In response to:

As Student Debt Reaches Record High $27K, Half of Grads Underemployed

mhubbard Wrote: Feb 03, 2013 9:00 PM
The facts are that college tuition is skyrocketing and students need to take out loans to pay for it. Obviously, you went to a college that didn't teach you the commensense part of living an adult life. What she didn't go on to state is that...college graduates without jobs are deferred on their loan repayments(Obama). That didn't happen when I was in college. Also what she didn't state is that Obama has changed the law to where if you don't have a job for 25 years after graduating from college, your loans are forgiven. Back when the state of Alaska forgave one yuear of repayment for each year you lived in the state(after graduating), the federal government got involved. They said that the state couldn't do that. It turned it into a
BlakeTPA Wrote: Feb 04, 2013 12:22 AM
The Obama Administration didn't create the 25-year repayment/forgiveness program. The Bush Administration and Republican Congress did. The Obama administration simply tweaked the program and reduced the repayment period to 20 years, among other things.

Also, the program isn't set up to reward people who don't work for 25 years. For people in the program who don't work for 25 years, they will owe a 6-figure tax bill when their loans are "forgiven." How is that a reward? And yes, the "forgiven" loans are taxable under the current system.

Don't let Celia Bigelow and other idiots misinform you about the facts. The issues are much more complicated. You have a brain. Use it.
mhubbard Wrote: Feb 03, 2013 9:01 PM
gift and that the grads were responsible for paying taxes on the forgiven part. This was not put in the news nor the loan repayees informed. Thus many of us owed back taxes on the monies as well as the taxes. Are they going to do the same when the federal gov't says that the loan is forgiven? Doubt it.

What self-respecting parent would give their kid a credit card if they knew they were going to max it out and not be able to pay it back? Hopefully, no one. In fact, as a responsible parent you would probably teach your children the opposite habit--responsibility.

This paternal irresponsibility is what is occurring on a larger scale with the federal government and the student loan industry. President Obama has earned himself a failing grade in responsible parenting.

FICO released a new study that analyzed 10 million credit files to find trends within the student loan industry. The group concluded...