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Message
1 in 4 Americans defaulted on their student loans, study finds
Posted on 11/7/19 at 1:17 pm
Posted on 11/7/19 at 1:17 pm
quote:
A quarter of borrowers who take out student loans end up defaulting within five years, while many of the people who pause or defer payments due to hardships end up paying more than they originally would've owed, according to a study from the Pew Charitable Trusts.
With total college debt at a record high $1.5 trillion, the findings highlight the challenges millions of Americans face in paying off their loans. "We really need a repayment system that addresses this complexity and effectively leads to more positive outcomes," said Sarah Sattelmeyer, manager of Pew's project on student borrower success.
How would the OT handle this issue?
LINK
30
Posted on 11/7/19 at 1:19 pm to RLDSC FAN
Don’t take out loans for degrees that don’t pay
Take part time classes to make time for a job
Go to community college for your pre requisite classes, and finish it up at a 4 year school.
Oh you said what the OT does? Get full ride plus so Harvard pays me to go to school
Take part time classes to make time for a job
Go to community college for your pre requisite classes, and finish it up at a 4 year school.
Oh you said what the OT does? Get full ride plus so Harvard pays me to go to school
Posted on 11/7/19 at 1:20 pm to RLDSC FAN
quote:
How would the OT handle this issue?
Allow bankruptcy discharges.
Remove all federal student lending subsidization.
Posted on 11/7/19 at 1:20 pm to RLDSC FAN
Make them dischargeable in bankruptcy. Would fix the whole problem of sleazy lenders, too many shitty degrees, and runaway spending by universities.
Posted on 11/7/19 at 1:22 pm to Oilfieldbiology
quote:
Don’t take out loans for degrees that don’t pay Take part time classes to make time for a job Go to community college for your pre requisite classes, and finish it up at a 4 year school. Oh you said what the OT does? Get full ride plus so Harvard pays me to go to school
I agree but what about the rampant increased cost of education?
Posted on 11/7/19 at 1:23 pm to RLDSC FAN
Boomers and the greatest generation never defaulted on their various loans
Posted on 11/7/19 at 1:24 pm to danilo
I think that comes from unlimited source of money, ie fed backed student loans. The posters above this post have it right with make loans dischargable in bankruptcy and have much more strict lending practices, ie let the banks actually do their job and make smart loans
Posted on 11/7/19 at 1:25 pm to danilo
quote:
I agree but what about the rampant increased cost of education?
Easy, no-collateral credit guaranteed for every chucklefrick who applies is what is driving up the cost of education.
Posted on 11/7/19 at 1:25 pm to HailHailtoMichigan!
Ok boomer
So who defaulted in 2007?
So who defaulted in 2007?
Posted on 11/7/19 at 1:25 pm to RLDSC FAN
I paid every red cent back. Took 7 years.
Posted on 11/7/19 at 1:26 pm to HempHead
quote:
Remove all federal student lending subsidization.
Yep.
Put the schools on the hook for 50% of the loan as well
Posted on 11/7/19 at 1:27 pm to RLDSC FAN
Like parent like child
Posted on 11/7/19 at 1:27 pm to RLDSC FAN
It is time for student loan forgiveness (at some level).
Posted on 11/7/19 at 1:28 pm to danilo
quote:
I agree but what about the rampant increased cost of education?
Taking away federally guaranteed money will cause these universities to slash prices overnight
Posted on 11/7/19 at 1:28 pm to upgrayedd
quote:
Put the schools on the hook for 50% of the loan as well
I also like the idea of schools offering to cover the entire expense of education in exchange for x% of a graduate's income over y years. That would incentivize them to teach subjects with market value. Obviously, if someone wants to learn something else, they are welcome to, but they would have to cover the cost up-front. Luckily, in this scenario, it would more than likely be cheaper than the present.
Posted on 11/7/19 at 1:28 pm to Tigerlaff
I agree with the BK discharge. But since these loans are backed by the Government, don't they pay off the lenders if the students default? So wouldn't the taxpaying public actually be paying off the loans? I never had one(took the CC, then UNO route and worked almost full time to pay for school), so I'm not 100% sure about the payoffs. My biggest issue is the Pell Grants for going to these sleazy day schools; Blue Cliff, dental office worker etc. These bums get the grant, don't go to school and nothing happens. No payback.
Posted on 11/7/19 at 1:29 pm to upgrayedd
Agreed.
Also, tie federal loan amounts to the average projected value of the degree.
Someone getting a degree in dance shouldn’t be permitted to take out the same amount as someone getting a degree in engineering.
Also, tie federal loan amounts to the average projected value of the degree.
Someone getting a degree in dance shouldn’t be permitted to take out the same amount as someone getting a degree in engineering.
Posted on 11/7/19 at 1:29 pm to HempHead
I don't have a problem with that idea. Schools should be able to make money based on the risk of loaning money to kids. They should also be allowed to mitigate risk through their lending practices as well.
Posted on 11/7/19 at 1:32 pm to RLDSC FAN
There is currently $1.5 trillion in student loan debt the US
compared with only 1 trillion in credit card debt. mind boggling
compared with only 1 trillion in credit card debt. mind boggling
Posted on 11/7/19 at 1:32 pm to GreatLakesTiger24
I feel very lucky that I attended college before the tuition prices went absolutely insane.
It's weird because I looked at my loans as a burden at the time, but they were comically low in comparison to the debt you see today for a basic degree at a public university.
I was at LSU from 1994-1998
It's weird because I looked at my loans as a burden at the time, but they were comically low in comparison to the debt you see today for a basic degree at a public university.
I was at LSU from 1994-1998
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