Occupy Wall Streets privileged are lobbying for forgiveness of taxpayer funded student loans. Like subprime loans, students, and their p
arents, were sold the idea that college education meant better pay and a higher standard of living. The fact that the cost of that education may not result in a commensurate benefit does not seem to have been a matter of “informed consent”. On the other hand, no one forced anyone to take these loans and it is not clear why I should have to pay for other people’s mistakes or even the government’s mistakes.
WSJ October 12,
2011: “Last year, Americans began to owe more on their student loans then their credit cards, with student debt reaching the $1 trillion mark. Many have flocked to higher education during the down economy, only to find themselves still unemployed or underemployed.”
“Americans owe some $826.5 billion in revolving credit, according to June 2010 figures from the Federal Reserve. (Most of revolving credit is credit-card debt.) Student loans outstanding today — both federal and private — total some $829.785 billion, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com.”