I'm concerned about my college education in regard to the economic system of this country?
Asked by ArmedSquirrelThe symptoms that helped sparked the first Great Depression are abound. Now, there aren't the same reasons such as the weaker banks dissolving according to Andrew Mellon's "liquidationist" policy. However, the credit debt, loan debt, inflation, oil, costs of war, etc. have led to perilous times in our country. The Federal Reserve failed to prevent the first one, and it appears as if we're on our way to another one. How could this affect my college education because I'm going to a university that doesn't really hand out much money. It's my dream school, but I don't know what would happen to me if it happens when I'm in debt. What could happen to me? Two, do you think something is around the corner? Finally, do you have any recommendations for me? Fyi: Don't say it's the media hyping things up because I've been watching this before the media starting harping about it. Frankly, it might be good for the morale of our country in the long run, but it can hurt my immediate future. Oh yeah, keep in mind that is only my point of view. I could be wrong. Nothing is certain in this world but death and taxes lol. before any one answers: it should be "they" in the first paragraph, not "there"...I hate bad grammar haha. Sadly, I'm an incoming freshman. anyone*, not "any one" lol. darn typos. Googie: You said that I think I "have all the answers". I previously stated: "Oh yeah, keep in mind that is only my point of view. I could be wrong. Nothing is certain in this world but death and taxes lol." Please, if you're not going to answer my question, please don't answer.
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Answered by alimagmel
As for the current economy, eventually it will go back up. The economy is always in a cycle and there are too many safeguards in place to allow another stock market crash, such as the closing of the markets once a certain low is hit, etc. The job market has been bad under almost every Republican president simple because of what their policies are focused on. I doubt another dot com boom will happen, but I don't doubt the economy will get better in time. As for your education, it sucks to have debt, but think of college loans as a good type of debt. Yes, it can build up, but you're also spending it towards a good cause that will only help you in the long run. It's not like you're going to use the loans to buy a brand new car or something frivolous like that. There are also things that can be done if you hit hard times economically as far as the federal loans go. You will need to prove your need for forbearance to the government, but they can be pretty reasonable. When I had my son in 2006 I took some time off of school (about a year) and I got the notices that of needing to start paying back my loans. I contacted the loan people and told them I was going to go back to school but had recently had a son. Even though I was married my federal loans are only in my name, so since I wasn't working I was able to claim a hardship claim that made it so my loan pay off wouldn't start for another year. Since I went back to school during the extra year my loans are back into forebearance until I graduate or stop going to school.
As for the current economy, eventually it will go back up. The economy is always in a cycle and there are too many safeguards in place to allow another stock market crash, such as the closing of the markets once a certain low is hit, etc. The job market has been bad under almost every Republican president simple because of what their policies are focused on. I doubt another dot com boom will happen, but I don't doubt the economy will get better in time. As for your education, it sucks to have debt, but think of college loans as a good type of debt. Yes, it can build up, but you're also spending it towards a good cause that will only help you in the long run. It's not like you're going to use the loans to buy a brand new car or something frivolous like that. There are also things that can be done if you hit hard times economically as far as the federal loans go. You will need to prove your need for forbearance to the government, but they can be pretty reasonable. When I had my son in 2006 I took some time off of school (about a year) and I got the notices that of needing to start paying back my loans. I contacted the loan people and told them I was going to go back to school but had recently had a son. Even though I was married my federal loans are only in my name, so since I wasn't working I was able to claim a hardship claim that made it so my loan pay off wouldn't start for another year. Since I went back to school during the extra year my loans are back into forebearance until I graduate or stop going to school.
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