Posted on 03/19/2017 5:41:12 AM PDT by bobsunshine
Just days after reports emerged that student loan defaults are soaring, which is undoubtedly due to some combination of, among other things, poor job prospects for the millions of snowflakes who graduate each year with their $200,000 educations in anthropology and the moral hazard created by liberal politicians constantly calling for student debts to be 'forgiven' (a.k.a. forcefully jammed down the throats of taxpayers), the Trump administration has revoked rules put in place by Obama that barred student debt collectors from charging penalty fees on past-due loans.
Originating from the Department of Justice, the "Dear Colleague" letter (full letter included at end of post) says that Obama's unilateral rules implemented in 2015 could have "benefited from public input"...but what good is being King if you can't unilaterally force new laws on the masses?
(Excerpt) Read more at zerohedge.com ...
Why do we “let them vote”? Democrats thought the kids would vote for Democrats, that’s why.
Why do we “let them sign for loans?” Democrats thought it would be easier to rip off kids, like taking candy from a baby, that’s why.
Think about it, ok?
If you pay rent on a property you are doing the same. Part of your rent reimburses the landlord for his property tax expense.
Great idea. However the colleges are too busy trying to figure out how to get that dough into the pockets of their college presidents.
The problem started with schools seeing themselves as a business rather than as service organizations. They make no income per se but distribute their “sales” among their officers. The gov through its underwrite program became the facilitator. The students the consumer. Absent from this and very similar to the mortgage fiasco is the absence of value and the assignment of an ability to repay a debt. A “degree” is nothing but an intellectual property. so who is at fault? They all are. Since I am not part of the problem I do not wish to become the dupe who has to pay for it. She the schools for a failure to employ their fiduciary responsibility to ensure students got a product they could use. Keep the borrowers on the hook for their debts. Keep the gov out of the mix.
The people who entered into agreements they couldn’t afford are to blame. PERSONAL RESPONSIBILITY will never exist again in this country until we are once again held responsible for our actions. ENOUGH of constant excuses for those who get themselves into trouble because their eyes are bigger than their stomachs! They must learn that somebody else is NOT going to pay for it. Socialism-Communism is rife in this country. Time to flush it all out and learn to live within one’s means.
That was a simple and effective solution going forward. Hopefully we can find one to solve the current disaster that is out of control.
When I went to university after initially working I took on 36k in debt going to a state engineering university (one year was out of state, hence about half of the debt). I lived cheaply, took the maximum number of credits every semester, and took classes - not worked - over the summers. I wanted to graduate in the shortest possible time frame because there is a high opportunity cost to not working. I landed a great job that’s led to a great career at graduation and paid back my student loans in 7 months. I prioritized paying off those loans.
Students today:
1. pick the wrong degrees
2. pick the wrong schools which lead to high tuition fees
3. take too long in university. More fees and opportunity costs.
4. expect the rest of society to pay in the end.
Unfortunately, there are income based forgivness programs that means “heads I win, tails I win” ie if you pick a bogus program at a high cost university and/or decide you want to work somewhere that makes you ‘happy’ society picks up the tab. I also detest the ‘public service’ debt forgiveness programs. Another ‘perk’ of working for the government. Just another way we work hard so they can work less and learn to rely on the government for everything.
Student loans support a corrupt Education Establishment. Colleges raised their costs to the highest level parents could afford - taking into account what they could borrow. This is one more National scam created by poorly thought out ‘good intentions’...
The only reason education “costs” has risen is the Utility Theory of Work: “Costs” rise to fill available funds.
With a bunch of young idiots with heads full of mush who are told that any degree is OK and that promises mean nothing there has been an unending source of funds.
There should be a LOT more emphasis on tech knowledge, such as vehicle repair, plumbing, welding, electrical engineering, etc.
And government-backed loans should only be for degrees that can provide PAYING jobs in the private sector. You want to get a degree in Ancient Black Womyn’s Studies? It is cash and carry!
It’’s not just the useless degrees. It is the huge increase in administrative costs at many higher institutions of learning.
What? These students signed for these loans. No one held a gun to their heads. The fact that colleges are disreputable “profit centers” for liberal creeps is another subject. That does not take away the responsibility of the students who agreed to the loans.
Universities have morphed over the years. If you look at some of the more prestigious state schools, they no longer cater to a majority of their states citizens. They have a big international component to them. The STEM field of study has some of the brightest kids from around the world. Inorder to attract world class professors in flyover country, they pay many of these professors left and right coast salaries. The US kids that graduate shouldn't have any problems paying back their student loans. It is the kids that don't graduate or get some fake degree in the LAS quad that will have problems.
From PragerU (a series of short 2-6 min instructional videos) hosted (and often created by Dennis Prager himself a well known conservative.)
This makes all the sense in the world. I highly recommend it.
much of this mindset started with the Community Reinvestment Act of 1977, was administered steroids during the Clinton Administration, and spilled over into all aspects of lending including student loans. Loans became ‘guaranteed’ by the federal government, so banks were incentivized to loan as much as they could to anyone who wanted one, they were de-incentivized to practice sound banking practices which could get your bank picketed, labeled racist or sexist, and result in an audit and fines from the Feds.
Conservatives do share blame for not stopping it and making money off this and even throwing gasoline on it on occasion, but the lions share of blame for this issue goes to liberals.
The Future will be very different from The Past.
A mildly industrious person could learn everything required for a 4 year “College Education”, nearly for free, with an internet connection.
The 3 R’s, computer coding, artistic explorations, . . .
It’s all there. Free.
Oracle, Microsoft and lots of others offer TESTING to provide proof of your skills. You have a job available? Design a test to provide acceptable proof of the skill set. Ever offer to work a day for free, so that the Hiring Boss could decide to give you the job or not?
The Paper Chase Monopoly is the problem. End that and the College scam will end.
Will you hire someone without a “College Degree” if they can perform all the essential functions of the job?
Lots of young, returning Vets with great skills need a chance, but have not yet received their BS/BA.
Or, will you be like Doctors demanding of young Medical Students “I worked 72 straight hours, you will too”?
Or McDonalds requiring a “College Degree” for Manager applicants?
“I walked 5 miles in the snow, uphill, BOTH ways to get my degree (blah, blah, blah) . . . “
I say. “At least you had both of your feet”.
Choice #2 - Indentured servitude.
I’m sure at least half would have buyers.
Having kids has zero to to with this issue. The fact that we are all suffering equally under this terrible situation gives us all a stake in it. (perhaps less equally, since people who don’t have kids don’t have the option to send their kids to a state college as an alternative)
Kids who advocate to go to Harvard without taking into account what their parents can afford, and parent who send their kids to Harvard by countersigning huge loans are both to blame.
My parents wanted to send me to college as a young man, but I knew I wouldn’t cut it, so I joined the Navy. When I got out, my parents still offered to help, but given their situation, I couldn’t accept it. They would have countersigned loans, whatever I asked for, but I chose to use the GI Bill benefits and go to a state college. I felt I was being responsible at that age, taking into account the level of risk my parents would enter into, and didn’t want to subject them to it.
I don’t see there is any of that, or very little at best.
Due to ridiculous rising costs working your way thru school is not an option anymore.
It is not the same anymore. Working is to risky and may affect the GPA. The stakes are a lot higher now.
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