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Posted on 2/4/22 at 9:13 am to bad93ex
quote:
Morons go in debt buying a lot of shite
And I shouldn't have to rescue them.
It's their debt, not mine.
Posted on 2/4/22 at 9:15 am to they call me horse
quote:
And I shouldn't have to rescue them.
But why are they even in the position to be rescued?
Answer that and you are at the crux of the problem.
Posted on 2/4/22 at 9:16 am to Displaced
quote:
I mean, what's to stop 22-25 year old fresh college grads with over 100k in loans from filing bankruptcy when they only have 10k to their name anyway?
They have to wait 10 years to do it and they would likely have more to lose then.
Posted on 2/4/22 at 9:18 am to Displaced
quote:
I mean, what's to stop 22-25 year old fresh college grads with over 100k in loans from filing bankruptcy when they only have 10k to their name anyway?
It will push up rates for new borrowers. And banks won’t lend out that much money in the future.
It solves itself.
This post was edited on 2/4/22 at 10:21 am
Posted on 2/4/22 at 9:18 am to bad93ex
quote:
I agree but there needs to be some liability held against these universities for offering shite degrees.
They chose the shite major.
If they had a degree in Engineering or Computer Science they wouldn't have any problem paying their note.
But they were either too stupid or lazy to major in something worthwhile.
It's their debt and their problem.
Then they can tell their kids not a be a moron who majors in Russian Poetry instead of Computer Science.
Posted on 2/4/22 at 9:19 am to they call me horse
quote:
It's their debt and their problem.
Then they can tell their kids not a be a moron who majors in Russian Poetry instead of Computer Science.
They shouldn't get the money in the first place to pursue the shite degree.
Posted on 2/4/22 at 9:20 am to they call me horse
quote:
They chose the shite major.
If they had a degree in Engineering or Computer Science they wouldn't have any problem paying their note.
But they were either too stupid or lazy to major in something worthwhile.
It's their debt and their problem.
Then they can tell their kids not a be a moron who majors in Russian Poetry instead of Computer Science.
This is all fine and dandy. But you are arguing personal responsibly. I'm arguing government policy (actually less government policy).
Posted on 2/4/22 at 9:23 am to Lima Whiskey
quote:
It will push up rates for new lenders. And banks won’t lend out that much money in the future.
It solves itself.
And without so much easy, “free” money available, universities may be forced to lower tuition making college more affordable. Remember when you used to be able to work your way through college?
Posted on 2/4/22 at 9:23 am to bad93ex
quote:
They shouldn't get the money in the first place to pursue the shite degree.
BOOM.
There is the answer.
And who makes that determination? The lender. Not the federal government, the lender. The lender takes the risk just like with every other loan in the business world.
Posted on 2/4/22 at 9:24 am to LSUGrrrl
quote:
And without so much easy, “free” money available, universities may be forced to lower tuition making college more affordable. Remember when you used to be able to work your way through college?
Yes.
Yes.
Yes.
Posted on 2/4/22 at 9:25 am to LAlivin
quote:
These loans should never have been approved in the first place and reminds me of the 2008-09 mortgage crisis where banks were forced to loan money to individuals who had no business getting the loan as they were never going to be able to keep up with the notes.
And is is solely responsible for the extreme increase in the cost of college. Colleges don't have to compete in the marketplace because anyone who attends can get taxpayer backed loans for whatever astronomical amount the colleges choose to charge.
A Philosophy major who attends a private college with an annual cost of learning amount of $75k a year is very likely NEVER going to be able to pay a loan back (at least not timely). But the schools don't care. They will happily take the money and continue to raise tuition because, why not? Every student can get a loan for whatever number the stick on the bill
Posted on 2/4/22 at 9:27 am to bad93ex
quote:
They shouldn't get the money in the first place to pursue the shite degree.
Agree, but the student should have enough sense not to waste money on a degree that will be worthless.
The bank approved me for 3x the amount of the home I purchased.
I didn't borrow the max just because they were willing to loan me that much, because I had enough sense to not take on that much debt.
Posted on 2/4/22 at 9:30 am to Alt26
quote:
A Philosophy major who attends a private college with an annual cost of learning amount of $75k a year is very likely NEVER going to be able to pay a loan back (at least not timely). But the schools don't care. They will happily take the money and continue to raise tuition because, why not? Every student can get a loan for whatever number the stick on the bill
And when universities run surpluses whether through tuition revenue or government grant revenue they never lower tuition. They always increase faculty pay, open new departments, build new buildings, build new swimming pools or basketball courts...never lower tuition. Why? Because the federal government has made money for tuition easy.
Posted on 2/4/22 at 9:32 am to they call me horse
quote:
The bank approved me for 3x the amount of the home I purchased.
That's because you really don't own the home, the bank does.
Posted on 2/4/22 at 9:37 am to Displaced
quote:
If you drop your student loans in bankruptcy, should you surrender all evidence that you ever attended college?
I mean, what's to stop 22-25 year old fresh college grads with over 100k in loans from filing bankruptcy when they only have 10k to their name anyway?
Banks will be more strict on who gets them and for what
Just as they should have been all along
There is absolutely no reason for student loans to be exempt from bankruptcy protection
You can declare bankruptcy with other forms of debt, what in the hell makes them special
Posted on 2/4/22 at 9:39 am to GumboPot
They will cause a stir then come to the rescue in about August.
Posted on 2/4/22 at 9:41 am to GumboPot
I giggle whenever I see an a-hole who has an sjw degree, and tens of thousands of dollars of student loan debt.
Posted on 2/4/22 at 9:46 am to JColtF
quote:
You can declare bankruptcy with other forms of debt, what in the hell makes them special
The federal government owns the student loan program and they want you a slave for life. Gives them power.
Posted on 2/4/22 at 9:47 am to they call me horse
quote:if you already got a job with that degree, they could have it
If you fail to pay your note then they repossess your degree. Just like a car or home.
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