Students have $849 billion in outstanding student loans

A ticking time bomb of American debt. Over $849 billion are owed by college students in the US with $3 thousand more added on every second.

The most traditional financial baggage for Americans was credit card debt. For the first time, debt belonging to college students has over taken that number one spot. "Students graduating in 2008, 2009 and 2010 are facing the worst job markets in a generation at least.

And so you have people with more debt that we have ever seen before, who are having a harder time finding any job, let alone a job that pays them enough to somehow pay off all this debt."

This student loan situation was worsened when Republicans changed the law so private banks could refinance students loans, a practice that was stopped when Democrats took back the house in 2007. 

See the Student Loan Clock at http://www.finaid.org/loans/studentloandebtclock.phtml

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Woman gets a degree to strip

 

Aug. 6 (Bloomberg) -- Carrianne Howard dreamed of designing video games, so she enrolled in a pro...  More »

Aug. 6 (Bloomberg) -- Carrianne Howard dreamed of designing video games, so she enrolled in a program at the Art Institute of Fort Lauderdale, a for-profit college part-owned by Goldman Sachs Group Inc.

These days, the 26-year-old makes her living in a way that doesn't require a college diploma -- by stripping at a topless club.

Like many investors, Goldman, owner of 38 percent of the Art Institute's parent, Education Management Corp., was drawn to for-profit colleges by their rapid growth and soaring stock prices. Bloomberg's Cali Carlin reports.

The government is cracking down on the 'for profit' colleges  because the student loans are heavily subsidized by the federal government.


Unfortunately , many of the 'for profits' have weak academic programs and they are unable to place students in jobs.


The student ends up being stuck with a big loan and a useless degree. 

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