BULLPUPS09 you sound like a moron if you don't agree. Wow. I'm stunned that you think this way. To each his own I guess. Socialist isn't a bad thing anymore ha ha ha. Silly you.
Unless you plan on being a Dr or a nurse, engineer etc., you should NOT under any circumstances be taking out large amounts of debt. Go to a state school or a community college or get a skill or start your own business.
Why our people have no release , but illegal immigrants get full ride in education as DREAMERS in DACA, also Biden pays hotels, insurance, medicine, etc to people who break the border laws
Another disgusting thing, when people are delinquent on payments, they are then offered only payments that address interest. The principal remains, thus putting the person perpetually making payments and never getting rid of the principal. it's a real racket. The banks are evil.
No, the ignorant twats who don't understand how these financial instruments work but signed up for them regardless are at fault. Believing otherwise is just a shift in self responsibility and due diligence.
I know someone who is in his early 50s and has $80k+ in student loan debt. He has gone bankrupt 3 times. But he still owes for all the loans. Here's the kicker: He has the same job he had before he took out the loans.
I was in that EXACT situation as Saul Newton. I also dropped out of college and had a similar amount of dept. Jumping job to job trying to pay it off since 07, and just last month, in 2016, I made my final payment on my loans and completely paid it off. Man, it feels like a heavy weight has been lifted off my shoulder. The money I was using to spend on student loans all those years, I can now pocket that money. Hundreds of dollars per month Im now saving all because of those student loans are gone. It feels good to pay all the bills and have a few hundred left over.
***** he probably did all of that. but now a days if you really look into it, statistics are against you. more and more people are racking up debt without being cognizant of what their loans means in the long run.
***** Nah, I dropped out of college, didnt finish, so didnt get any degrees at all. and im not in the field I was going to college for. Instead I found other opportunities, by going to technical schools that only cost a few hundred bucks for each class instead of several thousand and got certifications then went on to get a high paying full time career at my city's electric company. In my eyes, I see high cost college as a money/dept scam.
Yep.I did much to same back in the 90's.As soon as they introduced the fee,did a calculation and said nup.Not going to stack up.4yrs and no guarantee of work straight away.Everyone started double degrees.They all got doubles and no full time work.Never run with the pack.
The gov needs to stop giving out student loans which incentivises the schools to charge these crazy rates. Tuition used to be something you could work and pay off as you go, but now that the schools are guaranteed money in the form of student loans, they raised their prices so it's not impossible to work through. Teach kids how to handle money and stop incentivising this outrageous tuition inflation
The problem is government. The fact that government guarantees student loans incentivizes private and public universities to jack up the prices of their tuition.
You shouldn't be majoring in a non-STEM major and be shocked when you make little more than minimum wage. The world doesn't need more humanities majors.
The world does need lawyers, nurses, teachers, social workers, journalists, psychologists, psychiatrists, accountants, etc., all of which require a college degree.
Student loans is killing our economy and shackling our youth in a cycle of debt. One can make an argument that grads took out the loans and therefor SHOULD pay them back, which is absolutely correct. Does not change the fact that higher education is way too overpriced and way too expensive.
it's a problem that shouldn't exist and it does and it's causing a lot of sufferring. plenty of other countries, poorer than us, have universal education.
Why our people have no release , but illegal immigrants get full ride in education as DREAMERS in DACA, also Biden pays hotels, insurance, medicine, etc to people who break the border laws
Snow 123 is eyes deep in student debt with a major in women's studies. Who the hell do you think will pay off the student debt? Taxpayers - the same ones who now have less money to spend in the economy and help it grow at a "rapid pace"
Saul Newton - you're story is much like mine. I joined the Navy instead. It's too bad we are forced to choose -not being from wealth or a minority - between college or the military. Right now the military is the quickest way to achieve higher education in the long run without drowning in student loan debt. I'm back in college and owe 25000 less than I did before joining. What message are we sending our young people?
Convince the young that they need a degree to obtain admission into the middle classes and the higher income zone. Sell them a worthless degree in Lesbian Dance Theory, Long Distance Spitting or Basket Weaving. Then when they have graduated they owe the finance houses many years income on minimum wage - because , of course, the degree is worthless. The pool of minimum wage workers is preserved and they are enslaved. A double whammy. Since 1865 slavery has expanded to include nearly everyone.
Morbius1963 Spot on comment! But as John W. said it is just not just the liberal arts, 75 percent of STEM graduates are not working in stem fields. Many STEM graduates are working at Starbucks.
I don't think student loan going private is all that important. But if it went private, why does it have special exemptions in bankruptcy law to make it hard to discharge? It should be treated like any other unbacked loan. That will make it much harder for people to get student loans, but that will also make colleges much cheaper, reducing or eliminating the need for it in the first place. Kids used to be able to pay their way through college with part time jobs, and it should be that way, at least for the people who really want college education, not that colleges are really all that necessary in the first place.
catsspat actually, to maintain student loans it did need special protection under the bankruptcy code because until then so many students borrowed money to go to college and then declared bankruptcy after they graduated that there would have been no student loans at all. I think, however that there should be a maximum amount of interest allowable because of the guarantees.
4 dislikes from people who think American troops in Afganistan were not paying off their student loans fast enough. Because belief: "if you're not financially well off you must be a lazy freeloader."
+Justin Saneti Yep Capitalism is great if you are at the top of the triangle. Capitalism is a big game of Monopoly I wonder if the winner once hes taken all the money off everyone else will yell MONOPOLY!!!!
steve b Yes that sounds great and is good to lump everyone that doesn't succeed into that category except most of the graduates Ive heard from have tried hard and now cannot get jobs because multi national corporations are setting up over seas because of cheaper workers= more profits Capitalism. So they have to go into lower wage jobs and struggle their whole lives paying off debt to another corporation that lobbied government to implement loans for education. All the while house prices rise with the cost of living, so these people are screwed. I may be only listening to the ones whinging thou. Have you graduated college and got the job you wanted? And have you been paying attention to all the millions of jobs being sent overseas thanks to capitalism. My Point is Capitalism is ok Nationally but not Internationally unless you are the poor country getting some jobs. Also Capitalism is great until they can buy and change government policies.
Antman4656 yes it's great for banks and students get a shitty sub standard education that in many cases isn't even an accredited school leaving the graduate for example a flobotomy student who graduated but discovers he's not able to get hired in that field because the school was not approved by the hospital's or labs and others in the medical industry leaving him looking for a new career broke and feeling FINANCIALLY RAPED and now unable to get another loan or have anyway to pay his loan back or the computer itsp/ Na student who learns just before graduation the school is shutting down and changing their name like so many did in the late 90s early 2000 S some had loans forgiven others didn't .add the rising cost of housing after the. banks got bailed out and now you see young 19 and 20 yr olds fresh out of high school living in their cars working full time and trying to study while living in shared housing so tiny they can do dishes from the bed universities
Antman4656 I don't get what the point is the devil man at the top of the pyramid gets all the money control's us all watches the world fall apart than what? Lmao he waits to die? Dude this life makes no sense.
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Jack O'Scratch Why should MY taxes pay for your art major or woman's studies major? Only if I can say where you go to school and what you can major in and what grades you have to earn in order to continue your degree will I support "free" tuition at college.
No don't forgive these loans, let everyone go bankrupt, so everyone learns a lesson out of this and nobody will takeout another loan unless they have a real way of paying it.
It is the fault of all four. Parents, students, schools and government. Students for choosing a worthless major that was never going to lead to employment or a job that paid well enough to payback their loans, Parents for not calling them out on it, the schools for telling students that college is a necessity. It is not. And the government for giving unlimited funding without regard on how it will be paid back. Truthfully take out the top 1% of college grads. The other 99% aren't making anymore money than their high school counterpart. In fact they're, on average, making less.
A consumer side subsidy ALWAYS leads to upward spiraling consumer prices. It is a sad but unavoidable truth. The reality is that not only has student debt spiralled upward but so has the amount of the government has spent on education.
The issue is not that money is available to be loaned or who is loaning it. A businessman who built a golf course from his profits of loans is his business. The crisis is that young people borrow the money to get an education only to get out and not able to get work to pay the loan. Additionally many of them do not know the value of the dollar- the reality of a loan and interest. The other facet of the crisis is that government programs of any kind are not unending revenue sources where someone can take advantage of the benefit and then turn around and not pay the piper. That is the danger of government programs. Privatization brought a degree of responsibility to the borrower- this is not a free handout. As a people we need to stop looking to government to give and be responsible citizens ourselves. Pay as you go, stop and save then go some more. That is how I went to college completing twelve years schooling. It CAN be done without borrowing.
This isn’t capitalism when the state intervenes that’s a function more of socialism. Although the form of financing is capitalist. This philosophy actually is very much neoliberalism which is a much simpler way to explain what’s going on. Look up the philosophy of South Park by wisecrack they do a great introduction to this philosophy. But essentially it is about the public sector funding the private sector activities.
People, please stop looking at inspirational videos from people like Richard Branson, we aren't all destined to be billionaires or even close, start small, get multiple jobs to pay off those loans...
johnva7 I agree. But, we are starting to live in a world where we should create our own job/career. That's my opinion. The internet has become a place where you can put out content and create your own future. The future is really right now.
It's not the fault of the debt collectors. The numbers have actually improved because of debt collectors. The schools and your government are in on this thing. Working together.
There is a lot of fresh meat coming out of high school. It's a feeding frenzy for the banksters. WE should have figured out this was all a rip off by the late 70's and yet here we are. The public's reaction time is hazardous to their health.
If these people are stupid enough to take on 100k in debt and ruin their lives before they get started just so they can be brainwashed and try to get a piece of paper with their name on it, I say let them as long as my tax dollars aren't going to bail them out. They can spend the rest of their lives in debt and I won't feel an ounce of sympathy.
"Land of the Free" where students who pursue a higher education are punished with a lifetime of debt. I wonder why 90% of countries around the world can provide tuition-free higher education to all their citizens but the greatest country in the world can't?
***** It's true, a business and corrupted. Prisons are a business too, without a competitive education and opportunity for employment we have a factory there as well. America has more of its citizens in prison than any country in the world, ironic America being the so called 'land of the free'.
I was too young and dumb to buy a beer, but I was old and wise enough to sign a loan that I couldn't repay. If u ask me, the bank is to blame and so is the origination of greed. I dont even stress myself with student loan payments anymore. I need to eat first.
Bernie is right. It should be free. Who benefits from an educated workforce? Corporations and government. An educated workforce has greater earning potential which creates cash flow in the form of taxes throughout each individual's working career! It's stupid to strap people with debt like this and it creates a stagnate economy!
The loan sharks who control the government only care about their bottom line. They have tunnel vision and are completely ignorant of everything else around them.
Yeah, let's abolish the student debt paid for by US tax payers. Just because some idiot decided to rack up 120k in debt for gender studies, doesn't give him a right to my tax dollars. He made the idiotic choice, he can pay for it himself.
sharpz214 Yes, lets blame the least powerful in the country for being taken advantage of by the wealthiest and most powerful in the country. Makes sense. On the other hand, lets keep letting student debt grow... that can't be bad for the economy, right?
sharpz214 Too nuanced for you? You think the only way to get coerced is by someone putting a gun to your head? Don't understand that kids don't know what they are getting themselves into? How could they? The education system in this country really gives them the financial knowledge wisdom to know what is good and bad for them, right? Sure some kids know, but most don't. Sure the information is out there but lets be honest, how many kids do their research? And banks bank on that. You're going to blame and punish kids that want a good life for themselves with tens and hundreds of thousands of dollars of debt BEFORE they even get into the workforce? How much debt did previous generations have to go into before they went into the workforce?
Did these students stop to wonder if they were ever *supposed* to get rich off of their 7 percent interest loans? Who would have ever thought that they would have to pay these loans back? Newsflash, when you agree to go into debt you agree to make someone rich with your money.
The Federal Government owns the money that is being loaned. Agencies collecting that money are able to do so by the Federal Government's blessing. Google Direct Student Loans to learn who is behind the lending.
It's a risky business lending a young person money. Of course a business man will see this as an opportunity. Guys and gals who are going to college or university be wise.If there are local coll/univ near home use them. Live at home stay in state schools keeps expenses low. Take something that will offer you satisfaction and earn money as soon as you get out. True many jobs have left because of both political parties and the third world rising and becoming more powerful. Seek a balance and accumulate wealth be wise...no one out there is willing to help except family...to a certain degree. You will hear talk shows stating problem but there are no quick solutions. The military industrial complex and wealthy the true welfare recipients will always have the upper hand...work hard, be smart, tough and resilient.
Everyone's loans should be pardoned and universities should be sued for falsely advertising "job growth predictions" and "average salaries" for degrees they offered . It misled millions of america's youth to believe that if they went to college they'd be capable of paying back the debt . Obviously the economy has only gotten worse , jobs are more scarce and pay even less due to outsourcing .
No more student loans. If everyone can get a college degree the value of each degree is worth much less; not to mention unmarketable degrees. I want my money back that I paid on student loans. Rewarding bad behavior creates more bad behavior and bailouts - period. Tax payers should never subsidize bad decisions, bad businesses, poor students, etc. Cash 4 clunkers, the poor did not benefit, only those who could buy a new car did. If public schools were not the worst in the world maybe we could have more subsidies to poor. PPP- massive fraud, only those who had businesses benefited. If you make 170000, you can easily pay off you're low interest loans. Sick and disgusting.
Dont spend money you dont have. They are so quick to spend someone elses money and then cry when they cant pay it back. Who the hell thought these kids to be so irresponsible.
Steele is ridiculous. Fundamentally his complaint is that if you borrow the money, you have to pay it back with interest. He thinks that government making loans with ZERO underwriting is the solution. He's an economic illiterate.
None of these horrid abuses of power will stop while profit is our motivation. Investors are like gold-farmers in an MMO. They will go to wherever the profit is, reguardless of morality. Thus, we either have to jettison morality or profiteering. At the end of the day, *that* is the issue Humanity must decide. Sure, we can skirt around it here or there, buy a bit more time with this trick or that trick, but, in the end, we must decide if we value the happiness and freedom of all or having a wealthy royal-like class to dream of someday joining (even when statistics show that one's chance of joining that elite class is slim-to-none, especially if you have any scruples). Until we solve the problem at the heart of it all, ie. wanting to elevate some people over other people, we will see a continuous stream of things like this, and people with one more band-aid to try to patch it up enough to get through to the next generation. Eventually, we have to stop kicking the dirt clod down the road.
Quagthistle I love you for this. But I think we need to accept that it will never stop. The problem is too widespread and so few of us seem to really care.
I don't consent to greedy complete strangers creating vehicles of wealth based on my signature alone. No thanks... and it seems my tax contributions have ALREADY paid of my debt.
If people would quit leaning on the government for support Lean on yourself by working hard Rome fell because more and more people were on government assistance
Student Loansa are waste of students abilities and faculties. How? During their studies there is always on back of their mind that they have to repay the loan. If i remember correctly Prsident Obama removed the middle man i.e. financial institutions and loans were given from the Federal reseves. As loans were given from the Federal reserves so the Budget Deficit increased. Universities need fees from students to finance their administration expenses, research and development, teacher's salaries and otherwise. If the Federal reserve directly finance the universirt administration expenses then the Budget Deficit would be the same as the loans given to the students. When students will qualify they will render their services and pay direct tax i.e. income tax and indirect tax i.e. sales tax and otherwise which will reduce the Budget Deficit i.e. financing universities. Students have to repay the loan out of their taxed income. In other words they are paying twice amount of income tax. If the government finance the universities directly it will save the abilities and faculties of the students and they will be the real Masons of the productive industry.
Debt collectors buy the debt for .05$ on the dollar..then they chase down the student like a wild animal and get what they can...The company that sold the debt writes off the lose and skates off with the money..Tax payers pay
It's not an affliction. It's a choice. And yes. You have to pay it back. This is perfect. Let the government mettle in the free market, by guaranteeing loans, creating exemptions in bankruptcy laws, etc. and you're surprised cronies take quick advantage and idiot kids take fall into the trap. Then blame it on the market. It would be laughable if not for the fact of how many people agree with this logic. Make the bankers manage their own risk and they would create fewer loans. They may even scrutinize what degree you are seeking, favoring degrees likely to enable you to pay them back. Maybe colleges would tighten up tuition knowing most folks would need to foot the bill on their own. This is one instance where the discipline of the market is needed, not more government.
Yes, let the "free market" manage your access to loans. Let the sole deciding factor for the viability of a Educational loan be it's potential profitability, nothing wrong with that... If only the government wouldn't make the bankers exploit us citizens everything would be hunky dory.
Is that supposed to be some sort of argument refuting my claims? I don't take issue with whether something is right or wrong or will be hunky dory. I am concerned (as we all should be) with efficiency and accountability. The current system that the government has rigged for their buddies achieves neither, and I would argue, in fact, it promotes the lack there of.
SCISUR5R If you were concerned with efficiency and accountability the last thing you would should do is hand the system over to bankers. Who are the CEOs of banks accountable to? No one, save the board, that ensures they extract as much value as they can from that they invest in. What is efficient about letting bankers decide what school or even course of study you can attend, based strictly off of profitability? Wouldn't they end up saturating those fields with loans and starving others? If a banker were to decide what track of study you should attend, what do you think they'd promote? And is this the sole metric for what makes society great? Laser focused, tunnel vision on Profitability? The current system is bad, I would argue it was made somewhat better by Obama cutting out the middle man in loans guaranteed by the government. Another question you should ask is: "is the current system better than what was before?" and yet another question, "Is this system I'm (you're) proposing better than what we have now?"
1)Bankers want to make a profit. Conceded. 2)Strawman. Never said bankers should be the decision maker. Again education is a rational choice. One can choose to pay as they go out of pocket. And yes we make degree selection often based upon future earnings already. Removing moral hazard won't change that. The market would help this decision process as well. Where supply is low, demand will be high. This would of course fluctuate with our economy and bankers would make loans based upon risk as it should be. Banks make money only if you can pay them back. You would have to provide some evidence to support this claim that allowing market forces to dictate degree path would create shortages. I would argue, and I believe one need only look at our current status and the 2008 mortgage crisis for evidence, it is clear the risk of misallocation is higher when the government tries to dictate the market and bankers make money whether they make goods loans or not. 3)It is irrelevant whether our current system is better than one before. Educational requirements change. Comparing the 50's to the 90's and the 90's to 2016 is like comparing apples to oranges and oranges to pineapples. Our current system is majorly flawed because values quantity over quality. Yes letting the market play a larger role in setting values and managing risk would be a far cry better.
Thank you for this! Supporting HR 2366 DIscharging Bankruptcy in Student Loans is a good step. Student Loan Justice Org supports it. Visit studentloanjustice.org for more information and to help us restore justice to the student loan process.
Korasones wish you had said that when they took your money and bailed out the banks that had too much debt and AIG insurance.... Double standard much? 🤔
Hmmm maybe the fact that they don't have any money? And they wanted to go to college to get a decent education? So, you're saying that they are stupid for trying to go to college? Yeahhh okay buddy whatever you fuckin' say...
Luna Root The question was who forced these nincompoops to take out these loans, it was not what inspired these nincompoops to take out loans they cannot repay. What dummy takes out a loan under terms that will make certain that they will not be able to repay the loan?
why dont people do market research into there future fields and look for jobs online before you even sign shit. you see a mystery dont you look into it before you enter..fuck i live in Canada and your tuition is cheap but even 5000 is lot when you think about it if you dont have a job. i think a lot of it is being lazy..in terms of not getting to trades because of physical labour people in general are fucking lazy.
Gov bail out the student loan then put back high tax on that lenders without them notice..so wut the problems..it small prob and still being debate...funny...
There are stupid people who rack up debt....any kind of debt....but especially the so called 'educated'......and then there are those that do it right......Three technical licenses, an associate, bachelors, masters......no debt.....how? USAF.
There is a saying, they can take everything away from you except your education. Education is not at fault here, it's Wall Street banks and the politicians who have taken away federal funding for college.
