FRESNO, Calif. (KFSN) ? Student debt could become the next big bubble to burst. That?s according to a new report by the National Association of Consumer Bankruptcy Attorneys.
When Angel Rodriquez signed up for student loans to finance his education at UCLA, he expected to graduate with a degree from a prestigious university, live on his own and land a great job with a great salary. He said, ?I expected to find an occupation in geographic information systems which would have been a nice state cushy job.?
Instead, he?s under-employed, living with his parents and struggling to pay off more than $100 thousand in debt.
If this were a plot to rob these future professionals with lifetime enslavement to debt it almost worked. The only problem is there is no jobs for them upon graduation. Many are taking jobs to survive but those jobs do not pay enough to make payments on $100,000+ in debt. These students can do math, they have graduated college, yet our lawmakers are tabling and losing in committee limbo any legislation that would provide sensible relief.
If these loans go the default route the hit to the financial sector will further weaken our economy. There is a solution that would benefit everyone. Discharge the debts on grounds that those with these debts work in the public sector. We need educated police officers for example. We need to develop alternate energy platforms. Educators, doctors, nurses? all fields in need of a boost and increase in available staff.
For those counting this will be my 300th post using the OWS tag.
Article source: http://www.dailykos.com/story/2012/02/13/1064262/-The-Ticking-Time-Bomb-Student-Loans-That-Can-Not-Be-Repaid
Source: http://occupyportlandnews.com/2012/the-ticking-time-bomb-student-loans-that-can-not-be-repaid/
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