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re: Almost 20,000 students ask to have student debts erased
Posted on 6/2/16 at 12:50 pm to dcrews
Posted on 6/2/16 at 12:50 pm to dcrews
quote:
I understand your point, but in an effort to push personal responsibility, I can't blame anyone other than the person who voluntarily took the loan. Kids today just make decisions with little no research or thought, about how it will affect them 10 minutes from now. Then when shite hits the fan, they get mad, expect a clean slate, then do it all over again.
I'm all for personal accountability too, and although a few in this thread want to pass the buck, I can acknowledge there is plenty of blame that falls on 18-25 year olds. However, saying it is all their fault is short-sighted at best, particularly when the problem has been brewing forever and no one has the balls to stop it.
1
Posted on 6/2/16 at 12:50 pm to GetCocky11
I agree with you.
Posted on 6/2/16 at 12:51 pm to CadesCove
quote:
Yet another example of rejecting what has worked perfectly for a very long time
Ah, prime example of why you should recuse yourself. If I'm taking out a loan to pay for my school, I want to dedicate as much time as I can to making sure I get the best grades. After all, I gotta pay these back, with interest.
Just because something works doesn't mean it's the best way. There are plenty of jobs that you can have in college that teach you lessons. Like, an internship in your field of study. A paid one would be even better.
Waiting tables at the local Chilis? Complete waste of time in the grand scheme of things.
This post was edited on 6/2/16 at 12:54 pm
Posted on 6/2/16 at 12:53 pm to cas4t
quote:
But without being involved in the actual process of applying for a loan, attempting to understand your contract, dealing with financial aid and the idiots they employ, etc..you just don't get it.
what onerous process did you go through?
i applied electronically and got it that way
i don't think i ever spoke to a real person
This post was edited on 6/2/16 at 12:54 pm
Posted on 6/2/16 at 12:54 pm to slackster
quote:
However, saying it is all their fault is short-sighted at best,
why is our society so scared to lay blame on people, especially for their own economic choices?
Posted on 6/2/16 at 12:55 pm to CadesCove
quote:
Yet another example of rejecting what has worked perfectly for a very long time before you Earth-shakers showed up to reinvent the wheel.
As others have already stated, its not that people are not willing to work while in college. Go to any large/medium sized state school and you will always see plenty of student workers working in cafeterias, food vendors, and office positions.
Travel around the campus and you will see people in their early 20s taking your orders and checking out your groceries. I have seen PLENTY of these at LATECH and I am sure the LSU people will agree.
The fact is, compare the 1980 cost of college to the 2016 cost and the discrepancy is painfully obvious. The wage for these part time jobs does not match the tuition hikes. There is no incentive for the schools to do it either.
I know I post alot about SU, but there is more to the collegiate issue than meets the eye. As for majors, do you know how many go to school with the right mindset but dont make it in the better majors. Worse, they do not always know of other alternatives which could have been better (ie myself).
I transferred to a large city I knew nothing about all for the sake of getting a marketable degree, so I understand your stance. But you have to look at it both ways like everybody is saying.
This post was edited on 6/2/16 at 12:57 pm
Posted on 6/2/16 at 12:55 pm to SlowFlowPro
quote:
what onerous process did you go through?
my parents were unable to co-sign after the 2008 economic crash, and it made things far more difficult.
Posted on 6/2/16 at 12:56 pm to Scruffy
quote:
Scruffy
quote:
I'm
quote:
I
quote:
my
quote:
our
quote:
I
quote:
I
Student loan debates must be one of those topics where you leave the 3rd person shtick in your back pocket and get down to business.
Posted on 6/2/16 at 12:58 pm to cas4t
quote:
my parents were unable to co-sign after the 2008 economic crash, and it made things far more difficult.
my mom didn't cosign any of my student loans
*ETA: i wouldn't let her, regardless
This post was edited on 6/2/16 at 12:58 pm
Posted on 6/2/16 at 12:59 pm to lsu xman
quote:
Many borrowers who have applied to the program argue their schools ran advertisements and employed recruiters who cited fraudulent statistics on how many of their graduates found jobs after leaving school.
Their beef is with their schools, not whoever loaned them the money....although I suppose a large number of defaults would hurt their schools as well.
It took me 4 years to get my undergrad.
I could have done it in 3 if not for all the mandatory classes they make every student take that has nothing to do with their major. That's a lot of classrooms filled only because they fill a spot on a flow chart. A lot of "professors" and a lot of programs floated by artificial demand. A lot of tuition dollars collected for classes that are needed.
This post was edited on 6/2/16 at 1:04 pm
Posted on 6/2/16 at 1:01 pm to SlowFlowPro
quote:
why is our society so scared to lay blame on people, especially for their own economic choices?
If those choices are fully-informed, I'm fine with it. We regulate the student loan market less than the securities markets. Schools can get away with ridiculous statements in their glossy pitch decks that the SEC would kill with the quickness if made by issuers.
Posted on 6/2/16 at 1:01 pm to SlowFlowPro
quote:
my mom didn't cosign any of my student loans
Depending on your financial situation (like if you went over the designated hours) you HAVE to get a cosigner. They dont necessarily have to pay anything on your behalf, but the system will force you to have one.
Posted on 6/2/16 at 1:02 pm to member12
quote:
Their beef is with their schools, not whoever loaned them the money
Oh come on.
quote:
although I suppose a large number of defaults would hurt their schools as well.
Yes, yes they would.
Posted on 6/2/16 at 1:02 pm to Mo Jeaux
quote:
If those choices are fully-informed, I'm fine with it. We regulate the student loan market less than the securities markets. Schools can get away with ridiculous statements in their glossy pitch decks that the SEC would kill with the quickness if made by issuers.
we live in the age of information and you can look up all sorts of legit stats on schools without leaving your bed in the morning
Posted on 6/2/16 at 1:03 pm to slackster
quote:It is like you actually know me, slack.
Student loan debates must be one of those topics where you leave the 3rd person shtick in your back pocket and get down to business.
Posted on 6/2/16 at 1:03 pm to TeddyPadillac
quote:
I have student loans, about $25k left. Never missed a payment. I don't want to pay it back
I also have a mortgage. Never missed a payment. I don't want to pay it back either. I
have one car note. Never missed a payment. Don't want to pay that one back either.
Two of those three have extensive predatory lending policies that make damn sure you don't take on more than you can afford to pay back, provided you give them proper information on your employment and income.
The first one does nothing of the sort. They'll just give you money, regardless of your major or academic prowess. Those two factors have a SIGNIFICANT impact on your ability to pay back the loan and should have a significant impact on your ability to get the loan, but alas, that is not the case.
No one is arguing that debt should be forgiven just because we don't want to pay. Instead, we're saying that student loans should be held to the same "standards" that any other loan is required to meet from an underwriting standpoint. Until that happens, this bubble will go unimpeded until it inevitably blows up.
Posted on 6/2/16 at 1:04 pm to SlowFlowPro
Right, so we should just let them do it with impunity.
We, arguably, over regulate numerous markets, many of which have sophisticated participants, but we're going to draw a firm line in the sand for those damn 18 year olds who should know better.
We, arguably, over regulate numerous markets, many of which have sophisticated participants, but we're going to draw a firm line in the sand for those damn 18 year olds who should know better.
Posted on 6/2/16 at 1:05 pm to cas4t
quote:
you and Darth not only sound like grumpy old men, but also willfully ignorant.
Don't borrow money that you can't pay back. Pretty simple concept.
If you borrow money and find yourself in a situation where you can't pay it back, increase your income so that you CAN pay it back. Pretty simple concept.
If the money required for whatever it is you are getting the loan for is astronomically out of your range for you to efficiently repay, don't borrow it. Pretty simple concept.
I understand loans can be predatory and that tuition costs are inflated. That doesn't mean an individual should borrow money they know they can't afford to repay.
Did these kids just think that they could take all this money, do whatever they wanted and everything would be peachy 4-5 years later? Seems like they made a bad investment of their time and future money. Happens all the time. It doesn't mean they deserve to have their loan forgiven, especially not at the cost of the taxpayer.
We can point to the banks, government, etc... all we want. At the end of the day, an individual is making the decision to sign that dotted line and promise to repay a sum of money with interest. It's up to the individual to ensure they are choosing a field that will allow them to repay their loan.
People just don't educate themselves before making decisions anymore, and want a zero negative consequence result when their obviously bad decision doesn't work out.
That's not how this should work.
Posted on 6/2/16 at 1:05 pm to SlowFlowPro
I was ineligible for many loans due to my parents previous income. I chose to go the private route, partially. At one point I could not get a student loan without a consigner and eventually had to work through that, creatively.
I nearly joined the military after my sophomore year because I couldn't get approved.
My parents were selfish and once the market crash happened, they all but kicked me to the curb. Even health insurance. I went without that for 3.5 years.
I nearly joined the military after my sophomore year because I couldn't get approved.
My parents were selfish and once the market crash happened, they all but kicked me to the curb. Even health insurance. I went without that for 3.5 years.
Posted on 6/2/16 at 1:05 pm to slackster
quote:
The first one does nothing of the sort. They'll just give you money, regardless of your major or academic prowess. Those two factors have a SIGNIFICANT impact on your ability to pay back the loan and should have a significant impact on your ability to get the loan, but alas, that is not the case.
Excellent post.
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