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re: Student loan debt just topped $1.52 trillion
Posted on 5/22/18 at 10:08 am to rivermonsters87
Posted on 5/22/18 at 10:08 am to rivermonsters87
I have about 3k. Took out a small student loan freshman year to cover “extra expenses” aka drugs alcohol and fricking off.
Grandma found out and went off on me. Said frick loans. She’ll bank roll my college and fraternity.
Thanks nana
I love you
Grandma found out and went off on me. Said frick loans. She’ll bank roll my college and fraternity.
Thanks nana
I love you
0
Posted on 5/22/18 at 10:11 am to Cosmo
quote:
I contributed to the debt decreasing last week. Made a nice big lump payment to bring my balance to 0.
I closed out one for a fat $7k payment last week.
The loss of the deduction made holding it -EV
The others remaining (about $21k) are below the returns on an index fund so I don't mind them
Posted on 5/22/18 at 10:12 am to Boatshoes
quote:
With regards to engineering, you're looking at running up anywhere between $100,000 (for a public college) to $250,000 (for a private one) for a job that will pay you $50,000-$60,000.
I paid $2500/semester in tuition and $400-500 in books. This was 2010. I lived with my parents and paid cash for school.
Between two STEM degrees (one in engineering) I graduated with <$10k in debt, and paid around $30k total.
Thats still a great ROI, even with the increased tuition prices. Even if you lived in NYC, City College of NY has a great engineering school with not expensive tuition ($3265/semester). Not sure where the $100k figure comes from.
Posted on 5/22/18 at 10:13 am to RogerTheShrubber
quote:
What are their views?
The poster is 100% correct, except that it is BOTH sides that need to change their views.
The left looks down their nose at anyone who doesn't have a college degree and the right doesn't believe people without a college degree should be fairly compensated for jobs, which results in a shite load of people who don't belong in college going to college.
For example, how many people who are actually only qualified to work at a fast food job or something enroll in college because society has told them that's what they need to do if they want to make any "real" money? And what do most of those people do? They get student loans and then don't graduate and end up right in the shitty jobs anyway, but with the added pleasure of student debt.
We need a new paradigm in this country. People who work lower level blue collar jobs deserve the same level of respect as those who don't. This includes a decent wage , because how can one get respect if they can't even support themselves.
This, of course, doesn't mean a family of four should be able to live on a minimum wage income, but when the minimum wage is worth 75% (roughly) of what it was in the 1960s in terms of real dollars, you know we've gotten off track somewhere.
Posted on 5/22/18 at 10:17 am to HeyHeyHogsAllTheWay
quote:
right doesn't believe people without a college degree should be fairly compensated for jobs
Uh..... wut?
Posted on 5/22/18 at 10:30 am to rivermonsters87
My first step would be that the government would only allow loans to private schools in an amount equal to the public school average in that state.
There is no reason for the government to secure loans for a private school degree for $300,000, when a public school degree in the same state is less than 1/3 of that.
That would cause significant price decreases in private school tuition, followed by decreases in public school tuition.
There is no reason for the government to secure loans for a private school degree for $300,000, when a public school degree in the same state is less than 1/3 of that.
That would cause significant price decreases in private school tuition, followed by decreases in public school tuition.
Posted on 5/22/18 at 10:46 am to SlowFlowPro
quote:Smart play.
The others remaining (about $21k) are below the returns on an index fund so I don't mind them
Posted on 5/22/18 at 10:47 am to beerJeep
quote:
Uh..... wut?
You have to be shitting me. We see the attitude every time a minimum wage thread or a welfare thread pops up. COnservatives "who gives a shite, if you can't feed yourself, go back to school and get a better job"
That's dumb. if every American adult had a medical degree, doctors would be making $9 an hour and conservatives would still be screaming "who gives a shite, if you want more money better yourself"
Posted on 5/22/18 at 10:50 am to rivermonsters87
My gf is in this boat.
She thought she was doing great for herself getting away from her trailer trash drug addicted parents and going to a respected college to become a school teacher, a respectable profession.
She is now $40-$50K in debt and between car payments and loan payments and ridiculous health insurance premiums barely makes enough WITH additional babysitting and summer school income to produce additional spending money and savings.
She worked hard and was rewarded with a raise only to realize that the additional income put her in a higher tax bracket and loan repayment bracket that left her no better off than where she started.
Nothing transforms a fiscal liberal into a fiscal conservative quite like that!
She thought she was doing great for herself getting away from her trailer trash drug addicted parents and going to a respected college to become a school teacher, a respectable profession.
She is now $40-$50K in debt and between car payments and loan payments and ridiculous health insurance premiums barely makes enough WITH additional babysitting and summer school income to produce additional spending money and savings.
She worked hard and was rewarded with a raise only to realize that the additional income put her in a higher tax bracket and loan repayment bracket that left her no better off than where she started.
Nothing transforms a fiscal liberal into a fiscal conservative quite like that!
Posted on 5/22/18 at 10:55 am to rivermonsters87
I wonder how much money the government makes in interest on the money loaned?
I know as former students my wife and I pay over $6,000 in interest a year(don’t feel like looking up the amount).
The debt is bad, but I would like to know where the interest goes.
I know as former students my wife and I pay over $6,000 in interest a year(don’t feel like looking up the amount).
The debt is bad, but I would like to know where the interest goes.
Posted on 5/22/18 at 10:57 am to MizzouBS
quote:
The debt is bad, but I would like to know where the interest goes.
It goes to the banks, not the federal government. The government isn't loaning the money out, it simply guarantees the banks that they will pay if the lendee defaults.
A smart government would not have done this, but if they had they at least would have structured it so that the government got say half the interest that IS paid in so they could use that money towards defaulted loans that they pay the banks for.
Posted on 5/22/18 at 11:15 am to HeyHeyHogsAllTheWay
So the banks are screwing over the government.
The loans are guaranteed by the government, but the banks get the interest. If the loans are not paid the government has to pay the bank, but if they are being paid banks get the money.
It would be more efficient and cost less if the government took out the middle man.
The loans are guaranteed by the government, but the banks get the interest. If the loans are not paid the government has to pay the bank, but if they are being paid banks get the money.
It would be more efficient and cost less if the government took out the middle man.
Posted on 5/22/18 at 11:21 am to HeyHeyHogsAllTheWay
quote:
We see the attitude every time a minimum wage thread or a welfare thread pops up
Minimum wage hikes hurt those who make min wage the most. This has been proven time and time again.
quote:
That's dumb. if every American adult had a medical degree, doctors would be making $9 an hour and conservatives would still be screaming "who gives a shite, if you want more money better yourself"
Are you insinuating that If everyone has a medical degree they would all perform the exact same job and get paid the exact same amount? Because that is what your post is saying.
Do you really wanna talk economics? You might wanna ask your baw ebb how that worked out for him.
I’ll give you a hint.... you gon get raped. Bitch
Posted on 5/22/18 at 11:25 am to beerJeep
quote:
Minimum wage hikes hurt those who make min wage the most. This has been proven time and time again.
False. Of course there is a balance and doing crazy shite like jumping from $8 to $12 overnight hurts everyone , but in real dollars the minimum wage has actually decreased in this country since oh say 1968 and so we don't know what effect raising it would have.
Now that we have exposed that you only a child like understanding of economics there really is no need for us to discuss further.
Posted on 5/22/18 at 11:31 am to HeyHeyHogsAllTheWay
Ok. We’re going to make a hypothetical here okay?
You own a grocery store chain. Okay? You have thousands of employees. All of a sudden you have to give a pay increase to your bottom wage earners.
So you bump them up a few dollars. But wait! Now you have to bump the pay of the shift managers bc now the people they are above make as much as they used to.
But Wait! Now you have to increase the pay of your store managers. And then your regional managers. Etc etc etc.
Now. You just ate away all of your profit margin. So what do you do?
You increase price and lay off some workers to offset some cost. Now that you’ve increased the price of your goods. And decreased the hours worked of your min wage workers, they have less money to spend and more expensive items to buy.
Congradulations. You just learned some basic economics
Lolololol now you know why
You own a grocery store chain. Okay? You have thousands of employees. All of a sudden you have to give a pay increase to your bottom wage earners.
So you bump them up a few dollars. But wait! Now you have to bump the pay of the shift managers bc now the people they are above make as much as they used to.
But Wait! Now you have to increase the pay of your store managers. And then your regional managers. Etc etc etc.
Now. You just ate away all of your profit margin. So what do you do?
You increase price and lay off some workers to offset some cost. Now that you’ve increased the price of your goods. And decreased the hours worked of your min wage workers, they have less money to spend and more expensive items to buy.
Congradulations. You just learned some basic economics
quote:
Now that we have exposed that you only a child like understanding of economics there really is no need for us to discuss further.
Lolololol now you know why
quote:happened.
but when the minimum wage is worth 75% (roughly) of what it was in the 1960s in terms of real dollars, you know we've gotten off track somewhere.
This post was edited on 5/22/18 at 11:35 am
Posted on 5/22/18 at 11:33 am to stuntman
quote:
government stopped giving loans and grants, tuition costs would plummet, dumb/useless classes would be dropped, and actual education, not indoctrination, would flourish.
This. Just like the housing crisis, Govt involvement is creating a problem by declaring everyone has a right to something in order to farm votes. Inequality is natures natural order. Not everyone can afford a house. Not everyone is talented enough to go to college.
Posted on 5/22/18 at 11:35 am to TBoy
Yes because conservatives are the reason why the LA State constitution has protected spending and the only thing that can ever be cut is healthcare and higher education.
Conservatives hat have run LA for the past 100 years, oh wait.....
Conservatives hat have run LA for the past 100 years, oh wait.....
Posted on 5/22/18 at 11:39 am to beerJeep
quote:
You own a grocery store chain. Okay? You have thousands of employees. All of a sudden you have to give a pay increase to your bottom wage earners.
Most large chains already pay well over the minimum wage, Wal Mart, for example, recently announced that their new starting wage is $10 an hour. Almost a full $2 an hour higher than the minimum wage. How can they do that when you claim that doing so would either cause their prices to go so high no one could shop there, or cause them to shutter the doors?
Seriously, this would be funny if it wasn't so sad.
Got any other topics you would like me to beat you about the head with?
Posted on 5/22/18 at 11:39 am to beerJeep
quote:
I’ll give you a hint.... you gon get raped. Bitch
You did nothing of the kind.
I showed how your numbers were misleading. The very little numbers you provided, that is.
quote:
Are you insinuating that If everyone has a medical degree they would all perform the exact same job and get paid the exact same amount? Because that is what your post is saying.
That isnt what he's saying. He's specifically talking abour demand, wages, and poor right wing attitude towards the plight of the less fortunate. I know you're going to try and twist argumemts so you can claim yourself the victor but you really should try a more genuine debate style.
quote:
Do you really wanna talk economics?
Do you? Still really haven't seen you do it. You're like a shitty rapper who gets all hyped up and delivers nothing.
Posted on 5/22/18 at 11:40 am to Ebbandflow
Ebbandflow back for another pounding on the board
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