Forgive Student Loans?

#477
#477
volfanhill said:
Loans should not be backed
People should be able to bankrupt against them
You are an ass if you think your loan should be paid off for you by others.
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Imo the loans aren't the root cause. Its the tuition. A college education should not be equal a mortgage. Thats just people getting rich off of setting people up for failure.
 
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#478
#478
K-town Vol Fan said:
Imo the loans aren't the root cause. Its the tuition. A college education should not be equal a mortgage. Thats just people getting rich off of setting people up for failure.
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I agree. And there are several responses for it. When the loans are guaranteed then there is zero reason for the banks not give out the loans to anyone and everyone. There is no reason for universities to not charge ridiculous amounts for tuition etc. Had the government stayed out it wouldn't be this mess.
 
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#479
#479
I still say cap interest at 1 or 2% (and apply it retroactively) and make student loans dischargeable in bankruptcy and it probably solves like 80% of the problem.

I'm not going to sit here and pretend like gov't backed student loans should totally be done away with. Even as a 3.8 student it's very likely I wouldn't have a degree without them, but the blank check for institutions to basically charge whatever they want and anyone with a pulse qualifying for a student loan needs to be heavily reeled in.
 
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#480
#480
orangepridenation said:
I still say cap interest at 1 or 2% (and apply it retroactively) and make student loans dischargeable in bankruptcy and it probably solves like 80% of the problem.

I'm not going to sit here and pretend like gov't backed student loans should totally be done away with. Even as a 3.8 student it's very likely I wouldn't have a degree without them, but the blank check for institutions to basically charge whatever they want and anyone with a pulse qualifying for a student loan needs to be heavily reeled in.
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All the government has done is make it worse. Get them out. The market will adjust when you get the governments bs out .
 
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#482
#482
Mr_Henley said:
Universities have been setting billions of dollars on fire for decades, because DC keeps writing the checks (to the school and loaning money to the kids… who pay it to the schools)

Noodle that one out and get back to me.
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A lot of people fail to grasp that the federal student loan machíne is responsible for 80+% of the tuition inflation over the last 30 years. And to combat the inflation they increase the max loan amounts each year. Unfortunately the success metric at the DOE is total dollars distributed. It’s a vicious cycle that is now becoming unsustainable.
 
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#485
#485
DC_Vol said:
A lot of people fail to grasp that the federal student loan machíne is responsible for about 80+% of the tuition inflation over the last 30 years. And to combat the inflation they increase the max loan amounts each year. Unfortunately the success metric at the DOE is total dollars distributed. It’s a vicious cycle that is now becoming unsustainable.
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Which in turn feeds this desire by schools to grow the enrollment. How? Offer nicer amenities, on the taxpayer’s dime of course. So school gets more and more expensive. Vicious cycle like you say.
 
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#486
#486
allvol123 said:
Which in turn feeds this desire by schools to grow the enrollment. How? Offer nicer amenities, on the taxpayer’s dime of course. So school gets more and more expensive. Vicious cycle like you say.
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It’s insane. But UTK’s campus looks better than ever. When I was there, let’s just say it had more urban character.
 
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#487
#487
newyorkvol said:
OP was in 2012. Can’t believe people are still selling their votes on a campaign promise of student loan forgiveness.

For the record, undergrad at UT courtesy of TN National Guard, graduate school by Army scholarship. Zero debt.

But we don’t hear too much about that way to get a “free” college education.
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And it doesn't even need to be "free". The costs just need to be reigned in.

There is still plenty of value in a college degree, but there is a disconnect between expectation vs. reality for many students. Unless you're an ivy-leaguer or work in a very lucrative industry, you generally still have to work your way up in the world. You're not just gonna walk across the stage to a 6-figure or even an upper 5-figure job most times unless nepotism is involved.

The barista with an art degree has become a trope among the trade school army, but honestly? If Starbucks was all you could find, so be it. Just USE your damn degree. Move up. Aim for that manager position. Come in a little bit early. Stay a little late. In 10 years you'll probably have a corporate gig and a house payment. It's still only like one third of Americans who actually graduate college. There are plenty of opportunities out there for people who take even the slightest bit of pride in their work.

Location is another big factor. I regularly see people with degrees complaining about no good jobs, but then I find out they still live in their sh!tkick hometown of 800 people. I know that not everyone can just pack up and move, but anything worth having is gonna require some sacrifice.
 
#488
#488
volfanhill said:
All the government has done is make it worse. Get them out. The market will adjust when you get the governments bs out .
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Horse s**t. Without gov't loans I likely have neither my degree or my job. The bank sure as hell wasn't gonna give me that money at 18.

There is a place for gov't loans in higher ed, but there is a smart way to go about it, and many not-so-smart ways of going about it. We have full-on dry humped the latter for decades.
 
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#489
#489
orangepridenation said:
Horse s**t. Without gov't loans I likely have neither my degree or my job. The bank sure as hell wasn't gonna give me that money at 18.

There is a place for gov't loans in higher ed, but there is a smart way to go about it, and many not-so-smart ways of going about it. We have full-on dry humped the latter for decades.
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The banks would have given out responsible loans. I don't know if that matches you. Instead everyone got one. The problem isn't the banks. It's the guarantee the banks got from the government. Oh and the no bankruptcy thing is huge.
 
#490
#490
volfanhill said:
The banks would have given out responsible loans. I don't know if that matches you. Instead everyone got one. The problem isn't the banks. It's the guarantee the banks got from the government.
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I don't think there's a responsible loan to be given at 18 years old. What's the means test? I was not a very good student in high school, but I was a very good one in college (maturity I guess). The pride of Mayberry isn't a sure thing at that age.
 
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#491
#491
utvolpj said:
No it's not. If the govt wasn't guaranteeing these loans they would never be made. No bank in this country is handing out $100k to an 18yo with no credit and no collateral
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It is absolutely an issue with credit, as a fed student loan default will affect ones credit score.
 
#494
#494
SpaceCoastVol said:
The banks were guaranteed those loans. That is the problem. Let people bankrupt that **** and a lot of problems get solved. The pain will be born by those who took out the loans, the banks who lent them and the universities that ran up stupid costs for stupid degrees
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That would be the way going forward. But for those that got involved in the current system, I think that what you have is a racket where the banks and universities win no matter what and the students are tied down for a lifetime with debt that can't realistically be extinguished.
 
#495
#495
Mr_Henley said:
I’ve come to a point where I would concede, sure, pay off all outstanding student loans:

End all federal funding to colleges, and make it illegal for the federal government, or it’s subsidiaries, to loan money for college education going forward.

Then watch how many $100,000 a year humanities twice a week “professors” lose their jobs. Universities have been setting billions of dollars on fire for decades, because DC keeps writing the checks (to the school and loaning money to the kids… who pay it to the schools)

Noodle that one out and get back to me.
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That's reasonable.
 
#496
#496
K-town Vol Fan said:
4 years at UT, living on campus, is over 120k. How many 17 years old have that type of earning power? Thats 30k a year. I suppose you could work full time, and pay 100% of your salary and MAYBE get close to paying it off, but then you probably aren't going to be able to graduate in 4 years working full time. The whole system is ****ed. And don't get me started on the $130 text books. Its all ****ing money racket, and it needs to stop.
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Yeah, these Boomers are in here thinking that college costs the same as it did in the 1960s when you could wash cars all summer to pay a year's tuition.
 
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#498
#498
volfanhill said:
Why should other tax payers be rewarding you for following through with your obligations?
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Not me, people with student loans. Us tax payers would not be rewarding them as much as easing an unfair and unjust burden.
Why do tax payers give Ukraine 40 billion?
Why do tax payers bail out companies?
Why do tax payers subsidize farmers?
Why do tax payers provide a safety net?
 
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