Posted on 11/21/2022 9:20:51 AM PST by karpov
If they can’t understand how much they’re borrowing and the terms of repayment, should they be in college? Are they even capable of living independently? Some states would consider them mentally disabled.
Our kids had to provide for their own meals and sundry expenses. So guess what? They all worked in restaurants part time where they got free meals.
You can say no to student debt. It wasn't easy. They try to force it on you at every opportunity. You are almost expected to fill out the FASFA forms just to use a university bathroom.
IMO, there is virtually no accountability in how the money loaned is spent once paid out. To give such boon to young uneducated people is a serious mistake. Cars, vacations, game stations, TVs, all the goodies they wanted and they’re still thinking they have enough money for at least one semester.
I paid off my student loans and I was driving an old clunker until they were paid off. You will get no sympathy from me on this issue.
Maybe educators should educate students about their student loans. They won’t because students would see they are being fleeced. It’s simple math, borrow this amount, pay this amount back over this much time.
You get monthly statements.
How can you not know?
Everything online these days. Statements don’t get mailed to your house like in the past. You have to go to the website to look. Most people don’t do that.
Why don’t we forgive ALL loans?
Who reads all that paperwork when you buy a home? Or a yacht?
I took out both government and private loans. My folks didn’t sign.
I worked double jobs and paid them off ahead of time.
Even better idea. Loan the money to your kids. This scam that you are responsible to pay for your adult children’s further education is a scam. They are adults who are learning adult things. When you loan them the money (your discretion on interest rate) they will be more responsible with it.
Only one of mine did the full four-year college thing. He went into a well-compensated engineering field and paid back all of his loans within a year.
Even though he doesn’t need to, he still lives pretty frugally. We don’t really need to either but still do ourselves. Living below your means is pretty cool.
Yes. The Ignorance of the Law Is no Excuse Ship has apparently sailed.
“IF this loan forgiveness does go through (I am Not a fan).”
(incomplete sentence)
Loan forgiveness has been in effect since 2009. Payments are based on income and may be less than the interest so debt grows.
After 25 years the balance is forgiven and the borrower is only responsible for income taxes on forgiven balance.
Yep, and driving older, paid for and perfectly functioning automobiles is a way of life in our family. Worst thing about a new car is a new car payment. Bonus points when my old '06 diesel truck with 140k miles is just now getting broke in. I'm driving it until the wheels fall off.
I do because I prefer paper records.
It helped when the mortgage company did not pay the property taxes and claimed we did not have an escrow account. The on-line showed we did not but the paper records showed that the month before we did have an escrow account and that it had more then enough to pay the property taxes.
They paid and suddenly the account showed back up on line.
My last three vehicles have been brand new because I now get company cars. Personal cars are never, ever new. ever.
This isn’t complex. When you get a loan you make a promise to repay the loan. If you can’t then you suffer the consequences. It’s one of the most fundamental things in society; keeping your word. Contracts have meaning. When that ends there are all kinds of problems. I have zero sympathy for those that don’t keep their promises. It’s not something to “feel” about.
An interesting side note. When negotiating a job after college, one can negotiate student loan repayment assistance with employers as a condition of job offer and acceptance.
At least 52% of current college students are blithering idiots. Sorry.
No reason for Joe Taxpayer to send them to college daycare.
When my children became of college age, my wife and I agree to "match" their contribution towards the tuition. So if they came up with $5,000, we would match it with our own $5,000. However, we were not going to match any student loans that they took out. We would only match what they actually saved up themselves. One of my sons took a year off from college so that he could work fulltime and save for his next year of tuition.
When they were growing up, I got the guilt trip from the financial advisors about how important it was for us to set aside money in a college fund for our children. Nope. always said that we would "pay as we go". That's how I was able to save the money to match our children's contributions. We paid as we went and everything worked out just fine. One finished college, one didn't, but they both have great careers today and are supporting their own families.
The point of the article is that the normal information that any borrower must be provided for any other kind of loan is not provided to the student borrowers.
Simple solution, stop treating college debt as some kind of special exempt loan. Apply all rules and laws to all loans and to all borrowers including bankruptcy. If the lender cannot prove he provided information to the borrower, then the contract is null.
The moment the law is changed to allow student loans to be discharged in bankruptcy, the entire college con-job collapses. Do it today!
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