Debt Hits Hard.
By on Dec 7th, 2006 at 2:34 pm
Debt Hits Hard.
Our sister site Campus Progress has launched a new ad campaign, Debt Hits Hard, to draw attention to the fact that four in ten U.S. college graduates — including more than half of African-American and Hispanic borrowers — are burdened with an “unmanageable level of debt.” Watch the ad, and get more details HERE.
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It’s all in good tradition with the financial skills of the great
December 7th, 2006 at 2:50 pmDouble U. Tax cuts for the rich additional burden for the middle and low class. National debt as of today $ 8.66 Trillion. I can hear the 3monkey followers screaming about the ‘free’ market and ‘everybody has a chance’. If stupidity would hurt, christorepublicans would be screaming in pain 24/7. Another great american example set by busherica and its criminal profiteering elite. What goes around comes around, always. I hope those bushist cheerleaders will pay
the price for all this mess.
Personally, I believe that educational opportunities should be free (funded by the government). I’m blessed because my mother and father paid for my tuition (Savings).
December 7th, 2006 at 2:52 pmCitizens in debt are easily controlled. Citizens with freedom frighten the government.
In other words:
December 7th, 2006 at 2:56 pmIf you have a lot of debt, you won’t rock the boat because you gotta be at work on Monday.
The college board reported last month that college tuitions are going up at the fastest rate in four decades.
Add to this the capacity problem facing nearly every major university problem and I’d say we best all be thinking about jobs that involve hamburger.
New on EWM:
December 7th, 2006 at 3:04 pmOnward Christian Voyeurs
Oh yeah, they are out there–a very strange and true tale.
All i heard growing up was college opens doors, you’ll make more if you go to college, college will make a difference. Well after jumping through hoops, taking classes that only exist to keep a department open, and building up a considerable student loan; it appears that i’ll be working for the people that went into the job market right out of high school.
yup, college made a difference.
December 7th, 2006 at 3:07 pmIt’s a shame in this country that it’s easier for a C footbal student to go to college for less or free than an A student.
December 7th, 2006 at 3:08 pmOther point is that when you have gotten all that debt from going to college, you are not guaranteed a job. Sometimes now just a B.A./B.S. doesn’t cut it, one has to get a higher and higher degree to get a better chance at getting a job related what they studied in college/university.
December 7th, 2006 at 3:13 pm#6
Someone has to pay for that football student to go to school.
Makes one wonder if college sports should be eliminated
December 7th, 2006 at 3:14 pmand how would the government pay for it?
December 7th, 2006 at 3:17 pmThink Progress should make a concerted effort to have all of their videos available on YouTube since it makes it so easy to pull them off of your site and put them on ours. It helps to get the messages out there on the net much faster when it is as easy as copying and pasting the YouTube “embed” code.
Drinking Liberally in New Milford
December 7th, 2006 at 3:20 pm#9 and how would the government pay for it?
Comment by Kevin — December 7, 2006 @ 3:17 pm
By not cutting any tax to the uberwealthy.
December 7th, 2006 at 3:25 pmPersonally, I believe that educational opportunities should be free (funded by the government). Comment by Daryll — December 7, 2006 @ 2:52 pm
and how would the government pay for it?
Comment by Kevin — December 7, 2006 @ 3:17 pm
Tax those categorized as being rich/super rich, cut military war funding, etc.
December 7th, 2006 at 3:25 pmI see.
What number is Rich/super rich/underwealthy? How much a year is that? And at what rate? And after the tax is passed, who would want to be successful?
December 7th, 2006 at 3:35 pmIt’s their own fault, study for a degree that pays well so when you get out you have a chance at a decent job, and get a part time job or two to pay for as much as possible.
December 7th, 2006 at 3:38 pmI would…
you’re an idiot Kevin.
December 7th, 2006 at 3:41 pmIt’s their own fault, study for a degree that pays well so when you get out you have a chance at a decent job, and get a part time job or two to pay for as much as possible.
Comment by squegeeboo
I was wondering when you would find your favorite topic. A parrot always fids his cracker….bwaack….get 2 jobs…..bwaack….save as much as you can…..bwaaack…..its their own fault….bwaaack.
December 7th, 2006 at 3:43 pmdlet
I was wondering when you would find your favorite topic.
Turns out it was at 3:38pm.
December 7th, 2006 at 3:47 pmYou accept punishment for success and I’m the idiot. From you it’s a complement
December 7th, 2006 at 3:48 pmKevin,
You really are silly.. first we cut things like Faith based funding.
Then we shut down the Federal Reserve and stop paying interest on our own damn money. Our constitution gives us the right to print our own, but we sub-contracted it out to the world bank who charges us interest.
Secondly we cut military spending, we spend more than probably the rest of the world combined. We can still have the best, by cutting all the sub contracting out.
We repeal the tax breaks given to the top 5% (those making 150,000/yr). Those who benefit the most, should pay their share.
We tax the oil companies, pharma, Walmarts, and other corporations who make crazy profits, yet provide little to society.
Now not everyone should get a free ride to college, those who want to go must maintain a good grade average to get there. And maintain it while there, and college wont be “party town” like it is now.
December 7th, 2006 at 3:50 pmYou accept punishment for success and I’m the idiot. From you it’s a complement
Comment by Kevin
Do you pay your taxes Kevin? ‘Cause if you do then welcome to the club of those that are punished for their success.
December 7th, 2006 at 3:51 pm#14 squegeeboo,
The problem is many do study for a degree that pays well … the problem is job competition … someone may have started working on their degree when their were many job openings in that area … however, once they finish, and with the economic downturn and everyone else now going for the same degree, those jobs have dried up.
December 7th, 2006 at 3:53 pmAlso, people are not necessarily going to go study for what pays well if they don’t enjoy it or if it is not something that is their strong point. They are going to go for a degree in a subject they enjoy and are strong in.
BanReligion
We tax the oil companies, pharma, Walmarts, and other corporations who make crazy profits, yet provide little to society.
Some of those companies/industries only appear to make ‘crazy profit’ due to the size of the companies that get cited, if you look at their profit margins, some are quite low (Walmart is roughly 4%). Others, like pharma(20%ish if I remember correctly), are way up there.
December 7th, 2006 at 3:56 pmAshenShard
once they finish, and with the economic downturn and everyone else now going for the same degree, those jobs have dried up.
True, that is a valid concern that I have no real answer for, except if you do enough research into career choices, it should limit the occurrences of this happening.
people are not necessarily going to go study for what pays well
December 7th, 2006 at 4:00 pmThere are jobs, and their are hobbies. If you can combine the two, thats great, if not, take a job you hate, so you can pay for the hobby you love (as well as provide for a family or other needs).
squeege,
I don’t care what their “profit margin is” companies like this do not pay their fair share. I wish my profit margin was 3-4%, sadly despite getting cost of living increases, it doesn’t keep up with food, fuel, and everything else.
December 7th, 2006 at 4:05 pmBanReligion
I don’t care what their “profit margin isâ€
Wow, just wow. That belies either an amazing amount of ignorance, or hatred of big business.
December 7th, 2006 at 4:10 pmMy daughter has a degree and a teaching credential. She’s $30,000 in debt and is still subbing three years after graduation. What does she get for advice: We want teachers with a masters degree – go back to school. Which would be another $10K in debt.
So, Kevin and Squeegboo, is teaching a hobby? While she teaches, does lesson plans, corrects papers, arranges field trips, holds parent conferences, and attends required NCLB meetings when do you suggest she find time for that second job?
December 7th, 2006 at 4:12 pmAshen Shard,
December 7th, 2006 at 4:14 pmDon’t battle Squeege on this. No matter how many examples you throw out there they will be brushed aside. Squeege’s formula of get 2 jobs, get a degree, save money will work for everyone…everywhere..everytime…for Squeege anywhere. His logic shield is set to full repel on this subject.
dlet
will work for everyone…everywhere..everytime…
Not true, I admit that it doesn’t work for people with physical/mental handicaps, people with poor planning skills, and the lazy.
powkat
December 7th, 2006 at 4:17 pmwhen do you suggest she find time for that second job?
I would suggest that she move, many areas, including large portions of the south are currently hard up for teachers.
Personally, I believe that educational opportunities should be free (funded by the government). I’m blessed because my mother and father paid for my tuition (Savings).
— Daryll
I agree Daryll. Education should be a right, not a privilidge of only those that can afford it. Just as health care should be a right and not just a privilidge of those that can afford it.
I worked my way through college and also payed for my kids and ex to get their degrees. It wasn’t easy and I struggled many years to pay for it.
There are alot of people that have had to drop out because of the Bush administration cuts and strangling rule changes, designed to deny people thatwant to better themselves the right to get a college education.
Minimum wage yearly totals come upway short of what tuitionactually costs now days.
December 7th, 2006 at 4:18 pmI would suggest that she move, many areas, including large portions of the south are currently hard up for teachers.
Comment by squegeeboo
And leave any support that that person may have in family and friends that might help in hard times. Moving to a far off location can sometimes be more risky than staying put. And what if that person moved from a place to where they didn’t need a car to a place where they did? So cost to move, to buy a car and hope your job is secure and you are far away from any support you had. Sounds like a gimmie to me.
December 7th, 2006 at 4:25 pmThere are jobs, and their are hobbies. If you can combine the two, thats great, if not, take a job you hate, so you can pay for the hobby you love (as well as provide for a family or other needs).
— squegeeboo
Teaching, law enforcement (if you want to be more than a street cop) and other “public service” jobs that require a degree that take years to pay off because the debt incurred is more than they actually make in a year makes your point moot or just plain ignorant.
These jobs are not hobbies, and people usually do not go into these fields for the pay, but because they believe in public service.
Your position is that no one should go into these fields? We would be in sad shape indeed with no teachers and no police.
December 7th, 2006 at 4:28 pmWayne
Minimum wage yearly totals come upway short of what tuitionactually costs now days.
Community college around me: 1350 a semester. Normal student does 2 semesters a year, so 26 weeks of earnings to pay for each. comes out to just about 52 dollars a week (ignoring book/supply costs), counting them in, maybe 65 a week. Do one of those 2 years community college, 2 years university programs, do well for your first 2 years, and you get scholarships/loans to cover the 2 years at the university.
And thats full time, ignoring any possible scholarships/grants you can get for Community College, you can always take longer for community college, maybe only do 2 courses a semester at first, or you can also always apply for a loan to cover the cost of the Community College. And then a large % of parents will allow you to live at home if your doing college, so costs such as rent may not even come into play, then again they might.
December 7th, 2006 at 4:30 pm#32 — squegeeboo
You are talking about 2 year community college. Yes it is sometimes cheaper for just an AA. Most community colleges do not offer 4 year degrees. Teachers are starting to be required to get a masters. I have several teachers in my family.
The average cost of a four-year college jumped to $30,367 this school year (2006 ), the first time the average has broken the $30,000 mark.
December 7th, 2006 at 4:48 pmHAHA calling me ignorant because companies are making huge profits of BILLIONS of dollars, moving jobs over seas, paying crappy wages, no/little benefits for their employees, getting tax cuts, eminent domain so they can steal land, I don’t hate big business, I hate greed above all costs. I am all for companies making HUGE profits, but share the wealth. Walmart employees who have been there 20 years get a f^king polo shirt, dammit give them a $5000 bonus. Wage caps, god the list goes on and on and on. I’m not saying an associate needs to make $25.00/hr, but a livable wage.
So before you call me ignorant, I think you better re-think “yer ignant” defense of them.
December 7th, 2006 at 4:50 pmWayne
You are talking about 2 year community college. Yes it is sometimes cheaper for just an AA. Most community colleges do not offer 4 year degrees.
Right, I understand that, but the majority of decent CC’s that I have researched have a partner university, where you do a 2 and 2 program, where if you do well in your 2 years at the CC, you can get admitted into the University, and if you do well enough, you can get some sizable grants/loans, in addition, if you do a 2 and 2 type program, odds are your parents don’t make much, so you can also get some decent financial aid.
BanReligion
December 7th, 2006 at 4:58 pmcalling me ignorant because companies are making huge profits of BILLIONS of dollars
If you don’t understand the difference between profits and profit margins, then yes, you are ignorant.
Walmart employees who have been there 20 years get a f^king polo shirt, dammit give them a $5000 bonus.
They have a just under 4% profit margin, do you know what it would do to their profits if they gave a bonus’s instead of gifts for the 5/10/15/20 year marks?
odds are your parents don’t make much, so you can also get some decent financial aid. — squegeeboo
Mine made just at that cutoff point where I did not qualify for aid and they did not make enough to save for my college. The middle class, especially lower middle class are screwed over bud.
I had to go the military route to get any aid and I still had to work 2 jobs and do a full class load to make ends meet. And still had a debt from the loans topay off.
December 7th, 2006 at 5:12 pmWayne
I had to go the military route to get any aid and I still had to work 2 jobs and do a full class load to make ends meet. And still had a debt from the loans topay off.
But you did it. Sans the Military(my mom was just below the cut off, so I got a bit tossed my way) that’s what I did (graduated in May) and I have a hefty bit to pay off over the next 20 odd years. I don’t claim that it’s easy (at least I don’t think I do) but it can be done.
Alright, good night, time to bike it home, I’ll check back when I get in.
December 7th, 2006 at 5:16 pm(graduated in May)
Congratz
and I have a hefty bit to pay off over the next 20 odd years. — squegeeboo
Which is exactly the point of the thread, is it not? =)
December 7th, 2006 at 5:25 pmLadies and Gents, there has to be a better solution to give every citizen the right to have a good education. If you travel outside of U.S. soil, you’ll learn that college is basically free because government taxes pay for it (foreigners are extremely taxed).
December 7th, 2006 at 6:02 pmNo, this thread is about unmanageable debt, and while my debt is large, it isn’t unmanageable because I invested in my future, and the payments don’t break me, much like mortgages for people who buy a house, if you do it right your fine, if you don’t, suddenly you have 100K floating over your head and you can’t make the payment
December 7th, 2006 at 6:16 pmWayne
Congratz
Thank you, missed it on first pass thru, my mind is still numb from the -14(Celsius) windchill on the bike ride home
December 7th, 2006 at 6:17 pmI’d love to see a government sponsored student loan program that pegged your interest rate to your income level. Starting at 0 for the poverty line and increasing gradually up to prime. Paid for by those whose education got them the means to live the good life. Many wealthy folks acknowledge the debt they have to the society that provided them the means to acquire said wealth. And others are ingrateful assholes.
December 7th, 2006 at 6:29 pmthis thread is about unmanageable debt, and while my debt is large, it isn’t unmanageable because I invested in my future, and the payments don’t break me,
Comment by squegeeboo — December 7, 2006 @ 6:16 pm
That is until you want to get married, buy a house, and otherwise put money away for your future and your children’s.
Which is what the thread is about: The debt is unmanageable not because people cannot make the payments, but because it is so large and it burdens them for so long, it actually keeps them from saving and/or investing their earnings in ways that would improve their quality of life.
(”Unmanageable” means that graduates need to set aside more than 8% of their salary to repay their student loans)
December 7th, 2006 at 7:02 pmI find it curious that many posters at this and other progressive blogs are never at loss to list as rights the many services they believe the government should provide “freely”, ie. Healthcare, college education, and a laundry list of desires.
The fiscal implications likely would reach into the seven figures over a lifetime.
These posters are also never at a loss to determine which people or entity should foot the bill for these services.
What I find lacking in all these posts are reasons why they feel deserve these services at no cost to themselves and what contributions they will be making to society to merit this huge amount of governmental largesse.
December 7th, 2006 at 8:13 pmThank you, missed it on first pass thru, my mind is still numb from the -14(Celsius) windchill on the bike ride home
— squegeeboo
brrr, wintertime I park my bikes (motorcycle and the schwinn ) in the garage and drivemymazda pickup =)
made me cold just reading that hehe
December 7th, 2006 at 8:33 pm#46 I hope that is sarcasm.
December 7th, 2006 at 10:15 pm47
sarcasm is FULL OFF
December 7th, 2006 at 10:40 pmI’m still 2 years away from graduating at my college, and I already have a debt of ~$15,000
December 7th, 2006 at 11:00 pmYou folks are a hoot. You want to pay for college by taxing the rich. You want to pay for health care by taxing the rich. You want to pay for environmental programs, social programs, stem cell research, etc. by taxing the rich. You want to fix social security by raising taxes (eliminating the social security cap). You keep trying to spend the same money over and over again. Tax. Tax. Tax.
And what makes you think there’s enough money out there to do all this?
December 8th, 2006 at 12:28 amWhy Americans Hate Democrats — A Dialog
Just because it is such a damned good piece of writing, the following is an exerpt from Jane Smiley’s seminal piece in Slate Magazine:
The reason the Democrats have lost five of the last seven presidential elections is simple: A generation ago, the big capitalists, who have no morals, as we know, decided to make use of the religious right in their class war against the middle class and against the regulations that were protecting those whom they considered to be their rightful prey—workers and consumers. The architects of this strategy knew perfectly well that they were exploiting, among other unsavory qualities, a long American habit of virulent racism, but they did it anyway, and we see the outcome now—Cheney is the capitalist arm and Bush is the religious arm. They know no boundaries or rules. They are predatory and resentful, amoral, avaricious, and arrogant. Lots of Americans like and admire them because lots of Americans, even those who don’t share those same qualities, don’t know which end is up. Can the Democrats appeal to such voters? Do they want to? The Republicans have sold their souls for power. Must everyone?
Progressives have only one course of action now: React quickly to every outrage—red state types love to cheat and intimidate, so we have to assume the worst and call them on it every time. We have to give them more to think about than they can handle—to always appeal to reason and common sense, and the law, even when they can’t understand it and don’t respond. They cannot be allowed to keep any secrets. Tens of millions of people didn’t vote—they are watching, too, and have to be shown that we are ready and willing to fight, and that the battle is worth fighting. And in addition, we have to remember that threats to democracy from the right always collapse. Whatever their short-term appeal, they are borne of hubris and hatred, and will destroy their purveyors in the end.
Although it originally appeared shortly after the last election, I think the article is so fundamentally honest and insightful that it bears dissemination until every American has read it. You can read the whole thing here.
http://www.slate.com/id/2109218/
December 8th, 2006 at 1:47 amThe federal grant/loan system was raped when Bush took office. Imagine how much money could be spent on providing education if the gov cut military spending. How much money is the US pissing away daily in the middle east?
December 8th, 2006 at 3:30 amYes, the corporate structure of expecting / demanding endless record profits has to hit bottom sometime.
They’ve cut the quality of their products to the point that most of the time, they’re just selling a piece of crap that is set up to use like a paper towel . . . once.
Their products have now gotten to the point that if they cut back on the materials and construction any more . . . they won’t even have a piece of crap to peddle.
So where do they now go to attempt their endless pursuit of record profit?
Correct ! Straight to the backs of their employees and the environment.
Cut the number of employees, cut or eliminate their pensions, cut their wages, cut their benefits, cut the number of hours the few standing employees get to work.
Pay the scumbag politicians to eliminate pollution / waste regulations.
There is no end to their **cking greed folks.
December 8th, 2006 at 10:39 amIt is structured destruction, in the disguise of accepted business practice.
They can only squeeze for so long, then there’s nothing left.
Michael
After this soaks in, I am sure what you have here is really brilliant.
April 13th, 2008 at 4:07 pm