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Started By
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re: 1 in 4 Americans defaulted on their student loans, study finds
Posted on 11/7/19 at 5:35 pm to RLDSC FAN
Posted on 11/7/19 at 5:35 pm to RLDSC FAN
I wish separate student loan data between tuition and books and living expenses. A lot of these students screw around in grad school for years, and take the loans for living expenses....that's their fault.
This post was edited on 11/7/19 at 5:36 pm
0
Posted on 11/7/19 at 5:36 pm to Jake88
quote:
Nobody cries about paying 50,000 for a new car.
I would if I was dumb enough to pay that for a new car. That's about one of the worst decisions you could make.
Posted on 11/7/19 at 5:43 pm to JohnnyKilroy
Your metric for an "essentially worthless degree" is odd.
I guess unless you're making 100k straight out of school, your degree is worthless
I guess unless you're making 100k straight out of school, your degree is worthless
Posted on 11/7/19 at 5:43 pm to rgsa
quote:
Trade school.
Bingo. Not everyone needs a 4 year degree
Posted on 11/7/19 at 5:51 pm to RLDSC FAN
Put a lean on their property. I have to pay my business loans back, and my school loans back. Why can they just get off free? F that.
Posted on 11/7/19 at 5:52 pm to RLDSC FAN
quote:
How would the OT handle this issue?
Never had any
Posted on 11/7/19 at 5:57 pm to Oilfieldbiology
quote:
Go to community college for your pre requisite classes, and finish it up at a 4 year school.
This is a good answer. Don't waste thousands when you can take these bullshite classes at a cc.
Posted on 11/7/19 at 5:57 pm to upgrayedd
quote:
Your metric for an "essentially worthless degree" is odd
A was being hyperbolic, but not entirely. Google "biology major jobs" and you'll find tons of message board posts about people struggling to find work in their field of study with only an undergraduate degree and no post grad work experience. The jobs listed in LA when you type in "biology" on indeed bring up jobs that are either very low paying, require an advanced degree or require multiple years of experience, or some combination thereof.
Regardless of all of that, the notion that loan money should be strictly tied to the job market of a particular degree is flawed and can produce negative results.
Posted on 11/7/19 at 6:00 pm to Scruffy
quote:
Someone getting a degree in dance shouldn’t be permitted to take out the same amount as someone getting a degree in engineering.
Sort of misguided though - The best dancer in the world, who could make as much as or more than an Engineer - might be valuable enough to give a full ride to.
At the same time, we probably hand out a lot of degrees to "Engineers" who took money for engineering and either coasted by barely and aren't up to snuff - or flunked out and still have a bill.
Capping amounts artificially is way too limiting. Who decides what is of value?
Schools and lenders should be allowed to correctly judge risk. And markets should determine who they want to have a full degree and who they don't. They shouldn't treat college as job training.
Plus, demeaning certain types of work is exactly the mindset that drove the "Everyone should go to college" mantra, which is the biggest issue in this whole thing.
This post was edited on 11/7/19 at 6:02 pm
Posted on 11/7/19 at 6:03 pm to JohnnyKilroy
quote:
What's funny is I clicked on 3 random "environmental consultant" job postings and one of them specifically stated that it was entry level, yet stated that 3-5'years of post grad experience was the minimum requirement to be considered for the job.
I love entry level positions that require years of experience
Posted on 11/7/19 at 6:16 pm to JohnnyKilroy
quote:
A was being hyperbolic, but not entirely. Google "biology major jobs" and you'll find tons of message board posts about people struggling to find work in their field of study with only an undergraduate degree and no post grad work experience. The jobs listed in LA when you type in "biology" on indeed bring up jobs that are either very low paying, require an advanced degree or require multiple years of experience, or some combination thereof.
So, pretty much most jobs for people right out of school. Thanks.
quote:
Regardless of all of that, the notion that loan money should be strictly tied to the job market of a particular degree is flawed and can produce negative results.
They should absolutely be linked. Giving someone $150k for a degree in feminist studies with the same interest rate as someone with a STEM degree would never pass a basic risk assessment anywhere but the federal government.
Posted on 11/8/19 at 10:09 am to Sao
quote:
Umm, that's part of the point.
Isn't it interesting how today's snowflake has to have scraped hardwood Instead of carpet? Quartz counters instead of formica? You guys can say it cost less all you want. And it did. But don't try to tell me "Boomers" are more needy than our lazy, pompous and entitled asses.
They have to have it? Strange take -- millennials are putting off home buying compared to previous generations so it would appear that cannot be the case. Not to mention the absurd levels of housesharing among millennials.
This post was edited on 11/8/19 at 10:11 am
Posted on 11/8/19 at 10:21 am to Sidicous
quote:
Which would end over 90% of student lending.
You say that like it’s a bad thing
quote:
How many 18 year olds have:
1 year at current residence (university address)
How many college kids claim their new dorm or apartment address as their permanent address? Why wouldn’t you just use your parents address?
quote:
1 year on Full Time job
3 Credit references over 1 year old
These are 3 very basic criteria for minimal lending. Then there's the whole debt ratio, collateral, stuff.
Maybe if you’re looking to buy a car or house, or looking for a business loan, but you don’t think lenders would generate reasonable, measurable criteria for a student loan as opposed to just saying, “No let’s just make 18 year olds fit the same criteria as 35 year olds looking to buy a house”?
Posted on 11/8/19 at 10:24 am to JohnnyKilroy
quote:
Biology and chemistry bachelors degrees are economically worthless.
Oh contraire mon frare (however the hell you spell it)
Chemistry degrees are extremely beneficial in a lot of chemical consulting firms in the oil field and I know several people who went into pharmaceutical design.
Biology is a little tougher sell but with the chemistry and statistics base that comes with biology, I wouldn’t hesitate in the least to hire a biology student.
Posted on 11/8/19 at 10:27 am to LSUFanHouston
quote:
The issue is the kids who borrow 10s of thousands more per year in private student loan debt. To cover the costs of much higher private schools, or to cover additional living expenses, etc.
Aren’t these loans federally backed? Or is it the no discharging during bankruptcy that allows lenders to take extreme risks on 17-20 year olds
Posted on 11/8/19 at 10:28 am to Oilfieldbiology
Finished paying off my student loans earlier this year and now just accepted a job with a pretty sizable pay raise
I'm living life right right now
I'm living life right right now
Posted on 11/8/19 at 10:30 am to RLDSC FAN
What are the demographics on these?
Posted on 11/8/19 at 10:32 am to Jake88
quote:
Nobody cries about paying 50,000 for a new car.
I’m pretty sure a lot of people do
Posted on 11/8/19 at 10:36 am to jnethe1
you think people with student loan debts have property dude? lmao
Posted on 11/8/19 at 2:33 pm to Mr Perfect
quote:
you think people with student loan debts have property dude? lmao
Well put a lean on their cars, or any property they have. If they won’t do what’s right willingly, force their hand.
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