Forgive Student Loans?

#278
#278
AM64 said:
The number of medically connected grads is disturbing - like something wrong with us. Healthcare is probably so expensive because there are so many participants to feed. The number of psych degrees is way beyond disturbing - probably why there's so much wrong with us - like the inmates are in charge ... and they have psych degrees. Maybe that leads into the 53 "genders" that don't quite align with reality and anatomy.
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Just for kicks I googled UT medical center to see how many people they employed and found a report that they had published in 2013 that claimed they had 3700 ish employees, I found another website that said they currently have 4800 employees. So in less than 10 years they have increased employment by 30%, wonder why healthcare keeps going up?
 
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#280
#280
VolStrom said:
There are plenty of Porsche SUV driving real estate agents that would love for you to quit paying your mortgage, so they could swoop in and buy your house for pennies on the dollar.
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But if they cancel your student loan, I bet they don’t swoop in and take your degree, huh? 😉
That’s why I DEMAND mortgage FORGIVENESS
 
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#281
#281
OrangeTsar said:
But if they cancel your student loan, I bet they don’t swoop in and take your degree, huh? 😉
That’s why I DEMAND mortgage FORGIVENESS
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But if they cancel student load debt, they will only cancel debt for those that didn't graduate because they can least afford it. Look at it as cancelling car/boat/credit card loans for those without mortgages because they can't afford a house. In this country, it pays to be financially irresponsible.
 
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#282
#282
VolStrom said:
But if they cancel student load debt, they will only cancel debt for those that didn't graduate because they can least afford it. Look at it as cancelling car/boat/credit card loans for those without mortgages because they can't afford a house. In this country, it pays to be financially irresponsible.
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That was the point of my sarcasm 😉
 
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#283
#283
VolStrom said:
But if they cancel student load debt, they will only cancel debt for those that didn't graduate because they can least afford it. Look at it as cancelling car/boat/credit card loans for those without mortgages because they can't afford a house. In this country, it pays to be financially irresponsible.
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Those loans require collateral and a paycheck. Student loans are given to teens with no job and zero collateral. If they weren't guaranteed by the govt they would never be made. Same goes for being eligible for bankruptcy
 
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#284
#284
utvolpj said:
Those loans require collateral and a paycheck. Student loans are given to teens with no job and zero collateral. If they weren't guaranteed by the govt they would never be made. Same goes for being eligible for bankruptcy
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You default on your student loan, they come and erase your memory of your classes with one of those Men in Black eraser pens
 
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#286
#286
luthervol said:
Didn't follow the thread...but taking out business degrees seems nuts.
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Anybody can follow a simple recipe - like buy low and sell high. Anybody can figure how to cut costs to maximize profit. Not everybody has the wisdom or common sense to make decisions wisely, and schools of business don't seem to understand that point. Sometime try to explain as an engineer or other professional to a business type why a thought process is wrong. Part 2 is business types way up the ladder who make decisions based on investment markets and short term profitability - GE is a great study in how to fail. Globalism is another great way to fail - history explains the symbiotic relationship between a business market and workers - apparently schools of business are too narrowly concentrated on profitability to understand it takes people with income to buy goods.
 
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#287
#287
AM64 said:
Anybody can follow a simple recipe - like buy low and sell high. Anybody can figure how to cut costs to maximize profit. Not everybody has the wisdom or common sense to make decisions wisely, and schools of business don't seem to understand that point. Sometime try to explain as an engineer or other professional to a business type why a thought process is wrong. Part 2 is business types way up the ladder who make decisions based on investment markets and short term profitability - GE is a great study in how to fail. Globalism is another great way to fail - history explains the symbiotic relationship between a business market and workers - apparently schools of business are too narrowly concentrated on profitability to understand it takes people with income to buy goods.
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I think what people will eventually realize is that decisions made for short term profit often come with a long term expense. It is certainly a problem with Americans in general. And it's devastating to the country. We see it in the political arena all of the time. If a decision that is extremely beneficial twenty years down the road causes gas prices to go up 5 cents per gallon now, the majority are to shortsighted to support the decision. Business schools are only reflecting what society is demanding.
 
#288
#288
MurphyVol said:
In the 90s I went 4 years to Western Carolina for a grand total of 18,000. This was tuition, housing, food, books, etc. There was no financial aid involved.

Adjusted for inflation, that number today would be $8500/year.

It now costs $8600 per semester to go there.
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$8500 X 4 years = $34000 for 4 years. So you're telling me that adjusted for inflation, tuition, housing food, books etc only went up from $18,000 to $34,000 in 25 years? Using the Rule of 72, it took roughly 25 years to double, making the rate of annual growth just under 3% in costs?

Something isn't adding up with your math. Maybe that $8600 doesn't include housing, food, books... just straight tuition.

I went to the Western Carolina site and they happened to have a price calculator over there. And sure enough, just based on the 2016-2017 school year, tuition was $7361, but with everything else (housing, books, etc) it came to $20,823. Oh, that didn't include a meal plan/food, either.

Net Price Calculator

1643858019867.png

On their main admissions page, they show this currently...

Undergraduate Tuition and Financial Aid

1643858167995.png


So either way, what you paid in the 1990s for 4 years, that won't even pay for one year in 2022.
 
#289
#289
Rasputin_Vol said:
$8500 X 4 years = $34000 for 4 years. So you're telling me that adjusted for inflation, tuition, housing food, books etc only went up from $18,000 to $34,000 in 25 years? Using the Rule of 72, it took roughly 25 years to double, making the rate of annual growth just under 3% in costs?

Something isn't adding up with your math. Maybe that $8600 doesn't include housing, food, books... just straight tuition.

I went to the Western Carolina site and they happened to have a price calculator over there. And sure enough, just based on the 2016-2017 school year, tuition was $7361, but with everything else (housing, books, etc) it came to $20,823. Oh, that didn't include a meal plan/food, either.

Net Price Calculator

View attachment 432280

On their main admissions page, they show this currently...

Undergraduate Tuition and Financial Aid

View attachment 432281


So either way, what you paid in the 1990s for 4 years, that won't even pay for one year in 2022.
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That's a lot of text and charts...$18,000 in the early 90s is $35k in today's dollars using an inflation calculator. So, simply adjusted for inflation it should cost $8750/year today. In actuality, it's costs roughly that much per semester ($9038 on my calculator). So, inflation aside, prices have more than doubled.

Your last paragraph says exactly what I had said.

And yes, CPI inflation has been roughly 3% the last 30 years. Many years it's been 1-2% and was even negative in 2009. College has more than doubled the pace of inflation.

Inflation being high is a very new thing.

1992 Honda Accord LX
Original MSRP
Base Price
$15,825

2022 Honda Accord
MSRP
From $26,120
 
#291
#291
Hmmmm... I'll just leave this here.

‘My husband refuses to pay my student loans.’ His reason? I took out the loans before we were together. Is there some loophole to get him to pay? (msn.com)

Question: I am married but unemployed, and my husband refuses to pay my student loans, which I had before we were dating. Do I have access to the money? Yes. But if I were to touch it, it could cause a divorce because he feels that it’s not his responsibility, as we were not together at the time I acquired the student loans. Is there any way to get out of it? Or is there some type of loophole? I haven’t worked in years. I don’t even know how I would repay these back on my own.
 
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#292
#292
MurphyVol said:
That's a lot of text and charts...
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Very simple to read and understand, however.

MurphyVol said:
$18,000 in the early 90s is $35k in today's dollars using an inflation calculator. So, simply adjusted for inflation it should cost $8750/year today. In actuality, it's costs roughly that much per semester ($9038 on my calculator). So, inflation aside, prices have more than doubled.
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You keep leaving off the housing costs, books and other fees. In your original quote you said:
MurphyVol said:
In the 90s I went 4 years to Western Carolina for a grand total of 18,000. This was tuition, housing, food, books, etc. There was no financial aid involved.
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Obviously, $8750 today won't even cover the $9038 tuition you posted above, much less housing, books, and meal plan/food, etc.

MurphyVol said:
Your last paragraph says exactly what I had said.
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Which part in particular? I' not seeing where you are saying the same thing that I am.

MurphyVol said:
And yes, CPI inflation has been roughly 3% the last 30 years. Many years it's been 1-2% and was even negative in 2009. College has more than doubled the pace of inflation.
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I could give a damn about what the alleged CPI was calculated at for two important reasons. First, the CPI is a heavily manipulated metric that intentionally hides the true inflation rate because the CPI is the basis for COLA increases, so it is not in their best interest to show a higher than normal rate. Second, the average tuition increase year over year for as far back as I can remember have been between 7-10%, not 3%.

MurphyVol said:
Inflation being high is a very new thing.
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Inflation has been high within certain sectors of the economy for a long time, mainly in housing/real estate and college tuition costs., for example.
 
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#293
#293
utvolpj said:
Those loans require collateral and a paycheck. Student loans are given to teens with no job and zero collateral. If they weren't guaranteed by the govt they would never be made. Same goes for being eligible for bankruptcy
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Yep. But the gubbamint don't want to give up that gu-ar-an-teed income and control over people.
 
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#294
#294
Rasputin_Vol said:
Hmmmm... I'll just leave this here.

‘My husband refuses to pay my student loans.’ His reason? I took out the loans before we were together. Is there some loophole to get him to pay? (msn.com)

Question: I am married but unemployed, and my husband refuses to pay my student loans, which I had before we were dating. Do I have access to the money? Yes. But if I were to touch it, it could cause a divorce because he feels that it’s not his responsibility, as we were not together at the time I acquired the student loans. Is there any way to get out of it? Or is there some type of loophole? I haven’t worked in years. I don’t even know how I would repay these back on my own.
Click to expand...
Piggy bank beside the bed?
 
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#297
#297
Rasputin_Vol said:
Hmmmm... I'll just leave this here.

‘My husband refuses to pay my student loans.’ His reason? I took out the loans before we were together. Is there some loophole to get him to pay? (msn.com)

Question: I am married but unemployed, and my husband refuses to pay my student loans, which I had before we were dating. Do I have access to the money? Yes. But if I were to touch it, it could cause a divorce because he feels that it’s not his responsibility, as we were not together at the time I acquired the student loans. Is there any way to get out of it? Or is there some type of loophole? I haven’t worked in years. I don’t even know how I would repay these back on my own.
Click to expand...

Sounds like two morons married.
 
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#298
#298
Harvard’s Endowment Gains are Not Something to Celebrate | Opinion | The Harvard Crimson

I came across this the other day. Harvard’s endowment funding in 2021 reached nearly 54 BILLION dollars. I know it’s not exactly how endowments work, but quick calculations (80k/yr, 2300 students per year undergrad) show that they could fund full four year tuition for the next 71 enrolling classes without taking a dime from the students or government backed student loans.
 
#300
#300
Biden's Education Department will immediately Wipe Out out student loan debt for 40,000 borrowers and bring 3.6M Americans closer to ending payments by promising to fix 'longstanding failures' in forgiveness scheme that hit low-income students

President Joe Biden's Education Department again moved to ease the burden of U.S. student loans on Tuesday, with the federal government claiming its latest reforms will wipe out debts for 40,000 such borrowers and bring 3.6 million Americans closer to ending their payments.

Biden Education Department improvements to immediately wipe student loan debt for 40,000 borrowers | Daily Mail Online
 
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