Monday March 26, 2012
$270 Billion in student lons are 30 days delinquent.
We maintain that the trillion of student loans will be the sub prime crisis for the next financial meltdown. It may have begun already. While a dilapidated shack in Tornto or Detroit can lose most of its value, the dirt under the house should be worth something.
This of course is not the case for a student loan.
There is not collateral-only hours of college.
And the borrower is likely a zero asset person, now perhaps on food stamps.
But Barack has our back on this one, right, now that the Federal Govt via hte Family Fedearl Education Program FFELP guarantees the loans.
The hyper link is to a lenghty and informative artcle that should be read.
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