Replies to post #25815 on The Rising Influence of Rising Affluence

[10nisman]

OT

I was at a family gathering (not mine) and a newly minted HS graduate was discussing her acceptance, and financing issues, to attend a private college. She didn't have any money available from her family so she decided to seek a $70k loan for her Freshman year. I didn't comment (even though I wanted to) but it's obvious to me that based on her area of study, it's unlikely she'll be able to pay off her college loans.

What private school and what major? Why do you think she'll be unable to pay off her college loans? What advice would you've given her?

Maybe I'm an old curmudgeon, but how does this type of lunacy continue? Does this person believe she's different then the students who have degrees but can't repay their loans?

You do sound like an old curmudgeon. What school did you go to and when? Something tells me you could have paid for college with a simple summer job and/or a part-time gig during the school year. Kids don't have that luxury and have very tough choices today, especially if they come from a family that cannot help support them. Ultimately, kids need help with these decisions especially if their parents are unable to provide it and it sounds like you were also unwilling to give advice. This problem is primarily a failure of adults willing to be adults...

The system is broken and needs to be addressed...or it's Groundhog Day forever, at taxpayer's expense.

Not sure what is at taxpayer's expense, given no material amount of loans have been forgiven. Back in the good old days, college grads played the bankruptcy game and wiped out their student loans. What is your solution to this broken system?

[MadCityCyclone]

A 70k loan should not be permitted. This is predatory and abusive.