Student Loans: When President Obama came into the White House eight years ago, he promised a "New Era of Responsibility." It didn't work out that way, particularly for student loans, leaving President Trump with a huge mess to clean up.
In fact, when it comes to borrowing for college, students are being utterly irresponsible.
A recent survey by LendEDU of 500 current college students found that 49.8% of them think that the federal government will forgive their loans after they graduate.
"In reality," LendEDU's Mike Brown notes, "a very small percentage of graduates will even qualify for Public Service Loan Forgiveness. It is worrisome that current students may be over-borrowing on the hope that their student debt will be forgiven in the future."
Worrisome, indeed, particularly given that the amount federal student loan debt is currently $1.3 trillion, and rising fast.
Of that, $31 billion is seriously delinquent — meaning that debtors are at least 90 days past due on their payments. In fact, at 11.2%, the delinquency rate on student loans is 57% higher than credit card debt, and nearly four times the rate of all loans combined.
For the most part, it is President Obama who is to blame for this mess. One of his first actions as president was to nationalize the student loan program, cutting out private lenders and instead having the government lend directly to students.
As a result, direct lending went from 21% of federal student aid in 2009 to 73% today, and the total amount of student loan debt on the federal books doubled in eight years.
At the same time, Obama made it easier for students to avoid paying back the full cost of those loans, and repeatedly spoke as if students were victims who deserved to be protected from their own debt. In fact, Obama's "reforms" of student lending became widely known as the "Obama Student Loan Forgiveness" program.
Everywhere President Trump looks there is a mess to clean up....he needs to start with the leaks and purging ALL king o appointees...and get true blue Americans in those jobs!
Debra, AMEN, get anyone appointed by fuhrer Obama out, NOW!!!!! Replace those treasonous punks with true patriots!!!!!
An incredibly good cartoon! My daughter in law is nursing a $100,000 debt trying to teach. It will take a lifetime of work to pay this off! This whole scheme of Federal handout was all intended to be an entitlement once Hillary took office with the Communist Party Congress, who would quickly put the Bill for the University Indoctrination on the working taxpayers of this nation, like all the other ponzi schemes that Obama has dreamed up.
It's true. Our youth needs to reconsider alternatives in order to develop career choices. Going into enormous debt from these over-rated colleges, only to discover difficulties in their jobs searches, leave too many very frustrated and disillusioned.
I knew a young man about 50 years ago who started college, and QUIT after a very short time. Why? His words: "First thing they do is 'educate' OUT the common sense, then proceed to indoctrinate."
And NOW you will never know what college promised you, because you will spend the rest of your life PAYING for it! Something is SERIOUSLY wrong with our 'educational' system! It seems to begin 'WAY back in GRADE SCHOOL! And MAYBE nursery school.
Right on, Randal!
I know the problem first-hand. Things are much, much different in the public schools nowdays than they were even 30 years ago. There was once a day when the public schools were accountable to the taxpayers. Not any more. How does it work now? It’s an elaborate scheme of Democrat power politics built over generations in America.
We can start with the fascist implementation of the “Common Core State Incentives” that used the National Governor’s Association as its shill to bypass any democratic implementation process. Thank the Gates Foundation, among others, for a lot of the money to move this forward. The policy was locally implemented without discussion. Right alongside the Common Core came the elaborate computer-managed system of standardized testing to identify winners and losers among the schools. But the hidden trick was to allow the District to mine data on students and their parents and then share it blindly with third parties, especially if the District implemented standardized psychological testing as part of CASEL (better known as “Social and Emotional Learning”). The Common Core instituted the totalitarian system of administrator management of teacher functionaries who could be fired for failure to jump high enough on demand of the building Boss principal, because the Union and the Administration joined hands and said to each other in bold recognition: "Hey! We’re all from the same Party here! We can control this thing! Our Party runs the State Legislature!
Who can challenge our power? The wise guy old-timer “smart-alec” teachers who blow the whistle in public? We can get rid of troublemaker teachers any time we want! There's no investigation of any wise guy teacher we can't stonewall by making our decisions in the back room and then treating the grievance with silence! Most of the new teachers are Liberal university indoctrinated functionaries who vote Democrat according to the direction of the Union, and don't want to rock the boat! They are cheaper to pay, too!
Can we manufacture the “21st Century citizen of the totalitarian Welfare State of America? It all begins with the shaping of behavior of children by the shrewd and surreptitious use of social pychology. Might someone call this child abuse? The Tea Party can go pound sand!! Don’t worry! No one will tell on us. Almost all the social workers and psychologists are Democrats! What if the troublemakers go public? The local MSM is all in favor of the totalitarian Welfare State! They would just investigate and let us know who the squealer is, and we would take over from there!! Who reads the MSM newspaper editorial page any more, anyway? Might someone go to the Board of Education? We are all Democrats here who got elected because it was a “non-partisan election” and nobody bothered to investigate the fact that all the candidates were Democrat, and the local branch of the MSM left that fact out of their review that everybody reads. We control enough illegal and legal Democrat votes in the inner city to completely dominate the number of votes in the State Legislature! The Governor? He is malleable. He likes to be aloof from the Tea Party troublemakers. Finally, we have learned from the Clintons how to "take care" of troublemakers who get in the way when we have exhausted all the silent treatment we give them! Has anybody ever investigated the Clintons and come out with an indictment, let alone go to trial? That’s a laugh!
Does this sound evil! It might to Trump and his Deplorables, but who cares? Most of the Church hierarchy members are Party members who loved all the Federal dole money they received under Obama, and they are big on “Preferential Option for the Poor” that translates as favoring Democratic politics. They will say nothing. Finally, we all know that there is a “Wall of Separation of Church and State” which means there is a “Wall of Separation" between the Public School system and the teachings of God in the Bible. Don’t forget all the Obama Judicial Supremacists that sit on local regional courts! Alas, the Bible has been banned from the public schools in the U.S. for 80 years, thanks to the many lifetime appointed Judicial Supremacists that have prevailed over the Supreme Court!
Obama legacy: screwing students with massive loans for college!
These snowflakes needs to realize Obama does nothing for anyone - in all he does it will benefit him and him alone. So grow up no one is paying your bills. Get a job and make a budget. But really grow up and realize the socialism they push is evil.
I would give those students only (2) choices: One, serve at least a min. of  years in a military service not of your choosing but to the needs of the service & if not qualified then serve out at least (3) years of "community service" , 8 hours per day, 6 days per week in accord to the needs of the community. or : two, if refusing either option under#1, then be remanded to a County jail by a local judge for work details for  years.
I like that idea. :-)
Amen. We need to know that "money does not grow on trees", no matter how our university administrators and professors seem to have no concern for it as they gouge the State taxpayers and tuition payers.