Wednesday, December 26, 2007

merry christmas, middle class!

subprime? that's so last month. welcome to the student loan crisis!

There are growing worries that millions of college and graduate students may have borrowed too much, creating a predicament that parallels the current mortgage meltdown. Bond-rating agencies last week noted a troubling uptick in defaults on private educational loans, and the U.S. Department of Education reported that almost 12 percent of all federal loans that came due in 2001 are already in default.
ruh roh!

(but on the bright side... harvard rules! i hope one day going to harvard will be free. the undergrad classes are totally useless, and grades are inflated anyway -- the only reason for going to harvard in the first place is the extracurriculars, like the lampoon and the hasty pudding, and exposure to the rest of the student body. the lampoon is a feeder for hollywood, for example. and down the road, people end up using their connections to start businesses, get clients, etc. if you have to work to afford the cost of attending, it takes away from the real value of what harvard has to offer, which is everything outside of class.)

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