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 Troy Loney on Thu Nov 21, 2013 3:24 pm

Yeah you can, get rid of the buyer's unlimited spending power.
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Re: This student loan debt crisis thingy is starting to scar

Postby Letang Is The Truth on Thu Nov 21, 2013 3:24 pm

Troy Loney wrote:I know people hate this idea, but education financing requires more government oversight / regulation. They are already there, they guaranty the loans and finance all the debt. The current situation just allows colleges to pillage the government and then let the government handle the collection of all the education expenses.


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

Postby CrazyJoeDavola on Thu Nov 21, 2013 3:25 pm

Troy Loney wrote:I know people hate this idea, but education financing requires more government oversight / regulation. They are already there, they guaranty the loans and finance all the debt. The current situation just allows colleges to pillage the government and then let the government handle the collection of all the education expenses.


Exactly. The government is writing a blank check to both state supported public universities and to private universities. The fed is assuming all of the risk and gambling with tax dollars while allowing state run entities and private businesses to profit from it. I don't know may people that would support that notion.

Right now it is paying off for the fed because they are profiting from interest on payments. Once forgiveness programs and inevitable defaults kick in, it probably will prove to be a bad investment.
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Re: This student loan debt crisis thingy is starting to scar

Postby CrazyJoeDavola on Thu Nov 21, 2013 3:28 pm

columbia wrote:Are you guys saying that because the fed. government is backing the loans, they should have the right to tell you what you can't major in?


They can tell you how much house you are allowed to buy with the mortgage approval process. Is it really a stretch to give you a student "loan approval" amount based on your major (income), GPA (credit), and current financial situation (down payment)?
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Re: This student loan debt crisis thingy is starting to scar

Postby Troy Loney on Thu Nov 21, 2013 3:28 pm

Letang Is The Truth wrote:
Troy Loney wrote:I know people hate this idea, but education financing requires more government oversight / regulation. They are already there, they guaranty the loans and finance all the debt. The current situation just allows colleges to pillage the government and then let the government handle the collection of all the education expenses.


lol



Ok, so maybe some of the verbiage is slanted. But what part of that notion do you laugh at?
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Re: This student loan debt crisis thingy is starting to scar

Postby pensfan1989 on Thu Nov 21, 2013 3:30 pm

To me, the solution is somewhat simple, but would be a tough pill for many to swallow.

There is a large amount of statistical data available or data that could easily be collected that we could see with good confidence what the average graduate in a certain degree would make in 5 to 10 years after graduation. Then you tie how much the government will give you in subsidized loans to that. Obviously, there are outliers in every field, but this would definitely be a good place to start.

If someone wants to pursue a degree in something they like, that's fine. But they'll have to find a way to finance it by themselves, through private loans or scholarship funds or from their parents.
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Re: This student loan debt crisis thingy is starting to scar

Postby Troy Loney on Thu Nov 21, 2013 3:34 pm

That's two people that agree with my opinion.

Time to go back to the Steeler thread and do more work.
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Re: This student loan debt crisis thingy is starting to scar

Postby thehockeyguru on Thu Nov 21, 2013 3:35 pm

Troy Loney wrote:Yeah you can, get rid of the buyer's unlimited spending power.


I would assign risk to both the obligor and the obligee. The obligee shouldnt be allowed to continue to loan people money without fear of default.
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Re: This student loan debt crisis thingy is starting to scar

Postby Troy Loney on Thu Nov 21, 2013 3:41 pm

thehockeyguru wrote:
Troy Loney wrote:Yeah you can, get rid of the buyer's unlimited spending power.


I would assign risk to both the obligor and the obligee. The obligee shouldnt be allowed to continue to loan people money without fear of default.



I agree. I think I see a lot of the issues that lead to the housing bubble manifesting themselves in education costs. Reducing the access to education is not the problem, but there are incorrect incentives that have been made for education providers in this system. Something has to work to force consumers to make better decisons which would then allow the providers to respond.
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Re: This student loan debt crisis thingy is starting to scar

Postby thehockeyguru on Thu Nov 21, 2013 3:45 pm

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

Postby pensfan1989 on Thu Nov 21, 2013 3:49 pm

Students at Pitt always complained that tuition was going up, but even as it did, the number of applications kept increasing. Why would you lower tuition in that instance? It doesn't make any sense from their end to do that, and very few people who I knew that were paying for school through loans transferred because it was too much.

Another way to cut costs is to encourage people to do their first year or two at a community college, which in a lot of cases are 1/3 the cost per credit hour than a university. This would be especially useful to people who are undecided. Classes like Chem 1 and 2, Physics 1 and 2, Calculus 1, 2, and 3, etc aren't really taught all that different at community college, and would transfer in for most students. In fact, they're probably taught by an actual instructor, and not a grad student.
Last edited by pensfan1989 on Thu Nov 21, 2013 3:52 pm, edited 1 time in total.
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Re: This student loan debt crisis thingy is starting to scar

Postby Letang Is The Truth on Thu Nov 21, 2013 3:51 pm

my tuition at pitt increased every semester for grad school
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Re: This student loan debt crisis thingy is starting to scar

Postby KennyTheKangaroo on Thu Nov 21, 2013 4:06 pm

its ok pitt rewarded you with gr8 football.
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Re: This student loan debt crisis thingy is starting to scar

Postby columbia on Thu Nov 21, 2013 4:24 pm

I want my money back.
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Re: This student loan debt crisis thingy is starting to scar

Postby Shyster on Thu Nov 21, 2013 4:30 pm

PensFanInDC wrote:This thread is amazing. I had no idea how high these payments were. I'm a knucklehead non-college grad with no student loan debt. Same with my wife. We've both been able to secure decent paying jobs without the benefit of education although our growth and pay are certainly victims to the lack of a degree.

Makes my mortgage payment seem not as bad.

Please don’t denigrate yourself like that. There are many valuable, well-paying jobs out there that don’t require college degrees. I’m a lawyer at a mid-size law firm in Pittsburgh and I make around $56,000 per year. I’m sure there are plenty of master plumbers, electricians, welders, contractors, mechanics, and similar skilled tradesmen out there who take home as much if not more money than I do. I think a big part of the problem is the current attitude that anyone and everyone should go to college and get a degree (and you’re somehow a dummy or failure if you don’t). We need more trade and specialized schools, not more C students going to college and getting useless degrees—or even failing out and getting nothing for their money.
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Re: This student loan debt crisis thingy is starting to scar

Postby Letang Is The Truth on Thu Nov 21, 2013 4:45 pm

That was all part of mittens' five point plan
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Re: This student loan debt crisis thingy is starting to scar

Postby King Sid the Great 87 on Thu Nov 21, 2013 4:49 pm

Troy Loney wrote:I know people hate this idea, but education financing requires more government oversight / regulation. They are already there, they guaranty the loans and finance all the debt. The current situation just allows colleges to pillage the government and then let the government handle the collection of all the education expenses.


It's already in the works. The Obama administration wants to rank schools on things such as graduation rates and loan repayment percentages, neither of which are directly related to the problem.

Let government in and a **** up situation will only get worse. The universities with the highest means will be in Washington doing whatever it takes to ensure they are rated highly. Nothing will get fixed.

If anything, government needs to be out of lending altogether. Let the schools with their massive endowments float the loans for kids to attend.

Like everything else, it's a matter of personal responsibility. Schools are filling a demand for degrees with no earnings potential. The dip **** parents who let their kids major in nonsense coupled with a government willing to backstop everything with everyone else's money leaves nobody holding the bag when things go tits up.

If you come out of school with $90K in debt and aren't making six figures, you **** up.
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Re: This student loan debt crisis thingy is starting to scar

Postby KennyTheKangaroo on Thu Nov 21, 2013 4:51 pm

Shyster wrote:
PensFanInDC wrote:This thread is amazing. I had no idea how high these payments were. I'm a knucklehead non-college grad with no student loan debt. Same with my wife. We've both been able to secure decent paying jobs without the benefit of education although our growth and pay are certainly victims to the lack of a degree.

Makes my mortgage payment seem not as bad.

Please don’t denigrate yourself like that. There are many valuable, well-paying jobs out there that don’t require college degrees. I’m a lawyer at a mid-size law firm in Pittsburgh and I make around $56,000 per year. I’m sure there are plenty of master plumbers, electricians, welders, contractors, mechanics, and similar skilled tradesmen out there who take home as much if not more money than I do. I think a big part of the problem is the current attitude that anyone and everyone should go to college and get a degree (and you’re somehow a dummy or failure if you don’t). We need more trade and specialized schools, not more C students going to college and getting useless degrees—or even failing out and getting nothing for their money.


One of kenny the kangaroo's clients has a kid that is about 22 year old and just got done with trade school. he became a welder.

the amount he recieved on his first W-2? 71,000
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Re: This student loan debt crisis thingy is starting to scar

Postby Troy Loney on Thu Nov 21, 2013 4:54 pm

what's a welder?
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Re: This student loan debt crisis thingy is starting to scar

Postby KennyTheKangaroo on Thu Nov 21, 2013 4:56 pm

Troy Loney wrote:what's a welder?


they do manly labor that makes their hands dirty. they probably also are capable of changing the fluids on a honda ruckus, unlike yourself. or myself, for that matter.
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Re: This student loan debt crisis thingy is starting to scar

Postby mac5155 on Thu Nov 21, 2013 5:02 pm

Shyster wrote:
PensFanInDC wrote:This thread is amazing. I had no idea how high these payments were. I'm a knucklehead non-college grad with no student loan debt. Same with my wife. We've both been able to secure decent paying jobs without the benefit of education although our growth and pay are certainly victims to the lack of a degree.

Makes my mortgage payment seem not as bad.

Please don’t denigrate yourself like that. There are many valuable, well-paying jobs out there that don’t require college degrees. I’m a lawyer at a mid-size law firm in Pittsburgh and I make around $56,000 per year. I’m sure there are plenty of master plumbers, electricians, welders, contractors, mechanics, and similar skilled tradesmen out there who take home as much if not more money than I do. I think a big part of the problem is the current attitude that anyone and everyone should go to college and get a degree (and you’re somehow a dummy or failure if you don’t). We need more trade and specialized schools, not more C students going to college and getting useless degrees—or even failing out and getting nothing for their money.


My buddy is a roughneck for Patterson UTI Drilling. Sure it's not a sustainable lifestyle, but the dude works 2 weeks on 2 weeks off, bought a $45k truck with cash, and brings home probably $90k a year.
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Re: This student loan debt crisis thingy is starting to scar

Postby Troy Loney on Thu Nov 21, 2013 5:08 pm

KennyTheKangaroo wrote:
Troy Loney wrote:what's a welder?


they do manly labor that makes their hands dirty. they probably also are capable of changing the fluids on a honda ruckus, unlike yourself. or myself, for that matter.



Troy Loney delved into some manual labor with that paint removal project. The best part of manual labor is that you can listen to NPR all day.
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Re: This student loan debt crisis thingy is starting to scar

Postby tifosi77 on Thu Nov 21, 2013 5:16 pm

Just watched part of the recent David Blaine special with some friends. It makes me sad to see Han Solo/Indiana Jones looking like my grandfather, but he had the funniest line of the show.

"Get the f**k outta my house."
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Re: This student loan debt crisis thingy is starting to scar

Postby mac5155 on Thu Nov 21, 2013 5:21 pm

"Get the f**k outta this thread"

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

Postby tifosi77 on Thu Nov 21, 2013 5:38 pm

Sorry, got carried away. :face:

:lol:
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