From the Huffington Post: the 11 majors with the highest unemployment rates. Interesting that there are actually a couple of tech-related things on the list since we’re constantly being told that the only people having trouble paying off student loans are irresponsible former women’s studies majors (or the poor guy who got a master’s in puppetry and is now being ridiculed across the web) who spent their student loan money on BMWs and trips to Europe.
Here’s an interesting piece in the Huffington Post about whether student loans are really a bubble about to burst akin to the mortgage crisis. I found this part particularly interesting:
First, one thing that’s important about the possible student loan bubble is that it poses much less of a threat than housing debt did to drag down the entire economy. Yes, many individual borrowers may find themselves in trouble. But total student loans probably amount to less than 10 percent of outstanding mortgages. Every single student loan could default and it still probably wouldn’t match total mortgage defaults during the recent downturn. More importantly, unlike mortgages, Wall Street isn’t knee-deep in securities comprised of bundled student loans, as it was with mortgages. (It also helps that it’s also harder to speculate in student loans; an investor can flip a house, but not a brain.)
If huge numbers of defaults on student loans would not significantly harm the economy, then, presumably, generous loan forgiveness would not either. Read more…
The Associated Press is reporting that Obama will name CEO of the Chicago Public Schools Arne Duncan as his choice for Secretary of Education on Tuesday morning:
Duncan has run the country’s third-biggest school district for the past seven years. He has focused on improving struggling schools, closing those that fail. Obama highlighted this work by choosing for the announcement a turnaround story for Duncan — Dodge Renaissance Academy, a school Duncan closed and then reopened.
Duncan is a 1987 graduate of Harvard, magna cum laude, who played professional basketball in Australia for four years before returning to the United States to direct the Ariel Education Initiative, which focused on increasing educational opportunities for inner-city youth. Apparently, Duncan is popular with both the pro-No Child Left Behind faction and the teachers’ unions.
Well, I’m a little disappointed. I was hoping, in spite of indications to the contrary, that Obama would appoint someone whose major focus was reforming higher education. I did find this quote from Duncan on the Huffington Post, in which he mentions student loans:
“Oh, there are lots of challenges and, obviously, huge opportunities,” Duncan said. “I think there’s a huge amount of work that has to go on on the early childhood side. There’s a huge amount you’ve got to do in the K to 12 sector. And higher ed, particularly the student loans, presents some huge, huge challenges.”
Not exactly a call to arms, and he could easily be talking about access to loans during the credit crunch rather than more radical reforms decreasing the necessity of huge debt loads for college students, but I will hold out hope until I’m proven wrong. More as this one develops.