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Originally Posted by TheSquealer
Seems people don't understand what is happening. The student loans are the next housing bubble and its about to pop. They are packaged and sold in a similar manner as mortgage backed securities were. Student loans are backed by the federal government already and defaults are rising rapidly... that's currently over 1 trillion dollars floating out there in the hands of lazy, hapless retards with a growing sense of entitlement. When investors stop buying the loans because they no longer have faith in their value, this creates a very serious problem.
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I know a dozen people with massive student loans. For a couple the money NEVER went toward an education. For some the money also covered food, housing, clothes, car payments, drugs. For some the jobs the education qualified for will never make the loans a good investment.
ALL of them still eat out frequently, live in nice houses/apts, party, and bitch about the debt. Conversely friends that don't have a college education are all self employed or work for small owner operated service businesses and are happy with their lives.
It all comes down to expectations ..... and grasping reality.
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