Thursday, February 28, 2013

Good afternoon, I was curious if anyone had read a recent article released on Feb 25 2013 titled: More wiggle room for student-loan debt? The CFPB is seeking more repayment options for private loans February 25, 2013|AnnaMaria Andriotis Here is the link to the article: Our nation is literally burying the younger generation in debt. While America may be a democratic country, we should review how to reign in various capitalistic influences so that young people have a chance to grow and spread their wings vs shackling them to debt anchors. College is suppossed to be a stepping stone along one's path to gain a deeper understanding of a chosen profession. Unfortunately, financial institutions have found ways to exploit the costs associated financing student loans. I am skeptical about the available avenues the Consumer Financial Protection Bureau may have in attempting to find various repayment options for private loans that student can actually afford. Banks know how to add fees and have a powerful lobby in Washington DC to protect their cash cows which student loans have become. On a seperate note. It sickens me when college president's get press complaining that they are not able to raise tuition costs high enough to compete to obtain top notch educators. Colleges tend to not accept the fact that they should also be limited raising tuition rates by cost of living increases only. If the Consumer Financial Protection Bureau is going to have any chance in limiting the growth of student loan debt, then they should be targeting the educational system and double-digit growth rates of tuition.

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