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posted by cmn32480 on Wednesday April 05 2017, @05:22AM   Printer-friendly
from the cha-ching dept.

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


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  • (Score: 2) by Sulla on Thursday April 06 2017, @02:36AM (4 children)

    by Sulla (5173) on Thursday April 06 2017, @02:36AM (#489480) Journal

    I don't think that is a fair generalization of the current system. I think what is closer to the truth is that half of them become raging fascists and the other half become well adjusted human being citizens of the world.

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    Ceterum censeo Sinae esse delendam
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  • (Score: 0) by Anonymous Coward on Thursday April 06 2017, @07:59AM

    by Anonymous Coward on Thursday April 06 2017, @07:59AM (#489559)

    To be clear on this:

    Fascists were relatively to the right, because the popular alternative in the 1930s was communism. They were socialists. By modern American standards, they would be on the far left.

    They liked to shut down free speech, sometimes with violence (Hitler's brownshirts), rather like Antifa does today. Some of today's American right are even having fun getting Antifa to agree to things and then revealing those things to be translations of NAZI political platforms.

  • (Score: 2) by linkdude64 on Thursday April 06 2017, @05:18PM (2 children)

    by linkdude64 (5482) on Thursday April 06 2017, @05:18PM (#489735)

    "citizens of the world."

    That's where you're wrong. They are not citizens of the world, though they will claim to be. They are citizens of the United States, whose position of prominence was hard-won, and whose milk and honey is cast as pearls before them. They will act against their own peace and prosperity, and the greater force of peace and prosperity in the world, in the downward spiral of political correctness until the people they claim are oppressed and underrepresented beat, rape, behead, and enslave them. All for what? Social reputation.

    What most people who despise the United States do not seem to understand is that there are few alternatives. Most liberals would say they hate Putin. They hate the oppressive laws of Russia. Most liberals, were they so informed, would hate the social and environmental policies of China.

    Those are the two options for who has control of the world right now. Liberals may acknowledge that, but do not understand it. They have never lived in China, and so do not understand the damage that would be done to the world were they to be in the position the US is in, now.

    But they will fight tooth and nail to destroy the most civilized nations in the world anyway. Such is progress. Such is "globalization."

    • (Score: 2) by Sulla on Thursday April 06 2017, @11:47PM (1 child)

      by Sulla (5173) on Thursday April 06 2017, @11:47PM (#489944) Journal

      I was trying to come across as sarcastic and apparently failed, as I fully agree with you.

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      Ceterum censeo Sinae esse delendam