Key Points
JP Morgan chief Jamie Dimon says we need to "fix the broken parts" of student lending in the United States.With $1.6 trillion outstanding student debt in the United States, student lending is crippling many Americans. Today the average college student graduates $30,000 in the debt, up from $10,000 in the 1990s.chief Jamie Dimon says we need to "fix the broken parts" of student lending in the United States.
"What we've done is a disgrace and it's hurting America," JP Morgan's chairman and CEO told Yahoo FinanceWith $1.6 trillion outstanding student debt in the United States, student lending is crippling many Americans.
Were people FORCED to take out these loans? Were they counseled on the terms listed in the Master Promissory Notes upon both entrance and exit?
Shipping drugs and people is a disgrace
95% of student loans debt is held by the government. Public school tuition is out of control. Why are companies even responding to this. Does Chase even make student loans?
Jamie. I had a boss who had a sign over his always open office door. It read something to the effect, “bring me proposed solutions, not just problems. Jamie, your a wuss.
So is charging young people 25% for chase cards!
And the housing crisis and the savings interest rates and... The next big scandal.
No way should the responsible have to pay for the irresponsibility of others.
Yeah so is lettin your coke get rolled up like it did.
I’ll give it to him that he said, “we’ve” because it is a failure of Leadership in business and politics that this happened.
This was payback to those doing good work indoctrinating the youth. It allowed skyrocketing tuition with delayed regret. Instead of being disgraced, demand the colleges have real world courses of value.
Don't blame the universities for cashing in on demand for their (worthless) product. As long as employers equate an expensive education to professional pedigree the system will remain a 'disgrace'.
I blame the degree purchasers.
Amen
He is a criminal
Ain't that cute. Saying student debt is a problem of major importance. But, I'll let someone else figure out who should have to be taxed to pay for it. What a GREAT PROBLEM SOLVER that Dimon. If I borrow money, should someone else have to pay it back?
And what we will do to them is even more so!
Not one single tax payer should be made to bail out any college student! Complete garbage...
“How they go about taxing, I’ll leave that to the politicians to figure that out,” Dimon said. He'll leave the actual execution to the government. Oh yyyyeah. I like the sound of that. 'JP Morgan exited student lending in 2013.' How convenient. Bet his competition didn't.
The “disgrace” part is the astronomical cost of college. And for all you who have your heads where the sun don’t shine, including CNBC foremost, more Govt funding won’t solve the problem. It’s the price stupid!
Why not just cut the interest rate to zero? It’s always bothered me that try to make money from those that can least afford it.
Tax Bankers, Financiers, Speculators and billionaires!
guys just like Dimon have put paywalls up in front of everything the human species can undertake. They have figured out how to profit from Life. And there is never enuf profiting.
More like Student 'Predatory' Loans. Colleges know exactly what they are doing.
How about lowering the interest rate on credit cards for the everyday man and woman Jamie?
Why not fix the cause and not the effect? The debt isn't the issue, it's the college's and the students.
Possibly teach kids about debt in high school
Would he say that if his bank hadn’t exited the business 6 years ago
I know a way for free college
How about looking at larger school systems and determine why the significant increase in cost? Start with University of California or CSU system.
kosher harvard $1.6 Billion dollar executives are a disgrace hurting America. fly around the country on a private jet to be interviewed by maria bartiromo who is worth $100 Million.
Why didn’t you say something back then
The invisible hand is coming for academia, in the meantime Dimon’s bank could offer low or no interest loans to all students. Hence actually doing something rather than talking.
SenSanders jpmorgan TeenVogue BuzzFeed TheAtlantic VICE With $1.6 trillion outstanding student debt in the United States, student lending is crippling many Americans. Today the average college student graduates $30,000 in the debt, up from $10,000 in the 1990s.
Well duh - force states to use their lottery money to fund tuition payments at state schools with like amount stipends going to private schools. If a student then chooses the expensive tuition private school & to live off campus and gets a loan, it's their stupidity at work.
Stupid Democrats took over program. Give big loans for useless liberal arts with low earnings power. Taxpayers shouldn’t have to pay. andrewrsorkin JoeSquawk
Government guaranteed money to colleges regardless if graduates ability to repay. Not surprising, costs skyrocketed. Colleges charge $200k+ for a degree that would earn only $50k/yr. No problem as Government guaranteed money. Government guaranteed money IS the problem.
What we've done to our educational system is a disgrace in general. And, unfortunately, the fix is more than just throwing money at the problem... IMO.
What if your neighbor overspent on a car & cannot make payments? So he/she asks the neighborhood to all chip in and help pay? While you just paid off your car loan
Yes, neither a lender nor a borrower be.
This statement is true for all of their actions...not just students loans..
Thank you. I'll be 40 this year. Been working since I was 15. My mom prepaid for my education. I got scholarships. I worked. I still have student loans. The lending practice is predatory and shakles people in servitude. Higher Ed is too fckin expensive.
Problem is the costs have skyrocketed. But one has to be financially responsible, you voluntarily take on a loan. Just as one does a home or car loan.
WE WHO IS THIS “WE” you’re speaking of!!
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