Great Solutions to end the global student loan debt epidemic
Great Solutions to the global student loan debt epidemic
I will show that we are all nurses as the symptons are identified and diagnosed and the solutions are prepared.
The proposal that I make here can actually solve this problems in each country with the cost of less than 0.1 – 0.01% of the costs of the education operations that take otherwise and this can be achieve within 2-5 years, depending on the will of people like you and the government if they embrace this initiation.
Please try to share this initiative with the main education hubs and the related activist groups for this cause.
Currently, the USA has over 1.2 Trillions of dollars of the student loan debts (which is over 7% of the US’s GDP) and the overall ratios between the student loan debts over the GDPs of UK, Canada, and Australia seem to be about 1.3-1.5%.
The Student Loan Debt increases over the past 10 years have been linear, increasing about 4 times. For the proof, look at the following data from Mother Jones. So for the next 5 years till 2018, it will be projected to be about 2.5 Trillions of USD unless the USL initiative to end this epidemic soon enough.
Now, see the STEM competitiveness of the USA compared to some other nations.
For Japan, South Korea, Mexico, Brazil, and China, etc, their situations are a bit better, but these countries are following the footsteps of the USA’s.
The student loan debt crises are no longer just student problems as the number of students who default keep on rising and soon this may become pandemic if treated the way they have been so far. In the USA, for instance, the family burdens increase as well.
The current severe symptoms:
To see how alarming the current situation is, I will share some I got from Huffington post below: (April 2013)
— $101.8 billion: The profits generated by the Department of Education from student borrowers over the last 5 fiscal years, according to a review by The Huffington Post.
— Nearly 300 percent: The amount student loan debt has grown over the past 8 years, according to a February report from the New York Federal Reserve.
— 40 percent: The share of households headed by someone under 35 that owed college debt in 2010, according to Pew.
— $26,600: The amount the average college graduate of the class of 2011 owed in college loans, according to NBC News.
— Nearly 1 in 5: The number of households that had student loan debt in 2010. That’s double the share of households burdened by college debt in 1989, according to a Pew analysis.
— 37 million: The number of Americans who have student loan debt, according to Federal Reserve data cited by NPR.
- With the federal debt at $16.7 trillion, student loan debts measure at 7% of the overall national debt.
- Two-thirds, that’s right, two-thirds of students graduating from American colleges and universities are graduating with some level of debt.
So, how will I help resolve these global crises in short time frame with the tiny fraction of the costs that each country should endure otherwise?
First, look at these visual data.
And the competitiveness of the USA for STEM subjects.
Answer: The more details will be revealed in my upcoming videos and the campaign that I will start next week, but the basic idea is as follows:
(NOTE: you can check out the results of the first pilot studies data here where over 250 students from K7-11 participated for tests and surveys.)
- Basis: As I have updated for the past 3 weeks, USL has enough data to support that the average students can learn math – at least as proven during the pilot study weeks although more will come for Physics, Chemistry, etc, as well later – more than 10 times faster easily. What does this have anything to do with saving the students and their parents?
- Since I will provide the details for other countries later, I will just focus on the USA student loan debts here first. What most people implicitly realize is that the education is a big investment. That’s why parents and students spend so much time learning STEM. For now, I will focus only on math as I have only pilot study results for math only so far.
- Key Observations & Ideas: If you estimate the calculation, assuming that about ¼ of the US population are K1-12 students, and they spend about 5,000-6,000 hours in average studying math before they graduate from high schools. If you also use the rough estimate for $20-25 average hourly wage for the currently working Americans, the average capital out of the total number of students for saving 90-95% of their time using USL’s math for K1-12 alone is about $3 Trillions equivalent annually. Remember that USL can make average student learn the entire 12 years of math in 0.5-1 years with the equal or better proficiency of math than the average students who have spent 12 years learning math. (0.5-1 year compared to 12 years is basically negligible nothing.) If forgiving the debts spread out to 5 years or so, then the average hourly wage will increase and the USL math worth will be $3.5-4 Trillions annually instead. Note, however, that the actual saving for K12 math alone should multiply 11-12 years because that much time is freed up for about the quarter of the US population. So if you multiply, say 11 for saving 11 years, then $3.5-4 T x 11-11.5 years is roughly $40T~$46T of saving over 12 years. If you include Pre-School’s 1 year as well, then the gain will be $45T~$50T. Really staggering saving, isn’t it?
- Example Scenarios: So the crux of the idea is to convert that efficiency and saving time to the capital of economy. Math is the building block of the modern, national, global economy. For instance, ex 1) if the US government simply decides to forgive the student debts – say about $600 Billions – and each year, they decide to reduce the debts by 10% (which is $120 bllions), it will take only 5 years to take care of the 50% of the $1.2 T debts! ex 2) if they decide to take care of 20% of the total debts, then it will take 2.5 hours to take care of all the debts. Of course, I over-simplified a bit, but I think you got the crux of my idea. ex 3) if they decide to take care of the entire 1.2 T debts, it will take only 5 months or so. (I put this at the end as this is not very realistic and practical at the current stage.) So if the government and the various education agencies decide to accept the efficiency of USL, then the revolution in education starts in a very short time.
- In my estimation, the total education budget for math between K1-12, if you include all the governmental and private and public, etc, they spend $200-300 billions per year. The governemental budget is expected to be much less than this. So what is the wise choice? To spend dozens of billions of dollars each year to spend for 12 years and giving up on the containing the epidemic of the global student loan debts as this will get worse and worse as years go by, getting lousy results decades after decades or simply embrace USL – supporting partially more pilot studies with the relatively no cost at all – and save $3 Trillions worthy economy? The answer is clear.
- Furthermore, the USA – and many nations – suffers from the shortage of the qualified employees to fill their new job openings of STEM (Science-Tech-Engineering-Math) subjects in spite of all the high unemployment rates around the globe.
- USL will really take care of most of the major issues although there will be some minor hiccups here and there in the beginning.
- The only major problem for USL is that USL is so revolutionary and so fast that it is like going straight from bicycle ridings to jet planes, skipping cars, buses, trains, helicopters, and propeller planes altogether. There were huge skepticisms when the pioneers flew first or tried to fly to the moon. To overcome the bad education habits that have carried for over 200+ years is very hard.
- In short, everyone learns super-fast, which will boost the national level of global competition massively, and save all the years and hundreds of billions of dollars for math alone, and yet they can use all the saved money to at least 50% to cancel/forgive the student loan debts without relying on building more national debts or collecting more taxes from people like you (although they can cancel the entire debts easily if they want to) and yet the US government will still have extra saving over $2 Trillions each year in average for the next 5-10+ years.
- The choice is yours. In the long term, for the next 10 years or so, will you choose the average saving of extra a few trillions of dollars each year per average, end the student loan debt crisis, and make learn super fast and easy from this point on, and take care of headaches of the shortage of filling up the necessity of STEM jobs, and boosting the national competitive edge, and end the suffering of 35-40 millions (over the 10% of the population) of Americans by collaborating with USL and investing on the efforts as soon as possible or to simply ignore – and if you do – and the student loan debt alone will be 20+ Trillions of USD for the next 10 years and by the more than 50 millions of ex-students will continue suffering, people will learn almost nothing as this has been all these years, STEM subject competitiveness will have no major breakthroughs, the economy get worse and worse because other countries will jump on much earlier. What is your choice? The potential economic factor alone by missing out this opportunity at this point of history will be much more devastating. The relative loss will .not be 20 Trillions of USD. It will be multiple times over the next a decade.
- The worse case scenario for USL: even if you assume that I over-estimated the power of USL and USL can’t make people learn 10-20 times faster. Let’s grant that and even if USL can make people only 5 times faster or even a bit less for the sake of assuming so, even then half or a quarter of my claims will be valid, which there is no better alternative on earth to tackle this issue. I have to assure you that USL works just fine and I try to make this go global as a movement case by case, country by country over the next 5 years or so.
- All this needs is the will to embrace the revolutionary approach from various education activists, education agencies, governments, UN, and UNESCO, etc. I can basically say the same thing to all the education/government people from UK, Canada, Australia, Japan, China, India, South Korea, Spain, Brazil, …., anywhere that have adapted the American-style globalized education.
- This project doesn’t simply end there. USL will encourage the alternative currencies during the campaigns , e.g. Bitcoin, Litecoin, etc, …, and will support any type of alternative currency as much as we can.
- USL will give the priorities to education organizations, agencies, and governments, etc, which are willing to help participating in the extra saved money to help the poorest 10-20-30 countries on earth. For more details, please subscribe the newsletter so that you can get updated during the upcoming campaigns.
- Let’s make as much noises as possible. Please share this and the upcoming campaign to the hubs you know actively. This project will help literally tens of millions of people (and possibly over a hundred millions of people on earth if USL goes global) and save tens of trillions of dollars literally and figuratively.
- This is no longer an issue of students or parents, or one nation. This epidemic spreads around the globe like a virus and this must stop and as far as I know, there is not fundamental, fast, and relatively easy solutions to contain or end this epidemic altogether with the relative tiny budgets. No other solutions solve anything fundamentally. Par none. Tightening the budgets, giving up the education for the future, homeschoolings, issuing the nationally securitized bonds out of this to sell to other countries, etc, etc, won’t do anything to solve the viral contagions.
So please don’t look the other way around et this pass away. Let’s be all very active and solve this problem. Now it is your responsibility too to stop the bleeding. We are all nurses as the symptons are identified and diagnosed and the solutions are prepared. You know what to do.
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© Copyright 2013 admin USL, All rights Reserved. Written For: USL1: to resolve the entire top 5 world crises (of Transition to Renewable Energy, Environment, Sovereign Debts, Population growth, and Poverty) whose total costs will be 3-8x of the current world GDP in 15-25 years using the the world´s surplus GDP induced by USL1.0 (2.5x-10x-40x in 10-20-30 yrs.) instead of collapsing with them (with the UN, gov & NGOs)