Credit card vendors leaving college

An insane tradition of American debt-based consumerism is the marketing of credit cards on campus, to students.  Not only are the students likely to be buried by existing student loan debt, they’re also faced with an onslaught of offers for new credit.

And when you’re broke on campus, it can be hard to say no to another “eat now” and “pay later” type of arrangement.

But what happens when the jobs aren’t there for graduates like we’ve seen so recently?  Many students will be left with huge penalties and horrible credit records for life just because they graduated in the wrong year.

At the very least, efforts to lend to students will be declining across the board.  Instead, the government will take out debt on your behalf.  You’ll still get to pay it back, but they’ll decide how to spend the cash now.

Oh, but you’re hungry now?

Its something to think about while we congratulate the government for “liberating us from debt.”  They’ve done more than any single bank to ensure that we’re all on the hook.

Don’t Go to College for Politics

Don’t make my mistake.

There are plenty of happy things you can learn at school, like math or chemistry.   The last thing you really want to know and understand is how a government works.

Unless you’re a power-hungry sociopath…  Then you should probably major in politics after all.  There will be a nice well-paid career ready for you, as long as you don’t have a soul.

If you do have a soul and studied politics, leave a comment.  I’ll link to your blog or something.

Congress does something right – kicks banks out of student loan guarantees

The federal student loan policy over the last twenty years has been an exceptional case of failure.  Despite costing the government tons of money, they somehow managed to “privatize” the profits of these debts.

So while we see a downturn in students becoming doctors, we have to wonder if that has something to do with the fact that medical students end up with $200,000 in student loan debt before they’re licensed to practice medicine.

Maybe kids heading to college can save a few bucks on interest rates, and maybe the tax payers of America can even save a few bucks by cutting out an unnecessary middle-man.