Comments on: Fact and fiction about student loans http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: donna cerca uomo Milano http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/comment-page-1/#comment-54702 Sun, 12 Oct 2014 21:11:36 +0000 http://blogs.reuters.com/felix-salmon/?p=10599#comment-54702 Good article and right to the point. I am not sure if this is actually the best place to ask but do you guys have any thoughts on where to hire some professional writers? Thanks

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By: Summerland81 http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/comment-page-1/#comment-32420 Thu, 27 Oct 2011 14:39:09 +0000 http://blogs.reuters.com/felix-salmon/?p=10599#comment-32420 This chart says the same ting: one generation has passed its debt and the burdens of their extravagance (granted by China) to the next.

Note Felix Salmon’s “update” that student loans have in fact passed credit cards debt.

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By: DrJJJJ http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/comment-page-1/#comment-32330 Tue, 25 Oct 2011 19:04:25 +0000 http://blogs.reuters.com/felix-salmon/?p=10599#comment-32330 If half of all the loans are still outstanding, then we made a mistake lending this much! Sorry, we don’t owe you a higher education!

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By: mkant http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/comment-page-1/#comment-32231 Sat, 22 Oct 2011 23:40:17 +0000 http://blogs.reuters.com/felix-salmon/?p=10599#comment-32231 As Felix Salmon has noted in a follow-up, the student loans outstanding figures in the Q2 household credit report from the Federal Reserve Bank of New York are wrong. That report says that there is a total of $550 billion in federal and private student loans outstanding. According to the US Department of Education, as of September 2011 there was a total of $848 billion in federal education loans outstanding. That federal education debt figure is almost $300 billion higher than the Federal Reserve figures for both federal and private education debt. The US Department of Education figures are actual totals, based on the National Student Loan Data System (NSLDS). With roughly $170 billion in private student loan debt outstanding, the combined total is over $1 trillion. (I believe that the $848 billion figure includes about $50 billion in capitalized interest. The student loan debt clock at www.finaid.org/studentdebtclock does not include capitalized interest on federal loans, only private student loans, because the federal education debt figures are based on the federal budget’s reporting of actual figures for the previous fiscal year, and these figures do not include capitalized interest.)

The source of the error in the Federal Reserve figures is unclear. In addition to omitting some types of debt from the student loans category, there may also be an issue with the aging of the consumer panel used to sample credit reporting agency data.

Mark Kantrowitz
Publisher of Fastweb.com and FinAid.org

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By: Topazmoon11 http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/comment-page-1/#comment-32213 Sat, 22 Oct 2011 10:04:27 +0000 http://blogs.reuters.com/felix-salmon/?p=10599#comment-32213 So proud of myself for holding my own in the riddle of the missing student loan data! I am fuzzy and squeamish about statistics and finance, yet sharp and passionate about student loan reform and the disgusting monetization of education. I read your following blog post and, although I had no idea that there was a miscellaneous, catch all category of loans that were left out, I did have some idea that there were loans other than FDSL loans possibly unaccounted for and that surely private student loans were unaccounted for. Now, I really want to know how many private student loans there are. I want to move over to that post to ask any questions or make further comment about the student loan crisis which I think is imminent, but wanted to just come back here and reread the amazing thread in which a new corporate tax structure is set forth and other world problems are solved. Damn, you have some smart readers! Between looking for primary sources on the outstanding student loan debt yesterday and reading your blog today, I feel like I’m the one back in school; pre-huge debt and bitter taste left in my mouth about studying the social sciences! I will continue to read your blog in the hopes that you will be writing a lot about the cost of higher education and I hope that KenG, TFF et al will be writing too!

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By: KenG_CA http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/comment-page-1/#comment-32207 Sat, 22 Oct 2011 02:06:41 +0000 http://blogs.reuters.com/felix-salmon/?p=10599#comment-32207 I would bet you could find cleaning help for $10/hr in the northeast (maybe not in the cities), and I’m sure you can not pay taxes and not file any paper work. Someone who is getting paid $10/hr would be happy to not have taxes taken out of their pay cash.

The people who don’t want to pay for health care also don’t want the government to pay for health care – they want people to pay for it out of their $10/hr. And those employment taxes you would like to get rid of are employers’ contributions to the workers social security. To do away with those, you would have to dispel the myth that social security is an annuity that returns more than people put in, like some magic pot that keeps cooking food.

If you have a supply, you will not always have demand. If you have demand, you will always attract a supply.

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By: alan_collinge http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/comment-page-1/#comment-32206 Sat, 22 Oct 2011 01:36:59 +0000 http://blogs.reuters.com/felix-salmon/?p=10599#comment-32206 .Interestingly, I was the original source for the claim that student loan debt had surpassed credit card debt (see the original article in the WSJ article by Mary Pilon).

More interestingly, if you are truly interesting in murky– or not so murky (depending on your take) student loan statistics, see my claim at www.studentloanjustice.org (main page), that the government is actually profiting on defaults. This claim has been begging for a (hopefully) disinterested, unbiased analysis, and so forth. Please email me at justice@studentloanjustice.org if you would like to chat about this. Important claim. Important ramifications.

ps. I would probably be inclined to take Kantrowitz’s figures over the NY Feds. Mark is pretty fair most of the time about these things with only one exception that I can think of (interestingly, related to claim referred to in previous paragraph). Nonetheless…

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By: TFF http://blogs.reuters.com/felix-salmon/2011/10/19/fact-and-fiction-about-student-loans/comment-page-1/#comment-32203 Sat, 22 Oct 2011 00:40:12 +0000 http://blogs.reuters.com/felix-salmon/?p=10599#comment-32203 “The economy is driven by demand, not supply.”

We’ll have to disagree on that point. The economy is driven by demand AND supply, and either/both can be sensitive to price.

“If household workers were ten cents an hour, there would still be a limit to how many I would want to hire.”

If decent household help were $10 an hour, no taxes, no paperwork, I would seriously consider hiring some. (Not that I’ve ever asked. Is cleaning help that cheap?)

“Further, if you drive labor costs low so you can sell things more cheaply, there will be less people able to buy those things.”

This doesn’t necessarily apply if the METHOD of driving labor costs lower is to reduce employment taxes and health care overhead, deriving taxes from other segments of the economy.

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