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re: Student loan debt: Could we be headed toward another economic crisis similar to 08?
Posted on 7/9/18 at 4:26 pm to Thib-a-doe Tiger
Posted on 7/9/18 at 4:26 pm to Thib-a-doe Tiger
quote:
Uh, this is exactly how loans work
No, it's not. You pay interest on the amount loaned. This is more akin to an income tax.
ETA: In my scenario, if someone was unable to find employment, then they would not be on the hook for anything. That's certainly not the case for loans.
This incentivizes the school to actually give a frick about placing graduates in to positions, rather than already getting their nut from the federal government up front.
This post was edited on 7/9/18 at 4:29 pm
1
Posted on 7/9/18 at 4:27 pm to LNCHBOX
quote:
Would you mind defining per diem for me?
let that one pass too
Posted on 7/9/18 at 4:30 pm to LNCHBOX
quote:
Would you mind defining per diem for me?
I get a set amount of dollars per month as my per diem. My company pays whatever dollars it takes so that the pre determined amount is given to me. I agreed to a NET amount. Any taxes that are incurred to get a net of X amount, company pays.
Posted on 7/9/18 at 4:32 pm to rowbear1922
So I have you right, as a new hire, you're company is paying you over $50k post tax dollars worth of "per diem" on top of a well over $50k salary? This is your claim as a field engineer?
Posted on 7/9/18 at 4:33 pm to rowbear1922
I wonder if there is any kind of economic stimulus that Congress could implement with a single stroke that would be more efficacious than straight-up forgiving all Federal student debt.
Posted on 7/9/18 at 4:37 pm to LNCHBOX
quote:
So I have you right, as a new hire, you're company is paying you over $50k post tax dollars worth of "per diem" on top of a well over $50k salary? This is your claim as a field engineer?
Salary is over $50k pre-tax and so is per diem. I net a little under $50k in per diem. I also started with the company a few years before graduating.
ETA: It isn't my fault what they pay staff in per diem, but I will gladly accept it.
This post was edited on 7/9/18 at 4:40 pm
Posted on 7/9/18 at 4:37 pm to HempHead
quote:
No, it's not. You pay interest on the amount loaned. This is more akin to an income tax.
ETA: In my scenario, if someone was unable to find employment, then they would not be on the hook for anything. That's certainly not the case for loans.
This incentivizes the school to actually give a frick about placing graduates in to positions, rather than already getting their nut from the federal government up front.
You don’t pay back principal?
Why should the school give a frick? The students pay them for a service. They offer a broad range of services. If you pick one that doesn’t afford you the chance to become gainfully employed at a living wage, that’s the school’s fault?
Posted on 7/9/18 at 4:41 pm to rowbear1922
quote:
I also started with the company a few years before graduating.
Is this company owned by your dad? Not many newbie CM grads make well over 6 figures straight out of school like you're claiming, even with experience.
Posted on 7/9/18 at 4:43 pm to Thib-a-doe Tiger
quote:
Why should the school give a frick? The students pay them for a service. They offer a broad range of services. If you pick one that doesn’t afford you the chance to become gainfully employed at a living wage, that’s the school’s fault?
That's not the point. The idea is a system more akin to the federal income contingent repayment plan. It also makes the school responsible for the "loan" so that they can elect to steer students into income-producing paths and away from ones that won't make money (and therefore allow repayment).
At least I think that's what he proposes.
Posted on 7/9/18 at 4:44 pm to LNCHBOX
quote:
Is this company owned by your dad? Not many newbie CM grads make well over 6 figures straight out of school like you're claiming, even with experience.
Nope. Very large publicly traded company. Believe me, I had no idea I would make anywhere close to this and was excited just with salary. I will say between me and the other guy i helped get hired we are doing much better than anyone we have talked to. I won't complain though.
Posted on 7/9/18 at 4:46 pm to rowbear1922
quote:
Nope. Very large publicly traded company. Believe me, I had no idea I would make anywhere close to this and was excited just with salary. I will say between me and the other guy i helped get hired we are doing much better than anyone we have talked to. I won't complain though.
$4k a month in per diem is outside of anything I've found in a quick google search for any level of field engineer/CM, so you better not frick that job up.
Posted on 7/9/18 at 4:47 pm to TheDrunkenTigah
Student loans are not forgivable. If you don't pay it back,they will take it from your inheritance should you ever get any.
Posted on 7/9/18 at 4:49 pm to Pettifogger
quote:
That's not the point. The idea is a system more akin to the federal income contingent repayment plan. It also makes the school responsible for the "loan" so that they can elect to steer students into income-producing paths and away from ones that won't make money (and therefore allow repayment).
At least I think that's what he proposes.
They should just tighten the regs on lending based on expected future income. The other system could be abused so easily it’s insane
Posted on 7/9/18 at 4:50 pm to LNCHBOX
quote:
You better not frick that job up
I hope they don’t find my TD usage.
I know some guys from Performance who are making ~$120k with salary, OT and per diem that just graduated.
Posted on 7/9/18 at 4:51 pm to TDcline
If they start Willy nilly forgiving federal student loans I’m gonna be livid considering I just paid mine off this year after ten years.
Posted on 7/9/18 at 4:53 pm to Thib-a-doe Tiger
quote:
You don’t pay back principal?
No. In fact, there wouldn't be a principal in the first place. The entire agreement rests upon the potential income of a graduate.
quote:
Why should the school give a frick? The students pay them for a service. They offer a broad range of services. If you pick one that doesn’t afford you the chance to become gainfully employed at a living wage, that’s the school’s fault?
What I'm trying to posit is a system in which 1) people do not have to borrow tremendous amounts of undischargeable of loans 2) incentivizes schools to focus on subjects that are productive rather than ideologically catered and 3) the bloat of administrative departments of universities are essentially destroyed
Posted on 7/9/18 at 4:57 pm to HempHead
quote:
HemoHead
I actually kind of like that idea. It would definitely push the STEM majors and majors that actually have a value. You could take out X% to cover costs. I.E. if you want a full ride and a mechanical engineer, 8% but if you want to help pay costs 4%, etc.
ETA: Only issue is what happens when you have a dropout or change a major
This post was edited on 7/9/18 at 4:58 pm
Posted on 7/9/18 at 4:58 pm to Thib-a-doe Tiger
quote:
They should just tighten the regs on lending based on expected future income.
I'm fine with this but it'll require a sober look at choices in education (majors, schools) that make a lot of people uncomfortable and will lead to a ton of whining and allegations regarding discrimination.
That's not a real argument against it, but that's part of the reason we won't get what we want.
Posted on 7/9/18 at 4:58 pm to TDcline
You borrowed money from people, took a risk going to college, now pay it back. It's not that complicated. There are always jobs.
Posted on 7/9/18 at 4:59 pm to rowbear1922
quote:
ETA: Only issue is what happens when you have a dropout or change a major
Yeah I don't have it fully fleshed out but I think there is a lot of viability.
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