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$960 Billion On Student Loan Debt Clock

Discussion in 'General Personal Finance Discussions' started by Robert Heiny, Jan 3, 2012.

  1. Robert Heiny

    Robert Heiny Research Scientist of Learning and Education Flight Instructor

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    FinAid.org has an online Student Loan Debt Clock. The total debt reads more than $968,969,300,000 billion as of 7:21 MST January 3, 2012. The debt increases over $3,000 every second.

    Michelle Singletary, a syndicated columnist, says that the New York Federal Reserve Bank reports student loans now exceed credit card debt in the United States.

    Why do people buy more schooling than they can afford to buy? And who benefits immediately from those loans?
     
  2. admin

    admin Flight Instructors Flight Instructor

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    Schooling has been touted as a means to get ahead in life. This may shift as debt becomes overwhelming reasons not to go to college or graduate school. After all, schools are filters for society and they keep the spectrum wide between the top and bottom.
     
  3. LPH

    LPH Flight Director Flight Instructor

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    Hopefully society benefits from people trying to better themselves. The challenge is the cost may outweigh the benefits and people will need to better themselves without schools.
     
  4. Robert Heiny

    Robert Heiny Research Scientist of Learning and Education Flight Instructor

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    The two responses above sound like altruisms. I've said them too, for decades.

    I wonder if that's sufficient today in the face of competition for personal and national (financial freedom?) survival? I don't hear much discussion of altruism among respondants to political polls. (I know, that's should be under the Politics tab, but don't know how to post on both topics at one time.)
     

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