President Obama shares his education reform proposals with students at the University at Buffalo.
Neal McClusky, with Cato, joined the program to talk about the run-away tuition costs, and the declining value of American Higher Education. John also took a look at how the student loan crises in America is just another symptom of big government at its worst.
Privately held student loan debt surpassed 1 trillion dollars last November. More money is owed in student loans than in privately held credit card debt. This past year, bank write-offs of student loans are up almost 35% from the previous year.
Shortly before Congress enacted the Obamacare law in March 2010, then-House Speaker Nancy Pelosi famously said, "We have to pass the bill so that you can find out what is in it."
FICO released a new study that analyzed 10 million credit files to find trends within the student loan industry. The group concluded that the student loan industry is on an unsustainable path (but I think we knew that already).
We have a very easy solution for this scenario, which enterprising politicians might use to both ride to the rescue of distressed student loan borrowers while avoiding the moral hazard issue of encouraging other borrowers to strategically default on their student loans.
Republicans find themselves in the unenviable position of being forced to agree to raise taxes on those earning more than $200,000 (the actual cut off for those Mr. Obama refers to as "millionaires and billionaires"), or risk being blamed for a tax increase on all taxpaying Americans. They will probably agree, which means it's a politically unavoidable policy, not a good policy.
“When I’m president, I will make college affordable for every American.” -- President Obama, 2008
Michelle Obama connected with voters during her moving opening night speech of the Democratic National Convention on Tuesday. She was smart, extremely likable and the perfect spokeswoman for the American president as she talked about "the unflinching sacrifice" her parents and husband's family made so their kids could have the "chance to go places they had never imagined for themselves."
But no, your lawyer is not correct. Payment for federally insured student loans is not due upon the borrower’s death. They are waived.
On Thursday night, I attended “Bursting the College Bubble: The Status of Higher Education Today,” hosted by America’s Future Foundation and the Pope Center for Higher Education Policy.
What is college really worth?
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