E46Fanatics - View Single Post - This is why people who have no business attending college, shouldn't be attending
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Old 11-13-2012, 02:33 PM   #59
Master Po
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Join Date: Aug 2010
Location: USA
Posts: 382
My Ride: E46 no more
Originally Posted by 217Bimmer View Post
yes, i think this will definitely be the next bubble to burst. people seemed to have reined in credit card debt somewhat with the economic crises and perhaps changes in lending rules, but borrowing for college is out of control and it is debt that is not forgiven if you go backrupt.

I wouldn't necessarily blame the students. The schools are selling them the idea that they need the education and that they will improve their lives and find a good paying job, which isn't always the case.

On the other side are these lending companies who will loan to anyone. the schools need the money desperately, so they accept these students who take out big loans and the companies happily furnish them the loans and neither give a **** about the student's future earnings and debt. The schools have their money and the loan company has the kid locked in for life.

It's a broke and evil cycle. No one is trying to fix it and schools certainly don't want their cash cow to end.
You've summed up the causes.
To fix it, some politician has to be brave enough to pass legislation that say... you can take a loan because you have potential, but not you because your case is hopeless.
Would you be willing to do that?
The way it is, they left it to ourselves to decide to invest in ourselves or not. Worse, they also let the parents get into that action. Guess what will happen.
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