4/11: Student loan debt

Moderated by Rick Badie

Americans’ outstanding student loan debt stands at $1 trillion, higher than credit cards and car loans. Today’s page is devoted to the issue, said by some to be the next financial crisis. The president of the Georgia Student Finance Commission offers tips on borrowing for college. An Atlanta attorney explains how federal bankruptcy law views student loan debt.

16 comments Add your comment

LilOleMe

April 11th, 2012
9:00 am

The students took out the loans so they could get an education and had an expectation that they would be able to get a job and pay back those loans. Thanks to the government amd others’ bad decisions, there are no jobs now. So how are the students supposed to pay back their debt? I don’t agree that it’s the taxpayers’ job to pay it back….but the students shouldn’t be vilified.

commoncents

April 11th, 2012
8:25 am

I can’t wait for my tax dollars to (once again) pay for someone’s bad decisions.

Mister Pants

April 11th, 2012
7:41 am

Stop taking out loans you can’t afford to pay back. Don’t blame the government, don’t blame greedy corporations. Don’t ask those that have made responsible decisions regarding their education to bail out those who did not.

Ronnie Raygun

April 11th, 2012
7:16 am

John, Simple solution. Pay off your student loans with a credit card then declare bankruptcy. Corporations and fat cats get to have their debts wiped clean with bankruptcy, why shouldn’t it work for working people?

nelsonhoward

April 11th, 2012
7:05 am

where is my comment?

nelsonhoward

April 11th, 2012
7:04 am

Wher is my comment? It was incredibly lauditory to the AJC.

DawgDad

April 11th, 2012
2:00 am

No sympathy from this corner. The Government backed loans need to be severely curtailed if not eliminated. Want money for school? Go to work or join the military. John, just think how different your life might be if you’d have gone the service route.

There should be a place in the military for everyone of age who wants to join. I’m not at all in favor of wars, declared or undeclared, but a strong military is essential and it would do our country a world of good to have kids trade service for educational benefits and grow up a little instead of diving in over their heads in debt. Our culture is almost to the point where kids feel they’re owed an education beyond High School, which is at once laughable, sad, and unsustainable.

SAWB

April 11th, 2012
1:21 am

The cost of a college education is out of control and needs to be reduced. All those years of feeding at the “Hope Scholarship Trough” has made irresponsible pigs out of college administrators. If not a reduction at least a freeze in salaries of all employees is absolutely necessary. Also, the continued consolidation of Georgia public colleges along with the elimination of administrative positions is needed. The use of on-line classes and fewer high priced tenured professors would also help reduce the cost to students.

Skeptical

April 10th, 2012
9:18 pm

Mr. Connell offers some sensible advise while Mr. Ginsberg wants to reduce accountability by way of returning to old policies. The fact is student loans should be more difficult to qualify for. There is little thought given to repayment of these loans by many of the students who sign on the dotted line.

The other thing that needs to be seriously addressed is the cost of a college education. The runaway rise in the cost of a college degree is completely out of control. Any proposed solutions that do not include address the rising cost of tuition should be dead on arrival.

John

April 10th, 2012
8:13 pm

In addition to sweet deals cut related to bankruptcy, Congress allowed the education to sell accounts to debt collectors. In my case that meant an automatic doubling of debt due to fees added and no recourse to challenge any default except through federal court. Basically, the very thing that the government bad mouthed the credit card industry about was deemed OK for student loans collectors. I went bankrupt, lost a good paying job to greedy corporate folks, was underemployed and unemployed for three years. After one year of trying to get my feet on the ground I was met with a wage garnishment. To date the government has received over $9000 from me and my student loan debt has been reduced by $44. What a country!