Posted on 08/11/2024 6:35:44 AM PDT by karpov
From what I can remember from my college days & more recently listening to my daughter’s generation. (The percentages I am using take with a grain of salt they are based on anecdotal evidence.) Probably 75% of the people taking out student loans did so to get low ROI degrees essentially “hobby” degrees. Of that number probably half actually finished and eventually half of that number that finished paid off their loans.
At the root of much of the problem is schools and parents do a poor job preparing their kids to think about what comes after high school. Career counseling at my WV high school was a joke. Listening to my daughter and her friends the career counseling at the “ultra-sophisticated-high-cost-per-student” Fairfax County high school wasn’t any better.
Given all that the common refrain for what comes after high school is - “Dunno! I guess I’ll go to college.” Then there’s the post-graduate college one -”Dunno! I guess I’ll go to law school!”
Agreed. So we should just stop. No new loans, no more subsidies, no forgiveness of debt. Screw those in debt.
But we’ve Spaceballed our political system and let “caring” be the standard for spending until we’ve reached the point that we must speed up, we can’t slow down from plaid, and the idiots running the show believe they can keep on spending just because.
And they will keep on spending and kicking the can down the road until everything goes belly up ... just as Cloward Piven demands.
Universities have GIGANTIC endowments which should be drawn upon to pay back these delinquent student loans. The schools got the money the students borrowed. They offered degree programs which turned out to have NO MONETARY VALUE to the student debtors.
That is fraud in which the universities induced federal loan guarantees to enrich themselves.
The U.S. government should not be in the business of putting people deeply in debt where the debtor student receives NOTHING OF VALUE as a result of the debt.
The schools should be targeted for the return of the loan proceeds THE SCHOOLS RECEIVED and if they refuse, ALL university assets should be seized and sold to pay off the unpaid student loans.
The U.S. government should not be in the business of assisting universities in committing this massive fraud.
Adjusted for inflation. One year of my state college was about $7000. My pay as a welder $45 and hour. Today, a good welder makes much less than that.
Of course we had about half the population and the only real immigrants at the time were temp farm laborers, along with Hmong, Vietnamese, Laos and Guatemalans refugees.
How can the world survive without a PhD professor of Breakdancing?
I am an idiot for working may arse off in the Fresno heat as a welder to pay college. I could have sat in air conditioning full time and just racked up the bill and let the stupid taxpayer cover the cost.
Young men realize that college is a bad deal so they're taking up a trade instead.
Enrollment is already starting to decline.
“Maybe sell existing loans to banks??”
Banks wouldn’t touch the paper. It would be the real estate debacle all over again.
I don’t really know what the solution is...but Trump will figure it out. That’s his specialty...
Make student loan repayment tax deductable.
here, here!!
Put a national cap on college tuition, say $3,000/semester. Tuition charges above the cap must be financed by the school.
“Maybe sell existing loans to banks??”
I agree with this idea, but then they should be subject to discharge through bankruptcy like any other loan.
I assume you mean cap the loan amount to $3K a semester ($6K per year- $24K for a 4 year degree.).
it’s a loan...and like any other loan....you pay it back...or...it could become a lien like any other loan...or you file bankruptcy...or whatever penalty it takes.
Exactly.
I think part of why student loans have felt so onerous is that there’s no way out if things go bad and you can’t keep up payments. If they’re regular loans, you can do a lot of things to work things out.
No, what I mean is the school is free to charge as much as they want for tuition. The US govt( taxpayer ) student loan will on cover the first $3,000/semester. If the school charges $10,000/semester then the student will have 2 loans, a $3,000 federal student loan and a private loan of $7,000 with the school. If the student graduates and decides to default on say the private loan then the tax payer is not affected. The deadbeat could pay the federal loan and not the private loan.
that means going after assets....like that cool sports car.
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