of the future of student debt, this gargantuan load will triple over the next decade, to as much as $3.3 trillion by 2024.

This means that up to $1 trillion, and likely more, in household debt will go "bad" over the next decade. The problem: student debt is not dischargeable in a personal bankruptcy.

That is about to change.

It appears that just as the administration is finally figuring out what HFT is, it also decided to take a look at the charts above and has made a decision: the next bailout is about to be unveiled, and it will involve a "streamlined" bankruptcy law allowing students to discharge their student debt.

 Moments ago this hit the wires via Dow Jones:

  • WHITE HOUSE STUDYING NEW BANKRUPTCY OPTIONS FOR STUDENT-LOAN BORROWERS
  • CURRENT U.S. LAW LARGELY PROHIBITS FEDERAL, PRIVATE LOANS FROM BEING DISCHARGED IN BANKRUPTCY

And some more color from Reuters:

President Barack Obama is slated to speak to students at Georgia Tech on Tuesday about how he wants to make the process of repaying student loans easier to understand and manage. Obama will sign a student aid bill of rights  and will speak about an assortment of policy tweaks and projects to try to make it easier to help people with student loans pay back their debt.

 

"It's our responsibility to make sure that the 40 million Americans with student loans are aware of resources to manage their debt, and that we are doing everything we can to be responsive to their needs," said Ted Mitchell, undersecretary of education, on a conference call with reporters.

 

More than 70 percent of U.S. students who graduate with a bachelor's degree leave with debt, which averages $28,400.

 

The White House said it will require clearer disclosures from companies to make sure borrowers understand who is servicing their loan and how to set monthly payments and change repayment plans.

 

"Repayment rates improve when servicers work well and work directly with borrowers, helping them understand the terms of their loans," said Sarah Bloom Raskin, deputy secretary of the Treasury Department, on the conference call.

 

Obama will direct his Education Department to create a system by July 1, 2016 to better oversee and address complaints from borrowers about lenders, servicers and collection agencies, the White House said.

 

His administration will also study whether it needs to propose changes to laws or regulations to create stronger consumer protections, the White House said.

Which can only mean one thing: the appointment of a Student Loan Czar is imminent, as it the "discharge" of tens if not hundreds of billions in debt, which would never be repaid in any case.

And since there is no such thing as a free lunch, it will be the US taxpayer who will as usual end up footing the bill. Expect college fees to go vertical once deans and administrators understand that they can charge anything and the taxpayer will end up footing the bill.

* * *

One can read the Fact Seet on the "Student Aid Bill of Rights: Taking Action to Ensure Strong Consumer Protections for Student Loan Borrowers" below:

Higher education continues to be the single most important investment students can make in their own futures.  Five years ago this month, President Obama signed student loan reform into law, redirecting tens of billions of dollars in bank subsidies into student aid. His historic investments in college affordability include increasing the maximum Pell Grant by $1,000, creating the American Opportunity Tax Credit worth up to $10,000 over four years of college, and letting borrowers cap their student loan payments at 10 percent of income. He has also promoted innovation and competition to help colleges reduce costs and improve quality and completion, including a First in the World fund. While these investments have helped millions of students afford college, student loans continue to grow.

 

That is why, today, President Obama will underscore his vision for an affordable, quality education for all Americans in a Student Aid Bill of Rights.  As part of this vision, the President will sign a Presidential Memorandum directing the Department of Education and other federal agencies to work across the federal government to do more to help borrowers afford their monthly loan payments including: (1) a state-of-the-art complaint system to ensure quality service and accountability for the Department of Education, its contractors, and colleges, (2) a series of steps to help students responsibly repay their loans including help setting affordable monthly payments, and (3) new steps to analyze student debt trends and recommend legislative and regulatory changes. In addition, the Administration is releasing state by state data that shows the outstanding federal student loan balance and total number of federal student loan borrowers who stand to benefit from these actions.

A Student Aid Bill of Rights

  • Every student deserves access to a quality, affordable education at a college that’s cutting costs and increasing learning.  
  • Every student should be able to access the resources needed to pay for college.
  • Every borrower has the right to an affordable repayment plan.
  • And every borrower has the right to quality customer service, reliable information, and fair treatment, even if they struggle to repay their loans.

Today’s Actions to Promote Affordable Loan Payments

 

Americans are increasingly reliant on student loans to help pay for college. Today, more than 70 percent of those earning a bachelor’s degree graduate with debt, which averages $28,400 at public and non-profit colleges. Today’s actions will help borrowers responsibly manage their debt, improve federal student loan servicing, and protect taxpayers’ investments in the student aid program:

 

 Help Borrowers Afford Their Monthly Payments: The President will announce a series of steps to improve customer services and help borrowers repay their direct student loans, which are made with federal capital and administered by the Department of Education through performance-based contracts. High-quality, borrower-focused servicing helps more borrowers successfully repay their federal student loans.  Building on the stronger performance incentives put in place last year, the Department will now raise the bar by:

  • Requiring enhanced disclosures and stronger consumer protections throughout the repayment process, including when federal student loans are transferred from one servicer to another, when borrowers fall behind in their payments, and when borrowers begin but do not complete applications to change repayment plans. These steps will better protect borrowers from falling behind in their payments and ensure consistency across loan servicers.
  • Ensuring that its contractors apply prepayments first to loans with the highest interest rates unless the borrower requests a different allocation.
  • Establishing a centralized point of access for all federal student loan borrowers in repayment to access account and payment processing information for all Federal student loan servicing contractors.
  • Ensuring fair treatment for struggling and distressed borrowers by raising standards for student loan debt collectors to ensure that they charge borrowers reasonable fees and help them return to good standing;  clarifying the rights of Federal student loan borrowers in bankruptcy; working with the Department of Treasury to simplify the process to verify income and keep borrowers enrolled in income-driven repayment plans; and working with the Social Security Administration to ensure that disability insurance recipients who can discharge their student loans are not instead seeing their disability payments garnished to  repay defaulted loans.

In addition, new requirements may be appropriate for private and federally guaranteed student loans so that all of the more than 40 million Americans with student loans have additional basic rights and protections. The President is directing his Cabinet and White House advisers, working with the Consumer Financial Protection Bureau, to study whether consumer protections recently applied to mortgages and credit cards, such as notice and grace periods after loans are transferred among lenders and a requirement that lenders confirm balances to allow borrowers to pay off the loan, should also be afforded to student loan borrowers and improve the quality of servicing for all types of student loans.  The agencies will develop recommendations for regulatory and legislative changes for all student loan borrowers, including possible changes to the treatment of loans in bankruptcy proceedings and when they were borrowed under fraudulent circumstances.

The full fact sheet here.

 

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Tue, 03/10/2015 - 12:55 | 5873727 SillyWabbits
SillyWabbits's picture

Think of all the smart, intelligent people over the last 100 years, who did not go to college because they could not afford it.

Think of all the morons and sex addicted, alcoholic drug addicts, who have gone to college in past 30 years, who didn’t have the intelligence.

Then think about off shored jobs.

And thank God for Affirmative action or positive discrimination soon to be Absolution Action or negative positive.

The people who brought us more discrimination to create less discrimination, now bring us more negatives to eliminate negatives.

If you really think about it however, the students end up paying almost exactly what higher education is worth today.

Tue, 03/10/2015 - 13:14 | 5873847 p00k1e
p00k1e's picture

You sure think alot.  :)

Tue, 03/10/2015 - 12:56 | 5873734 Mr. Bones
Mr. Bones's picture

Most of my schooling was paid for by my veterans' benefits. The rest of it was in loans that I knew weren't dischargable in bankruptcy (which incidentally, is why I went to the military instead of "finding myself" funded by the aforementioned loans). Further, since I knew I had to pay these loans back I made sure that my degree would bear fruit and wasn't in something merely "fun" or "interesting."

Then we have the recession causing students to go to school and then stay in school for the Master's degree that they have no experience to put behind, so we have a glut of individuals who haven't worked a job more sophisticated than retail sales a day in their lives.

What are they going to do for people like me who were relatively responsible? Can they just cut me a check for the average amount of discharged debt? Righteousness is getting tiring. Incentivizing shitty decisions will only cause more of them, because that's how incentives work.

Tue, 03/10/2015 - 12:59 | 5873751 Pasadena Phil
Pasadena Phil's picture

I didn't finish paying off my student loans until I was 40.

Tue, 03/10/2015 - 13:05 | 5873795 matinee55
matinee55's picture

loser, you paid them off - but then you where part of a responsible generation - archaic fools

Tue, 03/10/2015 - 13:05 | 5873794 Withdrawn Sanction
Withdrawn Sanction's picture

"What are they going to do for people like me who were relatively responsible?"

Same thing they did for homeowners who were responsible:  Nothing.  And be glad of it.

First, you dont sound like someone looking for a handout.  Second, even if you were, as BG once observed, a government big enough to give you everything you want, is a government big enough to take everything you have.  

IOW, rhetoric of the what-are-they-going-to-do-for-me variety is a variant of pitting all against all in a grabfest--a classic divide and conquer strategy. 

Tue, 03/10/2015 - 13:35 | 5873980 Bemused Observer
Bemused Observer's picture

"What are they going to do for people like me who were relatively responsible? Can they just cut me a check for the average amount of discharged debt?"

I hear this a lot. Folks expressing concern over some bailout that they themselves won't benefit from. And they have a point, in that it appears they get penalized for NOT needing the help.

But it's a flawed argument. You aren't being 'penalized' by not getting help you don't need. If there was an epidemic, and your neighbor got it and had to be taken to the hospital, but you remained healthy, you wouldn't envy the man his free bed, food and care, would you? Would you ask to be given the same amount as 'credit' so as to be fair?

Your 'reward' is that you were lucky enough NOT to get into the same mess as he did. And the people with huge, unsustainable debt are living in a financial hell that you do NOT want to experience. If you're doing ok, consider yourself one of the lucky ones. If your neighbor is not so lucky, don't begrudge him the help he needs, or stand there with a calculator so you can figure out how much YOU should get, to be fair.

What I DO support for those students who were responsible is a significant write-down of amounts, zero interest and flexible terms for the remaining amounts. With the option of bankruptcy for the full amount, if needed and justified. The benefit would be a system more accessible to you and yours going forward, much cheaper tuitions (The possibility of debt discharge focuses the minds of lenders, who won't be as eager to finance whatever amounts the schools ask for..) and a much more favorable environment in which to USE your degree.

Tue, 03/10/2015 - 14:29 | 5874261 Keyneconoclast
Keyneconoclast's picture

That is a pretty big word, 'lucky'.

Tue, 03/10/2015 - 14:50 | 5874382 Blankenstein
Blankenstein's picture

No, as a taxpayer you are penalized because you are paying for the bailouts of the people who made bad decisions and weren't repsonsible, but yet you had NO say in it.  The government needs to stop guaranteeing mortgages, student loans, etc.

Tue, 03/10/2015 - 15:04 | 5874452 PresidentCamacho
PresidentCamacho's picture

dupicate

Tue, 03/10/2015 - 15:06 | 5874453 PresidentCamacho
PresidentCamacho's picture

We are a centrally planned economoy now. For previous generations there were jobs you could get out of high school that were enough to raise a family.

Now with government pensions, regulations, programs, dhs, nafta, international financing (henry ford wrote a book about it) and MOAR PRINTING, government backstop of the equities markets, global pillaging of gold stockpiles ( iraq, libya, ukraine)  Militarized drug trafficing (afghanistan), The game has changed.

You can't get a good job out of highschool, and your lucky if you can get a good job out of college. I seen the writing on the wall with the first bailout and quit paying my student loans then along with my credit card because i know i was gonna be fucked for doing the right thing.  I graduated right after the crash with a degree in accounting. I had no chance of getting a job. Now I'm a researcher in academia. I see 30% of people in my age bracket (18-33) doing ok with the house and job thing. 30% still living at home and working and getting by, and 30% prostituting and being drug addicted, no joke. 30% success is a failure when it comes to your society. This is depopulation and deindustrialization at work. 

Don't hate the player hate the game, get as much as you can before shit gets real, stack phyz, play finance games, game all systems. Things are critical and you may as well improve your position before it all falls apart. Oh ya, fuck social security and medicare and government worker pensions.

We are all greek now.

Tue, 03/10/2015 - 15:13 | 5874503 Mr. Bones
Mr. Bones's picture

I disagree, I am being penalized because I took considered action to avoid usurious loans. Nothing the debt forgiveness brigade can do will expunge my opportunity cost. I wasn't burdened by "huge, unsustainable debt" in a "financial hell" because I didn't make that poor decision. It isn't a natural disaster or a plague, I had to take a test to be eligible for the loans that I did take so that they could be super sure I recognized my federal loans couldn't be discharged in bankruptcy.

I agree that the possibility of bankruptcy focuses the minds of lenders, but the debtors knew what they were getting in to. The IRS didn't care that I was below the poverty line paying my own unemployment insurance at a cost of ~14% of my pitiful earnings. The ramen diet is also good at focusing the mind.

I'm absolutely not begrudging people the help they need. I took actions specifically to avoid that need at not insignificant cost. I have experienced hardship as a result of debt to the government. I'm not really even asking for the handout, I prefer a minimum of contact. (The IRS billing me twice for a write off I wasn't eligible for, then sending me a check back) Other people will, however, ask for these considerations. I don't see any good coming from opening that door.

I have no qualms with making changes moving forward. University expenses and costs are completely irrational. People made debt decisions on false promises of future employment and that is unfortunate. Perhaps those people should be asked to answer for their actions?

Tue, 03/10/2015 - 12:57 | 5873739 Pasadena Phil
Pasadena Phil's picture

The hockey stick chart returns!

Tue, 03/10/2015 - 12:57 | 5873740 matinee55
matinee55's picture

ovomit for a third term - maybe forever - burn the constitution as nobody cares anymore, they gots there new icrap chit

Tue, 03/10/2015 - 13:06 | 5873743 Itchy and Scratchy
Itchy and Scratchy's picture

With any luck this brilliant move will eventually close at least 75% of the marxist infected institutes of higher learning!

Tue, 03/10/2015 - 12:58 | 5873744 Withdrawn Sanction
Withdrawn Sanction's picture

This is a way to stem the rising tide of (justifiable) anger among recent college grads who were in fact sold a bill of goods.

They were told college was their E-ticket to the paradise of high salaries, where everyone earns above-average pay.  But now that every Joe and Jane Sweatsock has a BS/BA degree, people are finding that the old data (where degrees were relatively scarce and thus degrees generally conferred higher earnings than non-degreed jobs) no longer apply.  

To add insult to injury, any deadbeat debtor can expunge old debts, EXCEPT for student loans.  Yes, we sold you a bill of goods, and no you may not discharge the debts taken on to "pay" for said bill of goods.  A change in the bankruptcy code railroaded through in the mid-2000s by the same banksters who brought you the housing catastrophe created the non-dischargeability.  

And this last point is the one I really dont get:  even as the article points out, we're talking roughly a trillion dollars here.  Hell, that's pocket change for most banksters.  I mean the theft that took place in the housing crisis was easily an order of magnitude bigger.  Is it that they just dont care anymore and will steal anything not nailed down, or are they so desperate they're willing to scrape bottom for what amounts to chump change?  

Tue, 03/10/2015 - 13:01 | 5873770 matinee55
matinee55's picture

yes, everybody's a flucking victim except those stupid A holes with the money to pay for all the imbecile losers

Tue, 03/10/2015 - 13:04 | 5873787 Itchy and Scratchy
Itchy and Scratchy's picture

Amen bro ...wecum to socializm the Amerikan way!

Tue, 03/10/2015 - 13:59 | 5874109 Monty Burns
Monty Burns's picture

Sold a bill of goods? Well maybe. But they have to take responsibilty for their own actions as well.

Tue, 03/10/2015 - 12:59 | 5873754 Itchy and Scratchy
Itchy and Scratchy's picture

The only moral hazard that exists now is not borrowing more than you can afford!

Tue, 03/10/2015 - 13:01 | 5873766 ajkreider
ajkreider's picture

I'm actually in favor of this, so long as attached to it is less access to student loans going forward.  Is it unfair to students who paid of their debt?  Yes.  Is there moral hazzard involved?  Yes.  But this debt load reduces long term consumption and savings of a whole generation.  That bill will come due.  Better to pay the smaller bill now.

Tue, 03/10/2015 - 13:10 | 5873790 Itchy and Scratchy
Itchy and Scratchy's picture

Two rights don't make one wrong! Unless yur librally edjackated that is! (1 wrong + 1 wrong = 1 really good idea!)

Tue, 03/10/2015 - 13:01 | 5873771 Chuck Knoblauch
Chuck Knoblauch's picture

What's the Fed spin on student loan bankruptcies?

They don't want to work?

Tue, 03/10/2015 - 13:01 | 5873773 squid427
squid427's picture

Just like healthcare. The gov will destroy the college system and replace it with a single payer system. Lather rinse and repeat.

Tue, 03/10/2015 - 13:05 | 5873800 Itchy and Scratchy
Itchy and Scratchy's picture

KenyanKare will be tons worse!

Tue, 03/10/2015 - 13:35 | 5873979 silentboom
silentboom's picture

Don't forget internet for all slowly implemented under net neutrality because "access to the internet is a human right."

Tue, 03/10/2015 - 13:03 | 5873783 joego1
joego1's picture

My kid has a four year degree +debt and often makes the payment by playing his banjo on the street for tips. Didn't learn how to play music in College either. Rather than take a $10/hr service job he works odd jobs for more money. No good careers in this economy.

Tue, 03/10/2015 - 13:13 | 5873844 Chuck Knoblauch
Chuck Knoblauch's picture

Start a private police force.

Tue, 03/10/2015 - 13:16 | 5873858 Temporalist
Temporalist's picture

Learn to throw to first.

Tue, 03/10/2015 - 13:19 | 5873884 Itchy and Scratchy
Itchy and Scratchy's picture

I hope he's payin' his 'fair share' of tax on all that banjo playin'!

Tue, 03/10/2015 - 13:21 | 5873900 joego1
joego1's picture

I think he paid tax on the Banjo.

Tue, 03/10/2015 - 13:20 | 5873892 joego1
joego1's picture

I'm on the local volunteer FD here. The other day we closed off a road and evacuated some people because of a house full of propane. Good practice for later on. Only one road into this place. Easy to control.

Tue, 03/10/2015 - 13:08 | 5873816 Itchy and Scratchy
Itchy and Scratchy's picture

I can't wait for all the liberal visionaries to start blaming the 'bankers' for this one!

Tue, 03/10/2015 - 13:12 | 5873835 Chuck Knoblauch
Chuck Knoblauch's picture

Investment bankers are to blame for NAFTA.

We're reaping the dividends today.

Tue, 03/10/2015 - 13:14 | 5873852 Itchy and Scratchy
Itchy and Scratchy's picture

Of course ... in your alternate universe its always somebody else's fault! Especially if they got $$$!

Tue, 03/10/2015 - 13:24 | 5873915 Chuck Knoblauch
Chuck Knoblauch's picture

Ben, someone has to go to prison.

You're a national treasure.

Tue, 03/10/2015 - 13:10 | 5873824 p00k1e
p00k1e's picture

Credit fraud is now OK. 

Tue, 03/10/2015 - 13:14 | 5873848 sudzee
sudzee's picture

Universities and colleges need to prepare students better for homelessness. 

Tue, 03/10/2015 - 13:22 | 5873904 eyesofpelosi
eyesofpelosi's picture

Dumpster Diving 101

Prostitution Basics

An Introduction to Begging and Panhandling

Tue, 03/10/2015 - 13:16 | 5873864 quasimodo
quasimodo's picture

It's kind of funny, how as a kid, I remember when someone mentioned the B word it was almost as bad as the D word. And if you heard someone was gay? Gasp

Anymore nobody even raises an eyebrow, we have become that immune to all things moral having no moral value. I know there are circimstances for things but in most cases, the slippery slope of morality became a cliff that most jumped over.

Tue, 03/10/2015 - 13:17 | 5873874 Itchy and Scratchy
Itchy and Scratchy's picture

It's not the Socialist way!

Tue, 03/10/2015 - 13:20 | 5873891 matinee55
matinee55's picture

agree, but have no fear & tell them all to go #$%^ themselves, YOU DON'T OWE THEM ANY MONEY & they are no friends of mine & I don't need them -  wasn't that easy

Tue, 03/10/2015 - 13:39 | 5873999 Itchy and Scratchy
Itchy and Scratchy's picture

In 'telling them' you are talking about other & future tax payers. 'They' simple lent out your $$$ ... without your permission of course! 'They' have no money ...other than yours! 'They' aren't concerned if YOU get paid back!

Tue, 03/10/2015 - 13:17 | 5873867 Itchy and Scratchy
Itchy and Scratchy's picture

If it was good for Greece .... then its good for Amerika!

Tue, 03/10/2015 - 13:17 | 5873869 matinee55
matinee55's picture

looks like y'all going to have to pay for the kids parties.  And another couple million demtard supporters now created engorging themselfs of public free chit

Tue, 03/10/2015 - 13:18 | 5873878 lordbyroniv
lordbyroniv's picture

This guy only has 18 more months to make it happen.

 

GO OBAMA !!!!!!!!!!!!1111111

Tue, 03/10/2015 - 13:21 | 5873898 matinee55
matinee55's picture

yes, love other peoples money

Tue, 03/10/2015 - 13:18 | 5873882 Hohum
Hohum's picture

Student loans are a big reason why interest rates cannot ever go up substantially.

Tue, 03/10/2015 - 13:20 | 5873889 agNau
agNau's picture

1.) If the simple terms of these student loans cannot be understood by our young adults entering college, then we need to first take a serious look at our government run education system.

2.) We need immediate enforcement of the terms of these loans. We have a recovering economy with 5.5% unemployment. The vast majority of these borrowers are employed. (There may be a small % of these that are receiving lower wages) Sorry Obama, there is no excuse for deadbeats. As you stated, we are not a nation of deadbeats. Our country pays it's bills. Enforce the terms.

Tue, 03/10/2015 - 13:20 | 5873893 Gawd
Gawd's picture

My 27 yo son has $100,000 in debt for going to the University of Colorado Boulder for a BA in Geology. He's a California resident. He's still living at home (with the ex). I tried to tell him at the time that it wasn't a good idea to go as an out of state student. I refused to sign on for the student loans. The ex-wife did sign on for the loan. There are no jobs for guys with a BA in Geology. At the Master's level, yes there are jobs. He decided not to go back for a Masters. Turns out he liked to climb on the rocks more than study them. A two year party in Boulder. Doesn't get better than that. Except for paying for the party.

Then to top that mess, he leases a car a few months ago. He is going to be living at home until he's 50. He's got a job that pays approximantly $18.00/hour working in a warehouse. So, at least he's working. It gets better though. His student loans are 80% private through Wells Fargo. So even if Obama allows BK of student loans, he may not be eligible because his loans are private.

At 27 he's starting to pile up the poor decisions. If I strike it rich in the next California Lottery I'll pay them off for him. If that plan doesn't work out...he's fucked for many years to come.

Tue, 03/10/2015 - 13:24 | 5873910 Itchy and Scratchy
Itchy and Scratchy's picture

Yet another glowing socialist success story!

Tue, 03/10/2015 - 13:31 | 5873956 urrterrible
urrterrible's picture

He could have got that degree for a dollar fifty in late charges at the public library.  He prefered to be spoon fed by an overpaid teacher and chase ass across campus.

Tue, 03/10/2015 - 13:36 | 5873982 Itchy and Scratchy
Itchy and Scratchy's picture

You make that sound like a bad thing?

Tue, 03/10/2015 - 13:41 | 5874018 Jethro
Jethro's picture

The price to enter is a piece of college parchment for most science-related jobs.  Maybe he could get on with a geotechnical engineering firm, or an environmental firm and work his way back through going into hydrogeology?

Tue, 03/10/2015 - 13:46 | 5874043 Lostinfortwalton
Lostinfortwalton's picture

His geology degree might have been worthwhile a couple of months ago in the oil patch. Now? Meh.

Tue, 03/10/2015 - 13:20 | 5873894 BlueHen1990
BlueHen1990's picture

Pretty sure this does nothing for me, my student loan debt is almost all private (Wells Fargo). They took me through the ringer to complete my refinance last fall.

Tue, 03/10/2015 - 13:22 | 5873903 urrterrible
urrterrible's picture

We are at full employment, why would anyone need a bailout lmfao?

Tue, 03/10/2015 - 13:30 | 5873914 Itchy and Scratchy
Itchy and Scratchy's picture

Very gud1! My vote for crack of the day!

Tue, 03/10/2015 - 13:24 | 5873913 Sofa King
Sofa King's picture

Am I the only asshole that pays his shit off?

Tue, 03/10/2015 - 13:25 | 5873921 Itchy and Scratchy
Itchy and Scratchy's picture

Didn't ya' reed yur 'Borrowers Bill of rights?'

Tue, 03/10/2015 - 13:43 | 5874016 Lostinfortwalton
Lostinfortwalton's picture

Probably. No, wait, decades ago I had a student loan too! Mine was for $735 and I paid it all back on time.

Tue, 03/10/2015 - 14:37 | 5874312 css1971
css1971's picture

You pay debts off? DOH!

You reallise you are supposed to grow your debts.

Tue, 03/10/2015 - 13:26 | 5873924 pupdog1
pupdog1's picture

How about shutting down any university that pays their football coach or president more than $250k a year.

Tue, 03/10/2015 - 13:29 | 5873946 Itchy and Scratchy
Itchy and Scratchy's picture

It is their only profit center!

Tue, 03/10/2015 - 23:55 | 5876518 Abbie Normal
Abbie Normal's picture

Ummm, that would pretty much be all of them.  90% of the highest paid college officials are the coaches, the rest are a smattering of deans of law or medicine.

Tue, 03/10/2015 - 13:26 | 5873929 grunk
grunk's picture

What about parents who co-signed these loans?

Tue, 03/10/2015 - 13:32 | 5873961 j0nx
j0nx's picture

That's sooo 1990's. No need for that anymore since the debt can't be discharged.

Tue, 03/10/2015 - 13:49 | 5874059 silverer
silverer's picture

They are on the hook. Don't ever co-sign anything.

Tue, 03/10/2015 - 13:27 | 5873933 silentboom
silentboom's picture

There already is a student loan bill of rights, it's call the FUCKING CONTRACT YOU SIGNED!  Goddamn it if this asshole gives away more free shit!

Tue, 03/10/2015 - 13:30 | 5873942 Chuck Knoblauch
Chuck Knoblauch's picture

Start a local SS in your neighborhood.

The youth need jobs.

Keep an eye on those Zionists, boys and girls.

Tue, 03/10/2015 - 13:29 | 5873948 shovelhead
shovelhead's picture

Why did I not go in the loan business where you could write up the crappiest loans that will never get repaid and still make a $10 million bonus.

I missed my calling.

Tue, 03/10/2015 - 13:31 | 5873954 Romanov
Romanov's picture

 

“If you put our federal government in charge of the Sahara Desert, in 5 years there would be a shortage of sand."

- Milton Friedman

Tue, 03/10/2015 - 13:33 | 5873967 Herodotus
Herodotus's picture

The student loan program should be ended.

Tue, 03/10/2015 - 13:34 | 5873976 Itchy and Scratchy
Itchy and Scratchy's picture

US$1T too late my friend!

Tue, 03/10/2015 - 14:20 | 5874217 Chipped ham
Chipped ham's picture

It's too late period.  So wtf, why not student loan debt too? There's a debt jubilee coming...

Tue, 03/10/2015 - 14:48 | 5873973 Itchy and Scratchy
Itchy and Scratchy's picture

The intellectually superior 'caring & sharing' liberal visionaries can't seem to do enough to destroy the virtue & success of capital markets & economic freedom!

Tue, 03/10/2015 - 13:45 | 5873992 Jethro
Jethro's picture

This should make the cost of a college education cheaper.

/sarc

Tue, 03/10/2015 - 13:39 | 5874004 ClowardPiven2016
ClowardPiven2016's picture

Do they get to write off the portion of their loan that paid for a vacation to Mexico every spring break?

Tue, 03/10/2015 - 13:42 | 5874023 Itchy and Scratchy
Itchy and Scratchy's picture

Nope! It's just part of the Mexican Economic Stimulus Program!

Tue, 03/10/2015 - 13:40 | 5874006 ersatz007
ersatz007's picture

Is there anything the U.S. middle class taxpayer can't pay for?!? We are exceptional. Isn't it gonna be great when, after bailing out the entire planet, we get thrown under the bus? If I knew for sure that all of humanity would be wiped out by the nukes then I'd be all for it.

Tue, 03/10/2015 - 13:40 | 5874013 ArkansasAngie
ArkansasAngie's picture

The big difference between today and yesterday when I went to school is today "students" get loans that cover their tuition, books AND living expenses.  And these folks have flat out been living beyond their means.  So ... of course they can't repay the loans.  And of course nevermind the unemployment rate.

My suggestion to any student out there is go ahead and double ... triple borrow because they will write it off and since it won't be considered fraud there is no downside risk for their spending freely now.

Personally ... I'll be telling my CONgress critters don't you dare write this off.  Unless you want to make a special tax on the finance guys who have known all along this was horse manure

 

Tue, 03/10/2015 - 13:45 | 5874036 lordbyroniv
lordbyroniv's picture

Writing off this debt could help catalyze inflation and inflation expectations.  All good.

Tue, 03/10/2015 - 13:41 | 5874017 Heroic Couplet
Heroic Couplet's picture

Banks borrow money at zero percent interest rate. What bullcrap.

Tue, 03/10/2015 - 13:47 | 5874019 Itchy and Scratchy
Itchy and Scratchy's picture

Dang it! Is there anything the govermint ain't really really gud at? Damn thy're gud ..... reeeeeel gud!

Tue, 03/10/2015 - 13:44 | 5874032 Monty Burns
Monty Burns's picture

The Fed will just print more to pay it off.  They've been getting away with this for decades and the dollar is stronger than ever. I've been expecting the bubble to burst every day for the last few years but still there.....

Tue, 03/10/2015 - 13:45 | 5874033 silverer
silverer's picture

If so many are becoming a waitress or bartender, shouldn't they be offering degrees in that field?  Oops.. might be tough to market that...

Wed, 03/11/2015 - 08:09 | 5876921 quikwit
quikwit's picture

Hospitality management

Tue, 03/10/2015 - 13:49 | 5874038 Jonesy
Jonesy's picture

Don't worry if you make bad decisions, .gov will bail you out.  The US has become a nation of simpering losers, so glad I left.

Putin will have no trouble at all rolling over the American fatass, especially since said fatasses have been sold out by their own "leaders" too.  Nobody is coming to save them for real.

Tue, 03/10/2015 - 13:47 | 5874049 shanearthur
shanearthur's picture

After the last crash, I remember reading something in the Washington Post about Freddie and Fannie. They mentioned that both had a dual mission statement of ensuring as many underpriveledged home loans as they could and of ensuring profitability. I couldn't believe the paper didn't point out the irony of such an impossible antagonizing mission statement. To this day, I've not heard a word about it, but if their mission statements are inherently flawed, they will never NOT need a bailout.

Tue, 03/10/2015 - 13:54 | 5874080 Itchy and Scratchy
Itchy and Scratchy's picture

Yeah ...cuz rich is bad ... and poor is reeely gud! You obviously didn't get a digree in 'Social Humanitarian Inequality Unfairness Dynamics' in collige! Figur it out will 'ya? 

Tue, 03/10/2015 - 14:24 | 5874238 libertysghost
libertysghost's picture

Where I'm at there is the "Center for Inclusive Excellence"...yep, inclusive but excellent...somehow...or said intellegently, we let everyone in our exceptional center.  Huh?  Only "progressive" boomer academics can come up with this crap.  

Tue, 03/10/2015 - 13:48 | 5874051 TweedleDeeDooDah
TweedleDeeDooDah's picture

I find this cool!

I'm going to call the cheapskate relatives and let them know that the ARE getting me a graduation present, be it 20 years late, after all!

My balance, including penalties and fees for not making payments is approaching $70,000 for a bachelor's degree... at a STATE SCHOOL.

Dear America, would you like your shit sandwich buttered? Get ready to EAT IT!

Tue, 03/10/2015 - 14:12 | 5874176 libertysghost
libertysghost's picture

I love it!!!  Exactly...I talked about this debt to my partents all the time after I got out and they didn't want to hear any of it.  They would just pretend no one was talking...same went with my ex's parents..."lah lah lah laalaaahhhh" with their fingers in their ears while taking the opportunity every chance they got to tell their friends "how hard it was but they made sure their kids got an education".  WHAT!!!!????  You didn't pay for shit...and half the time the parents were barrowing money from the students who were taking out loans (like that ever got paid back) because "mom and dad were having a tough time".  I still see it all the time today...I have a job where I get that kind of info ALL THE TIME sitting on an "emergency fund" scholarship committee.  They whole thing has been a scam from the beginning.  

Like you said Tweedle...get ready to eat that shit sandwich Boomers and above.  Eat it eat it eat it.  I've been deferring parts of loans for decades now...I paid what that degree was really worth years ago and everyone knows it.  I knew this day was coming.  This is another way to bail out the banks in reality...and the politicians.  It had to come some day.  

Tue, 03/10/2015 - 14:49 | 5874375 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

Fuck you fag.

Tue, 03/10/2015 - 15:23 | 5874550 libertysghost
libertysghost's picture

So now I'm sensing the sarcasm...the Hitler 4 Dictator with the USSR flag...it's all coming together...LOLOL.

Tue, 03/10/2015 - 15:38 | 5874615 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

No this is sarc off....I really hate young people like you who refuse to pay. GIVE UP your Diploma then fag. Please let this shit show end, I'm at my wits end. I thingk college is a waste of time too, and I have  ashit degree but I signed up for it, it's my fault.  I still owe 16k and I'll continue to pay. At least have the decency to be a man and mail back your diploma.  You thing it's worhtless anyway, right?

Tue, 03/10/2015 - 15:53 | 5874717 libertysghost
libertysghost's picture

Damn...I was giving you too much credit.  You don't get irony despite the conflicting messages in your profile.  Whatever...don't really care what you think about me.  Pay your frikin loan idiot.  You made the decision to be an idiot a while back and you are stickin to it...congrats buddy!!!!  You have really taught me a lesson.  LOLOLOL

Tue, 03/10/2015 - 16:02 | 5874766 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

To think I used to call myself part of the liberty movement....fuckign die already liberty movement...no one cares... 

Tue, 03/10/2015 - 14:49 | 5874378 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

Eat shit you fucking slave.

Tue, 03/10/2015 - 13:49 | 5874057 eyetaliano
eyetaliano's picture

Politically, it's a great move.

Tue, 03/10/2015 - 13:52 | 5874069 silverer
silverer's picture

@ eyetaliano - I'm in a quandary: don't know whether I'd up or down-arrow that.  Think I'll just run away...

Tue, 03/10/2015 - 13:55 | 5874088 lordbyroniv
lordbyroniv's picture

Id vote for Obama if this goes through.

1111

And I KNOW it ends badly.

 

Who cares?

 

I wants MINE !!!!1111111111111111111111111111

Tue, 03/10/2015 - 20:20 | 5875833 lotsoffun
lotsoffun's picture

i wants mine also.  but, i wants to earn it.  our problem is, you and i know it ends badly, those that really wants it, and snatchs it, doesn't see the longer term.

short term gains are rarely matter in the end game.

on the other hand - we are all still better off then most people in kenya, for example.  just ask the president.

he sure doesn't want to be sent back there, although i would love to pay his ticket.

 

Tue, 03/10/2015 - 13:51 | 5874066 dashingdwl
dashingdwl's picture

I've been saying for years that this was an option that the Democrats held up their sleeve as another way of ingratiating themselves with the young, dumb and broke.

Just a little more simmering and this shit stew will be ready to be served!  

 

Bend over America!

 

Tue, 03/10/2015 - 13:52 | 5874072 Jameson18
Jameson18's picture

So the question is. What if you have been paying all along do you now stop paying and get some GUBMINT cheese or do the right thing and be a sucker. And how many will go to a high end campus knowing that they will go bankrupt just so they don't have to pay the bill.

Tue, 03/10/2015 - 13:53 | 5874076 Canary Paint
Canary Paint's picture

I don't in principle agree with government intervention in the economy.  I don't think it can ever achieve the desired goals. I do think a government's job is to support the approximately consensus idea of the average citizen's social floor. That is, the government should, within its means and its methods and according to the approximately consensus agreement on its approach to governance, take measures to assure that social floor. If this measure is in that spirit, then I am not sure I am against it a priori.

 

More interesting is thinking of the possible effects. Imagine if all student debt was discharged tomorrow. Just briefly and superficially, some bloated financial institutions would go down with the ship (and all those folks would be out of jobs, but maybe they would then have a chance to learn a useful trade or apply their skills in a real economic activity), and a bunch of Americans would suddenly have a significant monthly sum to spend. They might buy enough cars to rebuild Detroit or enough houses to make a new real estate bubble ;-p Of course, wants-to-wear-every-hat.gov would want to bail out theses financial institutions, and we would be back to square one.

Wed, 03/11/2015 - 00:23 | 5876554 FredFlintstone
FredFlintstone's picture

"I don't in principle agree with government intervention in the economy." That might have sounded astute 30 to 40 years ago. Wake up, the government now totally owns and controls the so-called economy.

Tue, 03/10/2015 - 13:54 | 5874082 libertysghost
libertysghost's picture

Lets be honest here folks...you had older generations selling these high priced schools to younger generations they never educated and instead promised them "the value of these degrees made them great investments"!  The older generations made bank working the unionized higher ed jobs getting sweet state pension guarantees on the backs of outragous tuition and fee rates while keeping their taxes low (and the promises to themselves higher and higher still!!!).  

Obama is a tool...he's doing what he's being told to do because the reason no one is buying anything is because the under 45-50 age group has so much loan debt they can't pay for a car or a mortgage.  You don't have to like it, but it's the truth.

It's the boomers and older that looted the country and didn't hold power accountable, not these poor "reeducated" kids and now adults who were lied to by those people to ends of the earth.  Screw it...don't pay back these frikin loans!!!  I wouldn't.  And if you're on here whining about how "you" as a "taxpayer" are going to "get stuck" paying again...fuckin move!!!! Why would you be stupid enough, if you really didn't make bank off the debt system you have "worked" under for the last few decades that took from future generations so you didn't pay for the endless wars you weren't stopping and the banker bailouts you didn't hold anyone accountable for, to get in your current, nice, "responsible adult" position.  Now you're going to whine because someone else is milking the system like you have?  I don't believe 99% of the people on here when they claim they are so responsible blah blah blah.  If you live in the US (or the west in general) and have for the last 50 years, you have robbed the future.  That's not an opinion...it's basic math.  Don't like that someone else is figuring out how to rob some of it back...then move.    

Tue, 03/10/2015 - 13:57 | 5874097 lordbyroniv
lordbyroniv's picture

Yup !!!!!

 

Dont hate the player,...hate the game !!!

Tue, 03/10/2015 - 14:02 | 5874129 Lostinfortwalton
Lostinfortwalton's picture

The fatal error was having the taxpayer guaranteeing loans to poor or middle class students who wanted the "prestige" of an expensive private school. Now the smart kid who went to State U, studied mechanical engineering, got a job and is paying back a modest loan, is overs shadowed by idiots who studied nonsense at expensive schools and now can't get a job.

Tue, 03/10/2015 - 14:20 | 5874220 libertysghost
libertysghost's picture

Truenough...but some day what you know will be worth more than who you think you know again...I think ;-)

Tue, 03/10/2015 - 14:51 | 5874388 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

Fuck you dead beat slave loser. I can not wait until the dollar collapses and you suffer.

Tue, 03/10/2015 - 15:22 | 5874542 libertysghost
libertysghost's picture

All hail the self-righteous!!!!!  

 

Wed, 03/11/2015 - 09:23 | 5877088 iofera
iofera's picture

You're an idiot.

Tue, 03/10/2015 - 13:54 | 5874083 Jonesy
Jonesy's picture

One has to be an asshole to work and pay taxes in the US. LMAO!

Tue, 03/10/2015 - 13:56 | 5874094 Lostinfortwalton
Lostinfortwalton's picture

The students get to file for bankruptcy the day after a Dem is elected for 2016. Gotta get voter turnout somehow. Otherwise, some folks might go to jail.

Tue, 03/10/2015 - 13:58 | 5874102 Itchy and Scratchy
Itchy and Scratchy's picture

I wonder when the OTHER RICH GUY runs out of $$$?

Tue, 03/10/2015 - 14:13 | 5874185 forwardho
forwardho's picture

The other rich guy ran out of $$$ back in 1985.

Since then, This whole charade has been bought and paid for with the 18 trillion that he didn't have.

 

 

Tue, 03/10/2015 - 14:17 | 5874205 Itchy and Scratchy
Itchy and Scratchy's picture

D'oh!

Tue, 03/10/2015 - 14:00 | 5874104 Jstanley011
Jstanley011's picture

Gee. The demagogue politicos claimed student loans would "make higher education affordable" when they passed it. So how's that working out for ya'?

All they did was enable the banksters and tenured profs to pump tuition costs and enrich themselves, on their students' backs. For proof, compare the OP's first chart with this one, which shows the spread between increases in tuition with the cost of living and the cost of medical care...

https://upload.wikimedia.org/wikipedia/en/0/01/InflationTuitionMedicalGe...

"Higher education" my ass. A course of indoctrination by the statists, more like it. What a bunch of clueless dupes.

How long are you people going to be scammed by government before you wise up? Never, would be my guess. Oh no, you Obamabots will piss yourselves happy with thankfulness for your "bailout," roflmao.

Tue, 03/10/2015 - 14:33 | 5874288 css1971
css1971's picture

Money makes inflation.

Well Duh.

Tue, 03/10/2015 - 14:45 | 5874355 Jstanley011
Jstanley011's picture

Wrong. Look at THE SPREAD against the cost of living on the chart I linked.

Tue, 03/10/2015 - 14:00 | 5874115 Jethro
Jethro's picture

I kind of feel like an idiot for paying off my college education.  However, with the government this far up your prospective ass, there will be a catch...maybe some modern revision of indentured servitude? 

Tue, 03/10/2015 - 14:03 | 5874138 F.A. Hayek
F.A. Hayek's picture

USA - the land of no accountability! At those prices, I'll take TWO degrees in Women's Studies!

Tue, 03/10/2015 - 14:04 | 5874139 matinee55
matinee55's picture

STRONG MESSAGE TO ANYBODY NOW PAYING DOWN STUDENT DEBT - YOUARE A FOOL - STOP PAYING - SOME LOSER AHOLE WILL PAY FOR YOU SO DEMON RATS GET ELECTED AGAIN - YES UPPERCASE - SCREW YOU

Tue, 03/10/2015 - 14:04 | 5874142 Mr. Bystander
Mr. Bystander's picture

This is complete bullshit. Had I known this 2 months ago maybe I would have waited to buy a house. I can't wait to watch all of these little assholes discharging their loans in bankruptcy while people like me and my wife (both under 30) work our asses off to make things happen in our lives. I can't say it wouldn't stimulate the economy though. After all, you give people an extra $300+ per month back they're bound to blow it on other useless things like a second education.

Tue, 03/10/2015 - 14:08 | 5874160 Jstanley011
Jstanley011's picture

Shut up, bend over, and like it.

Tue, 03/10/2015 - 14:53 | 5874407 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

eat shit deadbeat slave. 

Tue, 03/10/2015 - 14:11 | 5874169 lordbyroniv
lordbyroniv's picture

WE built the roads you travel on.

 

Just remember that!

 

 

Tue, 03/10/2015 - 14:18 | 5874209 libertysghost
libertysghost's picture

Well I think you will be better off that you bought the house when you did if that $300 a month you're talking about enters the housing market at any decent rate...you're "value" (hahaha) will go up so just sell in a year or two and take you winnings and buy a house in a different country.  Done and done.  This could work out well for you...at this point, there's no reason to pretend the future in the US is salvagable anyway.  Get what you can, grab your kids and take off...timing will be everything from now on.

Tue, 03/10/2015 - 14:14 | 5874189 iofera
iofera's picture

It is my solemn wish to transfer my $120K of student loan debt to you, the American taxpayer.

Tue, 03/10/2015 - 14:16 | 5874195 Itchy and Scratchy
Itchy and Scratchy's picture

Thankyou we, and many future generations are exceedingly grateful & humbled for your generous largesse!

Tue, 03/10/2015 - 14:14 | 5874190 q99x2
q99x2's picture

Well I wasn't going to take out any loans. But now bitchez, the sky is blue, the future is bright and there's going be one hell of a party tonight. YeeeeeeHaaaaaaa the government's goin up my FAFSA.

Tue, 03/10/2015 - 14:20 | 5874221 Itchy and Scratchy
Itchy and Scratchy's picture

Somehow all this has got to be the fault of  the big bad banker types! Hmmm.....

Tue, 03/10/2015 - 15:00 | 5874431 Jstanley011
Jstanley011's picture

Of course it is. The student loan scam has been all about the banksters from the very first. That's why they were made non-dischargable via bankruptcy. But now that it is becoming evident that the students can't repay anyway, it's time to have the Magic Negro appear, stage left, with a bailout "for the students." Right. My rosy red bu......

Tue, 03/10/2015 - 15:30 | 5874576 Itchy and Scratchy
Itchy and Scratchy's picture

Lol! I just luv the 'its all because of the 'banksters' excuse and not because of reckless self-serving government (tax-payer) guarantees!

Tue, 03/10/2015 - 14:21 | 5874225 iofera
iofera's picture

My major in Women's Studies and minor in Jewish Hatred haven't been particularly marketable.

I think I'll return them and send the bill to Uncle Sam.

Tue, 03/10/2015 - 14:50 | 5874384 dsty
dsty's picture

oh I don't know

the latter does pretty well at ZH

Tue, 03/10/2015 - 14:22 | 5874230 B.J. Worthy
B.J. Worthy's picture

The Kenyan Keynsian is trashing the place as the end of his lease approaches.

Tue, 03/10/2015 - 14:26 | 5874241 Itchy and Scratchy
Itchy and Scratchy's picture

Scorched earth baby!

Tue, 03/10/2015 - 14:38 | 5874318 TalkToLind
TalkToLind's picture

At this rate it will be scorched Earth, Moon and Mars.

Tue, 03/10/2015 - 14:25 | 5874233 Yen Cross
Yen Cross's picture

  I see a lot MOAR "professional students" in Amerikas future. All we need is a bunch more Keynesian deadbeat economists directing fiscal policy for the "United Banana Republik of Northern Nafta".

  A chicken in every pot, and a P.H.D.in 'Underwater Basketweaving' on every wall.

Tue, 03/10/2015 - 14:24 | 5874237 Itchy and Scratchy
Itchy and Scratchy's picture

The Nobel Peace Prize winning Kenyan just figured out that, 'You didn't build all that debt!'

The 'Community' build that debt!

Tue, 03/10/2015 - 14:25 | 5874245 TalkToLind
TalkToLind's picture

Shit, in 2015 I have actually stopped buying unecessary consumer crap and have been agressively saving and paying down debt.  Where can I pick up my Moron Of The Year award?

Tue, 03/10/2015 - 14:37 | 5874271 Itchy and Scratchy
Itchy and Scratchy's picture

Don't be so hard on yourself .... think more 'Useful Idiot!'

Tue, 03/10/2015 - 14:27 | 5874254 ncdirtdigger
ncdirtdigger's picture

I borrow money to study law so I can use the law to prevent foreclosure on the house I live in but cant afford. I use the law to sue anyone who dares to attempt to collect my unpaid visa bills. What a great country this is!

Tue, 03/10/2015 - 14:30 | 5874269 css1971
css1971's picture

WOOHOO! FREE MUNEY!

 

1. Become student

2. Take out BIG loan

3. Declare bancruptcy

4. Profit!!!

 

Tue, 03/10/2015 - 14:33 | 5874286 Itchy and Scratchy
Itchy and Scratchy's picture

'Don't ask what you can do for your country ... ask how you can 'F' it!' - The Kenyan

Tue, 03/10/2015 - 14:35 | 5874297 vincenze
vincenze's picture

Is America adopting a Soviet-style economy?

A citizen pays 90% of income in taxes. She gets a free apartment, free medicine, free higher education.

She has no interest in working hard. So, she makes a low-quality car or a low-quality TV or a low-quality house or low-quality jeans. She shouts, "I want a capitalist dress, capitalist car, capitalist perfume."

Tue, 03/10/2015 - 14:37 | 5874310 LetsGetPhysical
LetsGetPhysical's picture

Ultimately this a bailout for the lazy overpaid tenured professors. Explain to me again why college cost so much? 

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