on the chance of sounding sexist AND racist, DAMN RIGHT!!!
Posted on 08/22/2015 7:09:57 PM PDT by SeekAndFind
As my Father told me years ago, you can only complain about a Job when they put a Gun to your head and make you take it.
Same goes for Contracts. Sign on the Dotted Line and live up to your agreement. An acquaintance is a Doctor and his Wife has a Masters Degree in Sociology.
He and his Wife were thrilled when they paid down their College Loans to under $500,000. They will get them paid off eventually, but they took on the Debt with their eyes wide open.
I’ll bet she had High Cheek Bones too.
You seem to be aiming your ire at the wrong target. It’s unfortunate if a debtor can’t pay back the debt for lack of money, but if that’s the case, the money simply isn’t there to be found.
The real beneficiaries were the colleges and universities which used the student as a conduit for the loan money in the first place.
I actually think the solution to the crisis is relatively straightforward.
1. Allow for normal personal bankruptcy on student loans after a period of time, in the same fashion as credit card debt or any other personal debts.
2. Seek redress for the bankrupted debt from the university which granted a degree to a student unable to obtain a job which would permit the loan to be repaid. Ie, a clawback provision.
This would have the beneficial effect of forcing liberal, spendy colleges and universities to actually focus on useful and marketable programs for their students before wringing loan cash out of them.
They do need to look at the loan system and placement rates and limit funding to programs with low placement rates.
yeah...
on the chance of sounding sexist AND racist, DAMN RIGHT!!!
But unemployment is at 5.3%,, they must be hoarding all their money from all those jobs.
These loans never go away. They stay to the grave.
The key to paying off college loans is to get a degree in something that will cause employers to want to hire you. A Masters degree in Pissed Off Lesbian Studies, Profound Porno Flicks or Ancient African Spacecraft Pilots really isn’t going to cut it.
When these loans were made nobody involved in the loan programs really cared if they were ever paid back. This was never about financing education for young Americans. It was always about pouring money into academic institutions to keep massive numbers of marginal people employed. Think of it like the academic version of “Cash for Clunkers,” whose sole purpose was to prop up a failing U.S. auto industry.
Besides all you state, they would also have incentive to not admit students who can’t maintain a high standard of learning. The best way to get those loans paid back is to have students who are qualified for the work world when they graduate.
A Mexican immigrant is more valuable to the U.S. economy than most recent U.S. college graduates. The advantage the Mexican has is that he has a net worth of around $0 ... compared to a negative net worth of a recent college graduate that may be tens or even hundreds of thousands of dollars.
It may seem like an academic point (no pun intended) if the recent college graduate can't pay back the loans anyway, but let's think of the most important point here:
Which of these two is more likely to help prop up the U.S. real estate market by taking out a mortgage on a home that is being sold at an inflated price?
That's not true -- it's right there on line 18 of the 1040A. Of course there are limitations!
Hm. Will check into that as 3 of my kids have large student loans and usually get pretty fired up about the no interest deduction.
Maybe it’s because they didn’t get useless degrees and make too much money ?
One good point is they hate their greedy taxing government and have undone their liberal leaning educations...also they will all pay their loans off.
Then who is going to want to be in the business of handing out student loans?
The loans will have to be smaller, which will reduce the cost of tuition. That’s part of the goal. The lack of bankruptcy as an economic “signal” has helped lead to the insane cost inflation seen in recent decades.
I have a simple fix for the default situation....you refuse to pay anything (even make marginal payments like every other month)...we go back to your old university and suspend your degree. You go and seek some new job and they want to ensure you have the credentials you indicate...they find no degree. So you quickly learn to establish priorities (one of the things you should have learned in college). Make some kind of payment.
...says the FR newbie.
Get good grades and get a scholarship, go part time and work your way through, or go to a cheaper school. You’re not “entitled” to a college education to be paid for by someone else. There are plenty of jobs that need to be done by people without a college education so it is not in the public’s interest to subsidize education for everybody. If you get so far into debt you can’t pay it back, you have the ability to go bankrupt, which will put you through the “rehab” process, a necessary punishment and deterrent to others for making the same mistakes.
The default in the UK, and other EU countries, is a Bachelors Degree in 3 years. This cuts out the PC extra stuff.
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