Wednesday, January 30, 2013

Student Loan Defaults at 15%

Offered without comment:

http://www.bloomberg.com/news/print/2013-01-29/overdue-student-loans-reach-unsustainable-15-fair-isaac-says.html

OK, I lied, here's some commentary because I can't not go on about this:  The lol skool shills will go on and on about how "this is across all student loans, not specifically law grads" and  "law is a lifetime career" and the other old, tired canards.

However:

“This situation is simply unsustainable and we’re already suffering the consequences,” Andrew Jennings, chief analytics officer of Fair Issac, said in the statement. “When wage growth is slow and jobs are not as plentiful as they once were, it is impossible for individuals to continue taking out ever-larger student loans without greatly increasing the risk of default.”

Wage growth is slow, in the legal industry, no less?  Jobs not as plentiful?  What?  Oh, right, cf. 2013 Citi/Hildebrandt, for example.  Guess the lol skools have been getting that whole "valuable, versatile law degree" thing wrong for some time now.  Sure, Deans and profs can point to all kinds of success stories - the "in" crowd always does well.  For the average Joe, however, who makes up the other 95% of the class, there's MasterCard.

Out of the billions of dollars of defaulted loans (remember, for those keeping score at home, total student loan debt is at $1 trillion), there are at least, I don't know, one or two law grads in that number.  At least.  Considering that a law degree costs $150k plus expenses.  And that JDs have been overproduced 2-to-1 to available jobs for decades.

The lol skool cartel's response?  Fire groundskeepers and maintenance staff.  Accredit new law schools.  Add more to the "ever-larger" tuition bills, every year, at four times the rate of inflation.

Non-trads, look at the thousands who have gone before you - look at the comments of other non-trads who have been through the wringer on this blog and on other sites.  Look at the increasing volume of student loan defaults.  Don't waste your hard earned money and savings on something where the law schools are growing ever desperate.  The law school scam is going from red-hot to white-hot.  Stay away at all costs.

2 comments:

  1. At this point, anyone can find dozens of mainstream press articles about the fact that law school is a bad bet for most applicants and students. Such lemmings can no longer claim that those were all written by pissed law grads or "losers." Unfortunately, many will still choose to walk into the landmine. It is good to know that several of us will continue to sandblast these commodes.

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