Presenting The College Whose Graduates Have A 62% Student Loan Default Rate

Presenting The College Whose Graduates Have A 62% Student Loan Default Rate (ZeroHedge, Feb 19, 2013):

It is common knowledge by now that the US has a student loan problem. Specifically, a subprime-sized, student loan default problem, which as was reported last year, has now surpassed a 23% default rate at “for profit” institutions. Yet as all statistical measures, this one too deals in means and medians: very boring, impersonal metrics. Where the truly stunning data emerge is when one performs a granular college by college analysis of the US higher learning system, which is precisely what the WSJ has done, breaking down some 3500 colleges and universities by annual cost, graduation rate, median amount borrowed and most importantly, student-loan default rate. In this context we feel quite bad for the students who graduate from ICPR Junior College of Puerto Rico (or rather the 52% of them who graduate), with a modest $2,250 in student loans to cover the otherwise manageable tuition of $7,158, as a mindboggling 62% of them end up defaulting on their loans!


Student Loan Bubble Forces Yale And Pennsylvania University To Sue Their Own Students

Student Loan Bubble Forces Yale, Penn To Sue Their Own Students (ZeroHedge, Feb 5, 2013):

We have not been shy about exposing the massive (and unsustainable) bubble of credit being blown into the economy via Student Loans from the government. We have not been afraid to note the dramatic rise in delinquencies among these loans – and the implications for the government. However, as Bloomberg reports, it appears the impact of this exuberance has come back to bite the colleges themselves. In what can only be described as a vendor-financing model, the so-called Perkins loans (for students with extraordinary financial hardships) have seen defaults surging more than 20%. The vicious circle, though, has begun as the ponzi of using these revolving loan funds to ‘fund’ the next round of students is collapsing thanks to the rise in delinquencies. Schools such as Yale, Penn, and George Washington are becoming very aggressive at going after delinquent student borrowers. While financially hard-up graduates complain of no jobs, the schools are not impressed: “You could take a job at Subway or wherever to pay the bills … It seems like basic responsibility to me,” but perhaps that is the point – avoiding responsibility is seemingly rewarded in the new normal.

Via Bloomberg,

Yale Suing Former Students Shows Crisis in Loans to Poor

Needy U.S. borrowers are defaulting on almost $1 billion in federal student loans earmarked for the poor, leaving schools such as Yale University and the University of Pennsylvania with little choice except to sue their graduates.

The record defaults on federal Perkins loans may jeopardize the prospects of current students since they are part of a revolving fund that colleges give to students who show extraordinary financial hardship.

Read moreStudent Loan Bubble Forces Yale And Pennsylvania University To Sue Their Own Students

Here Comes The Student Loan Bailout

Here Comes The Student Loan Bailout (ZeroHedge, Jan 5, 2013):

2012 is the year the student loan bubble finally popped. While on one hand the relentlessly rising total Federal student debt crossed $956 billion as of September 30, and was growing at a pace that will have put it over $1 trillion by the end of 2012, the one data point confirming the size, severity and ultimately bursting of this latest debt bubble was the disclosure in late November by the Fed that the percentage of 90+ day delinquent loans soared from under 9% to 11% in one quarter.

Which is why we were not surprised to learn that the Federal government has now delivered yet another bailout program: this time focusing not on banks, or homeowners who bought McMansions and decided to not pay their mortgage, but on those millions of Americans, aged 18 to 80, that are drowning in student debt – debt, incidentally, which has been used to pay for drugs, motorcycles, games, tattoos, not to mention countless iProducts. Which also means that since there is no free lunch, all that will happen is that even more Federal Debt will be tacked on to replace discharged student debt loans, up to the total $1 trillion which will promptly soar far higher as more Americans take advantage of this latest government handout. But when the US will already have $22 trillion in debt this time in four years, who really is counting? After all, “it is only fair” that the taxpayer funded “free for all” bonanza must go on.

Read moreHere Comes The Student Loan Bailout

US: The Road From Rags To Riches No Longer Passes Through College

Sorry (Poor) Kids: The Road From Rags To Riches No Longer Passes Through College (ZeroHedge, Dec 19, 2012):

… at least statistically speaking. Yes, outlier cases will always exist and there will always be a rags to Geology 101 to riches story somewhere, but as the following fascinating and very much damning (the entire higher learning industry of the US) diagram from Reuters demonstrates, colleges, in their once vaunted role of a “great equalizer for the classes” as defined over a century ago by Horace Mann, no longer exist.The chart in question?

What does the above chart imply? Nothing more than that for the vast majority of people, college degrees are the modern-day equivalent of very, very expensive snake oil.

Read moreUS: The Road From Rags To Riches No Longer Passes Through College

Number Of Homeless Students In America Hits New Record: Over 1 Million

Number of homeless students hits new record: Over 1 million (RT, Dec 18, 2012):

The number of homeless students in America topped one million for the first time last year as a result of the economic recession, a number that has risen 57 percent since 2007.

The US Department of Education found that of these 1,065,794 children, many lived in abandoned homes, cheap hotels, stations, church basements and hospitals. Some spent their time sleeping over at the houses of various friends whenever they could. Others fell victim to drugs and sexual abuse, in some cases trading sexual acts for food, clothing and shelter or selling illegal drugs.

Read moreNumber Of Homeless Students In America Hits New Record: Over 1 Million

The Scariest Chart Of The Quarter: Student Debt Bubble Officially Pops As 90+ Day Delinquency Rate Goes Parabolic

See also:

America’s Lost Decade In One Simple Chart


The Scariest Chart Of The Quarter: Student Debt Bubble Officially Pops As 90+ Day Delinquency Rate Goes Parabolic (ZeroHedge, Nov 27, 2012):

We have already discussed the student loan bubble, and its popping previously, most extensively in this article. Today, we get the Q3 consumer credit breakdown update courtesy of the NY Fed’s quarterly credit breakdown. And it is quite ghastly. As of September 30, Federal (not total, just Federal) rose to a gargantuan $956 billion, an increase of $42 billion in the quarter – the biggest quarterly update since 2006.

But this is no surprise to anyone who read our latest piece on the topic. What also shouldn’t be a surprise, at least to our readers who read about it here first, but what will stun the general public are the two charts below, the first of which shows the amount of 90+ day student loan delinquencies, and the second shows the amount of newly delinquent 30+ day student loan balances. The charts speak for themselves.

This is how the Fed described this “anomaly”:

Outstanding student loan debt now stands at $956 billion, an increase of $42 billion since last quarter.  However, of the $42 billion, $23 billion is new debt while the remaining $19 billion is attributed to previously defaulted student loans that have been updated on credit reports this quarter. As a result, the percent of student loan balances 90+ days delinquent increased to 11 percent this quarter.

oh and this from footnote 2:

Read moreThe Scariest Chart Of The Quarter: Student Debt Bubble Officially Pops As 90+ Day Delinquency Rate Goes Parabolic

Agenda 21 – Land Grab In America – Iron Mountain – NWO Fascist Dictatorship – Big Brother – Propaganda – False Science – HAARP (Video)


YouTube Added: 02.08.2012

Study: Student Loan Debt Hits Record High – Stunning 37.8 Percent Of Recent Graduates Working In Jobs That Do Not Require A College Degree

Student loan debt hits record high, study shows (NBC News, Oct 18, 2012):

The average college student who graduated in 2011 had $26,600 in student loans, according to a new report, which estimates two-thirds of last year’s college graduates had student loan debt.

The average debt is the largest since the Institute for College Access and Success began compiling the figures in 2005, and it comes amid soaring college costs, record loan defaults, and a persistently difficult job market for college graduates.

While unemployment among college graduates is only slightly higher than the overall rate, the study found a stunning 37.8 percent of recent graduates are working in jobs that do not require a college degree. The study said that means wages are depressed, making the situation for graduates even more difficult.

Read moreStudy: Student Loan Debt Hits Record High – Stunning 37.8 Percent Of Recent Graduates Working In Jobs That Do Not Require A College Degree

Texas School Is Punishing Students Who Refuse To Be Micro-Chipped

“The era of micro-chipping students is now upon us. A school in Texas is punishing students who refuse to be micro-chipped.”
– Mike Adams, Natural News

Students who refuse to be micro-chipped are punished by tyrannical Texas schools (Natural News, Oct 15, 2012):

The surveillance society continues to expand across America, with those who refuse to go along subject to recriminations and reprisals.

That’s what’s happening to students at John Jay High School and Anson Jones Middle School in San Antonio whose parents refuse to have their children tracked by school officials.

Read moreTexas School Is Punishing Students Who Refuse To Be Micro-Chipped

Student Debt Weighs Down One-Fifth of U.S. Households

Student Debt Weighs Down One-Fifth of U.S. Households (Yahoo News/The Exchange, Sep 27, 2012):

A record number of American households carry student loan debt, while the average outstanding loan balance is the highest it’s ever been, according to a new report from the Pew Research Center. The Pew analysis found that about one out of five (19%) households, or around 22.3 million, were burdened with student debt in 2010. That figure is more than double the 9% it was in 1989, and it marks a big jump from 15% in 2007.

Here are some of the more alarming figures from the report:

Read moreStudent Debt Weighs Down One-Fifth of U.S. Households

The Student Loan Debt Bubble Is Creating Millions Of Modern Day Serfs

The Student Loan Debt Bubble Is Creating Millions Of Modern Day Serfs (Economic Collapse, Sep 10, 2012):

Every single year, millions of young adults head off to colleges and universities all over America full of hopes and dreams.  But what most of those fresh-faced youngsters do not realize is that by taking on student loan debt they are signing up for a life of debt slavery.  Student loan debt has become a trillion dollar bubble which has shattered the financial lives of tens of millions of young college graduates.  When you are just starting out and you are not making a lot of money, having to make payments on tens of thousands of dollars of student loan debt can be absolutely crippling.  The total amount of student loan debt in the United States has now surpassed the total amount of credit card debt, and student loan debt is much harder to get rid of.  Many young people view college as a “five year party“, but when the party is over millions of those young people basically end up as modern day serfs as they struggle to pay off all of the debt that they have accumulated during their party years.  Bankruptcy laws have been changed to make it incredibly difficult to get rid of student loan debt, so once you have it you are basically faced with two choices: either you are going to pay it or you are going to die with it.

But we don’t warn kids about this before they go to school.  We just endlessly preach to them that they need a college degree in order to get a “good job”, and that after they graduate they will easily be able to pay off their student loans with the “good job” that they will certainly be able to find.

Sadly, tens of millions of young Americans have left college in recent years only to find out that they were lied to all along.

As I have written about previously, college has become a giant money making scam and the victims of the scam are our young people.

Back in 1952, a full year of tuition at Harvard was only $600.

Today, it is over $35,000.

Why does college have to cost so much?

At every turn our young people are being ripped off.

Read moreThe Student Loan Debt Bubble Is Creating Millions Of Modern Day Serfs

‘Indentured Students’ … Rise As Loans Corrode College Ticket (Bloomberg)

Indentured Students Rise as Loans Corrode College Ticket (Bloomberg, July 9, 2012):

Geraldine Damiani Brezler took out a $5,000 student loan in the late 1960s to study at the State University of New York. She became a nurse, got married, bought a house and repaid the debt in less than three years.

Today, her son, David, 38, owes about $85,000 in loans for a master’s degree in education at New York University. He can’t find full-time work, lives with his parents in White Plains, New York, and has deferred paying his debt for three years.

The financial-aid odyssey of two generations of Brezlers tracks the history of U.S. student loans, which, like the home mortgage, helped define the American dream. In the early years, the loan program let ambitious teens take on a small debt that could pay off with a lifetime of higher earnings. Now, the $1 trillion in outstanding student debt has become a drag on the economic recovery, a flashpoint in the presidential election and a threat to the egalitarian ideals of U.S. higher education.

Read more‘Indentured Students’ … Rise As Loans Corrode College Ticket (Bloomberg)

Texas: Students Will Be Tracked Via RFID Chips In IDs

Students will be tracked via chips in IDs (San Antonio Express-News, May 26, 2012):

Northside Independent School District plans to track students next year on two of its campuses using technology implanted in their student identification cards in a trial that could eventually include all 112 of its schools and all of its nearly 100,000 students.

District officials said the Radio Frequency Identification System (RFID) tags would improve safety by allowing them to locate students — and count them more accurately at the beginning of the school day to help offset cuts in state funding, which is partly based on attendance.

Read moreTexas: Students Will Be Tracked Via RFID Chips In IDs

Mass Arrests: Over 700 Canadian Students Arrested In Police Crackdown (VIDEO)

Mass arrests: Over 700 Canadian protesters detained in police crackdown (VIDEO, PHOTOS) (RT, May 24, 2012):

Over 700 students have been arrested in Canada during the latest night of rallies against tuition fee hikes and the adoption of controversial bill that is widely seen as a tool to limit freedom of speech, association and assembly.

­Police in Montreal dispersed unsanctioned protests and arrested 518 demonstrators on Wednesday night. The arrests were also made in Quebec City, where some 170 were detained, and in Sherbrooke. There were no reports of injuries or casualties.

Read moreMass Arrests: Over 700 Canadian Students Arrested In Police Crackdown (VIDEO)

Quebec Steps Closer To Martial Law To Repress Students: Bill 78 Is A ‘Declaration Of War On The Student Movement’

Quebec Steps Closer to Martial Law to Repress Students: Bill 78 is a “Declaration of War on the Student Movement” (Intel Hub, May 19, 2012):

On Friday, May 18, the Québec legislature signed a special “emergency law” to “restore order” in the province following three months of student protests in a strike against the government’s proposed 80% increase in the cost of tuition. A legislative debate lasted all night and resulted in a vote of 68-48 in favour of the legislation.

The legislation has three main focal points: (1) it “suspends” the school semester for schools majorly affected by the strike, (2) it establishes extremely high fines for anyone who attempts to picket or block access to schools, and (3) it imposes massive restrictions on where and how people may demonstrate and protest in the streets.

Read moreQuebec Steps Closer To Martial Law To Repress Students: Bill 78 Is A ‘Declaration Of War On The Student Movement’

These Are The Colleges That Will Be Screwed When The Student Loan Bubble Pops

These Are The Colleges That Will Be Screwed When The Student Loan Bubble Pops (Business Insider, May 21, 2012):

We know the model is not sustainable,” said Lawrence T. Lesick, vice president for enrollment management at Ohio Northern University. “Schools are going to have to show the value proposition. Those that don’t aren’t going to be around.”

(The New York Times; May 14, 2012)

Very few topics have received as much attention here at Sense on Cents as the student loan/debt bubble.

In my opinion, the size, scope, and impact of this problem is an enormous anchor weighing down our next generation and our nation’s economy.

Read moreThese Are The Colleges That Will Be Screwed When The Student Loan Bubble Pops

Robert Reich To 2012 College Graduates: ‘You’re F*cked’ – And If ‘These Trends Continue, We’re All F*cked’

The Commencement Address That Won’t Be Given (Robert Reich, May 18, 2012):

Members of the Class of 2012,

As a former secretary of labor and current professor, I feel I owe it to you to tell you the truth about the pieces of parchment you’re picking up today.

You’re f*cked.

Read moreRobert Reich To 2012 College Graduates: ‘You’re F*cked’ – And If ‘These Trends Continue, We’re All F*cked’

Half Of Florida High School Students Fail Reading Test

Half of Florida high school students fail reading test (Reuters, May 18, 2012):

MIAMI – Nearly half of Florida high school students failed the reading portion of the state’s new toughened standardized test, education officials said on Friday.

Results this year from the Florida Comprehensive Assessment Test showed 52 percent of freshman students and 50 percent of sophomores scored at their grade levels.

Read moreHalf Of Florida High School Students Fail Reading Test

Student Loan Debt Collector Gets Paid $454,000 In Taxpayer Money!

Student Loan Debt Collector Gets Paid $454,000 In Taxpayer Money (Huffington Post, May 17, 2012):

Debt collectors may have a worse reputation in the eyes of the public than members of Congress, ambulance-chasing lawyers and even sleazy tabloid journalists. And some recent headlines won’t improve their standing anytime soon.

The earnings of some student-loan debt collectors raised eyebrows when it was revealed this week that some of them make over $450,000, more than twice the pay of the U.S. Secretary of Education. Seven employees at Educational Credit Management, a Minnesota nonprofit group that works with the government to collect on loans in default, earned more than $400,000 through commissions up to 31 percent, reports Bloomberg News. ECM, whose CEO Richard Boyle earned $1.1 million in 2010, is one of 32 groups that oversee student loans for the government.

One of the debtors contacted by ECM is Susan Raposa, a special-education teacher in Massachusetts, who is struggling to pay off her $47,000 student loan balance. “I absolutely want to pay my fair share,” Raposa tells Bloomberg News. “But I’m going to live poorer than people on welfare.”

Read moreStudent Loan Debt Collector Gets Paid $454,000 In Taxpayer Money!

Braindead Tokyo University Students Come To The Rescue Of The Japanese Traitor Government With The Help Of The Largest Marketing Agency in Japan

Let’s see what those brilliant students will think about their actions, when their little brothers and sisters will start to die like flies from heart disease, cancer etc.


Disaster Debris Wide-Area Disposal: Tokyo Univ. Students to the Rescue with the Help from Largest Ad Agency in Japan (EX-SKF, March 28, 2012):

Students at the prestigious (at least hard to get in) Tokyo University have formed a group called “Project to Think About 3.11 Debris”. The group held a public symposium on March 28 on the Tokyo University Komaba campus, co-sponsored by Jiji Tsushin and others with “special support” from the Ministry of the Environment.

Their message: More information disclosure from the national government should help; there is a “silent majority” who would gladly accept disaster debris.

From the event co-sponsor Jiji Tsushin (3/28/2012):

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Tokyo University students make proposals on disaster debris processing – information disclosure to dispel fears

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“The Project to Think about 3.11 Debris”, where Tokyo University students discuss the issue of disaster debris from the March 11, 2011 earthquake/tsunami, issued its proposals to the national government to further disclose information to dispel citizens’ fears of radiation contamination. The Project is co-sponsored by Jiji Tsushin and others, with the special support from the Ministry of the Environment. The proposals will be submitted to the Ministry of the Environment shortly.

Read moreBraindead Tokyo University Students Come To The Rescue Of The Japanese Traitor Government With The Help Of The Largest Marketing Agency in Japan

Student-Loan Debt Tops $1 Trillion

Student-Loan Debt Tops $1 Trillion (Wall Street Journal, March 22, 2012):

The amount Americans owe on student loans is far higher than earlier estimates and could lead some consumers to postpone buying homes, potentially slowing the housing recovery, U.S. officials said Wednesday.

Total student debt outstanding appears to have surpassed $1 trillion late last year, said officials at the Consumer Financial Protection Bureau, a federal agency created in the wake of the financial crisis. That would be roughly 16% higher than an estimate earlier this year by the Federal Reserve Bank of New York.

Read moreStudent-Loan Debt Tops $1 Trillion

Iranian Students Storm, Ransack British Embassy in Tehran (Video)


YouTube


YouTube

Iranian Students Storm, Ransack British Embassy in Tehran (The Blaze/AP, Nov. 29, 2011):

TEHRAN, Iran (AP) — Hard-line Iranian students stormed the British diplomatic compounds in Tehran on Tuesday, bringing down the Union Jack flag and throwing documents from windows in scenes reminiscent of the anger against Western powers after the 1979 Islamic Revolution.

The mob surged past riot police into the British Embassy compound – which they pelted with petrol bombs and stones – two days after Iran‘s parliament approved a bill that reduces diplomatic relations with Britain following London’s support of recently upgraded Western sanctions on Tehran over its disputed nuclear program.

Less than two hours later, police appeared to regain control of the site. But the official IRNA news agency said about 300 protesters entered the British ambassador’s residence in another part of the city and replaced British flags with Iranian ones. The British Foreign Office harshly denounced the melee and said Iran has a “clear duty” under international law to protect diplomats and offices.

“We are outraged by this,” said the statement. “It is utterly unacceptable and we condemn it.”

It said a “significant number” of protesters entered the compound and caused vandalism, but gave no other details on damage or whether diplomatic staff was inside the embassy, although the storming occurred after business hours.

Read moreIranian Students Storm, Ransack British Embassy in Tehran (Video)