Comments on: Tom Friedman math: debt + inexperience = success!

By: Joel Friedlander

Joel Friedlander — Fri, 11 Jun 2010 20:13:58 +0000

Eric, some students incur the debts I was talking about by just attending a college in their state system. In NY for example the cost of a year at regular college with room and board comes to at least $13,000 for the year. That may not seem like a lot for a middle class student but it is a fortune for someone from the lower middle or lower class. These are the same people who claim that they would have to drop out of high school if the city stops supplying free subway coupons.

Is someone is going to earn $25-40,000 per year after college a loan of $50,000 for four years of a regular New York State College is significant.

Their choice is actually not to go to college at all or to put themselves in serious debt. Of course if you go to a professional school later on the situation is exacerbated.

By: Eric

Eric — Fri, 11 Jun 2010 12:41:50 +0000

It is just another example of the deleveraging going on in a system that lived on credit for far to long. Why would a student attend a college they can’t afford, if there are more affordable options available? State schools and community colleges provide higher education at a much lower cost. Parents and their children need to have more honest conversations about the cost of higher education before they incur massive student loan debts.

By: Matt Friedlander

Matt Friedlander — Fri, 11 Jun 2010 01:54:59 +0000

I think this sums up the situation pretty well if you ask me:

http://theeconomiccollapseblog.com/archives/college-students-this-is-your-future-high-unemployment-and-student-loan-hell

By: Joel Friedlander

Joel Friedlander — Thu, 10 Jun 2010 22:48:06 +0000

“Friedman now advocates a partnership between the government and debt-ridden graduates.” There already is a partnership. The student graduates; their loans become due; they can’t pay them; the government begins calling them and demanding payment or they’ll put the loan into collection. Its no wonder that the courts are brimming to overflowing with consumer credit transactions.

Incidentally, has anyone out there heard of a move on the part of the government to forbear collecting these loans until the end of the recession. If they don’t we will soon be looking at a lost generation.

Nice points made in your piece.