Students Owe How Much?
How much do students owe?
I just read an article in The Daily Caller that just stunned me.
According to the quarterly report on household debt and credit released this month by the Federal Reserve Bank of New York, America’s student loan debt level has reached a mind-blowing total of $1.16 trillion.
As the article stated, “to put this $1.16 trillion figure in perspective, it is more than the annual gross domestic products of Denmark, Greece, Chile and Israel — combined.”
The comparison does not end there — the U.S. student loan debt level is almost as big as the entire economy of Mexico whose annual Gross Domestic Product is $1.26 trillion, The Daily Caller reported.
According to the Federal Reserve report, the accumulated student loan debt in the U.S. increased $77 billion over the course of 2014.
Now, the problem does not stop there — apparently large numbers of American student loan borrowers aren't able to pay back their loans. A stunning 11.3% of all student loan repayment is at least 90 days delinquent as of the fourth quarter of 2014. That figure is up slightly from 11.1 percent in the third quarter, according to The Daily Caller.
And there is more. According to The Daily Caller, “Overall household debt in the United States was also up in the fourth quarter of 2014, the New York Fed notes. As of the last day of 2014, America’s total household indebtedness was $11.83 trillion. That figure (an increase of $117 billion from previous quarter) is greater than the combined annual GDPs of China and South Korea.”
We all know that the large majority of these colleges and universities are run by liberals who say they care about children and their future.
We all know that these same liberals rail against business they make “excess profits” and the prices of their products or services are too high.
Yet these same liberals turn around and show how selfish and greedy they are when they raise the cost of attending college anywhere from 300% to 500% above the inflation rate most years and increase their salaries and benefits each year.
Worse yet, they are doing all of this at the expense of our children.
Do they have no shame?
Let’s discuss this today on my show the Live with Renk show, which airs Monday through Friday 9 a.m. to noon, to let me know your thoughts at (269) 441-9595.
Or please feel free to start a discussion and write your thoughts in the comment section.