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| Student Loans https://mail.chicagofanatics.com/viewtopic.php?f=47&t=119867 |
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| Author: | SpiralStairs [ Thu Dec 12, 2019 5:24 pm ] |
| Post subject: | Student Loans |
Came across a Twitter thread today about student loans and it has got me thinking again. Always dangerous. MANY of the people in the thread have 50k-150k in student loan debt. MANY in the thread stated that they’ve been paying down the loans for a decade or more without seeing a corresponding reduction in principal. Some people have even seen the total principal increase because they were underpaying or deferring payment on their loans. I know it’s fashionable to heap scorn on these people. That they should have known better than to get a degree in SJW Studies. That they deserve whatever shit is heaped upon them. But what’s the realistic alternative? Not EVERYONE can go into the trades. Not EVERYONE can go into a STEM field. We are conditioned to view a college education as the key that grants access from one class to another. We are conditioned to view moving from one class to another as virtuous. To stagnate, or God forbid, regress is a moral failing. If this is the viewpoint, it should not be a surprise when people over-extend themselves. This fallout is going to be magnitudes worse than the housing crisis. |
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| Author: | Brick [ Thu Dec 12, 2019 5:28 pm ] |
| Post subject: | Re: Student Loans |
A lot of people only pay the minimum or not at all because you make more money putting the extra money in other investments. |
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| Author: | SpiralStairs [ Thu Dec 12, 2019 5:31 pm ] |
| Post subject: | Re: Student Loans |
Boilermaker Rick wrote: A lot of people only pay the minimum or not at all because you make more money putting the extra money in other investments. If those people never want to own a home then this might work. If the loan is forgiven it still doesn't solve the massive tax issue that takes its place. |
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| Author: | GoldenJet [ Thu Dec 12, 2019 5:33 pm ] |
| Post subject: | Re: Student Loans |
The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. |
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| Author: | Franky T [ Thu Dec 12, 2019 5:50 pm ] |
| Post subject: | Re: Student Loans |
When people bring up the idea of working your way through college the response is that can't be done anymore due to the rising cost of tuition. Maybe the four year model is simply unrealistic anymore for people who want to work their way through college. I don't know how long you have to graduate, but maybe that length of time should be longer. Maybe take 7 years to work your way to an undergrad degree instead of thinking you must get it done in 4. Graduating at 22 vs 25-26 isn't really that big of a deal. This assumes there are still people who want to pay for college as they go. |
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| Author: | Cashman [ Thu Dec 12, 2019 5:53 pm ] |
| Post subject: | Re: Student Loans |
Franky T wrote: When people bring up the idea of working your way through college the response is that can't be done anymore due to the rising cost of tuition. Maybe the four year model is simply unrealistic anymore for people who want to work their way through college. I don't know how long you have to graduate, but maybe that length of time should be longer. Maybe take 7 years to work your way to an undergrad degree instead of thinking you must get it done in 4. Graduating at 22 vs 25-26 isn't really that big of a deal. This assumes there are still people who want to pay for college as they go. But wouldn't you make more money quicker, if you graduated in 4yrs vs 7yrs? |
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| Author: | Curious Hair [ Thu Dec 12, 2019 5:56 pm ] |
| Post subject: | Re: Student Loans |
Franky T wrote: When people bring up the idea of working your way through college the response is that can't be done anymore due to the rising cost of tuition. Maybe the four year model is simply unrealistic anymore for people who want to work their way through college. I don't know how long you have to graduate, but maybe that length of time should be longer. Maybe take 7 years to work your way to an undergrad degree instead of thinking you must get it done in 4. Graduating at 22 vs 25-26 isn't really that big of a deal. This assumes there are still people who want to pay for college as they go. Wouldn't it be better to have more affordable public education than to let people take longer, thereby getting passed up once they're out? |
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| Author: | K Effective [ Thu Dec 12, 2019 6:00 pm ] |
| Post subject: | Re: Student Loans |
GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. So how is using government money, which comes from people like me, who worked through college with zero debt, and have sent three kids through college with zero debt, not fucking over THE PEOPLE like me? It's all about perspective. |
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| Author: | SpiralStairs [ Thu Dec 12, 2019 6:07 pm ] |
| Post subject: | Re: Student Loans |
K Effective wrote: GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. So how is using government money, which comes from people like me, who worked through college with zero debt, and have sent three kids through college with zero debt, not fucking over THE PEOPLE like me? It's all about perspective. Perspective is key. I'm not going to pretend like people don't take more than they should/do not realize the massive commitment that taking out a student loan entails, but it is unrealistic to think that THE PEOPLE can do what you did exactly as you did it. |
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| Author: | Brick [ Thu Dec 12, 2019 6:11 pm ] |
| Post subject: | Re: Student Loans |
SpiralStairs wrote: Boilermaker Rick wrote: A lot of people only pay the minimum or not at all because you make more money putting the extra money in other investments. If those people never want to own a home then this might work. If the loan is forgiven it still doesn't solve the massive tax issue that takes its place. This is wrong. Plenty of people get homes with big student loan debt. Maybe they shouldn't though. |
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| Author: | Brick [ Thu Dec 12, 2019 6:15 pm ] |
| Post subject: | Re: Student Loans |
GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. Every 18 year old would take out the max amount possible and never pay it back. |
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| Author: | SpiralStairs [ Thu Dec 12, 2019 6:21 pm ] |
| Post subject: | Re: Student Loans |
Boilermaker Rick wrote: GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. Every 18 year old would take out the max amount possible and never pay it back. The current system works? |
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| Author: | Brick [ Thu Dec 12, 2019 6:23 pm ] |
| Post subject: | Re: Student Loans |
SpiralStairs wrote: Boilermaker Rick wrote: GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. Every 18 year old would take out the max amount possible and never pay it back. The current system works? Mostly. |
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| Author: | beni hanna [ Thu Dec 12, 2019 6:23 pm ] |
| Post subject: | Re: Student Loans |
Boilermaker Rick wrote: GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. Every 18 year old would take out the max amount possible and never pay it back. Accurate statement in 20 words or less. I may frame this as a guide for myself. Not sure if the system works but this is absolutely true. |
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| Author: | badrogue17 [ Thu Dec 12, 2019 6:32 pm ] |
| Post subject: | Re: Student Loans |
Make universities have tuition caps but people need to pay back what they’ve borrowed . |
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| Author: | Curious Hair [ Thu Dec 12, 2019 6:34 pm ] |
| Post subject: | Re: Student Loans |
So in other words, tuition caps. |
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| Author: | SpiralStairs [ Thu Dec 12, 2019 6:45 pm ] |
| Post subject: | Re: Student Loans |
beni hanna wrote: Boilermaker Rick wrote: GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. Every 18 year old would take out the max amount possible and never pay it back. Accurate statement in 20 words or less. I may frame this as a guide for myself. Not sure if the system works but this is absolutely true. We can't discharge student loan debt because 18 year olds are irresponsible. We can allow them to take on non-dischargeable debt because their irresponsible. |
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| Author: | pittmike [ Thu Dec 12, 2019 7:16 pm ] |
| Post subject: | Re: Student Loans |
Curious Hair wrote: Franky T wrote: When people bring up the idea of working your way through college the response is that can't be done anymore due to the rising cost of tuition. Maybe the four year model is simply unrealistic anymore for people who want to work their way through college. I don't know how long you have to graduate, but maybe that length of time should be longer. Maybe take 7 years to work your way to an undergrad degree instead of thinking you must get it done in 4. Graduating at 22 vs 25-26 isn't really that big of a deal. This assumes there are still people who want to pay for college as they go. Wouldn't it be better to have more affordable public education than to let people take longer, thereby getting passed up once they're out? There is affordable college available in about every county. It’s the community college. Many people can knock out the first two years cheap and if they feel up to it move on. Not picking on you but people do know it is not a requirement or right to go to a big time big cost university on credit. |
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| Author: | Terry's Peeps [ Thu Dec 12, 2019 7:38 pm ] |
| Post subject: | Re: Student Loans |
Just like drugs, your first taste of college is free. If you want the really good stuff then cough up the dough. |
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| Author: | Spaulding [ Thu Dec 12, 2019 7:41 pm ] |
| Post subject: | Re: Student Loans |
You need to be employable. The effort of kids today and their stories are mind boggling. |
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| Author: | Brick [ Thu Dec 12, 2019 7:58 pm ] |
| Post subject: | Re: Student Loans |
SpiralStairs wrote: beni hanna wrote: Boilermaker Rick wrote: GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. Every 18 year old would take out the max amount possible and never pay it back. Accurate statement in 20 words or less. I may frame this as a guide for myself. Not sure if the system works but this is absolutely true. We can't discharge student loan debt because 18 year olds are irresponsible. We can allow them to take on non-dischargeable debt because their irresponsible. What age should you be allowed to take a loan of any kind? I'm fine if we take government out of all loan business. |
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| Author: | SpiralStairs [ Thu Dec 12, 2019 8:04 pm ] |
| Post subject: | Re: Student Loans |
Boilermaker Rick wrote: SpiralStairs wrote: beni hanna wrote: Boilermaker Rick wrote: GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. Every 18 year old would take out the max amount possible and never pay it back. Accurate statement in 20 words or less. I may frame this as a guide for myself. Not sure if the system works but this is absolutely true. We can't discharge student loan debt because 18 year olds are irresponsible. We can allow them to take on non-dischargeable debt because their irresponsible. What age should you be allowed to take a loan of any kind? I'm fine if we take government out of all loan business. 25 |
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| Author: | Brick [ Thu Dec 12, 2019 8:08 pm ] |
| Post subject: | Re: Student Loans |
SpiralStairs wrote: Boilermaker Rick wrote: SpiralStairs wrote: beni hanna wrote: Boilermaker Rick wrote: GoldenJet wrote: The interest should be reduced to zero or close to zero and past interest paid should be kicked in by a govt program. It's very shortsighted to fuck THE PEOPLE over like this. Every 18 year old would take out the max amount possible and never pay it back. Accurate statement in 20 words or less. I may frame this as a guide for myself. Not sure if the system works but this is absolutely true. We can't discharge student loan debt because 18 year olds are irresponsible. We can allow them to take on non-dischargeable debt because their irresponsible. What age should you be allowed to take a loan of any kind? I'm fine if we take government out of all loan business. 25 Seems good to me. Student loan problem solved. |
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| Author: | pittmike [ Thu Dec 12, 2019 8:11 pm ] |
| Post subject: | Re: Student Loans |
Cool. So for the average lifespan of 75 Americans have to wait a third of their life to borrow for college, a car or a condo. |
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| Author: | Curious Hair [ Thu Dec 12, 2019 8:22 pm ] |
| Post subject: | Re: Student Loans |
Don't worry, our life expectancy won't stay all the way up at 75. |
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| Author: | FavreFan [ Thu Dec 12, 2019 8:26 pm ] |
| Post subject: | Re: Student Loans |
I tend to think of myself as fairly sympathetic to the disadvantaged. This issue is one the left always loses me on though. Want free education, join the military. Or you can work for it in a manner Franky described. But there’s absolutely no way in hell I would support raising taxes for working class people who have no desire or need for secondary education in order to forgive student debt for all and make college free going forward. And taxes on those folks would need to be raised, full stop. “The rich will pay for it” is just bullshit garbage that’s as insulting as saying Mexico will pay for the wall. |
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| Author: | Spaulding [ Thu Dec 12, 2019 8:28 pm ] |
| Post subject: | Re: Student Loans |
All that sounds hard and requires work. |
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| Author: | FavreFan [ Thu Dec 12, 2019 8:29 pm ] |
| Post subject: | Re: Student Loans |
Curious Hair wrote: Don't worry, our life expectancy won't stay all the way up at 75. It’s going to keep going up in our lifetime. I’m sure there’s an eventual plateau but we’re not at it yet. |
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| Author: | FavreFan [ Thu Dec 12, 2019 8:31 pm ] |
| Post subject: | Re: Student Loans |
Curious Hair wrote: Franky T wrote: When people bring up the idea of working your way through college the response is that can't be done anymore due to the rising cost of tuition. Maybe the four year model is simply unrealistic anymore for people who want to work their way through college. I don't know how long you have to graduate, but maybe that length of time should be longer. Maybe take 7 years to work your way to an undergrad degree instead of thinking you must get it done in 4. Graduating at 22 vs 25-26 isn't really that big of a deal. This assumes there are still people who want to pay for college as they go. Wouldn't it be better to have more affordable public education than to let people take longer, thereby getting passed up once they're out? Getting passed up how? Are we trying to keep up with the Joneses or are we trying to provide a guide to how to make an a good living for young people in America? |
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| Author: | Curious Hair [ Thu Dec 12, 2019 8:36 pm ] |
| Post subject: | Re: Student Loans |
FavreFan wrote: Curious Hair wrote: Don't worry, our life expectancy won't stay all the way up at 75. It’s going to keep going up in our lifetime. I’m sure there’s an eventual plateau but we’re not at it yet. It's already been going down. |
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