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Message
re: Student loan bubble about to burst
Posted on 4/11/17 at 11:42 am to upgrayedd
Posted on 4/11/17 at 11:42 am to upgrayedd
quote:
Why are "for-profit" schools always demonized? State schools have the same exact goals as U of Phoenix - money, money, money.
U of Phoenix and their ilk are not looked on with the same value as traditional colleges in the workplace. People enrolled in those schools should be aware that it may not help them get a job, or a better job. However, I'm really talking about the straight out fraudulent outfits--Enroll somebody in a cosmetology course or a legal assistant course for several thousand dollars, take their money, and don't teach them anything that will help them get a job.
1
Posted on 4/11/17 at 11:46 am to DrunkerThanThou
Butt hurt boomers in 3...
Posted on 4/11/17 at 11:47 am to PoundFoolish
quote:
And I, for one, welcome the coming collapse
A correction would be nice, but it will suck to see unemployment rise.
Posted on 4/11/17 at 11:50 am to Scruffy
quote:
Is LSU still building that giant LSU pool?
Yes. It was built with student fees though.
That pool certainly made for bad optics when F King went on his annual fear mongering tour on CNN, Fox, and MSNBC.
Posted on 4/11/17 at 11:50 am to dewster
quote:
but it will suck to see unemployment rise.
Unemployment won't rise. If anything it will get better.
It will suck worse to see the government have more influence.
Posted on 4/11/17 at 11:52 am to TheXman
quote:
I had a handful of teachers at UGA who were just there for 'research' but had to teach some classes to satisfy requirements. They had no fear of being fired, much less reprimanded.
Most universities are the same way. The University puts an incredible amount of pressure to bring in external funds. For instance, of every grant that comes in, LSU scoops 42% off the top. Faculty get paid 9 months of salary and need to find grants to fill in the remaining 3 months, not to mention their research staff.
The big 3 at LSU are engineering, oceanography, and chemistry that bring in by far the most dollars. Many have TA's teach the intro level classes and a fresh PhD student can teach mid level. This allows professors to write proposals, manuscripts, etc...to stay competitive for grants.
Posted on 4/11/17 at 11:58 am to DrunkerThanThou
quote:
Paying back student loans wouldn't be as big of a problem if the baby boomers actually saved their money and retired like they were supposed to. The job market for 20 year olds (even those with a non-basket weaving degrees) is atrocious. Just another example on how millenials will be forced to pick up the slack for their lazy asses
Boooommmmm
Posted on 4/11/17 at 12:21 pm to Jake88
quote:
That's it? That's all? The price of a Honda Accord? Pay your fricking debt, goddamn. (not directed specifically at OP)
This.
They're too entitled to give up their lush lifestyle of organic foods, overpriced coffee, going clubbing, etc to pay down student loan debt.
Go get an entry level job, a crappy apartment, and stock up on ramen noodles and totinos party pizzas and pay your debts.
Posted on 4/11/17 at 12:26 pm to deltaland
Posted on 4/11/17 at 12:31 pm to 50_Tiger
quote:
woah woah woah
I worked 50 hours plus as a supervisor for Best Buy while obtaining my BSEE.
Find a ABET Certified Engineering School (That will actually get your foot in the door) for less than 50k over 4 years...I'll wait.
That's not including Living expenses.
Hot Take: That shite is expensive and your 2 jobs would not pay for it. I promise you.
Plenty of other people manage to pay their bills. Maybe you should focus on paying your student loan debt down before making other bigger purchases. Just because you can't manage your finances doesn't mean you have the right to take tax payer money to do so.
Posted on 4/11/17 at 12:31 pm to Jim Rockford
quote:
U of Phoenix and their ilk are not looked on with the same value as traditional colleges in the workplace. People enrolled in those schools should be aware that it may not help them get a job, or a better job. However, I'm really talking about the straight out fraudulent outfits--Enroll somebody in a cosmetology course or a legal assistant course for several thousand dollars, take their money, and don't teach them anything that will help them get a job.
Sorry, but this happens in every state university. I had to take poli sci and history classes that did nothing to help me with getting a job.
Posted on 4/11/17 at 12:43 pm to wryder1
quote:
Plenty of other people manage to pay their bills. Maybe you should focus on paying your student loan debt down before making other bigger purchases. Just because you can't manage your finances doesn't mean you have the right to take tax payer money to do so.
Rofl dude I probably pay more in taxes than you at this very moment....
FYI, I pay my 445 like a good pleb every month.
And who are these plenty of other people?
You dont amass 1.4tr bubble by plenty of other people managing to pay their bills LOL.
1 Semester @ UT when I went was 8k (just checked its now 10k a semester)
8k * 8 Semesters (If you are lucky since you know Engineering is typically 4.5-5 year degree @ 130 Semester Hours in the state of TX)
64k Total Just for School.
That's 16k a year.
BBY paid me 18k a year for the first three years, 30 the last year.
So 18k a year....lets see if I can remember what I was paying back then in expenses...
Oh mind you this is taking loan money out btw to cover all of college.
Year basis
Rent = 600
Gas = 120
Food = 250
Books = ~ 300
Electricity = 50
Internet = 60
Misc (Dates, Social Things, Life) = 150
Insurance = 150
---------------------
Total (Im sure im missing something else) = 1680 a month
Year = 20160
Soooooo Mr. Handle your finances better exactly how can you make 18k > 20160????
Those costs are with a room mate btw.
edit: I totally forgot a car payment of 225 and Cell Phone 50 bucks....so yeah
You have no clue.
This post was edited on 4/11/17 at 12:46 pm
Posted on 4/11/17 at 1:05 pm to wryder1
I like that the automatic assumption of anyone who complains about their student debt is that they aren't paying it at all.
Posted on 4/11/17 at 1:09 pm to CorporateTiger
quote:Well if complaining means one isn't fulfilling their obligations, then nobody is paying taxes.
I like that the automatic assumption of anyone who complains about their student debt is that they aren't paying it at all.
Posted on 4/11/17 at 1:14 pm to Aubie Spr96
quote:
Anyone got some good investment strategies for this collapse?
I don't thinks so. There are no investment derivatives off of student loan debt that I'm aware of.
Posted on 4/11/17 at 1:21 pm to PoundFoolish
quote:
.In America, 44m people have student debt. Eight million of those borrowers are in default. That’s a default rate which is still higher than pre-crisis levels
That's a 18.8% default rate.
Now student loan debt cannot be forgiven. It follows the borrower for life or until it's paid off. So it's my understanding that the debt is not charged off by the lending institution. Once the borrower defaults on the student loan the lending institution will do what it takes to get paid...e.g., garnish wages.
Normal charge off rates on other types of loans are under 2%. During the 2008 finical crisis the charge off rate reached 8% and that brought the banking system to its knees. The banks needed the Federal Reserve to purchase all that bad debt (mortgage backed securities) though QE to keep the banks liquid.
Student loan debt won't work like this since the borrower is obligated to pay that debt back and it can never be forgiven.
Posted on 4/11/17 at 1:21 pm to CorporateTiger
Interesting to see how so may small government conservatives immediately side with the government in these threads.
Posted on 4/11/17 at 1:24 pm to Quidam65
They need to limit the availability of federally funded student loans. You wouldn't lend someone $30K for a car without ensuring they can pay it back. Why are we lending money for people to pursue careers that have zero earnings potential?
No fricking way in hell that I, or anyone else, should be subsidizing Daisy Sapphire's women's studies education. Starbucks can do that.
No fricking way in hell that I, or anyone else, should be subsidizing Daisy Sapphire's women's studies education. Starbucks can do that.
Posted on 4/11/17 at 1:25 pm to NIH
Most of them hate milennials more than the government, which is crazy.
Posted on 4/11/17 at 1:32 pm to ocelot4ark
quote:
They need to limit the availability of federally funded student loans. You wouldn't lend someone $30K for a car without ensuring they can pay it back. Why are we lending money for people to pursue careers that have zero earnings potential?
They are required by federal law to pay back their student loan. It can never be forgiven.
This post was edited on 4/11/17 at 1:38 pm
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