Ole Pecoz kind of keeps an eye on those rising figures because I figure that one of these days -- that number is just gonna get sooooo big that the gob'mint will count votes and say -- 'What the heck, we're just gonna tear up all them IOU's and forgive you your stupidity' Shucks, Herr Gruber may already have a 'Stupidity Computer Math Model' already to sell to the gob'mint.
This of course, will go over with those other millions of solid citizens who struggled to pay off their student loans -- like the proverbial lead balloon. Not to mention the other millions who had to forgo higher education because they didn't want to start off life in deep deep debt.
I came across an interesting article* today in which it is stated:
- In the year 2004, there were actually over 3,000,000 (million) borrowers OVER the age of 50 who owed a cumulative total of $42.000.000.000 (billion) dollars in student loan debt.. Yep, read that sentence again before you go on to the next.
- In this year of 2014, those numbers have sky rocketed to 6,900,00 (million) borrowers in the over 50 age group owing (sit down) $155,000,000,000 (billion) dollars in student loans.
Now then, before you get all teary eyed for our fellow seasoned citizens because you think they incurred this nasty old debt by co-signing their kids or grand-kids college loans --- be advised that more than 80% of this debt was incurred in school tuition loans for these almost seven million silver haired debtor deadbeats themselves.
The gob'mint can only garish up to 15% of a person's social security income and any other pension income --- so obviously this will take the shine of their retirement and leave the gob'mint holding a worthless note when/if they die before these notes are ever paid off.
I'm sure this is too much information already - so I'll let you good folks just sit and ponder what the ultimate outcome will be. But I will leave you with two questions:
1) State and Community colleges are up to about $15K per year in tuition & fees. The select (Ivy) schools are running about $60,000 per year -- how much more reasonable and competitive do you reckon those tuition's and fees would be if the Gob'mint wasn't making all this easy money available to throw at them?
2) We know about AMTRAC's losses, the Post Office's losses, ACA's losses, and these Billions in student loan losses... when will the American Voters tell the Federal Gob'mint to get the hell out the business community? We can't afford it any more!!!!!
(*Source: AARP Bulletin December 2014)