The simple plan, not to shoot yourself in the foot, is the be smart about where and how you get your education, and how to finance it. Not just to assume you need a harvard law degree when you're sure to end up a copier salesperson
I’m an uneducated white deplorable. Here is some advice;
Don’t go deep in debt for a worthless degree in gender studies thinking you are owed a great paying job.
You can work at Starbucks without a degree.
Problem solved.
Since so many Dem’s are offering some form of “loan forgiveness”, I’m curious how long it will be before one of the candidates dares to offer “reparations” for all the undue stress caused on students, having to worry about how to repay these student loans.....
The point though of somebody borrowing more than they can pay back is spot on but it goes to show ya how damaging government interference can be on a persons life.
Another related question to ask:
Why select a college major and attend an expensive university, paid for with borrowed money, and study in a academic field that has low earnings potential?
Here is the problem. Most of these “students” who are so in debt got their Masters in Gender Studies because they knew that degree would “signal” their “wokeness” into a 6 figure gummint job as an obnoxious bureaucrat in the Hillary administration which explains the wailing and gnashing of teeth when she lost. Now their massively overpriced degree is worthless.
How do you say, “Gimmedats” with a Haavaad accent?
There is an easy fix to this problem. First of all get the Federal government the hell out of the college financing business. Then make student loan debt dischargeable in bankruptcy like other loans are. Banks will then have to consider the viability of each loan candidate. A small loan to cover medical school costs will be a fine opportunity to make a profit. A $100,000.00 loan to study photography and gender studies will be a different matter.
As it stands there is no incentive to evaluate the worthiness of student loan candidates. Our country used to understand the value of the free-market.
Actually, the real question should be centered squarely on the expensive nature of college education. There are many ways to lessen the cost. Lets talk about that for a change. The first thing to discuss is why hasn’t technology REPLACED the need for land, buildings, and teachers in as many instances as possible? Online is used by business all over the place to provide training, etc for their employees. There is no reason that some college courses cannot be transferred to this approach. Let’s start chopping down the cost of a college degree.
The author apparently doesn’t understand Millenials in the slightest.
This IS an effective tool in getting them off the couch to go and vote Democrat. Sooner or later student loan forgiveness WILL happen, because these folks are going to demand it. Because they really DO look to government to solve all of their problems. The real estate and auto industries WILL line up to support it, because they’ll be licking their chops at all of those Millenials who will suddenly have disposable incomes.
If the Republicans were smart they’d get out ahead of this with their own proposal to try and diffuse the ticking time bomb. This is truly one case where, in a political sense, stubbornly sticking to ideological purity will get you killed.
My nephew majored in French at Boston U. He’s 30 and still a part time bus boy and full time skateboarder. His loans will be paid in full in 3 years. By his asswipe parents.
Why is no one talking about colleges “price gouging” on tuition hikes? The obvious answer is for the federal government to impose price controls on colleges and universities, so that no one is forced to pay more than their “fair share” for a college education. /sarc
Since Hussein nationalized the student loan program, the $1.7 trillion debt is on their/our grandchildren’s credit card. So much for a civil society.
Setting aside the fact that young adults may or may not be in debt for bad reasons, if the government really wanted to solve this problem they’d fix it at the level where it needs fixing.
1) Get the government out of school loans. Make the only way for loans to be issued come from private banks who will then scrutinize your chosen major, ability to get a job, and the projected salary to see what you can pay off. The lower the salary, the higher the interest rate they can charge. Maybe pass a law to cap the rate at a certain level because it does benefit society to have its populace educated.
2) What this will do is drastically reduce the number of kids being given loans. Or, reduce they amount they can borrow. This will cause a rapid and drastic reduction in college tuition when student rolls start decreasing. Think about it. Colleges know that the government will fund loans, in effect guaranteeing their customer stream. Until that stops, colleges have no incentive to lower their tuition.
3) I see it first hand. My youngest son is very smart. Excellent grades academically, solid SAT scores, football player, boy scout, community service, holds a job... He has had trouble getting into schools that have the program he wants because its so damn competitive. He’s being squeezed out because applications are through the roof.
4) This will fix the problem but it will be painful of course for the colleges. But you tell me - is it reasonable for the In State Tuition of a college my son applied for to be approx. $8,000 per year and the Out of State Tuition to be $32,000? I get that you want to give the in-state kids a break but come on? 4 times as much. It’s not like they have any added costs. It’s pure profit for the school.
I actually think Elizabeth Warren’s idea has some merit. At least she’s only soaking the UBER UBER UBER wealthy in her plan. (in theory) But the lesson is wrong. And it penalizes those that have lived responsibly and saved for school. Or chosen a good major and not 18th Century French Poetry.
In the end, I doubt anything will happen. It’s all just bluster. And that’s probably the saddest part of all.
IF our Congress critters were really interested in doing anything other than buying votes by promising to “forgive” student debt, they could take almost immediate action by reducing or removing interest paid on those loans. The federal government took over student loans under Obama and it regulates the interest rates. That would be a quick debut reduction plan they could to relatively easily, yet for some reason they haven’t thought of that.
All that being said, I could never have made the money I did in the computer industry without SOME education but these days that can all be done online. End tax-exempt status for obscene college campuses and their tax-free real-estate empires. Sell off the property and help former students with their obscene loans.
Revoke the degrees after 10 years if they don’t pay. Notify their employers.
“It’s also a way for Democrats to advance an idea that is at the core of progressive politics: no personal responsibility.
Abolishing personal responsibility is the primary goal of the democrat party.
My nephew and his wife complain about their student loans all the time. It’s not about them being stretched, though. It’s about them wanting to buy BMWs and a $600,000 house to keep up with their friends who don’t have to repay loans.
Knowing the sickness among many millennials, I wonder how many aren’t really hurting, but just can’t get their instant gratification.