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re: Student debt is high because of liberals crazy loan program allowing colleges to charge
Posted on 7/28/18 at 11:49 am to HailHailtoMichigan!
Posted on 7/28/18 at 11:49 am to HailHailtoMichigan!
I understand that. My question is whether the system could work, if the bright kids with good prospects can simply get a loan and thereby deprive the investment groups of their “profitable” students.
This post was edited on 7/28/18 at 11:51 am
1
Posted on 7/28/18 at 11:51 am to jimdog
Students majoring in engineering or business are more likely to pay them back than one majoring in Lesbian folklore.
Posted on 7/28/18 at 11:54 am to Froman
quote:
The righties here have the market cornered on saying something dumb in threads. It’s why this place is such a riot.
comedy gold
Posted on 7/28/18 at 11:54 am to HailHailtoMichigan!
Investors calculate how they will repay the loan, how long it will take to repay the loan and how quickly you will return a profit.
Few Students racking up a 100K in debt have no plan to pay this off.
Few Students racking up a 100K in debt have no plan to pay this off.
This post was edited on 7/28/18 at 3:30 pm
Posted on 7/28/18 at 11:56 am to doubleb
quote:
Fee Students racking up a 100K in debt have no plan to pay this off.
and for the first couple of years in "elite" places they are wracking up more in debt than the people doing most of the "teaching" are making because at FR and SO levels GAs do all of the interacting with students
Posted on 7/28/18 at 12:00 pm to airfernando
No, this is a liberal boondoggle from the get-go! The money changers and the guys with the green visors just grabbed onto the coattails of the lib law makers (Obama was a big pusher) and took advantage. And guess what, tons of it ain't getting paid back because the students who were somewhat victimized by the libs...CAN'T FREAKING PAY!
Incomes over the 2008 thru 2017 periods went to hell. When I was a kid starting out you could make it if you went your azz to work! I went to school on the GI bill and worked or the U. said it was work, mostly slept. But got out and wanted to make some money so I took a job hustling Fords while I decided what I wanted to do....In early 70's, I made $50K yr selling Fords, that about $250K now I spose. In a smaller city. That has been impossible for a young man to do in the last few years of some more Lib insanity. The drive to eliminate or shrink the middle class. But Trump has got the engine going again and pay is picking up. Go west young man and get yourself a job selling shite. Cars, real estate, furniture, roofs, hell anything that costs something.
Incomes over the 2008 thru 2017 periods went to hell. When I was a kid starting out you could make it if you went your azz to work! I went to school on the GI bill and worked or the U. said it was work, mostly slept. But got out and wanted to make some money so I took a job hustling Fords while I decided what I wanted to do....In early 70's, I made $50K yr selling Fords, that about $250K now I spose. In a smaller city. That has been impossible for a young man to do in the last few years of some more Lib insanity. The drive to eliminate or shrink the middle class. But Trump has got the engine going again and pay is picking up. Go west young man and get yourself a job selling shite. Cars, real estate, furniture, roofs, hell anything that costs something.
This post was edited on 7/28/18 at 12:02 pm
Posted on 7/28/18 at 12:02 pm to jimdog
quote:This trend pre-dates Obama by almost 50 years.
this is a liberal boondoggle from the get-go! The money changers and the guys with the green visors just grabbed onto the coattails of the lib law makers (Obama was a big pusher) and took advantage.
Posted on 7/28/18 at 12:04 pm to AggieHank86
quote:This. It is not a party specific issue. Both are willing supporters.
This trend pre-dates Obama by almost 50 years.
Posted on 7/28/18 at 12:07 pm to airfernando
quote:Are you trying to shut down the poliboard?
let's not erroneously blame just the liberals.
Posted on 7/28/18 at 12:07 pm to jimdog
quote:
According to the College Board, the average cost of tuition and fees for the 2017–2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities.
For a state resident, that's 40 grand. I don't see any major obstacle in paying that off. Hell, within a couple of years of graduating they are out buying a car for 30 grand or more and running up credit card debts but they see that as being different. Go figure.
Posted on 7/28/18 at 12:11 pm to Joshjrn
Agreed. Both sides are complicit and oh so ready to provide infinite funding for everyone to attend a 4 year resort.
Of course, you have to pay it back with interest, and you aren’t allowed to discharge it in bankruptcy.
It’s a total shitshow, and we should be disincentivising companies from requiring college degrees to answer phones and print faxes.
Of course, you have to pay it back with interest, and you aren’t allowed to discharge it in bankruptcy.
It’s a total shitshow, and we should be disincentivising companies from requiring college degrees to answer phones and print faxes.
Posted on 7/28/18 at 12:30 pm to AggieHank86
No, not to the extent that BO took it to the mainstream. Just basically do it. Add his Grant programs and boom!
Posted on 7/28/18 at 1:00 pm to Homesick Tiger
While I agree with you, that chart does not include room/board, and is likely skewed downward by community colleges (which are a great cost saving alternative)
Posted on 7/28/18 at 1:50 pm to HailHailtoMichigan!
quote:
College is an investment....investments require initial funding that may or may not be recouped and then some.
This is like saying that work transportation is an investment, and then being forced to pay a new Ferrari price for a used Ford.
Posted on 7/28/18 at 3:33 pm to HailHailtoMichigan!
quote:
College is an investment....investments require initial funding that may or may not be recouped and then some.
Businesses and individuals go into debt all the time for long run increases in returns (wages in the case of college graduates)
The argument against college debt is essentially arguing that investments should not require initial funding. That goes against basic economic and financial structures
Who crunches the numbers to figure out what the ROI is on this venture capital? Or, is no one watching.
I graduated dental school almost 20 years ago and borrowed 65K. Today, the same school tuition is 400K. Some of these students also have undergraduate debt in the 80-100K range. There is no way in hell a bank today is going to lend a new dental grad money for a start up practice or to finance an practice aquisition.
It is a travesty, that universities keep raising their tuition based only on the amount that is available for the students to borrow. It’s especially troubling that they charge what they do, when dental students can actually bring in some revenues in their third and forth years since the schools are not doing the work for free.
Higher education is a racket that needs to be broken.
Posted on 7/28/18 at 6:03 pm to jimdog
You’re partially right.
Student debt is high because we’ve allowed govts and lenders to fund education. The more money that’s available, the more inflation is created...thus prices rise. People need to borrow as they can’t afford it otherwise...thus higher debt loads.
Now how did this happen?
When banks could sell or get govt guarantees for their loans and were not financially responsible for their performance- they quit caring about whether they could be paid back. Thus they lend $$$ on the “collateral” of an overpriced liberal arts degree.
This was also fueled by a Fed that suppressed rates. So the bank had free access to capital it could loan for shite like education and they didn’t have to worry if the loans would perform. Ma and Pa USA have been conditioned to borrow for everything so this seemed fine to them.
ALSO, the govt decided everyone needed an education so they created other tuition programs that only required a certain GPA to maintain.
The colleges love getting new students...so they created a ton of worthless degrees that could keep the GPA’s in line to keep the money flowing so they could build new stadiums.
The real victim is the kid that actually wants to pay for his education but can’t afford to at today’s ridiculous tuition costs.
It is a case study for how govt interference distorts markets. If people had to actually pay cash for tuition the cost would drop by 50% or more.
Student debt is high because we’ve allowed govts and lenders to fund education. The more money that’s available, the more inflation is created...thus prices rise. People need to borrow as they can’t afford it otherwise...thus higher debt loads.
Now how did this happen?
When banks could sell or get govt guarantees for their loans and were not financially responsible for their performance- they quit caring about whether they could be paid back. Thus they lend $$$ on the “collateral” of an overpriced liberal arts degree.
This was also fueled by a Fed that suppressed rates. So the bank had free access to capital it could loan for shite like education and they didn’t have to worry if the loans would perform. Ma and Pa USA have been conditioned to borrow for everything so this seemed fine to them.
ALSO, the govt decided everyone needed an education so they created other tuition programs that only required a certain GPA to maintain.
The colleges love getting new students...so they created a ton of worthless degrees that could keep the GPA’s in line to keep the money flowing so they could build new stadiums.
The real victim is the kid that actually wants to pay for his education but can’t afford to at today’s ridiculous tuition costs.
It is a case study for how govt interference distorts markets. If people had to actually pay cash for tuition the cost would drop by 50% or more.
This post was edited on 7/28/18 at 6:05 pm
Posted on 7/28/18 at 6:08 pm to Bjorn Cyborg
quote:
Federal Student Loans should be limited to the in-state cost of attendance to the most expensive public school in that state.
The Federal Government should not be guaranteeing loans for private school or out-of-state tuition.
Really shouldn't be guaranteeing them at all, but I will concede that point for now).
Alternate solution: Tie the interest rate to the major based on historic default rates. Also price in the school's default rate - that would incentivize schools to keep tuition low and quit offering bogus majors.
Posted on 7/28/18 at 6:21 pm to Bestbank Tiger
Why not just take the Fed Govt out of it entirely? Banks have to hold the loans so they need to underwrite the risks they’re lending on.
Will that reduce available capital? Absolutely. Then the colleges will actually have to compete to develop curriculum that will be meaningful and their pricing will have to adjust based on demand.
Will that reduce available capital? Absolutely. Then the colleges will actually have to compete to develop curriculum that will be meaningful and their pricing will have to adjust based on demand.
Posted on 7/28/18 at 8:06 pm to jimdog
William Bennett said this 30 years ago while serving under Reagan. The NY Fed released a study on this recently that agreed: "We estimate tuition effects of changes in
institution-specific program maximums of about 60 cents on the dollar for subsidized loans and 15 cents on the dollar for unsubsidized loans."
LINK
The market is fricked for anyone trying the pay their way through college without relying on the government and the corporatocracy.
institution-specific program maximums of about 60 cents on the dollar for subsidized loans and 15 cents on the dollar for unsubsidized loans."
LINK
The market is fricked for anyone trying the pay their way through college without relying on the government and the corporatocracy.
Posted on 7/28/18 at 8:10 pm to jimdog
True, but let's find a market solution. Trade schools. Private schools. At a certain point there has to be diminishing returns.
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