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The Fraud At The Heart Of Student Lending Exposed - The One Sentence Everyone Should Read
A key reason why a preponderance of the population is fascinated with the student loan market is that as USA Today reported in a landmark piece last year, it is now bigger than ever the credit card market. And as the monthly consumer debt update from the Fed reminds us, the primary source of funding is none other than the US government. To many, this market has become the biggest credit bubble in America. Why do we make a big deal out of this? Because as Bloomberg reported last night, we now have prima facie evidence that the student loan market is not only an epic bubble, but it is also the next subprime! To wit: "Vince Sampson, president, Education Finance Council, said during a panel at the IMN ABS East Conference in Miami Monday that lenders are no longer pushing loans to people who can’t afford them." Re-read the last sentence as many times as necessary for it to sink in. Yes: just like before lenders were "pushing loans to people who can't afford them" which became the reason for the subprime bubble which has since spread to prime, but was missing the actual confirmation from authorities of just this action, this time around we have actual confirmation that student loans are being actually peddled to people who can not afford them. And with the government a primary source of lending, we will be lucky if tears is all this ends in.
More bullets from Bloomberg:
- Vince Sampson, president, Education Finance Council, said during a panel at the IMN ABS East Conference in Miami Monday that lenders are no longer pushing loans to people who can’t afford them.
- The bubble in the sector is over
- Noted political dynamic of education funding
- U.S. is currently 16th in the world in degree attainment
- He notes the U.S. education secretary and U.S. president have probably looked at that number
- Nevertheless state universities are struggling because state governments are poorer: Sampson
- Says a sustained effort is underway at some schools to bring in out-of-state tuition, which typically pay 100% of the cost
- Barbara Lambotte, a senior credit officer at Moody’s said during the panel that student loan lenders are chasing the same potential borrowers
- Everybody is going after borrowers with co-signers and high FICOs, also students who may be going to the better schools: Lambotte
- Gary Santo, a MD at First Marblehead said during the panel that borrowers too are being more conservative in theirchoice of education funding
- Lambotte said Moody’s outlook on private student loan ABSmarket is negative, but newer loans should perform better
To be sure, when the implications of the $850+ billion student loan bubble blowing up spread through the financial markets, it will make subprime seem like a tame walk in the park.
Of course, nobody will care about it until it is too late. Just like every other time because this time is never different.
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it sucks to be a debt slave. Welcome to the real world kids.
But unlike the mortgage bubble, the borrower can't walk away from an underwater degree in Sociology.
try as you might...
so the homeless aren't going to be able to pay back those loans that for-profit colleges roped them into?
This is what happens when you have some of these schools getting 90% of their revenue from the government. Who cares about underwriting or credit standards when uncle sam has your back and you have no skin in the game. And for the public institutions, well it's only going to get worse as the funding gets slashed for the last bastion of cheap higher education. My state funded alma mater's tuition has nearly doubled in the last 5 years.
I have had a lot of Students trying to Rent my Apartment. They use the Money from their Student Loans to pay their Rent.
It's not only for-profit colleges. My son went to an in-state public university, and therefore got a break on tuition costs. A friend of his went to the same school, but said friend was from another state. The friend graduated with a $45K debt. At least they both graduated while jobs were still readily available.
Good thing our society no longer cares about shacking up. Who'd want to marry someone carrying that much debt right out of college? Donning my tinfoil hat, I wonder if this wasn't yet another surreptitious method of impoverishing our society to the benefit of the elites. Nah, they'd never do that. Off with the hat...
I racked up a bachelors and 2 graduate degrees without any debt... wife, not so much... I guess the primary driver for some of us is to marry someone worth a shit and the rest will probably fall into place... case in point, her student loans will be extinguished next month via our savings, after approximately 3 years post graduation. It has required cutbacks in our lifestyle and other belt tightening measures, but this was the path she chose... package deal.
i think the young people are going to start beating up on old people
They call those 'just desserts'.
that's a story we've read before.
NIA actually made a very good documentary on this:
http://www.youtube.com/watch?v=VpZtX32sKVE
I have a grandchild who, frankly, is numb as a post. Imagine my surprise when, despite a mediocre GPA and poor entrance exam scores, she not only got accepted to a decent college but got a small grant and a huge student loan. I warned her parents, who co-signed, that this would not end well but they were so happy that their little darling was actually wanted! Sure enough, she dropped out after two years. Now she has no job, lives at home where clashes over her post-college "freedom" drives her parents nuts, and has saddled her parents with $40k in debt that they are finding it difficult to repay. As long as neither parent is laid off, they should be alright but if the least little thing goes wrong, another family will tip over into bankruptcy. I am certain that the same scenario is playing out all over the country.
And, if the payments stop on a voluntary basis, the Department of Education can put in an Administrative Garnishment that requires NO court order.
http://www2.ed.gov/offices/OSFAP/DCS/awg.html
Simply send a form to the employer (both parents plus child, so 3 possible garnishments at once on same loan) and BAM 15% net garnishment.
That's why the Department of Education has a SWAT team: they can bust into a house in the middle of the night, terrorize everyone inside, and demand payment. I recall they tried that recently, but the house's owner had gotten a divorce from the debt-owing former wife. She wasn't there. I wonder if he or his children got so much as an apology. Yet another reason to abolish the DOE.
2 years of party for $40K? It's a bargain.
Think of this: if her parents, the co-signers of the loans, want to know her grades, and she doesn't want to tell, too bad. They won't tell.
If she is failing, they will let her keep enrolled and collecting for 2 years before expulsion, without any notification to the co-signers at all that she is not doing the work.
Anyone who co-signs for any loan, never mind an education loan, is an idiot that deserves to be screwed.
The university know exactly what they are doing, they are getting rich. The professor with the elbow patches because he can't afford a new jacket is a real thing of the past.
They are all rockin' big bucks now, creating dumb debt slaves as quick as they can.
No worries, the gov't is backstopping all these loans. It's all good in the hood.
Dear reader,
Are you a political science/lib-art/women's studies/african-american studies student or student of something similar and worthless to the economy and the human race in general?
If so I must inform you that your student loans have been rated subprime since your education is worthless and therefore there's nothing to back up your debt.
Cheers!
you should not talk to Michelle Obama that way
Dear Typical Baby Boomer,
Seriously, pretenting that every unemployed/underemployed young person is a "political science/lib-art/women's studies/african-american studies student or student of something similar and worthless to the economy and the human race in general" has become played out.
You had me at spoiled brat.
+1
I'm not a baby boomer, I'm a 28 year old taxpayer with no univeristy degree that doesn't want to pay for others to sit around studying useless subjects, or paying idiot profs...
"Your parents made a comfortable life for you via the GI Bill."
Fuck you shit for brains. I earned that GI bill getting shot at motherfucker.
The cowards red arrow you, JohnG. I got my GI Bill the same way. Let the pussies and cowards red arrow.
.
this nord guy probably never served...
and is enjoying running his mouth due to the fact that people fought and died to give him that right...
but, he does have points, but he should have left the vets out of it,
You vets didnt earn anything.
The government promised you benefits and took the money from other people to give to you.
I can make promises and tell you that you earned it if I dont have to personally pay.
All of these " earned" benefits you old people have were promised to you when most of the people who were going to be required to pay for those benefits couldnt even vote yet.
Pure hypocrisy on your part.
good morning troll,
how are you...
round 1
ding....
we didnt earn it, huh, were you there...how do you know?
they promised it for putting our lives on the line...
for what we thought was..well...guys like you...at first
then it became about the guy next to us....
but your right, someone promised it inthe government..take it up with them, not the vets...
I got mine standing in the freezing fucking cold towing 1958 technology on the weekends so they could plow and emptied surge tanks on the bleeding wings of the planes with rulers and had JP 57 aircraft fuel soak my arm while I risked my life standing on the wings to de-ice and then showing up for 12 hour days ever 3 months because someone thought practicing for a Russian nuclear war was a good idea.
So shut the fuck up and thank a veteran of ever branch for the safety they provide.
In fairness he was pointing to the GI bill supporting the parents of the baby boomers who never had to risk thier life for the comforts they enjoy.
.
Death Panel legislation could always change, you know.
The American play. I don't think it's a comedy
I guess your degree is in Rocket Surgery, because only a Rocket Surgeon could come up with lame-brain logic like that.
By the way, I know a recent graduate with a Electrical Engineering Masters Degree from Speed School of Engineering, UofL, who finally got a job repairing Kindles under warranty, and glad to get a job. Do you think he can pay off the loans he took out to get that degree by being a Kindle repairman? Do you think that is the ony job he could get because some baby boomer couldn't retire because of 401K losses? Are you a believer in the "one size" economic pie, that someone must retire for a new person to get a job? Are you that stupid?
They outsourced the good jobs. Social worker is the latest "good job".
Did you ever hear of Jimmy Carter? Did you ever hear about pounding the pavement looking for a job for months, not even gas stations were hiring pump jockeys?
Living in the backseat of a junk car after work, because you were trying to save up enough money for the security deposit on an apartment once you actually found a job? In Chicago in February? You don't have a clue buddy.
Yes, all the Baby Boomers had it sooooo good. What a great time we had in your mind.
"Speed" is a bitchin' name for an engineering college. U. of L. is a fine school all around. Back in '51, your friend would have found a job with the Automation Department of Brown and Williamson right away.
I'm a boomer, but I had most of my fun in the 1960s.
I graduated into an era of extreme danger: people were getting drafted into the Marines in 1968. There was alsdo a lot of lead in the air, which I heard was bad for one's health.
I enlisted in the USAF after getting a BS degree. (Never used the GI Bill to get More of the Same, or Piled Higher and Deeper.)
My prosperity was due to the USAF redirecting my career path, lots of hard work, and no small measure of divine intervention.
I'm part of the problem? Hurry up and die? What is this, a replay of "don't trust anyone over 30"?
Grow up. Get a job if you don't already have one. Someone has to pay for my Social Security once I start collecting, and it might as well be jerks like you.
Looks like some people got riled up a bit because of my post. That's good. Of course it's hard out there for people with real education these days but let's not forget why that is. The economy turned from manufacturing into 'service economy'. Service economy is a label for 'unsustainable bullshit economy which survives on loans and printed money and where little of value is produced.' Bullshit economy based on nothing encourages bullshit degrees based on nothing - like the aforementioned degrees. Bullshit degrees are a symptom of bullshit economy - and another symptom is that real education becomes worthless too because the economy has been gutted. However, nothing can be fixed without real education. Political 'science' majors and african-american studies majors are not going to turn this economy around. Trust me on that.
Btw, I should have added economics to the list of bullshit education.
Of course student loans are marketed to people who can't afford them! They're recent high school graduates who don't have a college degree. You are severely obtuse if you expect them to somehow:
If students could afford to repay loans at the time of initiation, they could simply pay for the college tuition and costs.
Student Loans are Lifetime Commitments. The only way to get out of them is to Die.
It is a shame in a way but a Student Loan is like a Lifetime Judgement against you and all of your future Earnings for as long as you shall live.
You may easily discharge the debt by working for government beating or better killing protesters, domestic or abroad.
Just look how young many NYPD thugs are. NWO requires total control by debt and deflation.
Just suck it in and cope, try to fit a system. Survival of best fitting is the key to success - at least in a short term.
The only limit anyone should keep in mind: don't try to eat each other - it's not healthy at all. Making soap is ok.
I find it amazing how ahead of it's time the book "fight Club" was.
God I wish there was an ultrashort education etf
Remember, education is mostly the jurisdiction of the US government. Betting against the US government is foolhardy until the endgame is near. They'll keep printing money for "education" as long as the suckers keep buying Treasuries.
Student loans are guaranteed by the government.
No reason not to push loans with high risk of default.
Student loans are guaranteed by the government.
No reason not to push loans with high risk of default.
If you want a part in the next administration, a degree from the University of the People
might be just the thing. http://www.uopeople.org/
Accreditation be damned. Add to that student loans, Government guarantees, Ivy league prestige, capitalism,
in short, the world as we know it.
A good place to start might be getting rid of the suits in your closet.
Does that mean my degree in walmart greeting is no good?
The government should only guarantee student loans for majors where there is substantial demand for jobs at colleges where people graduating in those majors have a high probability of getting jobs or in small numbers for industries in which there is very high growth potential but not presently many jobs such as nanotechnology. Students chosen based on IQ test from those with good grades.
Liberal arts, etc shold get no guaranteed loans and should be required to attend an at least full day class explaining how their degree is extremely unlikely to result in a job they could not get without it.
I remember in 1984 being told by a loan agent that I wanted the school loans, because I would want the deduction for my taxes. I did not buy it, but millions did. so this is not new. It has been covered up by allowing people to pay a percentage of the income and not a real payment.
Now You have the answer for the consumer credit numbers a few weeks ago. Get ready for a collapse in those metrics moving forward.
I was one of the "lucky ones" to be right on the cusp of this transition - when I was in grade school, one year we celebrated Christopher Columbus Day, the next year he was a murderer. In junior high, Shop Classes were encouraged for those who weren't book smart. By high school, every teacher was encouraging/brainwashing every student to go to college. In college, I could run circles around the "graduate students" getting their "master's degrees" because you had to add an extra set of letters behind your name to stand out from the BS/BA pack. I was encouraged by my father to keep going to school and get my PhD - I told him I wasn't going to pay someone to tell me I'm smart and add a few extra letters after my name. I have wondered for the last ten years whether they will invent a degree beyond PhD - I guess "post doctorate" work will suffice. I quit my career in Traffic Engineering because government work has been 100% corrupted.
I was viewed as crazy for coming to the conclusion that my children will not be attending college, and that I actively encourage young people today to not go to college and take up a trade instead. We were designed as a species to work with our hands, and those hands are either pushing papers, plunking keys, or jerking off far too much these days - sometimes all at once. The fact that student loans are not forgiveable in bankruptcy sealed the deal. Usury, bitchez!
I agree on all points but -1 because masturbation is essential if you don't have bitchez! lol
I agree with you 1000%. I suspect that I may be in your age cohort, or slightly younger. The late '90s were a strange time, and the '98 law change, had I known about it, would have likely led me to seek a blue-collar profession, had I not already paid 25% of a $28,000 tuition bill (75% academic scholarship).
"A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects."
-Robert A. Heinlein
The rules of the game have changed. During my freshman year (1998) of college, they changed the student loan discharge requirements significantly through the Bankruptcy Code. "Significantly" meaning, lifetime debt, period. Then, throughout the 2000's (especially 2005), even more absurd exemptions of student loans from the requirements of contract law, consumer protections, bankruptcy law, etc., etc. Back in '98, there was no alternative press to speak of, practically no reporting of a major, major change in the rules of the game. Now? These problems with student loans are on the radar screen, the economy is completely in the toilet, and the jig is up. If any young high-school students are reading this, here's a bit of Gen-X wisdom for yah: DON'T TAKE A SINGLE DOLLAR IN STUDENT LOANS, FOR ANY REASON. Even if you are a good student, have a solid profession, and earn well (like yours truly), it sucks to pay the equivalent of a small mortgage over the best years of your adult life, month after month after month. Private loans? HA! I have paid the principal over the last 10 years, IN INTEREST! And the damn principal has gone down $10,000! 6% fixed rate, BTW. What seems like a good deal when you're a young kid isn't so fun in your thirties. Stay away from the student loans, go to Vo-Tech (for free) instead..... Again, the rules of the game have changed, the '90s optimism has worn off, and you need to be able to adapt in this economy, and student loans are like a big wheelbarrow of shit you have to push around.....
IIRC, student loans are not dischargeable in the event of bankruptcy? If this is so, wonder why the law was written as such?
If I was a conspiracy guy, one might see the government, bankers and education establishment dreaming up such a scheme ....
Glad I do not think that way. :-)
sschu
The bankruptcy changes a few years ago left too many loopholes on most debt. The student loan scam is iron clad. Lifetime servitude and poverty for many.
SO MUCH FOR THE EX-POST FACTO CLAUSE OF THE CONSTITUTION.......
Zombie Student Loans Arise From The Grave by Kent Anderson, Oregon Bankruptcy Attorney ·
Student loans made before 1998 were given new life by Congress when it eliminated the seven year discharge rule in 1998. The United States Court of Appeals for the 9th Circuit recently affirmed the right of Congress to modify discharge rules after the loan was taken out. Prior to the change in 1998, a student loan could be discharged if the borrower had been required to make payments for at least seven years. After Congress changed the law, only loans proven to be an “undue hardship” could be discharged in bankruptcy. In the case of James Lewis v. U S Department of Education the court of appeals upheld an Idaho bankruptcy court decision denying discharge of a pre-1998 student loan. The debtor had unsuccessfully argued that the retroactive application of non-dischargeability provisions enacted after the loan was made violated Article I, Section 10 of the United States Constitution, a provision that prevented the imposition of ex post facto laws or laws impairing the obligation of contracts. In reaching its decision, the court of appeals addressed the constitutional argument by limiting the provision in question to laws passed by the states. Further, the court stated that “Bankruptcy is a legislatively created benefit, not a right, that Congress may alter or withhold at its discretion”. The court went so far as to say that “Congress is not prohibited from passing laws that impair contractual obligations. In fact, the very essence of bankruptcy laws is the modification or impairment of contractual obligations.” This case does not hold much of a surprise for experienced bankruptcy lawyers. Judges have been denying discharge of pre-1998 student loans ever since the law was changed. However, it serves as a reminder that the discharge rules can change quickly. The 1998 legislation was passed with little or no fanfare and became the law of the land before most bankruptcy lawyers knew it was even contemplated. By keeping a sharp lookout, we may be able to stop Congress from creating more zombie debts that haunt our clients long after bankruptcy has come and gone.
You're cute thinking that old, dusty laws have any meaning in the 21st century U.S. of A.
If you have a usa degree and huge loans and no prospects head overseas.
Max out your credit cards and go!
Go on a six month tourist visa.
Take your diploma with you. It is respected overseas.
Get a job teaching english.
Take cheap, subsidized native language classes for immigrants.
The place that employs you teaching english will show you how to get the correct visa very cheaply. Just head to the nearest border and come back.
After you learn the language and have the right visa a lot of good jobs will open for you. You will have plenty of choices.
You will date the hottest chics.
You will live a comfortable middle class life.
When president Hillary Clinton passes universal loan forgiveness you can come back to the usa if you want and work for the usa subsidiary of your employer.
Even a standard latin american middle class family can afford private english only schools for their children. Your hot latina spouse would love for your kids to get instructed in english. It is a status symbol.
that's what the cartels say when they force the exodus of their poorest and most disenfranchised people into the US in order to expand their narco culture. they'd say 'take your dirty kids with you they are respected in the US. more kids means more welfare'
When you apply for perment residence, most countries will insist that you not have any outstanding debts or had a negetive judgement aginst you or have not paid child support.... you also have to show that you will not be a burden on the government, that you have some wealth, futhermore you have to get your prints run through the FBI to confirm that you do not have a record. And when you do that you have to tell the FBI why you want your prints run.
I didn't give you the neg, although I think your comment is naive at best.
Once you know a little of the language and have a few friends a work visa in most latin american countries is no problem. You need not worry about fingerprints or judgments against you.
Don't forget to drive a rent-a-car down there. It has cash value in Belize.
I think you might be twenty years too late for that!
And the contract can facilitate an attachment... of everyyyyything you eveeerrrr ownnnn.(Collection process) Including you SSI check.. if you live that long.
Coming soon to every state, FEMA textile mills offering debt slaves the option to pay off their education debt at China level wages or you get drafted and enjoy your time in the military living as pharmaceutical test dummies and fighting in all the endless wars for the bankers and military contractors.
Why even GO to college right now?,why saddle yourself with thousands of bucks you must pay off, or work off(that's coming),and graduate with a 90% chance of NO Job?.
Stupid.
Student loans serve 2 purposes these days:
1. Funnel money to private school owners
2. Serve as welfare (without the stigma)....keeping the people off the street
the vast majority of these loans cannot be repaid and will be just like fannie, freddie, etc etc.
It's really an IQ test for students. Sign up for a loan, they know you are stupid. If the parents co-sign, they show how stupid they are.
The government now has identified the all the Obama voters with college aged children using the loan database.
Ive been calling student loans the next "subprime" since early 2010. Check it out at subprimejd.blogspot.com
I think that some of the best jobs today are Plumbers and Electricians. Maybe specialize in Heating and Airconditioning.
Once you become a Master Plumber you can work for yourself. Do you know how much they make. Tons and Tons of Money. Just call for a broken pipe and for a 15 minute fix it will cost you $160.
I know I spend a small Forutine on Plumbers every year.
ya know, there are community colleges that cost peanuts to attend with high quality education - most if not all credits are transferable if your guidance counselor is doing their job [which most do in small cc's] transitioning to a four-year under graduate state college /university at a fraction of the cost -
used books/ text are sold at discounts stores on campus -
no one says you have to live on campus -
a 2yr /4 yr degree is worth all the time, and expense in the world,... especially at a liberal degree college/university - jmo
your point is well taken,... but - what is the motivation of the parents that demand such high accountability from their children -
please i'm begging, just do it for your parents? one for the gipper' - please, we must maintain the 'jone'ess syndrome'
ps. who decides what shall be in the textbooks in america?
hint: they own the s&p rating agency that just downgraded u.s. debt, and they are the world's largest publisher of books___if you guessed mc`graw- hill you would be correct -
and who is the financier behind mc`graw hill, the entity that calls all the shots in the dark___the real owner -
the rothschild's
there we have it!
ps2. education is the greatest tool we have in the known universe that keeps us all free,... without it we are all but walking dead
ps3. being subjective - all my chilren went to cc's, and everyone has no debt to speak of -- why,... because they all worked part time to pay for their education with only one or two taking out a small student loan -- today there all just fine, gainfully employed with no debt from their education, but only appreciation of what it has gotten them -
note: alot of these jokers that got students loans did so just to get extra cash with no intentions of ever paying it back,... jmo
thankyou tyler
Tyler (and loyal followers), I'm very confused... are you really saying this isn't Obama's fault?
What up with that?
A racket, of course, but its more than just the loans. We are dumber people today, yet, we not only spend more money but more time on "education" than ever before. College degrees are increasingly seen as the high school diploma and graduate degrees are all but a necessity. Quick anecdotal observation: the most successful people I know do not have a masters degree. Interestingly, many of our visionaries from Gates to Jobs didn't even finish college. Someone may be quick to point out how much more complex our society is...but is it? Try imagining the day if you had to physically write stuff out more often vs. typing (or other ergonomic solutions) or had to retain information because it wasn't at your finger tips to check. Even if things are more complex requiring more education, the education industry has hardly reacted appropriately. Consider how few engineering degrees are conferred and the proliferation of 'soft science' degrees such as "enter aggrieved group" studies. What is college in 2011 - I just saw it on a TV advertisement (an annoying one too boot). The advert featured a girl student (of course men need not apply but that is another story) just off to college and her Dad gives her a credit card. Immediately cut to some huge party (funded by her dad), point being is college in 2011 is a four year party and it gets more expensive year after year. A cousin of mine went to a top 20 MBA school, where he "had the time of his life". Now, admittedly I understand some MBAs can be challenging, but who cares in the end you'll have the same opportunities as someone who went an easier school...wtf? The point here is education is more expensive and you aren't getting much out of it. A human being at 18 years old has the capability to be educated and held accountable to uncompromising standards and responsibility (similar to what they can expect in the real world) and be in class for several hours during the day. I think you can teach a person in 4 years (business and MBA) what they are now learning in 6…easily (and at a much lower price). In today’s universities, class seems to be an electable option much lower in priority to "partying" and/or "finding yourself". If I were a university I'd want students to be "finding themselves" too, less time in class, less professors to hire. Indeed, universities are costing more and providing less. Meanwhile viable substitutes are available that are likely better for students and most certainly cost less, in fact, cost nothing. For instance, you can access lectures online for free from many major and esteemed institutions like MIT. Apparently, there is a company called "Great Courses", which gives access to lectures of the best professor out there. Indeed, there is the worldwide web. Looking at the current undergrads, it’s not too difficult to self-tech yourself into a liberal arts degree and probably come out better educated and at a mere fraction of the cost. The question is why are we not seeing education change? The answer is no good and should be unacceptable to any red blooded free thinking individual...because there is a crony-type relationship between universities and employers. Bull-sh*t I say, as many of the "professors" and institutions approve of the socialist agenda they are actually hypocrites of the highest order. Although they will bend over backwards to whine about education access to "disenfranchised" people like horseosexuals and women etc, they in turn F these kids royally by putting them into debt even before they start working. How is indentured servitude consistent with the proletariat revolution? Lastly, academics have helped deconstruct practically every institution in the West, the only one left unchanged from a structural point of view is...academia. Time for education to "deconstruct" itself into something new.
Few engineering degrees may be conferred but it doesn't stop companies from overlooking Americans with those degrees in favor of Indians and Chinese.
A. Federal Student Loans will get a bailout of some kind. See income based repayment.
B. The animosity toward the baby boomers will continue to grow. It's bound to happen and if you can't see that you are blind.
C. Ya later!
In regard to OWS, CluelessEconomist or anyone with the will to consider that one person's preconceptions will color what they see should check out:
http://www.theburningplatform.com/?p=23205
He was there, and had pictures. Where are yours?
The phrase "student loan fraud" conjures up a wide array of white-collar crimes against the U.S. Department of Education. One of the most common types of student loan fraud involves purporting attendance at an educational institution for the purposes of taking out student loan funds. Student loan as well as any cash advance fraud is a federal offense punishable to the highest extent of the law. The U.S. Department of Education's Office of the Inspector General receives, investigates, and prosecutes this white-collar crime. Get as much evidence of the crime as possible. This may include, but is not limited to, the suspect's name, address, and any information that may be helpful to the OIG.