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Started By
Message
re: Grim stats about the student loan bubble
Posted on 8/29/18 at 9:17 am to roadGator
Posted on 8/29/18 at 9:17 am to roadGator
The problem is that most people are unable to afford college in the same way that previous generations were able to do so because of the increased cost of attendance.
We all laugh about it, but look at the cost of attendance curve over the last 30 to 40 years and you can plainly see that a “pay as you go” philosophy where an individual could work their way through college is not really an option for most.
I am not talking about the luxury living conditions, but just the increased cost of attending in general.
The thought process of telling someone to take more years to get the degree and only pay for what they can at that time puts their career earnings behind others if it takes 7 years instead of 4.
It’s a catch 22, and the blame can be spread all around, but for me it is looking at the rising costs because colleges knew these loans were federally backed.
There is no way that in 15 years a school that I was accepted to, but chose not to attend went from a value where the all in cost of about $18,000 per year to right under $60,000 per year.
We all laugh about it, but look at the cost of attendance curve over the last 30 to 40 years and you can plainly see that a “pay as you go” philosophy where an individual could work their way through college is not really an option for most.
I am not talking about the luxury living conditions, but just the increased cost of attending in general.
The thought process of telling someone to take more years to get the degree and only pay for what they can at that time puts their career earnings behind others if it takes 7 years instead of 4.
It’s a catch 22, and the blame can be spread all around, but for me it is looking at the rising costs because colleges knew these loans were federally backed.
There is no way that in 15 years a school that I was accepted to, but chose not to attend went from a value where the all in cost of about $18,000 per year to right under $60,000 per year.
2
Posted on 8/29/18 at 9:17 am to roadGator
quote:
You are free to pay for that now.
So your choice is: "This doesn't affect me so why do I need to pay attention to it." and "I pay for x amount of services I don't use, why should I pay for another?"
That's your prerogative man.
I'd rather keep my borders clean, economy booming, and the higher rate of economic mobility.
Not everyone can or should be an engineer, doctor, nurse, or lawyer, but you want these people to succeed in some way by either trade or post-secondary.
You complain about paying for more services but do nothing to end one of the many reasons people are on it.
How can you expect people to build shite without the necessary tools?
Posted on 8/29/18 at 9:18 am to TigerGrad2011
quote:
The problem is that most people are unable to afford college in the same way that previous generations were able to do so because of the increased cost of attendance.
quote:
We all laugh about it, but look at the cost of attendance curve over the last 30 to 40 years and you can plainly see that a “pay as you go” philosophy where an individual could work their way through college is not really an option for most.
I am not talking about the luxury living conditions, but just the increased cost of attending in general.
They don't care about any of this.
If they did it, so can you!
Posted on 8/29/18 at 9:21 am to 50_Tiger
So how do you feel about people having loan forgiveness after 20 or 25 years of payments? Are you going to be upset about that, or is the thought process going to still be that because other people before you had their loans forgiveness that it is okay to have yours forgiven?
Posted on 8/29/18 at 9:22 am to 50_Tiger
Blanket statements never work.
My daughter is racking up some impressive student loan debt. But she’s in medical school. I have no fear about her repaying her loans.
My daughter is racking up some impressive student loan debt. But she’s in medical school. I have no fear about her repaying her loans.
Posted on 8/29/18 at 9:26 am to TigerGrad2011
quote:
So how do you feel about people having loan forgiveness after 20 or 25 years of payments? Are you going to be upset about that, or is the thought process going to still be that because other people before you had their loans forgiveness that it is okay to have yours forgiven?
I was being sarcastic.
But to answer your question, 20 years or 240 payments of lets say 300 dollars equates to 72k. I think that person has gone above and beyond. If the remaining balance was added (Let's say 15k) that amount should be taxed as additional income that fiscal year.
I'd be okay with that.
To be fair as an Engineer I never qualified for PSLF and the first batch of those folks started getting their loans forgiven this year.
Posted on 8/29/18 at 9:26 am to 50_Tiger
You are free to pay now. You are the one complaining and doing nothing. Why wait for mommy Gov to steam in and wreck more shite?
If you want more of my taxes then the scholarship fund I donate too will likely not get the same amount.
If you want more of my taxes then the scholarship fund I donate too will likely not get the same amount.
Posted on 8/29/18 at 9:28 am to the808bass
quote:
Blanket statements never work.
My daughter is racking up some impressive student loan debt. But she’s in medical school. I have no fear about her repaying her loans.
I wouldn't worry about her either, however, her debt load will show in the statistics due to her not realizing her true salary 6-8 years later (undgrad -> med -> rotations/etc.) But she will pay those guys off in less than 5 years EASILY.
Posted on 8/29/18 at 9:29 am to roadGator
quote:
You are free to pay now. You are the one complaining and doing nothing. Why wait for mommy Gov to steam in and wreck more shite?
What's with the childish toned comments?
I asked for ideas. You give politard retorts.
Posted on 8/29/18 at 9:30 am to 50_Tiger
I gave you an idea. Help someone pay for college. If everyone does that then we are all set.
Pointing out that the Gov wrecks shite is childish? Lol
Pointing out that the Gov wrecks shite is childish? Lol
This post was edited on 8/29/18 at 9:31 am
Posted on 8/29/18 at 9:32 am to roadGator
quote:
I gave you an idea. Help someone pay for college. If everyone does that then we are all set.
Pointing out that the Gov wrecks shite is childish? Lol
You clearly have shown no desire to actually engage in some meaningful dialogue.
The average household median income is around 58k now. What you suggest in scale is not possible.
Posted on 8/29/18 at 9:33 am to 50_Tiger
Someone making $58k can't pitch in $10?
Posted on 8/29/18 at 9:35 am to roadGator
quote:
Someone making $58k can't pitch in $10?
You mean a family?
10 bucks in College won't even get you a friggin lab manual
Posted on 8/29/18 at 9:37 am to 50_Tiger
I mean everyone pitch in. I do now and still cut checks for my own kids.
We don't need Gov to do this if it's that important.
Can we try?
We don't need Gov to do this if it's that important.
Can we try?
Posted on 8/29/18 at 9:38 am to Tchefuncte Tiger
(no message)
This post was edited on 6/8/20 at 11:32 am
Posted on 8/29/18 at 9:39 am to 50_Tiger
What if we have a fund that pays down the loan to the amount that college costed in say 2000?
The deadbeat pays the rest. That seems more fair.
The deadbeat pays the rest. That seems more fair.
This post was edited on 8/29/18 at 9:40 am
Posted on 8/29/18 at 9:42 am to roadGator
Some politician will promise student debt forgiveness and will get elected to POTUS because of it. It's just a matter of time.
Posted on 8/29/18 at 9:45 am to boogiewoogie1978
You progs will eat that up sadly.
Posted on 8/29/18 at 9:45 am to roadGator
quote:
I mean everyone pitch in. I do now and still cut checks for my own kids.
We don't need Gov to do this if it's that important.
Can we try?
I don't try to count another man's money but if you are able to do so its because more than likely you can afford to. I don't know a lot of folks who make 58k and can afford to send their kids to college without some type of assistance. You alluded to being able to afford it is the bigger issue which I agree with. The problem then shifts to how do we increase wages? I am 100% against any form of legislation to artificially increase wages.
I mean 58k in LA is 1686 Biweekly.
Posted on 8/29/18 at 9:47 am to roadGator
quote:
What if we have a fund that pays down the loan to the amount that college costed in say 2000?
What about inflation? I agree it would be a start and I feel like new parents should be educated in the hospital about 529 plans but that's another discussion.
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