Friday, November 30, 2012

And the bubble begins to pop?

America's worst loan sharks are now suffering a default rate of 11%, higher than that for credit cards, as more and more college graduates (and non-graduates) are finding they cannot make their student loan payments.  But thanks to Obamacare, there is even less chance of a banker asking little questions like this:

How do you propose to pay back the quarter million bucks you want to borrow to get your PhD in gender and ethnic studies?

Graduation rates for people with your SAT scores are below 30%.  Why are you a better credit risk than the other hundred people with SAT scores like yours I've denied this month?

Well, thanks to our desire to avoid hurting young peoples' feelings by asking them questions like this, we've now prevented many of them from getting good paying jobs and skilled trades, and by saddling them with billions in debt they can't hope to pay back, our student loan program is preventing them from getting a good paying job now by trashing their credit rating.

Maybe it's time to bring back the green eyeshades guys.


tobin said...

Didn't you just answer those questions in your Monday post regarding income levels? :)

Bike Bubba said...

Except for the fact that it's hard to apply housing aid and daycare aid to a student loan, I guess. :^)