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Recent college graduates who borrow are leaving school with an average of $34,000 in student loans. That's up from $20,000 just 10 years ago, according to a new analysis from the Federal Reserve Bank of New York.
In that report, out this week, the New York Fed took a careful look at the relationship between debt and homeownership. For people aged 30 to 36, the analysis shows having any student debt significantly hurts your chances of buying a home, compared to college graduates with no debt. The cliche of "good debt" notwithstanding, the consequences of borrowing are real, and they are lasting.
The report paints a mixed picture of how student borrowing has evolved over the last decade, since the financial crisis. There are some bright spots: For example, student loan defaults peaked five years ago and have declined ever since.
And repayment seems to have slowed down among high-balance borrowers —those who owe $75,000 or more. Meaning, after 10 years, they have paid down only one-quarter to one-third of what they owe.
On the face, this isn't necessarily good. But taken alongside the decline in defaults, Fed president William Dudley said in a press briefing Monday, it reflects something good. That is, graduate students, in particular, are signing up for government programs intended to help make payments more affordable.
Source: NPR
(Score: 3, Insightful) by Azuma Hazuki on Wednesday April 05 2017, @03:45PM (8 children)
Please, the US would do it anyway because it allows for global trade routes and cultural hegemony. Don't fucking kid yourself. And your argument would have been stronger maybe 20 years ago, but in case you hadn't noticed, the US is in the middle stages of a terminal decline.
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Wednesday April 05 2017, @06:06PM
No, the argument is just as true today. Most countries STILL rely on the United States for their defense and defense of shipping routes. Trump is encouraging them to take some of the burden off the US by either sharing more of the cost or by building up their own military, but all that is at this point is talk. No changes have been made yet since we are at the beginning of this process.
(Score: -1, Troll) by Anonymous Coward on Wednesday April 05 2017, @07:54PM (6 children)
Azuma, you are consistently the nastiest user on this web site.
It's fine to disagree with someone, but you could try to keep it factual rather than turning every single post into a spewing of your personal bile.
Your posts should be labelled Troll or Off Topic 80% of the time. I have no idea if you are like this face to face or if it's just "Internet courage" that makes you talk to people this way. Ethanol-Fueled is a gentleman in comparison.
(Score: 2) by Azuma Hazuki on Wednesday April 05 2017, @09:49PM (5 children)
Oh cry harder, you whiny little manbaby. Eth is a troll; he's doing it for the lulz. I am deadly serious. And hey, guess what? Nasty doesn't mean wrong, nice doesn't mean right, and plenty of things *deserve* nasty. Like this content-free tone whinge, for example. How about you either address what you think I'm wrong about, or piss off back to your safe space, snowflake (am I doing that right?).
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Wednesday April 05 2017, @10:01PM (4 children)
Nasty doesn't mean "right" either, Azuma.
It's just... nasty. Orthogonal to right and wrong, unnecessary, and brings down the atmosphere of this website. Too much of the web is uncivil; it would be nice if we could make Soylent better than the rest.
(Score: 2) by Azuma Hazuki on Wednesday April 05 2017, @10:23PM (3 children)
Sure, it would be nice, but when the place is infected with real honest to God sociopaths like J-Mo, "nice" just gets you trampled on in contempt. There is an information war on. People like him see you acting civil and "nice" and they just think you're weak (they probably mentally refer to you as "cuck"), a useful idiot.
And...I've seen too much and suffered too much and lost too many friends--to death, not "they don't talk to me anymore"--to let that kind of sociopathic nutjobbery just slide. I'm not in the mind-changing business, as that makes at least one fundamentally flawed assumption about the RWA cohort, but I've found that like all bullies they don't expect resistance and they haaaaaaate ridicule.
You seem coherent and intelligent enough; why not get a username? I'm suspicious of people who post AC.
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Wednesday April 05 2017, @11:00PM (2 children)
I admit that it would be easier on me if I logged in with a username, but on principle, I use an anonymous account.
The Net has turned into a massive tracking machine, and I want no part of that. Everyone is free to decide how much privacy they want, and that's where
I personally draw the line.
(Score: 2) by Azuma Hazuki on Wednesday April 05 2017, @11:09PM (1 child)
I hope like hell you're hiding out behind a chain of proxies then...
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Thursday April 06 2017, @12:09AM
I'm not paranoid. I'd just like a casual level of privacy on websites as a commenter. Why should I have to ID myself everywhere I go? I'm tired of showing my papers and having a record compiled on me. Like I said, it's on principle.