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Why is Everyone Ignoring the Student Loan Bubble?
invite response
2011 May 3, 1:19pm 18,237 views 57 comments
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I can tell you from having worked with people who write job descriptions, that certification as an absolute gate-level requirement is frequent where the job is "open" to a chosen applicant only. It doesn't matter that YOU have a CCNA, it matters that Jimbo's good friend Larry has one. The cert requirement fits Larry's resume to a T, and no matter how hard you try your application will not best it. It just guarantees you a pointless interview where everyone picks their nose and goes through the motions for HR.
“Eagles are dandified vultures†- Teddy Roosevelt
That's also a perfect description of how H1B's work. I like seeing ads for people with a CE masters degree, 3 years experience, fluent in manderin, willing to work for 30k. I can see why there were no "qualified" US applicants.
Rin
2012 Apr 23, 7:12am
Yes, in summing up the various posts above ... the college degree, BA in { X, Y, Z }, is really for the human resources dept.
In reality, many high schoolers, with a modicum of intelligence, can do at least half the white collar jobs out there. This is possibly one of the greatest *open secrets* out there, which no one wants to acknowledge formerly.
Thus, it's not so much a college bubble but it's more that the majority can't accept that college is worthless, for a vast pool of the educated population. If a person simply wants to attend college, to be 'seen' as being smart, well, that's one thing but to have a college degree, simply because it satisfies an artificial checklist of sorts, is another.
zzyzzx
2012 Apr 24, 1:05am
Thus, it's not so much a college bubble but it's more that the majority can't accept that college is worthless, for a vast pool of the educated population. If a person simply wants to attend college, to be 'seen' as being smart, well, that's one thing but to have a college degree, simply because it satisfies an artificial checklist of sorts, is another.
I think we have a winner here!!!!
AD
2023 Nov 15, 10:04pm
looks like student loans balance is reversing course and dropping since first quarter of this year
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AD
2023 Nov 16, 8:53pm
Could just be a reporting artifact, a delay in the numbers arriving.
good point, but they could use a projection and then adjust it later when the actual numbers are available
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WookieMan
2023 Nov 17, 2:51am
Could just be a reporting artifact, a delay in the numbers arriving.
I think fewer people are choosing to go to college. And boomers are also dying now with a decent chunk having assets the kids will inherit. The boomers with assets likely were smart to save and pushed college on the kids. Same with grandparents dying. This always happened of course, but the numbers are just greater than in the past which is why I think people are dumping the debt sooner
I've noticed colleges seem desperate for students. I have about 5-6 friends with college aged kids that applied everywhere and got accepted everywhere no problem. Nice kids but not the sharpest knives in the drawer. Put this way, I wouldn't have been accepted to half the colleges they got into. I think it's literally a 4 year party bill at this point and it's been dumbed down outside of STEM fields.
My 2¢. Could be wrong but that's what I've observed since covid and seeing friends kids go off to school.
AD
2023 Nov 17, 9:20am
I think fewer people are choosing to go to college.
Need to track enrollment numbers or college students population such as through the Census Bureau.
Also, find out about colleges and universities merging, downsizing or shutting down due to diminishing enrollment like St Paul's College in Virginia.
There may be more students going to community colleges for the first 2 years in order to save money (and they do not have to take borrow as much student loan money).
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AD
2023 Nov 18, 10:43pm
The loan amount outstanding is dropping not because people are paying them off, but because Biden has been forgiving billions upon billions of dollars of loans.
good point ..there is now $1.737 trillion in student debt ... Biden admin wrote off about 7% of student debt (or $127 billion) ... I wonder how much more is Biden going to forgive in student debt and what happens if a Democrat wins the White House in 2024 ....
^^^^^^^^^^^^^^^^^^^^^^^^^^^^
" Biden has managed to erase $127 billion in student debt so far for more than 3.5 million borrowers — more than any other president in history. His administration has used existing programs that were previously hard to access for many borrowers to deliver that relief."
https://www.cnbc.com/2023/10/29/biden-administration-has-forgiven-127-billion-in-student-debt.html#:~:text=Still%2C%20Biden%20has%20managed%20to,borrowers%20to%20deliver%20that%20relief.
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Consdiering this is a forum full of people who claimed to spot the housing bubble before it burst, why is anyone not talking about the student loan bubble? Trust me, when it burst, it is going to be VERY ugly. You have thousands, if not millions, of bororwers out there whoa re going to default. It's just a matter of time.
Peter Thiel's College Bubble Theory Gains Few Believers
NEW YORK -- The average college graduate leaves school with $24,000 in debt and one in 10 are unable to find work of any kind. Recently, student loan debt exceeded credit card debt.
Much like the housing bubble, when home buyers took on outsized mortgages they were either lured into or which they knew they could ill afford, all in the service of realizing the American Dream of homeownership, students today are struggling with piles of educational debt assumed in service of a similar goal -- the American Dream of a college education.
According to the College Board, 70 years ago there were 1.5 million students enrolled at American universities. By 2006, that figure had swelled to more than 20 million. Meanwhile, the cost of tuition has grown steadily higher. Over the past 25 years, college tuition and fees have risen three times as fast as individual family income. And over the past decade, tuition has increased at a rate of 5.6 percent per year beyond the rate of general inflation.
Recently, with tuition costs rising and debt levels increasing, the skepticism has reached a boiling point.
Amid this backdrop, a Silicon Valley-based venture capitalist named Peter Thiel has inserted himself in a debate about whether a college bubble exists.
Namely, Thiel believes that a lack of innovation will result in long-term economic stagnation. He also argues that the housing bubble, which inflated the real estate market and sent prices soaring and finally crashing back to Earth, now threatens to dismantle higher education.
“A true bubble is when something is overvalued and intensely believed,†explained Thiel during a recent interview with TechCrunch. “Education may be the only thing people still believe in in the United States. To question education is really dangerous. It is the absolute taboo. It’s like telling the world there’s no Santa Claus.â€
Thiel’s slant has infuriated some, and emboldened others. But is he right?
http://www.huffingtonpost.com/2011/05/03/college-bubble-burst_n_857082.html
#housing