The next big bubble... student loans???

#1
Rasputin_Vol

Rasputin_Vol

"Slava Ukraina"
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#1
#2
#2
Comments section...

From a former college financial aid worker: the system is stacked to milk the (government) system, i.e the taxpayers. Grants (free money) are given out based on "ability to pay," If a student or parents save for college (a radical idea that!) the amount of savings counts against them and they are eligible for less. Student is better off withdrawing savings to buy a car, or tech gear, etc. Loans are given based on "cost of education." Students attending higher cost schools are eligible for more money. There is a disincentive for schools to keep their costs down.
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#4
#4
To a lot of American kids, the college degree outside of doctors and lawyers, is becoming useless...

Spending half of your working life, and some even more, paying back student loans that afford you a job of 50k a year is not worth it.

Education and medical cost are not even fair to the common citizen...
 
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#5
#5
Student loan debt is no different that mortgage debt, if you want to get paid back you only loan to people that will be able to pay you back. The problem with student loan debt is that it's unsecured and although it can't be forgiven in bankruptcy court, people have to have income to repay it.

They shouldn't loan money to people that pursue worthless degrees. Any Bachelor of Arts degree should be instantly regarded as not worthy of a loan or a very small one. Business degrees, engineering degrees, medical degrees that are worth something in the market place and should qualify.

Disagree or not but, these diploma mills and useless degrees don't deserve a loan that most likely can never get paid back.
 
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#6
#6
VolStrom said:
They shouldn't loan money to people that pursue worthless degrees. Any Bachelor of Arts degree should be instantly regarded as not worthy of a loan or a very small one. Business degrees, engineering degrees, medical degrees that are worth something in the market place and should qualify.
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I don't disagree really, but this would require a complete change in the views of education by the fed govt and much of the US population. They have to get rid of the mindset that "every kid should go to college and should be able to major in 10th century medical practices."

Unfortunately I doubt it will happen.
 
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#7
#7
TheDeeble said:
I don't disagree really, but this would require a complete change in the views of education by the fed govt and much of the US population. They have to get rid of the mindset that "every kid should go to college and should be able to major in 10th century medical practices."

Unfortunately I doubt it will happen.
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It will happen at some point. That point will be reached when we can no longer afford to pump out these loans and you will see A BUNCH of these colleges and universities go belly up (maybe even some state institutions).

All bubbles and pyramids schemes eventually have to come to an end.
 
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#8
#8
While some degrees fall in your "useless" category for sure (Philosophy, etc.), not all BA degrees are crap. Degrees in foreign languages and Geography (which is a BA at UTK) are particularly valuable to the US military and business interests for translation and cartography.
 
#10
#10
Rasputin_Vol said:
It will happen at some point. That point will be reached when we can no longer afford to pump out these loans and you will see A BUNCH of these colleges and universities go belly up (maybe even some state institutions).

All bubbles and pyramids schemes eventually have to come to an end.
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Everyone does not need nor qualify for a college degree. Our education system is putting out way too many people with a degree that will not serve them any purpose other than to say they have a degree in x. More people need to enter technical schools, learn a trade that will be beneficial to them.
 
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#11
#11
People are also going to college to learn what should be taught in high school. Supply and demand should be easily taught in high school. All math below calculus should be easily taught in high school. We need to boost our high schools. Kids are being coddled in order to boost graduation rates.
 
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#12
#12
Weezy said:
People are also going to college to learn what should be taught in high school. Supply and demand should be easily taught in high school. All math below calculus should be easily taught in high school. We need to boost our high schools. Kids are being coddled in order to boost graduation rates.
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:rock:
 
#14
#14
Ernest T. Vol said:
I like the old idea of apprenticeships.
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I have a friend who lives in Australia, that's the way their schools are set up. You can choose a college or trade path in 8th or 9th grade. He graduated HS after 10th grade went into an apprenticeship and now owns his own construction company.
 
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#15
#15
College will be useless unless you are going medical or law in a few years. If you can't get a scholarship. Don't go.

I interview morons daily who have BA's or Masters with no relevant work experience and no people skills. It's painful.
 
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TNsnyper20 said:
College will be useless unless you are going medical or law in a few years. If you can't get a scholarship. Don't go.

I interview morons daily who have BA's or Masters with no relevant work experience and no people skills. It's painful.
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what do you do for a living?
 
#19
#19
TNsnyper20 said:
College will be useless unless you are going medical or law in a few years. If you can't get a scholarship. Don't go.

I interview morons daily who have BA's or Masters with no relevant work experience and no people skills. It's painful.
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Spring is when we get the greatest number of unsolicited resumes. It amazes me that after 4-6 years of college 1/2 of them don't know about spell check.
 
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#20
#20
zeppelin128 said:
While some degrees fall in your "useless" category for sure (Philosophy, etc.), not all BA degrees are crap. Degrees in foreign languages and Geography (which is a BA at UTK) are particularly valuable to the US military and business interests for translation and cartography.
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True. I don't think anybody on here was saying that either f the degrees you mention are worthless. Let's talk about women's/African American studies, etc etc etc...
 
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#22
#22
hog88 said:
I have a friend who lives in Australia, that's the way their schools are set up. You can choose a college or trade path in 8th or 9th grade. He graduated HS after 10th grade went into an apprenticeship and now owns his own construction company.
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I think Germany is set up the same way. So many trades/vocations with good job prospects not needing a college degree. Also, a large percentage of young people would do better to defer college until they are older and more mature. 18 yr olds now are not the same as 18 yr olds 70 yrs ago.
 
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#23
#23
OldandStillaVol said:
I think Germany is set up the same way. So many trades/vocations with good job prospects not needing a college degree. Also, a large percentage of young people would do better to defer college until they are older and more mature. 18 yr olds now are not the same as 18 yr olds 70 yrs ago.
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I met some Jr officers off a P&O cruise ship in Cozumel. None went to college they all went to a maritime high school in England.
 
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#24
I work in construction management and there is a significant demand for skilled construction craft people; welders, pipe fitters, sheet metal workers, electricians, etc. Its hard physical labor that requires travel but wages have been steadily increasing for several years. $30-$40 per hours and $100 per day travel expenses are pretty much the current going rate. Compare that with Starbucks Millennials :)
 
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#25
#25
Pacer92 said:
To a lot of American kids, the college degree outside of doctors and lawyers, is becoming useless...

Spending half of your working life, and some even more, paying back student loans that afford you a job of 50k a year is not worth it.

Education and medical cost are not even fair to the common citizen...
Click to expand...

Plenty of useful degrees outside of doctors and lawyers. One could argue the law market is saturated unless you want to put in hard time to get in big law.
 
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