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Why massive student loan debt is a good thing
Posted on 4/3/18 at 5:33 pm
Posted on 4/3/18 at 5:33 pm
Forgiving student loan debt would be one of the biggest financial mistakes this country has ever made; not for the upfront costs, but for the precedent it will set. If you can pay back your loans then it was a wise investment. If you cant, then you messed up. We need to stop rewarding people for making poor decisions.
After much meditation and tantric sex therapy, I've begun to realize that we need a generation of people trapped under the burden of massive, inescapable student loan debt. Whether it's the parents of the student, or the student himself, someone has to pay the piper for little Billy going to Dartmouth for 5 years to study to puppetry.
Only after he graduates and realizes he'll only ever be qualified for work as a barista, or illegal sex worker, will he finally understand that a $250k degree in puppetry was a poor investment. This will then cure little Billy of one day encouraging his children to chase their dreams of puppetry. The more students who realize they don't need college to chase their worthless dreams, the fewer students we'll have going to college. Which is the root of the problem with our universities. We have way too many kids going to college.
It's a necessary pain is what I'm saying.
After much meditation and tantric sex therapy, I've begun to realize that we need a generation of people trapped under the burden of massive, inescapable student loan debt. Whether it's the parents of the student, or the student himself, someone has to pay the piper for little Billy going to Dartmouth for 5 years to study to puppetry.
Only after he graduates and realizes he'll only ever be qualified for work as a barista, or illegal sex worker, will he finally understand that a $250k degree in puppetry was a poor investment. This will then cure little Billy of one day encouraging his children to chase their dreams of puppetry. The more students who realize they don't need college to chase their worthless dreams, the fewer students we'll have going to college. Which is the root of the problem with our universities. We have way too many kids going to college.
It's a necessary pain is what I'm saying.
This post was edited on 4/3/18 at 7:49 pm
32
Posted on 4/3/18 at 5:34 pm to Pecker
I agree with the end result, and that could be the best way to achieve it.
Posted on 4/3/18 at 5:35 pm to Pecker
Didn't read. Graduated last year with no debt.
Posted on 4/3/18 at 5:36 pm to Pecker
I have to agree with this.
Live and learn.. And right now many people are learning..
Live and learn.. And right now many people are learning..
Posted on 4/3/18 at 5:36 pm to Pecker
quote:
going to Dartmouth for 5 years
keggy the keg and i would like to have a word. only we talk with our fists
<<<<<<<<<
Posted on 4/3/18 at 5:37 pm to baseballmind1212
Anything that you subsidize becomes more expensive. This includes the cost of a home when you factor in mortgage deductions. It is an odd economic irony that people don’t seem to understand.
Posted on 4/3/18 at 5:37 pm to Pecker
quote:
a $250k degree in puppetry
Sounds like I'm going back to school.
Posted on 4/3/18 at 5:40 pm to Pecker
I don't disagree with your overall point, but I don't think student loans in themselves are necessarily a bad thing. Having an educated society benefits all parties involved. With that said, if you take them out you have to pay them back.
Posted on 4/3/18 at 5:45 pm to Mingo Was His NameO
quote:
I don't think student loans in themselves are necessarily a bad thing.
Student loans are a great thing. Although they shouldn't be subsidized.
Loans should be viewed as an investment towards one's career. A career that will eventually allow one to pay off said loans.
If you don't see a path toward a career that can pay off your loans, then choose a new career.
This post was edited on 4/3/18 at 5:46 pm
Posted on 4/3/18 at 5:52 pm to Pecker
Billy having an imaginary puppetry major at Dartmouth is not the problem. I know that's what the OT and Political Talk think is the problem because it leads to comical strawmen, but Billy is either from a wealthy background and his parents will be able to help out in perpetuity or he will use connections and get a good job.
It's the thousands of people enrolling in programs like University of Phoenix, Southern New Hampshire University, etc. Extremely overpriced and easy to get into private schools that are less selective than directional public schools.
It's the thousands of people enrolling in programs like University of Phoenix, Southern New Hampshire University, etc. Extremely overpriced and easy to get into private schools that are less selective than directional public schools.
Posted on 4/3/18 at 5:52 pm to Pecker
quote:
It's a necessary pain is what I'm saying.
If people know they will always be rescued they will continue to do stupid things, cut them loose with no safety net, and most are quick to learn how to survive on their own.
Posted on 4/3/18 at 5:53 pm to Pecker
All I know is I paid my six figures back in student loans in the years and I pray to god they don't forgive anyone's student loans. Some kids have realized they can take out outrageous amounts and just work in the public sector to have them forgiven. I hate these kids who don't believe in taking responsibility for their actions and just want others to help them out. Paying my loans back was a lesson learned about money and while I hated paying them, it taught me how to be responsible and not just spend money on something because I wanted it. Defintely learned the value of a dollar from it.
Posted on 4/3/18 at 5:58 pm to Pecker
Ive paid mine back in 4 years while buying 2 houses.
Imma be frickin heated if that shite gets forgiven.
Imma be frickin heated if that shite gets forgiven.
Posted on 4/3/18 at 5:59 pm to Keys Open Doors
quote:
Billy having an imaginary puppetry major at Dartmouth is not the problem. I know that's what the OT and Political Talk think is the problem because it leads to comical strawmen, but Billy is either from a wealthy background and his parents will be able to help out in perpetuity or he will use connections and get a good job.
It's the thousands of people enrolling in programs like University of Phoenix, Southern New Hampshire University, etc. Extremely overpriced and easy to get into private schools that are less selective than directional public schools.
Great point. There is a reason all these obscure online schools exist and thrive. The degrees are less than useless, but the costs and profits for the schools are very real.
Unless you are just a complete fricking sociopath, you're likely going to make some beneficial connections at an Ivy League school, regardless of major. That's not the case for Gina taking out thousands in debt to get a degree in "healthcare" that qualifies her to get the same medical coding job as a person with a HS diploma.
Posted on 4/3/18 at 5:59 pm to Pecker
I don't think there's a great option either way. I have a shite ton of student loan debt but I don't think it's a good idea to forgive it. That's a huge financial burden to take on and my dumbass signed up for this.
But if generations continue to be strapped with $30K+ debt right out of college, I gotta think that's going to eventually impact other parts of the economy like housing.
But if generations continue to be strapped with $30K+ debt right out of college, I gotta think that's going to eventually impact other parts of the economy like housing.
This post was edited on 4/3/18 at 6:02 pm
Posted on 4/3/18 at 6:04 pm to Alt26
quote:
Unless you are just a complete fricking sociopath, you're likely going to make some beneficial connections at an Ivy League school, regardless of major
The majority of those going to Ivy league are on merit based scholarships and need based financial aid which is not to be confused with loans. 80% of students at Harvard receive financial aid, 100% graduate debt free. If you cant get a almost free ride to Ivy League you don't belong there.
Posted on 4/3/18 at 6:11 pm to Pecker
I wish I could underwrite student loans on a private basis. Have the student take some tests, get a few references for his/her work ethic, have a specific degree in mind, etc. Set the rate commensurate with the risk. There are students who would be solid investments.
Posted on 4/3/18 at 6:12 pm to Pecker
The only problem is student loan debt is largely responsible for delaying (or outright preventing) middle class people from buying homes & starting families. This will have major demographic consequences.
The underclass keeps breeding while the people who are worth a shite are not. We need to encourage middle and upper middle class people to have more children by.0
The underclass keeps breeding while the people who are worth a shite are not. We need to encourage middle and upper middle class people to have more children by.0
This post was edited on 4/3/18 at 6:13 pm
Posted on 4/3/18 at 6:17 pm to HogX
Louisiana seems to have the opposite problem of giving tuition away. My cousin lives in Kenner and her husband as a partner in a law firm. Their three boys all went to LSU tuition free and they were average high school students. I was thinking if someone like them does not pay for tuition then who the hell is paying tuition?
Guess the thought is that they want to keep the states best and brightest home. These kids are average students. And truly talented and and patient students are not going to go to LSU.
Guess the thought is that they want to keep the states best and brightest home. These kids are average students. And truly talented and and patient students are not going to go to LSU.
Posted on 4/3/18 at 6:19 pm to Pecker
quote:
We have way too many kids going to college.
I agree
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