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re: I could consider a LIMITED student loan relief program, under one condition: Fix it.
Posted on 7/3/23 at 12:53 pm to patnuh
Posted on 7/3/23 at 12:53 pm to patnuh
quote:
I’m not sure that is even possible today with tuition and apt prices.
It's not possible but it's because of wages. The job you had 20+ years ago can barely support rent prices these days.
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Posted on 7/3/23 at 12:57 pm to imjustafatkid
quote:
3. Cap the interest rate allowable for student loans at something extremely low 4. Ban compound interest on student loans
A much better solution is to set a garnishment requirement on student loans. Force people to pay on them until it is paid off.
It’s no different than the guy who took a loan at best buy and decided not to pay it.
Posted on 7/3/23 at 1:04 pm to anc
quote:Here's what's stunning about that paragraph. 30 year ago when I was in school, tuition was about $1,800 per semester. So we've added all this "free money" and the amount paid out of pocket is... about the same. Except now there's a whole not more money being funneled into the university courtesy of the taxpayers.
Johnny is at LSU. He receives a Pell Grant of $6500 and a $10000 scholarship. LSU tuition, room and board costs $25,500. If he meets SAP, he can borrow $7300 a year. That's it. He or his family will have to come up with the other $1800
Almost dollar-for-dollar the increase in price (notice not cost) has gone up by the subsidy available.
We'd all be better off paying for this isht ourselves.
Posted on 7/3/23 at 1:07 pm to Taxing Authority
Limited, yes.
Limited to the exact terms anyone who took out the loan(s) contractually agreed to.
Limited to the exact terms anyone who took out the loan(s) contractually agreed to.
Posted on 7/3/23 at 1:54 pm to imjustafatkid
I am not opposed to capping interest rates/eliminating compound interest for federally backed loans. Government programs shouldn't need 5%+ to cover their administrative costs.
You can already deduct up to $2,500 in student loan interest on your taxes though, so it's not as big of an issue for the debtor as one might think at first glance.
You can already deduct up to $2,500 in student loan interest on your taxes though, so it's not as big of an issue for the debtor as one might think at first glance.
Posted on 7/3/23 at 2:03 pm to elprez00
quote:
With the loan system, for the past 30 years colleges have had zero incentive to control costs.
Correct, so get rid of the loan system.
Posted on 7/3/23 at 2:05 pm to Texas Weazel
quote:
There's nothing to fix. The system works for those who are smart enough to use it. If you're too stupid to understand the concept of a "loan", then that's on you
I agree to a point...But the colleges have raised tuitions drastically since student loans became available. My son is on the back end of med school, he said his the max amount he can receive is very close to what his tuition is. The schools are manipulating their tuition to get the max they can get.
Posted on 7/3/23 at 2:05 pm to onmymedicalgrind
quote:
Government run is irrelevant; they are all the same in this regard. State schools and private schools all offer BS degrees bc they are all massively bloated and need to be cut….but there is no incentive to do so as far as they are concerned.
As far as I'm concerned, any school that is beholden to government-backed college loans is government-run.
Posted on 7/3/23 at 2:08 pm to GeauxGriff
quote:
You can already deduct up to $2,500 in student loan interest on your taxes though, so it's not as big of an issue for the debtor as one might think at first glance.
Yes, but this just keeps people paying college loans in perpetuity. There isn't a single problem that college loans aren't contributing to.
We talk all the time about how fewer people are saving for retirement, but no one ever seems to mention that having to pay for college loans for your entire career is contributing to that problem.
Posted on 7/3/23 at 2:11 pm to onmymedicalgrind
quote:
university administrators are straight criminals.
They’re capitalists, just like you and everyone else. If you gave every American $5k that can only be used to buy a car, are they going to save $5k on a car or are car prices just going to go up by $5k overnight?
This post was edited on 7/3/23 at 2:14 pm
Posted on 7/3/23 at 2:13 pm to Flats
quote:
Correct, so get rid of the loan system.
This is the answer. The universities themselves and private financial institutions can give out loans if they feel the need to do so.
The government shouldn’t have any part in it.
Posted on 7/3/23 at 2:55 pm to imjustafatkid
quote:Refinance with a simple interest loan.
Simply not feasible for most people. Simply capping the interest rate and requiring it to be simple interest (and making that retroactive) would solve 90% of the problem.
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