Forgive Student Loans?

[Vol8188]

Low blow.

How about that question I posed to you earlier if you’re bored?

The rhetorical question?

And I disagree. You don’t get to constantly moan about your finances and the cost of your healthcare while admitting you could’ve provided more for your family. I have no respect for it.

 

[Rasputin_Vol]

I get that law, medical schools, etc is quite an expensive venture but there no way some should be spending exorbitant amounts of money on a basic bachelor's degree.

No one with sense disagrees. The problem is that the govt and the universities created this madness and the lenders, which normally would have weighed the risk of issuing loans at any other time, were put in a position to welcome all comers and then benefit from the interest and charges tied up in the money they created out of thin air.

 

[85SugarVol]

You’re wanting to me answer that? I assumed it was rhetorical. 1.7 is the cost of student loan forgiveness?

I would assume we get additional inflation.

I think we would certainly get more inflation. That would go under the “what do we get” column.

What We Get:
Permanent dismantling of the Federal Student Loan program.
Complete repudiation of that entire philosophy and line of thought.
Increased Inflation on top of what is currently playing havoc.

What We Pay:
$1.7T


What else would we get?

 

[85SugarVol]

The rhetorical question?

And I disagree. You don’t get to constantly moan about your finances and the cost of your healthcare while admitting you could’ve provided more for your family. I have no respect for it.

Was not meant to be rhetorical

 

[DC_Vol]

I think we would certainly get more inflation. That would go under the “what do we get” column.

What We Get:
Permanent dismantling of the Federal Student Loan program.
Complete repudiation of that entire philosophy and line of thought.
Increased Inflation on top of what is currently playing havoc.

What We Pay:
$1.7T


What else would we get?

I don’t think there has been any talk of dismantling the student loan program along with this debt cancellation. I would almost guarantee it wouldn’t happen.

 

[Vol8188]

I think we would certainly get more inflation. That would go under the “what do we get” column.

What We Get:
Permanent dismantling of the Federal Student Loan program.
Complete repudiation of that entire philosophy and line of thought.
Increased Inflation on top of what is currently playing havoc.

What We Pay:
$1.7T


What else would we get?

I’m not convinced they dismantle the student loan program. What’s the alternative

 

[SpaceCoastVol]

I'm open to reasonable solutions. There is not going to be a perfect solution to this.

Yeah there is. Don't take on any additional debt until you pay this one off. None, zilch, nada. Stop buying **** you cannot afford, and if you have a student loan you can't afford anything. No tatts,no phones... Nothing but food and clothes.

 

[SpaceCoastVol]

I’m not convinced they dismantle the student loan program. What’s the alternative

Work

 

[Vol8188]

Work

For you and I, yes. But if this is done it will be by the Biden admin. We both know that won’t be their alternative

 

[Vol8188]

No. I'm implying that blessings rain on the just and the unjust, the rich and the poor.

We treat debtors in this country as if they're lepers, a hangover from when the south actually was a gigantic debtor colony.

Have no clue where you’re getting this. I would have encouraged people to take on good debt until about 3 months ago when the rates started moving.

There’s nothing more American than debt. I think the car loan was an American invention

 

[MurphyVol]

No one with sense disagrees. The problem is that the govt and the universities created this madness and the lenders, which normally would have weighed the risk of issuing loans at any other time, were put in a position to welcome all comers and then benefit from the interest and charges tied up in the money they created out of thin air.

I don't necessarily disagree, my point was to get the message through to those yet to be suckered in. Whether you believe in forgiveness or not, people need to be educating the coming generation on what a scam higher education can be

 

[MurphyVol]

Now how many parents have the financial means or the cognitive ability and wisdom to do what you did for your children? I'm not criticizing you, I'm just saying that there is a lot of misinformation or flat at no information given to these guys when they are making one of the biggest life choices they could make at that age.

Most parent have internet access. All the details are there and there are free tools to calculate payments, etc.

Nobody taught me a class on it, I sat down and did a ton of research myself. Nobody should tell a 17 year old to "figure it out" themselves. If your parents don't have the metal capability of 5th grade math, they should learn on a guidance counselor .

 

[Rasputin_Vol]

I think we would certainly get more inflation. That would go under the “what do we get” column.

What We Get:
Permanent dismantling of the Federal Student Loan program.
Complete repudiation of that entire philosophy and line of thought.
Increased Inflation on top of what is currently playing havoc.

What We Pay:
$1.7T


What else would we get?

All "we" get is more inflation, as you pointed out, and slightly higher debt. But at this point, $1.5 trillion on top of what we have right now and what we will likely have in the future, especially if Biden remains in office and has us in another unnecessary conflict overseas.

 

[Rasputin_Vol]

Yeah there is. Don't take on any additional debt until you pay this one off. None, zilch, nada. Stop buying **** you cannot afford, and if you have a student loan you can't afford anything. No tatts,no phones... Nothing but food and clothes.

You do realize that student loan debt shows up on credit reports, right? So if someone is dumb enough to extend them commercial credit, then that is the risk that lender should carry.

And also, lets not cry any tears for these lenders. They made these loans out of thin air. They didn't have any deposits backing these loans. Lets now pretend this is a real loss to the banks (or to the universities or to the govt for that matter).

 

[Rasputin_Vol]

I don't necessarily disagree, my point was to get the message through to those yet to be suckered in. Whether you believe in forgiveness or not, people need to be educating the coming generation on what a scam higher education can be

You will not see me disagree with this.

 

[Rasputin_Vol]

Most parent have internet access. All the details are there and there are free tools to calculate payments, etc.

Nobody taught me a class on it, I sat down and did a ton of research myself. Nobody should tell a 17 year old to "figure it out" themselves. If your parents don't have the metal capability of 5th grade math, they should learn on a guidance counselor .

Everything you are saying directly lines up with what I said earlier... I would also add that you exercised personal initiative.

Now how many parents have the financial means or the cognitive ability and wisdom to do what you did for your children? I'm not criticizing you, I'm just saying that there is a lot of misinformation or flat at no information given to these guys when they are making one of the biggest life choices they could make at that age.

 

[VolStrom]

What happened to vocational schools? Back when I was in high school there was an option where I could go to a vocational school for the second half of the day or attend classes like gym and art.

 

[Vol8188]

What happened to vocational schools? Back when I was in high school there was an option where I could go to a vocational school for the second half of the day or attend classes like gym and art.

I’ve brought this up in a few threads, but this is where education is failing today. Over the last 10-15 years the number of students who can obtain a 2 year associates degree while in high school has skyrocketed.

The same can’t be said for vocational schools. We are graduating high school kids with an associates in social sciences left and right. But zero plumbers. Zero HVAV techs. Zero electricians.

We need to stop attempting to reinvent the system by hiring vocational teachers and increasing funding for vocational departments; and start creating agreements between tech schools and high schools similar to the duel enrollment options with community college

 

[85SugarVol]

I’m not convinced they dismantle the student loan program.

I see no other way.

 

[Vol8188]

I see no other way.

Why would Biden do that unless he plans on replacing it with something far worse?

 

[Rasputin_Vol]

What happened to vocational schools?

School guidance counselors, the media and govt started to de-emphasize vocational school and even looked down on vocational schools in favor of getting more kids in 4 years colleges. This has been a thing for over 30 years when I was in high school. They shut down a vocational school in town the same year I graduated.

Also, high schools are incentivized to push kids into 4 year schools because it looks good on the metrics they are measured by and how they receive funding.

Back when I was in high school there was an option where I could go to a vocational school for the second half of the day or attend classes like gym and art.

Yeah, Boomer. You are out of touch with how things have been totally corrupted since you and Eddie Haskell were running around sock hopping. These kids since the mid 1980s or so have not been given good guidance and good structure. So is there any wonder why we find ourselves in the situation we are in right now? You judge a tree by the fruit it bears. This country has done a terrible job of arming these kids.

 

[DC_Vol]

I see no other way.

I can tell you with certainty that the federal loan and grant programs are the crown jewel of the DOE. They get measured, funded, and rewarded on total disbursement value.

These programs are not considered failures and repayment is not even a factor in the evaluation of the programs. They are considered a huge success and will not be going anywhere.

 

[BigOrangeTrain]

Because empathy and understanding are signs of higher functioning individuals.

Maybe in your opinion. What is there to understand? Why should here be empathy? Why should young people be coddled? I knew full well the debt I was getting into when I took out student loans. How did I know that? I actually did my research. If you want to equate rewarding blatant ignorance to higher functioning individuals, then you need help.

 

[Orangeburst]

The alternative aftermath is "free college" coded in law as they have been clamoring for years, or just keep politically wielding debt cancellation every few years. Would be a convenient "divide" of their own self making.
Imagine being the first in line for a loan after a $1.6T debt cancellation. Screams of unfair....uhh that "equality" mantra.

 

[Brave Volunteer]

I’ve brought this up in a few threads, but this is where education is failing today. Over the last 10-15 years the number of students who can obtain a 2 year associates degree while in high school has skyrocketed.

The same can’t be said for vocational schools. We are graduating high school kids with an associates in social sciences left and right. But zero plumbers. Zero HVAV techs. Zero electricians.

We need to stop attempting to reinvent the system by hiring vocational teachers and increasing funding for vocational departments; and start creating agreements between tech schools and high schools similar to the duel enrollment options with community college

Agreed 100%! Not only that, not EVERY damn job should require a college degree just to get your foot in the door. The head of our AP department in my company decided a few years back that she was only going to hire people with a degree. Guess what? The turnover rate in her department skyrocketed because people with higher earning potential tend to move on to better opportunities. There ARE people in this world where college isnt an option for various reasons and there needs to be better job opportunities for them beyond Wal Mart, fast food and janitorial services.

I have an uncle who didnt have a college degree. Started on the ground floor with a company as a timekeeper. Worked his way up to regional director, making a damn good living! Hes now retired, living in a posh, gated community. Imagine if he had been turned away or been passed over for promotion all because he didnt have a degree.