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re: What is your best proposal to fix the student debt crisis?
Posted on 8/24/22 at 1:00 pm to Philzilla2k
Posted on 8/24/22 at 1:00 pm to Philzilla2k
Mandatory military service till loan is repaid.
1
Posted on 8/24/22 at 1:01 pm to Philzilla2k
Only loans for public universities.
Posted on 8/24/22 at 1:03 pm to Ancient Astronaut
quote:
Hold universities responsible.
This. Student loans should be guaranteed by the schools. Student defaults then school repays. This would make schools reduce cost and be more selective in admissions while making sure they produce grads that earn money.
Posted on 8/24/22 at 1:03 pm to boogiewoogie1978
Don’t oversell the value of a college education to make colleges rich
Posted on 8/24/22 at 1:06 pm to boogiewoogie1978
There isn't a crisis. I don't want to pay for someone else's mistake and this administration is making me.
Posted on 8/24/22 at 1:06 pm to boogiewoogie1978
Exactly. "Just pay back your loans" is a requirement, not an option.
Other than that...the best solution is for govt to get out of our way and stop stealing our money.
Other than that...the best solution is for govt to get out of our way and stop stealing our money.
Posted on 8/24/22 at 1:11 pm to Bandit1980
quote:
Just tell whichever millennial that does not want to pay it back to drink a gallon of battery acid.
People aged 35 and older have the most student debt, actually and people aged 35-49 are the most behind on payments. That includes a few millennial years, but it's mostly gen x right there.
LINK .
How Much Student Loan Debt Does Each Age Group Have on Average?
Based on data from the office of Federal Student Aid, this is the average amount each age group owed in student loan debt in 2021:
24 and Younger: $14,434
25 to 34: $33,570
35 to 49: $43,208
50 to 61: $44,031
62 and Older: $40,750
This post was edited on 8/24/22 at 1:14 pm
Posted on 8/24/22 at 1:13 pm to PollyDawg
quote:Crazy how "you should return what you took" as become some terrible burden, rather than the Golden Rule.
Exactly. "Just pay back your loans" is a requirement, not an option.
Our society is failing.
Posted on 8/24/22 at 1:13 pm to boogiewoogie1978
Tuition rocketed up once the universities were given access to government backed student loans
Posted on 8/24/22 at 1:14 pm to boogiewoogie1978
Looking at the numbers black women need to pay their bills. Yeah, I read your OP but it's hard as hell to put toothpaste back into the tube.
Most degrees shouldn't qualify for loans. If you want to study something for 4 years that won't get you a career that can afford to pay off the loan you should save up and pay it yourself.
Administration needs a massive cut. Too many redundant or useless people on University payrolls.
Most degrees shouldn't qualify for loans. If you want to study something for 4 years that won't get you a career that can afford to pay off the loan you should save up and pay it yourself.
Administration needs a massive cut. Too many redundant or useless people on University payrolls.
Posted on 8/24/22 at 1:18 pm to boogiewoogie1978
quote:
And "just pay back your loans" is not an option.
Umm… wanna clue is in as to why it isn’t??
Idiot buys a car on credit… didn’t pay note…. Company is coming to get car… idiot phones company and asks how he can keep car… company says pay note…..
Idiot then says “I was hoping for a more reasonable solution”.
Same thing.
I do have a good first step for reform.
Non STEM, legal, medical, and business majors get 20,000 cap on loans. Period.
This post was edited on 8/24/22 at 1:21 pm
Posted on 8/24/22 at 1:18 pm to junkfunky
incentivize repayment. Make student loan payments tax deductible - like certain other interest.
Posted on 8/24/22 at 1:29 pm to Philzilla2k
I would consider a "Forgive, but don't forget" bill. Spending at University has gotten completely out of control and it's been placed on students who were told 15-30 years ago that there were no other options. Penn State is almost 30k annually now- that is shameful as a state institution. That's what the talk needs to be about: how to we first stop this from getting worse and how can we make it better.
There needs to be a tremendous review of higher education in this country: schools that have no business existing (see Pennsylvania for a good list), useless administrators, schools trying to out-compete other schools on facilities while the students front the cost, etc.
There needs to be a tremendous review of higher education in this country: schools that have no business existing (see Pennsylvania for a good list), useless administrators, schools trying to out-compete other schools on facilities while the students front the cost, etc.
Posted on 8/24/22 at 1:33 pm to boogiewoogie1978
Tell liars who call it a crisis to shut up because there isn't one.
Posted on 8/24/22 at 1:33 pm to boogiewoogie1978
Make university officials personally liable if their students can’t find a job.
Posted on 8/24/22 at 1:34 pm to boogiewoogie1978
My best proposal presuming a graduate makes insufficient money to reasonably repay:
1. Provide a one-time payment by a someone other than the student. Say a parent or non-profit charitable organization.
Non-student payer can claim such payment as a charitable contribution and the student does not claim it as income.
2. Government gets out of the student loan business.
3. Universities become co-signers of loans, as many have suggested on here.
As part of my No.1, parents/grandparents can access their IRAs and withdraw without penalty or taxation the amount equal they want. This can be in lieu of RMD if they are over 71. Yeah, Uncle Sam gets zero tax money from Grandpa and zero tax on "gift over $10k", but the "crisis" is solved and the anxiety levels are lowered and this political bullet is spent.
Yes, I agree. They can pay it back, but apparently, many cannot or will not at the rates the 'programs' call for.
As far as bankruptcy goes, if a non-forgiveness method is unachievable, then let the graduate be able to declare bankruptcy. The unbelievable, head scratcher I find is that the 'banks too large to fail' were rescued in part by the government buying out their student loans + fees + penalties and then declaring the student had less right to bankruptcy than a business.
Politicians being politicians. smdh
1. Provide a one-time payment by a someone other than the student. Say a parent or non-profit charitable organization.
Non-student payer can claim such payment as a charitable contribution and the student does not claim it as income.
2. Government gets out of the student loan business.
3. Universities become co-signers of loans, as many have suggested on here.
As part of my No.1, parents/grandparents can access their IRAs and withdraw without penalty or taxation the amount equal they want. This can be in lieu of RMD if they are over 71. Yeah, Uncle Sam gets zero tax money from Grandpa and zero tax on "gift over $10k", but the "crisis" is solved and the anxiety levels are lowered and this political bullet is spent.
Yes, I agree. They can pay it back, but apparently, many cannot or will not at the rates the 'programs' call for.
As far as bankruptcy goes, if a non-forgiveness method is unachievable, then let the graduate be able to declare bankruptcy. The unbelievable, head scratcher I find is that the 'banks too large to fail' were rescued in part by the government buying out their student loans + fees + penalties and then declaring the student had less right to bankruptcy than a business.
Politicians being politicians. smdh
Posted on 8/24/22 at 1:39 pm to thunderbird1100
quote:
24 and Younger: $14,434
25 to 34: $33,570
35 to 49: $43,208
50 to 61: $44,031
62 and Older: $40,750
These stats are fricky.
I read the article to find the source. The footnote links to the federal student loan data page.
Here's a deeper link to the table where this statistic comes from.
A quick few calculations show this summary you quoted from the article is complete bullshite.
LINK
There's the xls table for yourself.
Posted on 8/24/22 at 1:44 pm to choupiquesushi
quote:
national service requirement.
I like this. This something for nothing mentality needs dealt with.
Dems have veered far, far away from JFK’s “not ask what your country can do for you”.
Hell, I don’t ever hear them bring JFK up anymore.
Posted on 8/24/22 at 1:45 pm to boogiewoogie1978
Get a job and pay it off? 
Posted on 8/24/22 at 1:52 pm to boogiewoogie1978
Just pay back your loans, leaches.
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