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re: Today's issue of personal responsibility: student loans
Posted on 7/29/14 at 1:29 pm to UsingUpAllTheLetters
Posted on 7/29/14 at 1:29 pm to UsingUpAllTheLetters
The education cartel's student loan game is just another scam to skim money out of the economy and give it to liberals.
0
Posted on 7/29/14 at 1:30 pm to UsingUpAllTheLetters
Wrote a paper on this last semester. Just make these schools compete and the prices will go down. The federal reserve is essentially cartelizing schools (public or private) by ensuring them that all applicants will have a certain amount of money. Then, when students fail out before getting a degree, they can't get a job and they are piled under debt. This is what happens when lending standards are lowered. Eventually, there will be so much of these cases of debt that the Federal Reserve will fricking print off money, buy back the debt, further cripple the economy with a deadly combination of inflation and direct taxation, and claim it as a victory for the debt-ridden populace. Same thing happened with housing in '06-'08, (thanks, Clinton and Reno) same thing happened following Woodrow Wilson's lend-and-subsidize climate which primarily gave us the Great Depression, and don't be foolish enough to believe it won't happen again.
Is that MacroEconomics, MicroEconomics or PinheadEconomics?
Is that MacroEconomics, MicroEconomics or PinheadEconomics?
This post was edited on 7/29/14 at 1:33 pm
Posted on 7/29/14 at 1:35 pm to BlackHelicopterPilot
quote:
Perhaps. But, my father made a GREAT father and he would never cosign for me.
Same here, GSL's & part time jobs. Paid off 7 yrs after graduating. Same with my wife. We started an annuity for both our children at birth. Oldest begins tech school this fall w/o having to borrow a dime. And my daddy(RIP) rocked.
Pastor's judgement seemed to be influenced by sentimentality instead of rationality. Co-signing for 100K in private loans is a pretty steep cost for a lesson in financial do's & don'ts.
Posted on 7/29/14 at 1:38 pm to Flame Salamander
It's the fricking truth. Deal with it.
Posted on 7/29/14 at 1:39 pm to Flame Salamander
quote:
Also, in our day, you could still get a decent job with only a high school diploma. Those jobs aren't out there much anymore. We force our young people to have to go to college if they want a decent living.
This is completely wrong but this idea has become so ingrained in our society that we are now producing more college graduates than are needed. There are tons of high paying jobs for people that don't mind getting their hand a little dirty. Many skill jobs have serious worker shortages. For people who don't want to get their hands dirty there are many opportunities in sales jobs, etc.
The problem is as a society we look at someone who didn't get a college degree as less successful as someone who did even though they may be happy in their career and make great money.
Posted on 7/29/14 at 1:51 pm to Haughton99
quote:
This is completely wrong but this idea has become so ingrained in our society that we are now producing more college graduates than are needed. There are tons of high paying jobs for people that don't mind getting their hand a little dirty. Many skill jobs have serious worker shortages. For people who don't want to get their hands dirty there are many opportunities in sales jobs, etc. The problem is as a society we look at someone who didn't get a college degree as less successful as someone who did even though they may be happy in their career and make great money.
There are still some jobs that pay well and don't require a degree but they aren't nearly as common as they used to be. I grew up in the industrial Midwest and worked at foundry's in the mid/late '70's, etc. Those jobs were plentiful then and paid well for a recent high school graduate.
...they aren't there now after the cognescenti has finished with their first round of levelling our standard of living down so it would be closer to that of the rest of the worlds.
This post was edited on 7/29/14 at 1:54 pm
Posted on 7/29/14 at 1:51 pm to Haughton99
Not reading the whole thread, but why didn't/couldn't the parents take a life insurance policy on the daughter to hedge their 100k bet?
This post was edited on 7/29/14 at 1:52 pm
Posted on 7/29/14 at 2:03 pm to goldennugget
quote:
Student loans are the entire reason tuition prices have skyrocketed
Sure. Except
quote:LINK
Studies conducted during three successive administrations — Bill Clinton, George W. Bush, and Barack Obama — have found no link between student aid and tuition increases.
But if you keep saying it over and over it will be true.
Posted on 7/29/14 at 2:11 pm to SpidermanTUba
then what is allowing costs to rise so rapidly?
at some point, that huge supply of available money (via credit-loans) allows the costs to rise
i think those studies are looking at a direct causation, which probably isn't true. however, the increase in price can only exist when there is a free flow of student loans...or in other words, cut off federal loan programs tomorrow and what happens to prices?
at some point, that huge supply of available money (via credit-loans) allows the costs to rise
i think those studies are looking at a direct causation, which probably isn't true. however, the increase in price can only exist when there is a free flow of student loans...or in other words, cut off federal loan programs tomorrow and what happens to prices?
Posted on 7/29/14 at 2:14 pm to SlowFlowPro
quote:
cut off federal loan programs tomorrow and what happens to prices?
I'm sure prices would have to go down but more importantly this would cause most of the for-profit diploma mill "colleges" to go out of business which would be a good thing.
Posted on 7/29/14 at 2:14 pm to UsingUpAllTheLetters
quote:
It's the fricking truth. Deal with it.
I've heard of the invisible hand of Adam Smith but your screed looks more like it has invisible logic.
Posted on 7/29/14 at 2:19 pm to TK421
quote:
I don't know how old you are, but the dynamic of school tuition and student loans is changing rapidly and not in a good way. In the four years I was in college, my tuition was increased by 60%. There was little way that even with adequate financial planning I could have managed that on my own. My parents co-signing for me allowed me to get a much small interest rate and since I am responsible they will never pay a dime of it.
Just because your parents co-signed for you and you were responsible, don't blindly assume that it's the right thing for a parent to do. It's not. It's financially speaking, the wrong thing to do.
In the spirit of full disclosure I pay for my kids college education. Along with TOPS
Posted on 7/29/14 at 2:24 pm to Rickety Cricket
Personal responsibility is like Kryptonite to Democrats.
Posted on 7/29/14 at 2:33 pm to Flame Salamander
quote:
I grew up in the industrial Midwest and worked at foundry's in the mid/late '70's, etc. Those jobs were plentiful then and paid well for a recent high school graduate.
How many millennials do you know who would take a job that required that much labor?
Posted on 7/29/14 at 2:39 pm to roygu
quote:
How many millennials do you know who would take a job that required that much labor?
To be fair, I know a few young people who make quite a nice bit doing things that WEREN'T available to older folks.
I know one that is a code writer for apps. He works for an app developer / software developer and helps with the code / debug. Dude is 16 years old and makes a tidy sum in his spare time. He is not a "nerd". Has an active social life. Just grew up in the Tech Age.
I know another (who IS a nerd
) and he has created characters on several video games...gets them to some high level (don't ask me. I've never played)...then actually SELLS that "character" on craig's list / ebay. He is making a nice bit each time, too. My point is that the economy has changed. Just because they "wouldn't do that manual labor" does not necessarily mean they could not. It means they needn't.
Hell, I don't do HALF the physical labor my dad did. My dad calls that progress and an achievement.
Posted on 7/29/14 at 3:06 pm to Flame Salamander
quote:
I went on the GI Bill too. Times have changed and with the reduction of forces that option is only available to a limited few.
Also, in our day, you could still get a decent job with only a high school diploma. Those jobs aren't out there much anymore. We force our young people to have to go to college if they want a decent living.
The cost of tuition is many times higher than it was back then. Unless you come from well off parents or can get a free ride somehow, kids nowadays have no choice but to borrow even to go to a relatively cheap "state" school.
That is not true.
My wife has two neices who were reared just above the poverty line. However, their grandmother died and left each enough money to attend college. There was a state university within ten miles of their home. The first daughter moved three hours away and attended a private university with high tuition. The money only lasted two years. She got a student loan for the last two years. Now she is working at about ten dollars an hour, out of her field.
THe second daughter went three hours away to a school where she recieved scholarships and worked on campus. Now she has a job in her field and owes nothing.
Its all about planning and knowing your limitations.
Both those girls are intelligent and hard workers.
The younger one made a 30 on her ACT.
I know another young lady who made a 26 on her ACT and she is about a year from having her Pharmacy Degree. She works, works, and studies.
She co-oped at Wal Green this summer
Posted on 7/29/14 at 3:07 pm to Mo Jeaux
quote:
Of course, personal responsibility should be a primary focus, but there are systemic problems with the student loan issue, and the government, banks and schools should shoulder their respective share of the blame.
I'd say a good argument could be made that the loans are predatory.
Not to mention the fact that you can not default on student loans.. you can't declare bankruptcy.. you are on the hook no matter what. That's a uniquely shitty situation.
This post was edited on 7/29/14 at 3:08 pm
Posted on 7/29/14 at 3:29 pm to Flame Salamander
quote:
This guy was a pastor
Did he never read Proverbs?
Posted on 7/29/14 at 4:03 pm to bmy
quote:
Not to mention the fact that you can not default on student loans.. you can't declare bankruptcy.. you are on the hook no matter what. That's a uniquely shitty situation.
That's not entirely true any more but it is extremely difficult to get a discharge.
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