This student loan debt crisis thingy is starting to scare me

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Re: This student loan debt crisis thingy is starting to scar

Postby eddysnake on Tue Sep 09, 2014 10:07 am

newarenanow wrote:I do agree that those for profit institutions are scummy and definitely prey on individuals. And they should be held responsible somewhat.

But I also think that it's upon the students too, regardless if it's for profit, or a traditional college/university/votech school to know and understand what they are borrowing, and if it will reap rewards in the future.

So there is blame on both sides.


wonder what the % is of students that goto college and have to take out loans? My guess it would be pretty high. It seems that anymore, that's just something that comes along with choosing this route for your education.
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Re: This student loan debt crisis thingy is starting to scar

Postby Troy Loney on Tue Sep 09, 2014 10:09 am

It seems like the foundation of a service based economy is to just indebt the working class.
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Re: This student loan debt crisis thingy is starting to scar

Postby newarenanow on Tue Sep 09, 2014 10:27 am

MalkinIsMyHomeboy wrote:
newarenanow wrote:I do agree that those for profit institutions are scummy and definitely prey on individuals. And they should be held responsible somewhat.

But I also think that it's upon the students too, regardless if it's for profit, or a traditional college/university/votech school to know and understand what they are borrowing, and if it will reap rewards in the future.

So there is blame on both sides.


I don't regret my situation really at all (just graduated college with about 30k in loans but I already have a well-paying job) becauase I did make good decisions (I could've gone to NYU and had 100k+ in loans but instead went to a state school) but I do empathize with graduates who are struggling with student loans. When you're 16-17 years old and all they say in high school is "go to college, go to college, go to college, go to college" there's so much pressure to actually go to college and really the only way this is possible is by taking out loans. Then in college I met a large amount of people who didn't benefit from getting a college degree at all.

This country is going down a pretty crappy road with what it's doing. Universities are increasing their tuition rates at ridiculous percentages for literally no reason and high school students who are legally deemed "not mature enough to have sex with people over 18" are being forced to make decisions about student loans and colleges and their future. Also, parents are doing a pretty bad job at dealing with this and teaching their kids that college may not be the option.


I do agree with this. College is not for everyone. Not everyone wants to go into a field where a college education is needed. I do hope my kids go, because I see how it benefited my wife and I, but at the same time, if my kids want to go into a field or career where a college education is not a top priority, I am not going to "force" them to go because it's what we did. I think way too many people are pushed into that.

Plus, if they don't go and continue their education, I'll get a nice bonus from their 529 plans!
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Re: This student loan debt crisis thingy is starting to scar

Postby largegarlic on Tue Sep 09, 2014 1:30 pm

I think that state schools are primarily raising tuition because they're getting less and less funding from the state government. It's not the only reason tuition is going up, but I would guess it's the biggest (there's also the rise in administrative positions and salaries and increased spending on infrastructure to compete against other schools). To fix that, it's going to require a serious reversal in the way states allocate money, which might ultimately boil down to raising taxes.

That's why I think it's relatively simple and uncontroversial to start to tackle the problem of student loan debt by going after the for-profits and, as c2i mentioned, lowering interest rates. I would think the majority of citizens would agree on those steps, even if politicians and lobbyists don't.

I really don't know why private school tuition keeps going up so fast, other than the stupid reason that schools feel like a high price tag makes students/parents think it must be a quality education.
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Re: This student loan debt crisis thingy is starting to scar

Postby Troy Loney on Tue Sep 09, 2014 1:40 pm

largegarlic wrote:I think that state schools are primarily raising tuition because they're getting less and less funding from the state government. It's not the only reason tuition is going up, but I would guess it's the biggest (there's also the rise in administrative positions and salaries and increased spending on infrastructure to compete against other schools). To fix that, it's going to require a serious reversal in the way states allocate money, which might ultimately boil down to raising taxes.

That's why I think it's relatively simple and uncontroversial to start to tackle the problem of student loan debt by going after the for-profits and, as c2i mentioned, lowering interest rates. I would think the majority of citizens would agree on those steps, even if politicians and lobbyists don't.

I really don't know why private school tuition keeps going up so fast, other than the stupid reason that schools feel like a high price tag makes students/parents think it must be a quality education.


Limit the ability for students to borrow, then schools will be forced to cut costs and lower prices. schools operate in an environment with almost perfectly inelastic demand up to the threshold where federal aid is capped. then it probably resembles an actual market after that. Schools zero incentive to do anything but charge up to that point.
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Re: This student loan debt crisis thingy is starting to scar

Postby MalkinIsMyHomeboy on Thu Dec 11, 2014 11:44 am

jesus christ I'm confused

so it's about that time when I have to start paying back the man. I get an email from Navient saying I owe 32k, ok, but I also get an email from Sallie Mae telling me I owe them 18k. I make an account at the Sallie Mae website and it tells me my account already exists, I log into Sallie Mae and it redirects me to Navient.

anyone else familiar with what's up? Is Sallie Mae contained within Navient? If so, why are they sending me a separate email than Navient telling me I owe them money?

there's no way I took out 50k in loans...
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Re: This student loan debt crisis thingy is starting to scar

Postby count2infinity on Thu Dec 11, 2014 11:45 am

don't you have paper work from each year showing how much you took out?
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Re: This student loan debt crisis thingy is starting to scar

Postby MalkinIsMyHomeboy on Thu Dec 11, 2014 11:47 am

count2infinity wrote:don't you have paper work from each year showing how much you took out?


I do on Navient. I'm just confused as to what Sallie Mae is doing in all of this.

I can't find any references to Sallie Mae in my Navient loan info, but when I log into Sallie Mae it redirects me to Navient.
Last edited by MalkinIsMyHomeboy on Thu Dec 11, 2014 11:49 am, edited 1 time in total.
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Re: This student loan debt crisis thingy is starting to scar

Postby Troy Loney on Thu Dec 11, 2014 11:47 am

Navient is probably the servicer for the sallie mae loans.
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Re: This student loan debt crisis thingy is starting to scar

Postby dodint on Thu Dec 11, 2014 11:47 am

You could run a credit report on yourself, using one of the Free Credit Report services. Just be careful not to subscribe to anything recurring. My wifes student loan bills show up on her CR, and the small ones I did have back-in-the-day showed up. It won't help you with direct access, but might be able to clear the picture up for you. And it's free.
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Re: This student loan debt crisis thingy is starting to scar

Postby count2infinity on Thu Dec 11, 2014 11:49 am

https://www.salliemae.com/about/who-we-are/future/

Sallie Mae® has separated into two independent, publicly traded companies, Sallie Mae and NavientSM. Both companies are committed to delivering the highest level of service to help you succeed in your higher education goals.


They may have split your loans... I dunno. Give 'em a call.
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Re: This student loan debt crisis thingy is starting to scar

Postby tifosi77 on Thu Dec 11, 2014 12:40 pm

MalkinIsMyHomeboy wrote:there's no way I took out 50k in loans...

This is sort of the crux of the problem. That you don't know how much you actually took out is a little mind boggling to me.

That said, I've been dealing with PHEAA for years. They are soulless demon spawn, the lot of em. They sent a wage garnishment to my last employer and began claiming 15% of my wages. When asked to document the validity of the debt, all they sent were the notes. No payment history, no nothing. Just that I took out ~$5,000 in this one particular loan, and with interest and penalties that is now $28,000.

Bear in mind, all this is for a loan that I never actually made use of. I withdrew from the University before classes started in the spring '97 semester, but the funds were distributed to my student account that same day. When I learned of this, I went to the Bursar's office and made sure the money was returned to the lender. That was over 17 years ago.
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