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re: Govt should allow free market to fix student loan debt
Posted on 4/9/22 at 6:14 pm to Upperaltiger06
Posted on 4/9/22 at 6:14 pm to Upperaltiger06
quote:
The government has set up a system
you are so clueless and naive. the govt didn't set up anything. Banks bought off politicians and set it up. 
0
Posted on 4/9/22 at 6:15 pm to Upperaltiger06
Those student loan programs really made tuition fees climb.
Be interesting to see some type of graph where it compares the amount of student loans taken out vs the rate which tuition climbed.
Tuition was reasonable in the 70's and you could pay for it working summers or working part-time after school. Then it seems lately the student loans skyrocketed and tuition fees got crazy.
Be interesting to see some type of graph where it compares the amount of student loans taken out vs the rate which tuition climbed.
Tuition was reasonable in the 70's and you could pay for it working summers or working part-time after school. Then it seems lately the student loans skyrocketed and tuition fees got crazy.
This post was edited on 4/9/22 at 6:18 pm
Posted on 4/9/22 at 7:52 pm to Upperaltiger06
quote:
The reality is most college programs are wasteful by giving degrees to folks who do not have a mental capacity worthy of university in disciplines that will not provide viable occupation and doing so for longer periods of time than necessary by adding unnecessary classes.
True, but the bigger issue is cramming bullshite into degrees to justify existence of departments.
I’m an engineering major. I’m going to college to get a job in engineering. Math, science, engineering classes. I don’t need History. Or Art. Or Music Appreciation.
Posted on 4/9/22 at 8:32 pm to NYNolaguy1
quote:
You still need to go to college to be in any prominent profession.
How many doctors/nurses, lawyers, engineers, finance/accounting folks didn't go to college?
I’m not condemning education. Just wasteful, phony “education”.
You named the majority of legitimate 4 year bachelor programs. What about business degrees, political science degrees, and the vast majority of liberal art degrees?
Posted on 4/9/22 at 8:35 pm to elprez00
Reread the last sentence. Exactly what I’m saying.
Posted on 4/10/22 at 6:53 am to Upperaltiger06
Schools with endowments, say 1 billion dollars, should be guaranteeing the loan. They have the money, they are beneficiaries of the loan and they need to have consequences if a students gets a crap degree from them.
Posted on 4/10/22 at 7:39 am to Upperaltiger06
quote:
f you opened it up to the free market coursework would become leaner and better focused, you’d see a number of colleges close, more people going into useful disciplines, better financial foundations for young adults not saddled with debt, and many more benefits
You mean...like it was before GSLs?
Posted on 4/10/22 at 8:09 am to Upperaltiger06
quote:
free market
What vacuum do you think we live in?
Posted on 4/10/22 at 8:23 am to Upperaltiger06
While I do agree, I don’t understand what makes someone think they don’t have to pay back a debt. I was immature as hell in college. I made a lot of poor decisions a typical young man in his 20s makes. But even I understood two things.
1. I had to get a degree where I could build a career. Not something in art history.
2. I had to payback my loans. I got a job at a video store, after college, just so I can start making loan payments.
The audacity to think you can borrow $30k and not have to pay it back.
1. I had to get a degree where I could build a career. Not something in art history.
2. I had to payback my loans. I got a job at a video store, after college, just so I can start making loan payments.
The audacity to think you can borrow $30k and not have to pay it back.
Posted on 4/10/22 at 10:22 am to Upperaltiger06
I think the equation and "responsibility to cure" is all wrong.
The question should be:
IS ACADEMIA COMMITTING FRAUD? (by asserting they provide an "Education")
Since this is obviously NOT true in 90% of the cases, Colleges and Universities ought to be on the hook and holding the bag on these defaulted loans.
True. Makes no sense.
Thus...the Gavel is Slammed!
Academia, Gummint, AND Banks is are ALL hereby Guilty of Collusion, Conspiracy to Defraud, Grand Larceny, Conspiracy to Enslave, and Mental Cruelty.
The question should be:
IS ACADEMIA COMMITTING FRAUD? (by asserting they provide an "Education")
Since this is obviously NOT true in 90% of the cases, Colleges and Universities ought to be on the hook and holding the bag on these defaulted loans.
quote:
The government has set up a system that has allowed young people to borrow exorbitant amounts of money. This is what has pushed the cost of “education” so high.
True. Makes no sense.
Thus...the Gavel is Slammed!
Academia, Gummint, AND Banks is are ALL hereby Guilty of Collusion, Conspiracy to Defraud, Grand Larceny, Conspiracy to Enslave, and Mental Cruelty.
This post was edited on 4/10/22 at 11:17 am
Posted on 4/10/22 at 10:23 am to Upperaltiger06
quote:
Govt should allow free market to fix everything
Posted on 4/10/22 at 10:32 am to LSUwag
quote:
He had the choice to go In State to UF or out of state to Georgia Tech. Gt was very expensive and it would have made him rack up a ton of student loan debt.
GT isn’t worth out of state costs any more over a good state school like UF or Auburn IMO. They’ve gone the US News college ranking route of “everybody graduates”, when they used to purposefully flunk out about a third of the incoming class. That grind was somewhat unique and very intentional and it produced mentally tough people.
Posted on 4/10/22 at 11:00 am to Upperaltiger06
Public education has ruined this country.
Posted on 4/10/22 at 11:11 am to Taxing Authority
quote:
Im becoming more convinced by the day thst if you can’t get a scholarship, you don’t really belong at university.
Especially in LA, where anyone with a pulse and an even basic comprehension of their studies can get a TOPS scholarship.
Posted on 4/10/22 at 11:21 am to Upperaltiger06
Let's say tomorrow, the government stopped backing all student loans. The free market then would decide to whom to lend money, based on normal credit worthiness.
What would happen?
1) 99 percent plus of college students would not qualify for a loan without a parental co-signer.
2) Some small percentage of students would have an eligible parent who would co-sign on this loan.
3) The demand for college would collapse overnight.
So now the colleges have a huge issue. With demand down, way down, the "free market" says they would have to lower tuition costs so more people can afford it.
But to lower revenues also requires it to lower costs. And while every college has plenty of BS employees they could get rid of, and fewer students = fewer professors needed, they still have a crap ton of fixed costs.
All those beautiful apartment dorms, lazy rivers, rec centers, were all paid for with debt. Debt which needs to be paid back.
That's going to be an issue.
Many private schools, with no ability to pay this debt back, will simply close.
That will lower supply. Lowering supply will allow other schools to not have to cut what they charge, as much.
So now we will have a bunch of laid off employees, foreclosed buildings the size of a neighborhood, etc.
Also, they are going to cut scholarships, because one of the reasons they can give those out is because they are soaking the full cost students... who are paying with borrowed money.
The reality is, the "good intentions" of government backed student loan debt has completely changed the college industry.
The way to fix this is to put a pin in the bubble. When we put pins in bubbles, the short term impacts for our society are absolutely a disaster.
We will be better for it in 10 years, but there's going to be a lot of problems for anyone trying to go to college in those 10 years.
This is not a simple solution.
What would happen?
1) 99 percent plus of college students would not qualify for a loan without a parental co-signer.
2) Some small percentage of students would have an eligible parent who would co-sign on this loan.
3) The demand for college would collapse overnight.
So now the colleges have a huge issue. With demand down, way down, the "free market" says they would have to lower tuition costs so more people can afford it.
But to lower revenues also requires it to lower costs. And while every college has plenty of BS employees they could get rid of, and fewer students = fewer professors needed, they still have a crap ton of fixed costs.
All those beautiful apartment dorms, lazy rivers, rec centers, were all paid for with debt. Debt which needs to be paid back.
That's going to be an issue.
Many private schools, with no ability to pay this debt back, will simply close.
That will lower supply. Lowering supply will allow other schools to not have to cut what they charge, as much.
So now we will have a bunch of laid off employees, foreclosed buildings the size of a neighborhood, etc.
Also, they are going to cut scholarships, because one of the reasons they can give those out is because they are soaking the full cost students... who are paying with borrowed money.
The reality is, the "good intentions" of government backed student loan debt has completely changed the college industry.
The way to fix this is to put a pin in the bubble. When we put pins in bubbles, the short term impacts for our society are absolutely a disaster.
We will be better for it in 10 years, but there's going to be a lot of problems for anyone trying to go to college in those 10 years.
This is not a simple solution.
This post was edited on 4/10/22 at 11:22 am
Posted on 4/10/22 at 11:41 am to LSUFanHouston
quote:
The reality is, the "good intentions" of government backed student loan debt has completely changed the college industry
Can’t wait to see the end result for healthcare.
Posted on 4/10/22 at 11:43 am to Flats
quote:
Can’t wait to see the end result for healthcare.
That's going to be another painful fix.
Posted on 4/10/22 at 4:33 pm to LSUFanHouston
quote:
What would happen?
1) 99 percent plus of college students would not qualify for a loan without a parental co-signer.
2) Some small percentage of students would have an eligible parent who would co-sign on this loan.
3) The demand for college would collapse overnight.
So now the colleges have a huge issue. With demand down, way down, the "free market" says they would have to lower tuition costs so more people can afford it.
But to lower revenues also requires it to lower costs. And while every college has plenty of BS employees they could get rid of, and fewer students = fewer professors needed, they still have a crap ton of fixed costs.
All those beautiful apartment dorms, lazy rivers, rec centers, were all paid for with debt. Debt which needs to be paid back.
That's going to be an issue.
Many private schools, with no ability to pay this debt back, will simply close.
That will lower supply. Lowering supply will allow other schools to not have to cut what they charge, as much.
So now we will have a bunch of laid off employees, foreclosed buildings the size of a neighborhood, etc.
Also, they are going to cut scholarships, because one of the reasons they can give those out is because they are soaking the full cost students... who are paying with borrowed money.
The reality is, the "good intentions" of government backed student loan debt has completely changed the college industry.
The way to fix this is to put a pin in the bubble. When we put pins in bubbles, the short term impacts for our society are absolutely a disaster.
We will be better for it in 10 years, but there's going to be a lot of problems for anyone trying to go to college in those 10 years.
This is not a simple solution.
You have done a great job in outlining why it's such a fricking scam. the current system we have is built upon literal shite, getting paid to cultivate debt slaves and making money off of them.
quote:
Can’t wait to see the end result for healthcare.
i imagine it would produce substantially less health care practitioners since many could no longer afford it. And health care is a pretty sizable chunk of our GDP.
This post was edited on 4/10/22 at 4:35 pm
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