Wednesday, November 28, 2012

That Sound You Heard Was The Student Loan Bubble Popping

Well, because a law degree is one of the most expensive degrees out there as has been clearly demonstrated, apparently the cost-to-value proposition is not doin' too well.  While these charts are for all student loan debt, we also know that 45,000 law grads a year, at ever-increasing tutition, have been pumped out into the marketplace at a rate of 2 to 1 for available law positions for some time now.  No matter what hand-waving takes place about how great and versatile JDs are, the simple fact is that thousands of law grads live in these increasing default rates.  Many more struggle to stay ahead of the jaws of the default monster.  To say nothing of the circumstances of other degree holders.

Well, never mind the fact that tutition has grown at several times the rate of inflation due to sweet, sweet, Federal loan money.  As such, what was much easier to pay off in 1970 is a tad bit harder now.  Our Boomer forebears tend to conveniently forget this whole inflation-adjusted-money-expanding-cost-of-living proposition when myopically dismissing later generations for being "lazy" and "entitled."  Outside of elite circles, $500, $800, $1200-plus monthly student loan payments are tough to manage, to say the least. 

But, the lol skools got theirs, so who cares?  Whatevs.  Law grads just need to "network" more and take some personal responsibility.  Tuition coupled with diminishing prospects has nothing to do with it, and how dare anyone suggest otherwise.  This is a monster solely of the student's own making.

As the Once-ler once said, "Business is Business and Business must grow, regardless of crummies in tummies, you know..."


1 comment:

  1. I get physically ill when I hear selfish pig Boomers refer to younger people as "entitled, lazy whiners." Those bastards were able to land DECENT CAREERS with a BA in Pottery from State U, and no student debt.