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re: Instead of student loan debt forgiveness, just make it dischargeable...
Posted on 6/24/19 at 2:55 pm to Big Scrub TX
Posted on 6/24/19 at 2:55 pm to Big Scrub TX
the issue with this is that the rates were calculated based off of it being non-dischargeable. that's going to leave a mark AND make it much more expensive for future student-borrowers
0
Posted on 6/24/19 at 2:59 pm to Big Scrub TX
I got a crazy idea... PAY YOUR BILLS
WORK TWO JOBS IF YOU HAVE TO, YOU LAZY ENTITLED MILLENNIAL frick.
WORK TWO JOBS IF YOU HAVE TO, YOU LAZY ENTITLED MILLENNIAL frick.
Posted on 6/24/19 at 3:11 pm to Big Scrub TX
Too logical. Will never work.
Posted on 6/24/19 at 3:16 pm to BlackHelicopterPilot
quote:
Can someone tell me why I should care (or, have to "do something about") when someone borrows money and can't pay?
Seriously, I just don't care about your bad decisions. Now, the Fed Gov should address the "crises" by getting the frick out of it.
Because these issues don't exist in a bubble. This isn't a few random folks that maxed out some credit cards and now can't afford their $700 car payment.
As I said in another thread, this is a generational issue leading to young people having the equivalent of a mortgage right out of college without any equity. In turn, they are putting off things like buying houses and having children, if they ever do have children, to work on paying off their student loans.
Long story short: those that are educated and law abiding citizens have fewer and fewer children due to financial restrictions and trying to responsibly manage their debt without bringing kids into the fold. The poor and uneducated continue to reproduce like rabbits because they don't GAF. You can do the math on what this county may very well look like in 15-20 years. If you think the welfare state is bad now, you best be ready to giddy up.
This post was edited on 6/24/19 at 3:18 pm
Posted on 6/24/19 at 3:19 pm to HogX
quote:Not every grad has debt and for the ones who do it's also not an onerous debt load...
This isn't a few random folks that maxed out some credit cards and now can't afford their $700 car payment.
quote:
Among the Class of 2018, 69% of college students took out student loans, and they graduated with an average debt of $29,800, including both private and federal debt.
Posted on 6/24/19 at 3:35 pm to LSURussian
quote:
Not every grad has debt and for the ones who do it's also not an onerous debt load...
The average college graduate makes about $50K out of college. That's the equivalent of owing 60% of their yearly income out of college. Now obviously, their salary should steadily increase over the years. But that's without adding a car. And a place to live. And insurance. And food. And the other expenses of day-to-day life.
I'm sure as shite not saying we should just drop what's owed (sorry kids, that's life) and I don't have a great plan to throw out there personally. But to act like this won't have a negative affect on the US going forward is leaning too much on tribal ideology and not enough on the reality of the situation.
"Crisis"? Maybe not. But there is certainly an issue that needs to be figured out before things get worse.
This post was edited on 6/24/19 at 3:36 pm
Posted on 6/24/19 at 3:39 pm to Big Scrub TX
We need education reform. We need to shut down about half of the Universities we currently have and make admission standards much higher. About half of the students you see on campus now have no business being there. When some bullshite teen activist can write "black lives matter" 100 times on his application and get accepted to Stanford than something is severely wrong. Universities are becoming nothing but propaganda outlets to promote a liberal agenda. Student loans also need to be given by private institutions and not handed out by the government. Allowing kids to take out ridiculous amounts of student loans to fund "the college experience" for a profession which only makes 30K a year and top out at the highest level maybe 60K where they will maybe pay it off in their 50s is wrong. We need to bring back trade schools in the worst way and also shutting down Universities ,and cutting useless degree programs with no benefit to society or at a minimum make the kid pay for it on their own. I have said this in the past and some have said, "well you go to school to get a well rounded education and that is kind of a low class way to look at it" ,or "Philosophy, and liberal arts are important aspects to our culture and society." I am sorry ,but for most people that doesn't put food on the table and it weakens our workforce.
Posted on 6/24/19 at 4:16 pm to HogX
quote:In that case count my tribe in.
But to act like this won't have a negative affect on the US going forward is leaning too much on tribal ideology
quote:This is an example of the three types of lies: 1) lies, 2) damn lies, and 3) statistics.
That's the equivalent of owing 60% of their yearly income out of college.
Those debtors have a decade or more to pay off their debt. The annual amount due is not onerous and is comparable to paying off a credit card with a 3 or 4 thousand dollar balance.
It's NOT a crisis except maybe for liberal arts majors who graduated from college so they would spend their working hours asking, "Do you want fries with that?"
Posted on 6/24/19 at 4:42 pm to Big Scrub TX
quote:
Instead of student loan debt forgiveness, just make it dischargeable...
Who is going to pay the loss for those who file bankruptcy?
You want the taxpayer to bear that burden?
This post was edited on 6/24/19 at 4:43 pm
Posted on 6/24/19 at 4:57 pm to HogX
quote:
o act like this won't have a negative affect on the US going forward is leaning too much on tribal ideology and not enough on the reality of the situation
What's your concern? That people simply won't be able to pay their debt and the government will have to eat it?
And, your solution is to choose the end that you are worried about?
Obviously, government needs to get out of the loan business. But, for existing loans, we have it right. Those who took out these discounted loans need to pay it back for as long as it takes. The IRS should reduce deductions on tax bills, garnish wages, confiscate tax refunds, etc. for anyone who doesn't keep up with the minimum payments.
This post was edited on 6/24/19 at 4:58 pm
Posted on 6/24/19 at 5:11 pm to Big Scrub TX
The only fix is for the institution to be the holder of the debt. Then we’ll see how many administrators and shite degrees are needed.
If they want to forgive the debt, let them do so.
If they want to forgive the debt, let them do so.
Posted on 6/24/19 at 5:14 pm to HailHailtoMichigan!
quote:
The debt is the symptom of the problem
Tuition costs are where we need to make changes
Same with Healthcare. We don't have a Healthcare problem. We have a healthcare COST problem.
Posted on 6/24/19 at 5:15 pm to HailHailtoMichigan!
quote:
The debt is the symptom of the problem
Tuition costs are where we need to make changes
Posted on 6/24/19 at 5:19 pm to upgrayedd
quote:
There needs to be a tiered system when lending money for college.
Engineering - 2.5%
Social Justice - 28.3%
Art History - 432.8%
This post was edited on 6/24/19 at 5:20 pm
Posted on 6/24/19 at 5:24 pm to Big Scrub TX
Problem is they are priced like secured debt.
You can't make them dischargable retroactively
You can't make them dischargable retroactively
Posted on 6/24/19 at 5:31 pm to Turbeauxdog
quote:
Problem is they are priced like secured debt.
You can't make them dischargable retroactively
Socialists can do anything they want because it's not real money to them.
Posted on 6/24/19 at 5:38 pm to moneyg
quote:
What's your concern? That people simply won't be able to pay their debt and the government will have to eat it?
My concern is that an entire generation of college educated folks will shy away from having children/families as a way to work around the logistics of student loan debt while the welfare generation continues to multiply. I'm guessing you can see the issue there.
quote:
Those debtors have a decade or more to pay off their debt. The annual amount due is not onerous and is comparable to paying off a credit card with a 3 or 4 thousand dollar balance.
It's NOT a crisis except maybe for liberal arts majors who graduated from college so they would spend their working hours asking, "Do you want fries with that?"
A $30,000 student loan is around $250-$300 a month minimum payment. If that's what your payment on a $3000 credit card debt is then I'd suggest you talk to your lender.
You actually made some somewhat decent points until you had to resort to sliding back into your "liberal arts", "fry cook" trope. That just goes to show it's not about the subject but about your general dislike for the demographic you perceive that this affects.
Oh well.
This post was edited on 6/24/19 at 5:45 pm
Posted on 6/24/19 at 5:48 pm to HogX
quote:
As I said in another thread, this is a generational issue leading to young people having the equivalent of a mortgage right out of college without any equity. In turn, they are putting off things like buying houses and having children, if they ever do have children, to work on paying off their student loans.
No it’s not, the vast majority of student loan debtors are over the age of 30, nearly a third are over 40. The majority owe under 25,000.
The fact is most young people don’t owe a ton of student loan debt. Less than a third of all people between at 20-30 have any student loan debt at all!
Posted on 6/24/19 at 6:16 pm to HogX
quote:
My concern is that an entire generation of college educated folks will shy away from having children/families as a way to work around the logistics of student loan debt while the welfare generation continues to multiply. I'm guessing you can see the issue there.
I'm definitely not concerned about that. Those who have paid their debts will greatly benefit. Those who chose to take out debt for a degree that isn't valuable enough to pay for itself obviously won't, nor should they.
quote:
while the welfare generation continues to multiply.
This is the second time you've offered a solution (welfare) that is equivalent to your stated problem (welfare).
This post was edited on 6/24/19 at 6:17 pm
Posted on 6/24/19 at 6:38 pm to Big Scrub TX
This is the solution.
You retain moral hazard, you increase interest rates on loans (by definition), which in turn shrinks lending, and ends this runway inflation in education pricing.
You retain moral hazard, you increase interest rates on loans (by definition), which in turn shrinks lending, and ends this runway inflation in education pricing.
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