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Started By
Message
re: Student loan delinquencies surge back after 5-year pause
Posted on 5/14/25 at 11:16 am to BeauxPete
Posted on 5/14/25 at 11:16 am to BeauxPete
quote:
how about we first look at the cost to go to college. It’s freaking insane to me from what it was back when I went till now.
Chicken and egg. The reason costs have gone up so much is largely due to the amount of 'free' money prospective students are able to get. You've drastically increased the pool of people able to go for a limited number of spaces. On top of that, the school arms race for offering more worthless programs for these students, the housing, activities and amenities, etc.
You want to address the cost of college, you first have to address the student loans. Only then can the costs be reigned back in.
0
Posted on 5/14/25 at 11:20 am to RLDSC FAN
Many of those loans have no chance at being repaid in their current posture. That toothpaste is out of the tube. To recoup some of that money, for the past borrowers, waive or cap the interest rate so that the principal can be paid down. Some people pay responsibly for 10 years and still owe more than they borrowed initially. Some are just underemployed shitbags who borrowed money for a worthless degree and want free money and have no intent at working hard to pay them off. This makes borrowers repay but with some end in sight.
Tighten up future loans, make schools, the guarantors.
Tighten up future loans, make schools, the guarantors.
Posted on 5/14/25 at 11:24 am to GoCrazyAuburn
Well that sounds like the fault of the loan provider. I’d rather see help with loans or at least the interest cut vs the welfare, EBT and things like SS to those who didn’t pay into it.
Posted on 5/14/25 at 11:33 am to Dixie2023
quote:
Well that sounds like the fault of the loan provider.
Eh, there is plenty of blame for them, sure, but the government is very involved in strongarming the current situation as well.
Posted on 5/14/25 at 11:47 am to Mingo Was His NameO
quote:
they’re like 3% interest.
i think mine are 4.5%, so they are 2nd in line to my mortgage, 2.875%... i've paid extra ever since we started paying, and i think they'll be paid off in the next 4 years, but i'm in no rush really... 4.5 isn't terrible and yeah i get more return off investing some expendable income vs. putting towards that, at least right now anyway
Posted on 5/14/25 at 12:26 pm to GoCrazyAuburn
To me, it seems loans should be limited to useful degrees such as accounting and allied health, for example. Perhaps even also limited just for tuition. If students want or need living expenses then qualify for private loans. I don’t know, but things need to change.
Posted on 5/14/25 at 12:31 pm to BlackCoffeeKid
quote:
I would just be happy if they made a final decision on PSLF.
A final decision on what? I haven’t seen anything stating they are getting rid of this. I have 3 years left in the program.
Posted on 5/14/25 at 12:32 pm to Dixie2023
This is super subjective. Need academic rigor to go up.
Posted on 5/14/25 at 12:35 pm to Dixie2023
quote:
To me, it seems loans should be limited to useful degrees such as accounting and allied health, for example. Perhaps even also limited just for tuition. If students want or need living expenses then qualify for private loans. I don’t know, but things need to change.
"Should" absolutely. However as things are designed right now, they can't really do that. Which is a major part of the problem.
Posted on 5/14/25 at 12:54 pm to whoa
(no message)
This post was edited on 11/7/25 at 6:53 am
Posted on 5/14/25 at 1:01 pm to RLDSC FAN
At this point why would you pay it back
Posted on 5/14/25 at 1:03 pm to LemmyLives
quote:
Due to the prevalence of HBCUs?
And poors. See WV and Kentucky
Posted on 5/14/25 at 2:00 pm to RLDSC FAN
Clearly some people never intended to repay and it would be good to see data on graduates, degrees, loan amounts and the university. I assume most of the defaults are from someone attending 1 year and dropping out.
To correct the cost issue, here's what i would do
1. 3 year program for all undergraduate degrees (25% cost reduction). You should only study material that is pertinent to your degree. Basic knowledge (history, math english, etc) should have been learned in high school.
2, Loan values can't exceed the average 5 year salary for the degree of study.
3, The learning institution is the obligor for 25% of the loan value.
4, End government loan backing. It removed the lending risk. Student loans should be evaluated like any other personal loan. Can you repay?
Item 3 would correct everything.
To correct the cost issue, here's what i would do
1. 3 year program for all undergraduate degrees (25% cost reduction). You should only study material that is pertinent to your degree. Basic knowledge (history, math english, etc) should have been learned in high school.
2, Loan values can't exceed the average 5 year salary for the degree of study.
3, The learning institution is the obligor for 25% of the loan value.
4, End government loan backing. It removed the lending risk. Student loans should be evaluated like any other personal loan. Can you repay?
Item 3 would correct everything.
Posted on 5/14/25 at 2:23 pm to RLDSC FAN
quote:
What are we going to end up doing to fix this issue?
Stop allowing people with no credit to borrow money unless they're in an technical field or something similar.
Posted on 5/14/25 at 2:24 pm to theCrusher
quote:
1. 3 year program for all undergraduate degrees (25% cost reduction). You should only study material that is pertinent to your degree. Basic knowledge (history, math english, etc) should have been learned in high school. 2, Loan values can't exceed the average 5 year salary for the degree of study.
What terrible ideas
Posted on 5/14/25 at 2:32 pm to theCrusher
Mostly agree.
Least impactful in my opinion. Dropping humanities, social science, and art electives for STEM degrees would make sense, but the pre reqs of calculus, physics, and chemistry are good for weeding out the wannabes and sharpening the legit ones. English Comp I & 2 and technical writing are useful to teach these kids how to actually write something.
I'd add they need to do actual underwriting for student loans. High school GPA, quality of high school (i.e. a 3.5 GPA isn't the same everywhere), ACT/SAT score, intended major. Then require a minimum GPA to maintain funding.
quote:
1. 3 year program for all undergraduate degrees (25% cost reduction). You should only study material that is pertinent to your degree. Basic knowledge (history, math english, etc) should have been learned in high school.
Least impactful in my opinion. Dropping humanities, social science, and art electives for STEM degrees would make sense, but the pre reqs of calculus, physics, and chemistry are good for weeding out the wannabes and sharpening the legit ones. English Comp I & 2 and technical writing are useful to teach these kids how to actually write something.
I'd add they need to do actual underwriting for student loans. High school GPA, quality of high school (i.e. a 3.5 GPA isn't the same everywhere), ACT/SAT score, intended major. Then require a minimum GPA to maintain funding.
Posted on 5/14/25 at 2:35 pm to LemmyLives
quote:No, due to the South having the highest number of college students in general…
Due to the prevalence of HBCUs?
Posted on 5/14/25 at 2:43 pm to Underteaux
I just wish they would be like hey, you've paid your loans every month since you started, we drop your interest rate to 0%
Will never happen though.
Will never happen though.
Posted on 5/14/25 at 2:51 pm to holdmuh keystonelite
quote:
quote:
Due to the prevalence of HBCUs?
And poors. See WV and Kentucky
It's a common theme to try to lay the wastelands that is these states at the feet of one demo. Clearly a defense mechanism.
Posted on 5/14/25 at 3:33 pm to RLDSC FAN
quote:
What are we going to end up doing to fix this issue?
we?
who's 'we'?
i understood that when i signed up for a loan I had to pay it back, I did.
my wife understood that when she signed up for a loan she had to pay it back, she did.
'we' aren't going to do anything.
you are going to pay your loan back.
or
have your credit score ruined and have your wages garnished
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