Saturday, June 25, 2011

25 June 2011; Low self esteem edition

From the Daily Mail story referenced in the video above:

'Debt can be a positive resource for young adults, but it comes with some significant dangers. Young people seem to view debt mostly in just positive terms rather than as a potential burden.' But how debt affected young people depended on what other financial resources they had available, the study found. Results showed that those in the bottom 25 per cent in total family income got the largest boost from holding debt.
'The groups that most need the debt – the middle and lower classes – get the most benefits to their self-concept, but may also face the greatest difficulties in paying off what they owe.' Overall, Professor Dwyer said the results suggest that debt can be an important resource for young adults, allowing them to make investments that improve their self-concept. But the results may also have troubling implications for the future.

'Debt may make young people feel better about themselves in the short-term, but that doesn't mean it won't have negative consequences in the long term,' she said. 'We found that the positive effects may wear off over time, but they still have to pay the bills. The question is whether they will be able to. There needs to be additional research to answer this question.'

Emphases mine. Maybe seeing things in terms of questions that need additional research means never having to say you're sorry.

CNN,"My degree isn't worth the debt!"

Esther Quintero, "College For All, Profit For Some"

Gary North, The #2 Port in the Academic Storm Is About to Close

Charles Hugh Smith, An Open-Source Web-Enabled Revolution in Education

NYT,Burden of College Loans on Graduates Grows:

Student loan debt outpaced credit card debt for the first time last year and is likely to top a trillion dollars this year as more students go to college and a growing share borrow money to do so.
Department of Education officials break down Stockton(Ca) man's door

and, related to the Stockton story: SWAT team collections student loans, updated

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At June 26, 2011 5:27 PM, Blogger rob payne said...

A constitution that is ignored isn't worth very much. I've read that the student loan industry is a real racket. From where I sit it seems a bit like gambling as to whether a diploma is worth the debt when your chances of finding a job are so slim. It might pan out for you, it might not.

At June 26, 2011 10:46 PM, Blogger Jonathan Versen said...

"I've read that the student loan industry is a real racket."

I think it is. Perhaps ironically, I think the expansion of student loans started with Clinton, which only helped accelerate tuition rate inflation, which is like the healthcare inflation rate.


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