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Ben Bernanke Says That His Son Will Graduate With $400,000 Of Student Loan Debt

Who ever imagined that Ben Bernanke would become a poster child for the student loan debt problem in America?  Recently Bernanke told Congress that his son will graduate from medical school with about $400,000 of student loan debt.  For most Americans, such a staggering amount of debt would almost certainly guarantee a lifetime of debt slavery.  Unfortunately, Bernanke’s son is not alone.  According to the Federal Reserve Bank of New York, approximately 167,000 Americans have more than $200,000 of student loan debt.  The cost of a college education has increased much more rapidly than the rate of inflation over the past several decades, and most students enter the “real world” today with a debt burden that will stay with them for most of their working lives.  In an economy where there are so few good jobs for college graduates, it can be incredibly difficult to get married, buy a house or afford to have children when you are drowning in student loan debt.  It would be hard to overstate the financial pain that student loans are causing many young adults in America today.  The student loan debt problem is a national crisis and it is not going away any time soon.

The Federal Reserve Bank of New York says that the total amount of student loan debt in America now exceeds the total of all credit card debt in the country.  It also exceeds the total of all auto loans.

The New York Fed says that there is a total of $870 billion owed on student loans in the United States right now.  Other sources claim that the total amount of student loan debt in the United States will soon exceed one trillion dollars.

Either way, we are talking about an extraordinary amount of money.

Sadly, approximately two-thirds of all U.S. college students graduate with student loan debt these days.  The average amount of student loan debt at graduation is approximately $25,000.

That might not be so bad if the economy was full of good paying jobs for college graduates, but that simply is not the case.

As college tuition continues to soar, the student loan debt problem continues to get even worse.  U.S. college students are borrowing about twice as much money as they did a decade ago after adjusting for inflation.

That is not a good trend.

The truth is that it has simply gotten way too expensive to go to college.

Back in 1952, a full year of tuition at Harvard was only $600.

Today, the price tag is $35,568.

So why is a Harvard education 59 times more expensive than it used to be?

Somebody is getting rich off of all this, and it isn’t the students.

In fact, many students are looking at a life of debt slavery for decades to come.

The following is a quote from one recent graduate from a recent Politico article….

“I pay almost $1,000 a month just in student loan repayment. I will have to do so for the next 30 years. How will I ever afford to buy a house, have children or save for the future?”

After working so hard all the way through school, is that any kind of a “future” to look forward to?

The system is failing our young people.

Many young college graduates have found themselves unable to make their payments or have simply decided to quit making payments.

Officially, the student loan default rate has nearly doubled since 2005.  But a new report from the Federal Reserve Bank of New York says that things may be even worse than that.  According to the New York Fed, approximately one out of every four student loan balances are past-due at this point.

But it isn’t just young people getting into trouble with student loan debt.

These days, financial institutions are increasingly targeting parents.  Federal student loans often do not cover all of the expenses of college in this day and age, and so increasingly loans are being made to parents to make up the difference.  Student loans made to directly to parents have increased by 75 percent since the 2005-2006 academic year.

Unfortunately, what students and parents are getting in return for all of this money is not that great.

I spent eight years of my life studying at U.S. colleges and universities.  The institutions that I attended were supposed to be better than most.  But most of the classes that I took were a total joke.  A 6-year-old child could have passed most of them.

Almost everyone agrees that the quality of college education in America is in a serious state of decline.  The goal is to get these kids through the system and to keep collecting the big tuition checks.

When I was in school, I could hardly believe how little was being required of me.  But being as lazy as I was, I certainly did not complain.

If only more parents realized what was really going on.

The following are some facts about the quality of college education in the United States from a USA Today article….

-“After two years in college, 45% of students showed no significant gains in learning; after four years, 36% showed little change.”

-“Students also spent 50% less time studying compared with students a few decades ago”

-“35% of students report spending five or fewer hours per week studying alone.”

-“50% said they never took a class in a typical semester where they wrote more than 20 pages”

-“32% never took a course in a typical semester where they read more than 40 pages per week.”

Are you starting to get the picture?

If you are in college right now, enjoy the good times while they last, because when you graduate you will find that there are very few good jobs available for the hordes of new college graduates that are pouring into the labor market.

For a new college graduate, things can be rather depressing.  Just consider the following statistics….

*About a third of all college graduates end up taking jobs that don’t even require college degrees.

*In the United States today, there are more than 100,000 janitors that have college degrees.

*In the United States today, 317,000 waiters and waitresses have college degrees.

There are millions of college graduates that are unemployed in America today.  There are millions of others that have been forced to take very low paying jobs because that is all they can get.

It is no coincidence that incomes for households led by someone between the ages of 25 and 34 have fallen by about 12 percent after you adjust for inflation since the year 2000.

Young people in America are under intense financial pressure right now.

Many are unable to make it at all and have moved back in with Mom and Dad.  As I wrote about recently, approximately 25 million American adults are living with their parents at this point.

The system of higher education in this country is badly broken and it desperately needs to be fixed.

So do you have a solution to these problems or do you have a student loan debt horror story to share?

Please feel free to leave a comment with your opinion below….


    As if his son can’t or won’t go to the Fed Discount Window for a “low interest loan”.(LOL)

  • Charles_Texas

    Ben Bernanke is the head of the Fed (a private banking institution). He probably has a salery and bonuses in the MULTI-million dollar range. Why is his son getting Student Loans in the first place for $400,000. He being allowed to borrow on our taxpayer dime is BS. Let his father pay for it.

  • JT

    I am glad not to be American. This is the kind of thing that would provoke a revolution in France. In our country, each gifted student is able to become a doctor without such a burden. For those who want more details, students (in any kind of unversity) have to pay around $500 a year ! And the public debt is bigger in America than in France, which shows that your system is not even good for the country’s economy.
    PS : please don’t develop any kind of anti-French feeling, I am a great admirer of American culture, I am just focusing on a big economic issue.

  • da bear

    Fahrenheit $401k: The amount of money that the little Bernanke twerp will owe in student loan debt.

    da bear When central banks compete, you win!

  • rufus

    Bernanke has a son? We are screwed.

  • katykat

    I have nieces and nephews who complain about their college costs and student loan debts. I don’t feel sorry for them — they all spent multiple semesters in Europe, went to Mexico and Florida over spring breaks, and didn’t work while in school. Now our assclown president is going to buy these fellow-partiers’ votes with a student loan bail out. Maybe we taxpayers will get lucky and the bottom will fall out, so we don’t have to keep bailing out poeple for being irresponsible or dishonest.

  • Kelby

    I am an eighteen year old high school senior, A student and conspiracy theorist, and knowing what I know now about the college scam and all the horrible scams of the US Government and its bloodthirsty NWO empire, makes me very scared for the future, and I SERIOUSLY changed my mind about going to college! But how am I going to explain that to my parents because they’re BRAINWASHED??? They’ve been rooting for me to go to college all these years!! How am i going to explain every bit of my beliefs to them without having them shout me down and telling me I need to get a f-cking hobby???! HOW AM I GOING TO LIVE WITH THESE SHEEP??? I know theyre my parents, with all the best of intentions for me, they want me to have a good life and a easy life, but they are SO IGNORANT AND MISGUIDED! Not only that, but I seem to be the only conspiracy theorist here in this small town – everybody else is sheep. I have no one to talk to, lucky for those who do. And since my parents are sheep, they certainly wont get ready for the SHTF, and so I might have to prepare myself! I started stocking water bottles a few months ago, not sure how I’m going to sneak in Spam and all that, but I have to try!
    Everyone on here, you have my good prayers, and good luck!!

  • Takencareodady

    You do realize the student loan thing is intentional, don’t you? The children now have to live at home… and can take care of the elderly parents. Cuts down on medicare payments to nursing homes. And with the kids living home making at least minimum wage to help with the bills, Social Security can be cut. Or more precise, COLA’s can be reduced cutting into the long term spending power of SS dollars…

  • John

    I am sure he will just go to his printing press, print the $$$ and pay of the debt!

  • Rick

    Right, you are telling me that the head of the federal reserve’s son is not going to be able to find a good paying job. I’m sure his daddy will be able to pull some strings to get him something. Meanwhile, the rest of us serfs must make do with minimum wage jobs and being told taht we aren’t working hard enough.

    Yeah, it is easy to go to school cheaply, but it is hard when your parents are complete psycho-paths and morons. My parents refused to let me go to a community college because only trailer park trash go to them. I was told in no uncertain terms that I would be thrown out on the street if I didn’t go to school. I grew up in a small rural town, so I didn’t have the option of moving or finding work.

    Then after I get my college degree, I get told that I need to go to law school or graduate school because that was what my parents knew would be right for me. When I pointed out the huge debt load required, they told me that oh, it is an investment in your future. If I didn’t go to school, I would be out on the street. At that time, I had about $15000 in student loans.

    When I tried living at home and saving up money, I get told that I am leeching off them and am ruining their life. Just a few things, I was working a full time job, not partying or doing anything else, and job searching everyday for something better. They tell me that I am leeching off them!

    Well after six years of living on my own, I have still not come close to paying off my student loan debt. I have bounced from job to job, because the service industry is just a joke! Half of them are run like a sweat shop where you have to give your heart and soul to them for the small wages they provide; plus, be so grateful for their money. The rest are run by absolute psycho-paths who expect you to come in everyday and put up with their angry tirades and be blamed for anything going wrong whether it is your fault or not.

    I’m sorry, but if I had known what I knew now, I would never have gone to college. In fact, I would have saved up my money and moved as far away from my parents as possible. They have destroyed any chance I have of ever having a happy and enjoyable life. I hope that one day, they know what it feels like to have nothing and be burdened with crushing debt that will never be paid off.

  • Sam

    The Ben guy claims no inflation in US. He has not got a medical bill yet, atleast he got a college bill.

  • moonmac

    Debt Slavery Sucks!!! Dr Paul warned us about all of these terrible things occurring right now decades ago. Debt bondage of the masses can only lead to Civil War or Revolution. Young people will start to realize death is the only way out of their financial nightmare until someone experienced fighting in wars and an ability to lead comes along and tells them it’s much more honorable to die fighting with your comrades then alone in a garage inhaling exhaust fumes and that’s when it will start. That is how revolutions are born. When people finally lose all hope of escaping the Financial Peonage and Debt Slavery of their Crooked Masters, they will revolt and overthrow and it won’t be pretty! But this is what’s happened all throughout history when human liberty is stolen by the ruling elite to enrich themselves beyond to what is even imaginable. Overnight Billionaires for doing something of very little value? The scam and evil fraud must end! The time is coming real soon. There will be very scary times ahead for all of us if we don’t go back to a country based on Individual Liberty and Freedom and away from the massive government cheese handouts to selected groups, the elite Banker Bailouts and the Too Big To Fail crowd. But looking ahead there is absolutely no hope of change to the Socialist-Corporatist system our country has turned into so I really fear for what is about to come. Although it would be nice to finally escape my 20+ years of Debt Slavery! Wow, not being a Debt Slave breaking free of my chains I cant even imagine it – it must be a dream? I think many poor millions of Americans would love to see it happen!

  • Libertarian Amazon

    This man makes LOADS of money, yet he’s not paying for his son’s education? WHAT A CHEAPSKATE! Making his son suck at the government teat of guaranteed student loans.

    Bernake is a terrible father. NO TIES FOR YOU THIS FATHER’S DAY, ASSHOLE!

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