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re: How Government-Guaranteed Student Loans Killed the American Dream for Millions
Posted on 2/26/19 at 2:08 pm to Cump11b
Posted on 2/26/19 at 2:08 pm to Cump11b
Two predictions:
a.) student loan forgiveness happens within 10 years
b.) the government doesn't learn from this and further subsidizes tuition
a.) student loan forgiveness happens within 10 years
b.) the government doesn't learn from this and further subsidizes tuition
2
Posted on 2/26/19 at 2:08 pm to SG_Geaux
quote:
I used student loans. I paid them off in 3.5 years and I started off my first job out of college making $10/hr.
How much student loan debt did you have?
Posted on 2/26/19 at 2:08 pm to SG_Geaux
quote:How much in loans did you have? What were your responsibilities outside of paying the debt?
I used student loans. I paid them off in 3.5 years and I started off my first job out of college making $10/hr.
Posted on 2/26/19 at 2:09 pm to NIH
quote:
b.) the government doesn't learn from this and further subsidizes tuition
Due to historical considerations, i'll go with option B... because our politicians are a bunch of idiots who cave to the will of lobbyist instead of doing the right thing.
Posted on 2/26/19 at 2:09 pm to ell_13
Some hot lies about to come your way 
Posted on 2/26/19 at 2:13 pm to NIH
quote:
Some hot lies about to come your way
That would never happen here...
Posted on 2/26/19 at 2:13 pm to ell_13
quote:
How much in loans did you have? What were your responsibilities outside of paying the debt?
Considering someone who make 10 bucks an hour makes approx. 20-21K a year, I am calling bullshite on this. The only way this would work is if you lived at home, didn't pay for food, car insurance, cell phone, etc.
Posted on 2/26/19 at 2:14 pm to Cump11b
quote:
Considering someone who make 10 bucks an hour makes approx. 20-21K a year, I am calling bullshite on this. The only way this would work is if you lived at home, didn't pay for food, car insurance, cell phone, etc.
Or he graduated in the 70's-80's when that was a good job.
Posted on 2/26/19 at 2:14 pm to NIH
I had loans, too. I had Federal aid, TOPS, scholarships, and I still had to take out loans. But I got a physics degree and married someone who got a masters without paying a dime. I had the only debt and we worked together to pay it off each making between 35-40 a year. Had it paid off in 2.5 years. Of course, during the time my salary doubled.
The point is that loans aren't bad in general... free loans without stipulations and underwriting are fricking terrible. It's what caused the housing bubble and what's causing this one. There is literally ZERO from stopping colleges asking for 60k/year because anyone can pay for it. Hell, the standards don't matter either. They're constantly lowering them to accept more, not because they have room, but because what's the harm to them? Kids may drop out after a year, but that's 60k they get from the tax payers.
The point is that loans aren't bad in general... free loans without stipulations and underwriting are fricking terrible. It's what caused the housing bubble and what's causing this one. There is literally ZERO from stopping colleges asking for 60k/year because anyone can pay for it. Hell, the standards don't matter either. They're constantly lowering them to accept more, not because they have room, but because what's the harm to them? Kids may drop out after a year, but that's 60k they get from the tax payers.
Posted on 2/26/19 at 2:15 pm to Cump11b
Yeah, I'm waiting for them to chime in with their $17,000 in student loan debt
Posted on 2/26/19 at 2:18 pm to SG_Geaux
quote:
I am so sick of hearing this BS.
I used student loans. I paid them off in 3.5 years and I started off my first job out of college making $10/hr.
quote:
SG_Geaux
It looks like you joined TD in 2004. Let's say you finished college then for arguments sake. LSU's yearly tuition for 2004-2005 was $2855 per year. LINK
This year it is $11,950 LINK
That's a 4 fold increase over 15 years. How much do you honestly think salaries have increased during that same period?
It's not an apples to apples comparison.
ETA: Didn't include the required fees, so for 04-05 it was $4266 per year. Or almost a 3 fold increase.
This post was edited on 2/26/19 at 2:21 pm
Posted on 2/26/19 at 2:18 pm to Carson123987
If college were to become "free", you'd see cost per student increase by 500% overnight
Posted on 2/26/19 at 2:20 pm to ell_13
it's a simple cost-benefit analysis
people shite when they see significant debt numbers, but if you're entering into a field where you can essentially make good money until you are elderly, that debt is likely worth it in the long run.
people shite when they see significant debt numbers, but if you're entering into a field where you can essentially make good money until you are elderly, that debt is likely worth it in the long run.
Posted on 2/26/19 at 2:21 pm to NIH
quote:
people shite when they see significant debt numbers, but if you're entering into a field where you can essentially make good money until you are elderly, that debt is likely worth it in the long run.
Exactly. My wife accumulated a fair amount of debt to become a physician. The cost-benefit was obviously worth it to us.
Posted on 2/26/19 at 2:23 pm to NIH
quote:That's the point. A pre-med major and a woman's literary history major are paying the same price.
if you're entering into a field where you can essentially make good money until you are elderly, that debt is likely worth it in the long run.
When that price is 60k/year, only one of those two is going to survive.
Posted on 2/26/19 at 2:24 pm to NIH
Exactly...but you can't convince the person who takes out 150K to pay for their Sociology or Art degree. They spend 4+ years of college racking up debt and majoring in Liberal Arts, even in college I knew this was stupid. If you need to take out loans to pay for college, you damn well better get educated in an area that can reasonably pay off the debt. If you want to major in Liberal Arts, college isn't the place for you.
Posted on 2/26/19 at 2:26 pm to loopback
I think those types of cases are specific to small private universities
The average college graduate is majoring in some generic major at a state school and still incurring a decent figure of debt
The average college graduate is majoring in some generic major at a state school and still incurring a decent figure of debt
Posted on 2/26/19 at 2:29 pm to Oilfieldbiology
quote:
Private student loans 100% backed by fed gov is the problem. If you have no risk of losing money, you lend it to anyone and everyone. If anyone and everyone is able and willing to pay your tuition and fees, you raise them. Which in turn makes people borrow more, again, with no risk of losing money, lenders lend more, making more people able to pay. Universities see this and raise tuition and fees again.
Exactly...except you keep saying lenders when you should be saying universities/colleges. They are not the lenders, they basically got full control and ability to lend out the government/tax payers money in order to pay themselves a cost that they set.
Posted on 2/26/19 at 2:29 pm to NIH
quote:
Even a shitty white collar job is better than the day to day life of a plumber, carpenter, welder, etc. Maybe it doesn't make the most financial sense for some people but the reason most make that choice (to go to college) is because the blue collar world sucks.
Maybe for a pussy. This does not apply to a real man that will work that blue collar job for his family
Posted on 2/26/19 at 2:32 pm to Nado Jenkins83
quote:
Maybe for a pussy. This does not apply to a real man that will work that blue collar job for his family
Not many people making that decision at 18 have a family
and do you work a blue collar job?
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