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re: At least half of students defaulted or failed to pay down debt within 7 years
Posted on 2/22/17 at 10:20 am to JOJO Hammer
Posted on 2/22/17 at 10:20 am to JOJO Hammer
You missed an important comma there, bud.
Posted on 2/22/17 at 10:20 am to tigerite
quote:
loan forgiveness program
College essentially becomes free when you do this. That wont work at all.
Posted on 2/22/17 at 10:21 am to JOJO Hammer
quote:
No students need to honor their commitments and pay back the loan.
While I appreciate this sentiment, in many cases, we have a bunch of financially illiterate (thanks, public schooling) 18 year old kids who have had "YOU HAVE TO GO TO COLLEGE TO ACCOMPLISH ANYTHING WITH YOUR LIFE" shoved down their throats for 12 fricking years, and being quite rececptive to social pressure. Many do not get scholarships, and more do not have parents who can pay the ungodly sums required now, so they borrow without realizing the ROI of their degree or how bad of a situation they are putting themselves in.
Posted on 2/22/17 at 10:21 am to GreatLakesTiger24
It's kind of ridiculous to take out massive loans for undergrad in the first place. If the parents can't afford the school and you can't get scholarships, then go to a cheaper school or go to a community college for two years before transferring. Graduate school or professional school is a different story because scholarships are hard to come by plus hopefully you're setting yourself up to make a good income with which to pay off those loans.
Posted on 2/22/17 at 10:21 am to tigerite
quote:
We need a student loan forgiveness program.
Can I get the money I paid for my college education reimbursed to me, please? What the frick is the difference?
Posted on 2/22/17 at 10:22 am to tke857
quote:Government backed/easy-to-get loans are the problem. There is literally zero incentive to keep costs down or to even limit enrollment. The school gets their money no matter what with no consequences if a student drops out or can't pay his/her $100k loan for a history degree.
That being said cost of college is outrageous and it's growing rapidly. Something needs to be done and quickly.
Posted on 2/22/17 at 10:22 am to GreatLakesTiger24
quote:
Thoughts?
Why the hell am I paying my student loan back?
Posted on 2/22/17 at 10:23 am to GreatLakesTiger24
How do you go 7 years without paying and having anything happen to you?
These art pansies better have the govt taking money out of their checks for this.
These art pansies better have the govt taking money out of their checks for this.
Posted on 2/22/17 at 10:23 am to GreatLakesTiger24
quote:
Thoughts
Offer a dumb 18-22 year old a government backed loan he doesn't have to start paying until after he graduates and tell the school that they can charge whatever they want because there is no limit to the loan amount and you end up with some serious issues.
Schools need to tighten enrollment and evaluate waste.
With 100% approved government backed loans schools have become bloated in every aspect.
And you get kids coming out into a job force expecting years of experience.
You can't take an entry level job making 40-50k if you have 20k a year loan payments which leads to all kind so other problems.
This post was edited on 2/22/17 at 10:27 am
Posted on 2/22/17 at 10:24 am to GreatLakesTiger24
quote:
Offer a dumb 18-22 year old a government backed loan he doesn't have to start paying until after he graduates and tell the school that they can charge whatever they want because there is no limit to the loan amount and you end up with some serious issues.
This is exactly why I'm paying my nephews tuition. He barely got his citizenship before he was getting letters in the mail daily for loans and credit cards.
We got him a credit card in his name and I pay it in full.
They prey on the youth to get into debt and own your soul forever. It's absolutely abhorrent. When citizens do it it's loan sharking but when a bank does it everyone recommends it.
And to emphasize how fricked this practice is the OTers at the Houston get together can attest to how poor his English is
This post was edited on 2/22/17 at 10:28 am
Posted on 2/22/17 at 10:25 am to GreatLakesTiger24
Cut at least half the Universities in the US and allow only the cream of the to attend while also getting rid of useless degree programs like gender studies and liberal arts. Then build up trade and technical schools to build a better workforce. Next ensure that Student Loans are not government backed. Doing this will stop the madness of allowing 18 year olds to mortgage their future for a degree program that will not be worth it in the long run and it will also force kids to think about how much student loans they will take. The US needs to approach education differently and not sell the "college experience."
Posted on 2/22/17 at 10:25 am to Boudreaux35
Federal loan forgiveness already is a thing. It's called Public Service Loan Forgiveness, and you qualify if you work for a 501(c)(3) organization for 10 years and make 120 qualifying payments (monthly payments for 10 years). Once you make the 120 payments, the remainder of the loan is forgiven as long as you worked for a 501(c)(3) organization the entire time.
Posted on 2/22/17 at 10:25 am to tigerite
quote:
need a student loan forgiveness program. It is long overdue.
It's called death or permanent disability.
Get that shite out of here
Posted on 2/22/17 at 10:26 am to Patron Saint
What's the process for doing that? I work for a nonprofit
Posted on 2/22/17 at 10:26 am to tigerite
Student loans are set up for failure. Here let's lend money to someone with no credit history, no work history and no idea what they will end up doing if they actually graduate.
Then the loan is set up without having to make payments for years, but its accruing interest daily.
Why not make someone actually qualify and repay the debt immediately. I can't buy a car, house or get a credit card without expecting to start paying it back.
Let's face it, college isn't for everyone. And as grandpa used to say... world needs ditch diggers too.
Then the loan is set up without having to make payments for years, but its accruing interest daily.
Why not make someone actually qualify and repay the debt immediately. I can't buy a car, house or get a credit card without expecting to start paying it back.
Let's face it, college isn't for everyone. And as grandpa used to say... world needs ditch diggers too.
Posted on 2/22/17 at 10:26 am to stelly1025
quote:
attend while also getting rid of useless degree programs like gender studies and liberal arts
There is nothing useless at all about liberal arts.
University isn't a job training program.
Posted on 2/22/17 at 10:26 am to tigerite
quote:
We need a student loan forgiveness program. It is long overdue.
Would love it, but it's simply not realistic and sets a bad precedent for future programs of similar type.
Posted on 2/22/17 at 10:27 am to HempHead
quote:
"YOU HAVE TO GO TO COLLEGE TO ACCOMPLISH ANYTHING WITH YOUR LIFE" shoved down their throats for 12 fricking years,
Very good point. There are great jobs that pay well and don't require a degree. Also, there are plenty of jobs that will pay for you to earn a technical degree while you work.
Posted on 2/22/17 at 10:28 am to PaperPaintball92
quote:
College essentially becomes free when you do this. That wont work at all.
If we were an enlightened country, we'd have free college and vocational education. Not everyone needs a college education.
I was lucky and was able to pay all my expenses without any assistance. But, I know I'm one of the lucky ones. Most people cannot afford college at this point. And, with universal free college, tuition at private schools would go down.
Posted on 2/22/17 at 10:28 am to HempHead
personal finance really needs to be taught in high school.
most graduating seniors have ZERO clue to the consequences of their actions in regards to personal financial decisions.
colleges and the feds enjoy preying on the ignorant though, so this won't change
most graduating seniors have ZERO clue to the consequences of their actions in regards to personal financial decisions.
colleges and the feds enjoy preying on the ignorant though, so this won't change
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