Student Loan Thread

[KG]

I like how they call it a student loan "forgiveness" act...like it just dissapears. Just add it on to the national debt what's the difference at this point! What's another trillion here or there, we will never get out of this debt if you keep giving credit to people who shouldn't have it. Now I am firm believer that the higher education system needs a major overhaul. The amount of money it costs to send a kid to a "good" school is a disgrace.

If they forgive the student loans, they are opening up a major can for the people who have worked for years to pay off those loans. It won't go over well...

[FanofUlf]

I like how they call it a student loan "forgiveness" act...like it just dissapears. Just add it on to the national debt what's the difference at this point! What's another trillion here or there, we will never get out of this debt if you keep giving credit to people who shouldn't have it. Now I am firm believer that the higher education system needs a major overhaul. The amount of money it costs to send a kid to a "good" school is a disgrace.

If they forgive the student loans, they are opening up a major can for the people who have worked for years to pay off those loans. It won't go over well...

It's better that students be taken advantage of...and not being able to buy a house I suppose...

[shafnutz05]

Sure, let them buy a house with all that money they "saved". If they end up behind on house payments because they didn't understand the terms of the mortgage when they signed, lets forgive them for that too. After all, chances are the big banks took advantage of them on the mortgage too.

Then, with all that money they "saved" on their mortgage, they can go stimulate the economy!

[Pavel Bure]

Sure, let them buy a house with all that money they "saved". If they end up behind on house payments because they didn't understand the terms of the mortgage when they signed, lets forgive them for that too. After all, chances are the big banks took advantage of them on the mortgage too.

Then, with all that money they "saved" on their mortgage, they can go stimulate the economy!

And when the huge companies screw up and bankrupt themselves because they've given a ton of bad loans lets bail them out! Oh wait.

[shafnutz05]

^^Who said i liked the bank bailouts either? Government bailouts are a horrible idea.

[TheHammer24]

It blows my mind that banks are getting blamed in anyway for student loan debt. Dear God. They are literally told by the federal government to loan to everyone. The gov guarantees their loans for this purpose. How in the world is this predatory?

If banks were in charge tuition would be lower (they'd loan way less) and people would be able to pay back more (banks wouldnt loan to art history dropouts). Interest rates would be higher though.

[mac5155]

http://www.thedenverchannel.com/news/30 ... etail.html

69 days and interest rates are set to double.

Obama won't let this happen in an election year, will he?

[Pitt87]

Or people could just pay off their loans, like they legally agreed to in the first place.

Bingo. I am crushed by grad school loans, but not nearly as crushed as I would be if I didn't go to grad school.

Fix the schools 'income need' and the lending practice, but don't let dummies off the hook for being too dumb.

[Pitt87]

It blows my mind that banks are getting blamed in anyway for student loan debt. Dear God. They are literally told by the federal government to loan to everyone. The gov guarantees their loans for this purpose. How in the world is this predatory?

If banks were in charge tuition would be lower (they'd loan way less) and people would be able to pay back more (banks wouldnt loan to art history dropouts). Interest rates would be higher though.

Sort of agree; why shouldn't lenders be able to reasonably vet who they do and don't loan to?

[pfim]

http://www.thedenverchannel.com/news/30940894/detail.html

69 days and interest rates are set to double.

Obama won't let this happen in an election year, will he?

This makes no sense to me. The loans are very difficult to discharge in a bankruptcy, you're telling me that students should pay 400-500 basis points above current rates to get a loan to go to school? The rate doesn't correspond to the risk.

[pfim]

It blows my mind that banks are getting blamed in anyway for student loan debt. Dear God. They are literally told by the federal government to loan to everyone. The gov guarantees their loans for this purpose. How in the world is this predatory?

If banks were in charge tuition would be lower (they'd loan way less) and people would be able to pay back more (banks wouldnt loan to art history dropouts). Interest rates would be higher though.

I think with the extreme examples of student loan debt, they share some culpability. They're using the govt to back loans that make no sense. From a macro perspective, agreed, they're just doing what the govt will allow them to.

[pittsoccer33]

Obama loves vilifying Big Oil, Big Finance, Big Insurance, but why won't he go after Big Education? Why isn't he threatening to crack down on them and sending his minions to the homes of these chancellors, deans, presidents, and provosts for purposes of protesting injustice?

[TheHammer24]

Obama loves vilifying Big Oil, Big Finance, Big Insurance, but why won't he go after Big Education? Why isn't he threatening to crack down on them and sending his minions to the homes of these chancellors, deans, presidents, and provosts for purposes of protesting injustice?

We could also vilify "big stupid" as in the millions of stupid people who get into these messes.

Edit: Perhaps "stupid' is a bit harsh. Maybe Big "Rash," Big "Careless," or Big "Reckless" would be more appropriate.

Spoiler:

Big Education, to me, is far worse than insurance, finance, and oil combined though

[Kraftster]

Stop telling these people they can be anything they want and that they need to go to college and they might stop going. Might because they won't if you don't also stop saying you can't earn a living if you don't go to college. Of course right now its hard to earn a living if you go to freaking grad school, so...

[mac5155]

Stop telling these people they can be anything they want and that they need to go to college and they might stop going. Might because they won't if you don't also stop saying you can't earn a living if you don't go to college. Of course right now its hard to earn a living if you go to freaking grad school, so...

I just commented on a friend's status, saying this was her "LAST WEEK OF SCHOOL EVER!!!"... my response was "...until you realize that bachelors degree in communications is about as valuable as a high school diploma.. and end up going back for 4 more years of grad school".. I dont think she liked my comment too much

[steve784]

As politically and morally against this as I would be.........would I take it considering my fiance has $113K in student loan debt?

Spoiler:

Oh HELLLLLLL YEAHHHH

[TheHammer24]

As politically and morally against this as I would be.........would I take it considering my fiance has $113K in student loan debt?

Spoiler:

Oh HELLLLLLL YEAHHHH

As you should.

[TheHammer24]

As politically and morally against this as I would be.........would I take it considering my fiance has $113K in student loan debt?

Spoiler:

Oh HELLLLLLL YEAHHHH

PS Did she go to law school?

[steve784]

As politically and morally against this as I would be.........would I take it considering my fiance has $113K in student loan debt?

Spoiler:

Oh HELLLLLLL YEAHHHH

PS Did she go to law school?

No, Physician's Assistant program........so she was actually able to get a job.

[TheHammer24]

As politically and morally against this as I would be.........would I take it considering my fiance has $113K in student loan debt?

Spoiler:

Oh HELLLLLLL YEAHHHH

PS Did she go to law school?

No, Physician's Assistant program........so she was actually able to get a job.

[newarenanow]

I'm scared to see what my daughter's tuition is going to be in about 16 years.

Already have a 529 plan with a few thousand in it adn will continue to add to it over the next 16 years to try to help the burden.

[MWB]

Stop telling these people they can be anything they want and that they need to go to college and they might stop going. Might because they won't if you don't also stop saying you can't earn a living if you don't go to college. Of course right now its hard to earn a living if you go to freaking grad school, so...

This is really the larger issue. Parents, teachers, society in general need to stop telling everyone that they have to go to college. Yes, college can be great and the right choice for some people. Not everyone though. And if it's not right, don't push those kids to do it. It's tough to be a 17 or 18 year old and avoid that kind of pressure from all over the place and say, "I'm not ready to or don't want to go to college. I really need to do ____________ instead." Hard to put as much blame on them as opposed to everyone who is "older and wiser" and pushes them to college.

[newarenanow]

Stop telling these people they can be anything they want and that they need to go to college and they might stop going. Might because they won't if you don't also stop saying you can't earn a living if you don't go to college. Of course right now its hard to earn a living if you go to freaking grad school, so...

This is really the larger issue. Parents, teachers, society in general need to stop telling everyone that they have to go to college. Yes, college can be great and the right choice for some people. Not everyone though. And if it's not right, don't push those kids to do it. It's tough to be a 17 or 18 year old and avoid that kind of pressure from all over the place and say, "I'm not ready to or don't want to go to college. I really need to do ____________ instead." Hard to put as much blame on them as opposed to everyone who is "older and wiser" and pushes them to college.

I agree. Not everyone is college material, but I think the common theme is that a lot of parents push their kids to that because "it is what they are supposed to do".

I'm planning ahead and saving for my kids college already. But when the time comes, if she is not college material and has some other plans in life, I'm not going to push her to go.

I'll just take the money and either use it to help any other kids I have to pay their full tuition, or build my gameroom.

[pittsoccer33]

I'll just take the money and either use it to help any other kids I have to pay their full tuition, or build my gameroom.

Build the game room now. i would.

[newarenanow]

I'll just take the money and either use it to help any other kids I have to pay their full tuition, or build my gameroom.

Build the game room now. i would.

I was fortunate enough to get through college debt free with the help of my parents, and I know how much of a headstart I had when I graduated.

I want to do the same for my children. I may not be able to pay 100%, but I would like to make a very good attempt at it.