Strange: Nearly one in eight Iowa State University students don't know they have student loan debt

Let's hope they are not accounting students. How can you be smart enough to go to college, but dumb enough to not know when you are signing papers to take out a loan? All parents want to send their kids to college, but college isn't for everybody.

Nearly 40 percent of Iowa State University students underestimated the amount of student loans they owe, while one in eight didn’t realize they had debt, according to research by ISU faculty and staff released Wednesday.

The financial literacy study, which surveyed 801 undergraduate Iowans in fall 2010, also found 10 percent of students underestimated their debt by more than $10,000. Only 22 percent had not taken out loans.

The results show a need for additional financial counseling to help students understand their borrowing and how it will impact their lives after graduation, researchers said.

Did you know Americans now owe more on student loans than on credit cards?

GM Repaid Bailout Money With Bailout Money

GM used other TARP bailout money to repay their bailout loans. And they had the gall to brag about it in an ad claiming they paid their loans back early.. GM isn't making any money selling cars. In April, they reported a 2009 4th quarter loss of $3.4 billion.

A top Senate Republican on Thursday accused the Obama administration of misleading taxpayers about General Motors' loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money.

Sen. Chuck Grassley's charge was backed up by the inspector general for the bailout...

"The bottom line seems to be that the TARP loans were 'repaid' with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials," he wrote.

Here is GM's deceptive ad bragging about repaying their loan early.

GM Repaid Government Loan Ahead of Schedule

Great News! Student Loan Takeover will Add $52 Billion to Deficit

According to the CBO, when all costs are considered, the government takeover of the student loan program will cost taxpayers $52 billion. Someone please explain to me why Democrats did this?

(CNSNews.com) -- The student loan overhaul legislation signed into law by President Barack Obama on Tuesday could add $52 billion to the deficit between 2010 and 2020 when the cost of the market risks and administrative expenses of the loans are taken into consideration, the non-partisan Congressional Budget Office (CBO) reported.

Democrats Try to Sweeten Obamacare by Taking Over Student Loans

Nancy Pelosi has tried to 'sweeten the deal' for Democrats undecided on health care reform. She has added a takeover of the student loan program.

...President Barack Obama's health care bill, sweetened suddenly by fresh billions for student aid and a sense that breakthroughs are at hand....

"Well of course it's a very bad idea," said Senate Republican leader Mitch McConnell of Kentucky. "We now have the government running banks, insurance companies, car companies, and they do want to take over the student loan business.""

How does this 'sweeten the deal?' Thirty-four (34) Democrats who voted against the health care bill voted for the takeover of student loans. The student loan bill is stalled in the Senate because it needs 60 votes. Under reconciliation rules, Democrats can pass it as part of Obamacare with 50 votes plus Joe Biden.

The student loan bill comfortably passed the House with 253 votes, including those from 34 Democrats who voted against the health care bill. Thus, House Speaker Nancy Pelosi may be thinking that if she can induce some of those Democrats into supporting a health care bill by attaching it to something they like, it may be able to make up for whatever defections she'll have within her caucus due to abortion or other concerns.