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

#76
#76
hog88 said:
You can thank the SCOTUS for that.

https://en.wikipedia.org/wiki/Griggs_v._Duke_Power_Co.

Prior to this inane ruling corporations actually had management training programs and it was possible for a person to graduate HS and work their way into management. Now the college degree is basically paying your white collar dues.
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Probably the most important decision that most people have never heard of. It in essence made it impossible for business to "test" for ability or knowledge, so a college degree simply became the "de facto" test - shunting off people to colleges so they could prove they had basic entry level skills. A meaningful degree wasn't necessary - just something that could probably equate to a high school grad coupled with the ability to get up, get dressed, and show up reliably.
 
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#77
#77
lawgator1 said:
Most people want to pay them back and have every intention of doing so. But, if like, me, you did a consolidation a number of years back and got yourself what was advertised as a great deal on a rate of about 8 % then, it gets kind of irritating that they cannot be refinanced now, when others doing it now are getting in the 2s and 3s.

I'd like to see the next Congress authorize refinancing, just as was done with HARP.
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Wahhhh!!!
8%, historically, ain't bad. If you were any kind of lawyer, you'd have paid back quick.
 
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#78
#78
Collecting $1 Of Student Debt Costs American Taxpayers $38

The government often pays debt collectors nearly 40 times what they bring in, federal records show. Take the government’s rehabilitation program, which targets people who have defaulted on their debt—meaning they missed nine months of payments. If a borrower subsequently makes nine on-time monthly payments of as little as $5 during a 10-month period, their loans are returned to good standing and the default is supposed to be wiped from their credit reports. But the CFPB found that more than 40 percent of these borrowers defaulted again within three years.

Even when borrowers don’t default, debt collection efforts often yield little. Close to 80 percent of borrowers who rehabilitate their debt make the minimum $5 monthly payment, according to a 2015 estimate by the National Council of Higher Education Resources, a lobbying group that represents student debt collectors and servicers. That means the Education Department is paying its debt collectors up to $1,710 per borrower to collect around $45, regardless of whether the borrower continues to make her payments.
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#81
#81
Rasputin_Vol said:
[youtube]https://www.youtube.com/watch?v=DfYDkVlPUag[/youtube]
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Pay off their student debt, and then they still have worthless degrees that qualify them to flip burgers. Then what?

Start with the other end first. Stop .gov guarantee of student loans first. Then talk about the rest. I don't care if a PhD in Women's Studies can ever afford a house. DOn't care. Xer problem
 
#82
#82
Student loans were not a problem until the govt got involved.. The lottery has also been awful for the cost of education
 
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#86
#86
So if this happens, then what excuse do you have for not forgiving some of these student loans?

Mnuchin Suggests US Should Forgive "Small" PPP Loans Of $150,000 Or Less

About 87% of all PPP loans that were distributed through June 30 were less than $150,000. A coalition of almost 150 groups sent a letter to Mnuchin calling for loans of less than $150,000 to automatically become grants, instead of making applicants fill out paperwork to have them forgiven. There was still $132 billion in PPP funding left as of July 10.

Mnuchin has said that he supports a second round of PPP loans but has said that the relief should be targeted based on size of business and revenue. Meanwhile, small business advocates have complained that the current application process is too tedious and complicated.
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#88
#88
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#89
#89
37L1 said:
Why stop there, Ras?

If you are going to try and include those why not errybuddy's loans?
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Most of these student loans were targeted to people that were 18-21 years old. I have a bit more remorse or understanding for young adults making poor decisions than I would someone in their 30s and 40s that racked up debt trying to keep up with the Joneses.

I know it sucks, but this eneration of ids were lied to by most of the people they depended on and convince to rack up this student debt to have a better chance in life.
 
#90
#90
0nelilreb said:
How about the Government get the F out of the loan business and let the market work ? Guaranteeing students loans was one of the dumbest things I’ve ever seen them do , and that’s saying a lot . “FFEL “ program.
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I wouldn't have a problem with that, either. But first things first. These kids were screwed over and given pizz poor advice to strap on all of this student loan debt. Correct that and at the same time reform the system so that it doesn't happen again.
 
#91
#91
Rasputin_Vol said:
Most of these student loans were targeted to people that were 18-21 years old. I have a bit more remorse or understanding for young adults making poor decisions than I would someone in their 30s and 40s that racked up debt trying to keep up with the Joneses.

I know it sucks, but this eneration of ids were lied to by most of the people they depended on and convince to rack up this student debt to have a better chance in life.
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Oh, the poor things. I thought they were educated? Guess not.

Will that forgiveness extend to those "utes" who commit crimes because of "making poor decisions"?
 
#92
#92
Rasputin_Vol said:
Most of these student loans were targeted to people that were 18-21 years old. I have a bit more remorse or understanding for young adults making poor decisions than I would someone in their 30s and 40s that racked up debt trying to keep up with the Joneses.

I know it sucks, but this eneration of ids were lied to by most of the people they depended on and convince to rack up this student debt to have a better chance in life.
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Their liberal teachers convince them they need a college degree to have self worth and knowledge , our government guarantees they can go into huge debt for that degree , the banks will always oblige , the parents encourage it all . Take out the government part and a huge number those “ kids “ won’t have that debt .
 
#93
#93
Rasputin_Vol said:
I wouldn't have a problem with that, either. But first things first. These kids were screwed over and given pizz poor advice to strap on all of this student loan debt. Correct that and at the same time reform the system so that it doesn't happen again.
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Why should I or any other taxpayer reward dumb decisions with forgiving a loan? Especially loans for liberal arts degrees in worthless subjects like art history? The only loans that should be forgiven are for people that agree to serve in the armed services to pay it back.
 
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#94
#94
I’m absolutely against forgiveness of these loans. Do I feel the government should promote refinancing at very low rates, absolutely.
While there are students that made foolish decisions, there are a significant number that thought they could game the system staying in school and living completely off loans-//and they were encouraged by for profit “educational and banking” institutions..
It’s madness that a student can leave college with $50K in loans, buy a car for $50k and have the car payment 50% of their student loan payment and paid off in half the term of the student loan
 
#95
#95
VolStrom said:
Why should I or any other taxpayer reward dumb decisions with forgiving a loan? Especially loans for liberal arts degrees in worthless subjects like art history? The only loans that should be forgiven are for people that agree to serve in the armed services to pay it back.
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It sucks. I realize that. But these kids were given pizz poor advice by the adults around them. Why should we hold 18-21 year olds to a higher standard than we would someone twice their age that ran up the same amount of credit card debt? The option you can give the people who owe all of this student loan debt is that they will lose their degree and licenses associated with debt forgiveness. That would be only fair. But at least you are not burdening a significant number of the next generation with all of this debt that cannot go away.
 
#96
#96
Wireless1 said:
I’m absolutely against forgiveness of these loans. Do I feel the government should promote refinancing at very low rates, absolutely.
While there are students that made foolish decisions, there are a significant number that thought they could game the system staying in school and living completely off loans-//and they were encouraged by for profit “educational and banking” institutions..
It’s madness that a student can leave college with $50K in loans, buy a car for $50k and have the car payment 50% of their student loan payment and paid off in half the term of the student loan
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Sounds like your disdain should be equally directed at the system and the banks as much as it is directed at the students. Both sides benefitted from this, yet only one side is left to hold the bag.
 
#97
#97
VolStrom said:
Why should I or any other taxpayer reward dumb decisions with forgiving a loan? Especially loans for liberal arts degrees in worthless subjects like art history? The only loans that should be forgiven are for people that agree to serve in the armed services to pay it back.
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And with regards to the "taxpayer", you've watched them just print trillions of dollars out of thin air just in the last 4 months. What more damage would another $1 trillion do? The "taxpayers" have far bigger fish to fry than this. And besides, if the belief is that government intervention was the cause of this problem, then why shouldn't that same govt be held accountable to fix it?

That could be called a "stimulus bill".
 
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#98
#98
Rasputin_Vol said:
It sucks. I realize that. But these kids were given pizz poor advice by the adults around them. Why should we hold 18-21 year olds to a higher standard than we would someone twice their age that ran up the same amount of credit card debt? The option you can give the people who owe all of this student loan debt is that they will lose their degree and licenses associated with debt forgiveness. That would be only fair. But at least you are not burdening a significant number of the next generation with all of this debt that cannot go away.
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Can you really think that these kids didn't realize that a BA degree in some useless field wasn't going to net them a good paying job. I knew when I went to college I wanted something that would pay me well when I graduated and while it was hard work, paid off in the long run. I honestly can't believe that any engineering or pre-med students are out protesting night after night some statue that they don't know what it stands for. Maybe half or more of our children are just that stupid?
 
#99
#99
Rasputin_Vol said:
And with regards to the "taxpayer", you've watched them just print trillions of dollars out of thin air just in the last 4 months. What more damage would another $1 trillion do? The "taxpayers" have far bigger fish to fry than this. And besides, if the belief is that government intervention was the cause of this problem, then why shouldn't that same govt be held accountable to fix it?

That could be called a "stimulus bill".
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This was a panic bill that was grossly over inflated from where it should have been. From what we know now it should have been scaled way back.
Getting back to student loans, I paid for my kids education out of pocket, where is my forgiveness?
 
#100
#100
VolStrom said:
Can you really think that these kids didn't realize that a BA degree in some useless field wasn't going to net them a good paying job. I knew when I went to college I wanted something that would pay me well when I graduated and while it was hard work, paid off in the long run. I honestly can't believe that any engineering or pre-med students are out protesting night after night some statue that they don't know what it stands for. Maybe half or more of our children are just that stupid?
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Yes I believe that. I was almost one of those kids. No one in my family had ever gone to college and there was no one in my circle informing me about the dangers of just getting a random degree. There are plenty of kids out here that are getting bad advice coming out of high school. But that shouldn't be a surprise to an of you. Lok at how the kids are behaving right now.
 
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