Defaults are going to be HUGE!
I got called into one of my Surgery Centers today, they were doing cadaver research and needed the OR's cold (:))
Anyway I was talking to two of the young surgical techs, both have college debt of 70-100K with just bachelors degrees
They make around 50K as surgical techs
Neither one is paying on the debt, deferred supposedly but I asked if it still accruing interest. YES
No way kiss it good bye even if we garnish their wages they will never be able to pay that back with interest on top of rents cars etc.
A forget how many trillion the debt is but it isn't going to be paid back even if Bernie doesn't get elected.
Anyway I was talking to two of the young surgical techs, both have college debt of 70-100K with just bachelors degrees
They make around 50K as surgical techs
Neither one is paying on the debt, deferred supposedly but I asked if it still accruing interest. YES
No way kiss it good bye even if we garnish their wages they will never be able to pay that back with interest on top of rents cars etc.
A forget how many trillion the debt is but it isn't going to be paid back even if Bernie doesn't get elected.
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This sort of debt over the course of my adult life appears to have always been forgiven. At least that is the only action that I recall about the subject. 0 -
Not sure where I heard this, but supposedly politicians kids and their intern, don't have to repay the loans. Does anyone know if this is correct. 0 -
To incur 70K-100K debt for a 50K job is about the most asinine thing one could ever do. 0 -
The problem is the loan money was used for college, living, eating, partying, and NOT working earning any income. , I saw a guy at my college do these loans in like 92-94. He's still paying on these student loans. These loans will haunt students for the rest of their lives 0 -
If you have a 25k a year job and borrow 100k getting an education so you can get a 50K a year job where does that get you?
On the top end of you salary, depending on many factors, you will pay 20 to 30 percent of that 25k in taxes. Let's assume 30%. So, you will take home 17.5K more than you were without the education.
You can pay 100k at 6% interest off over a 10 year period with payments of $1,110.21 a month, that's $13,322.52 a year. Which leaves you $4,177 a year or $348 a month. You're ahead.
Now let's say you invest that 348 a month in a retirement account and average 6% for those 10 years. That's $55,043. Now let's keep living on that 25K a year we would live on, if we hadn't got that worthless 100K education, for the next 20 years and invest the whole difference of $1,458 a month into our retirement that already has $55,043 in it. In that time it would grow to $804,095
$804,095.00 out of that worthless 100k education. With that and our work retirement accounts we may just be able to retire someday. BTW our work had a retirement match that also paid 4% on that extra 25K which was an extra $1,000 a year into our retirement, that's an extra $84,320 in that account.
If we got 8% return we would have over 1.1 million.
There are better education investments than this and someone could manage that extra salary a lot of ways, including not at all. But 100K borrowed to gain a million?0 -
they have NO intent on paying for these loans..they are just waiting for the next round of forgiveness from the govt...deliberate non pay 0 -
quote:Originally posted by spasmcreek
they have NO intent on paying for these loans..they are just waiting for the next round of forgiveness from the govt...deliberate non pay
and they have DEMOCRATs like Bernie, Hillary, Pocahontas, Cortez et al telling them if they vote for them, they don't have to pay.0 -
The education system has turned into a cash cow, with the tenured educators now indoctrinating the students into automaton who will do their bidding. Not all teachers have an agenda, but the ones that do push the few aside that do not.
Education has turned into BIG business, that has turned into mind control. As long as the system keeps paying off the schools, colleges
doors also need to be kept open too keep the cash flow moving into the pockets of the same tenured freaks that use mind control to use the students as their own army.
Money not education is at the core of the colleges main interest. So as long as the PARENTS keep the status quo then the virus gets stronger. Cut the money off and the virus just mutates, creating a problem for the parents (voters). Then the gov just open the money train up again, after all it is for the children.0 -
grandson went high school with a 4.0...college with a 3.65..and now is in school for a doctorate in physical therapy...started his own small business to help fund college...should graduate with very little debt..BRAVO!! 0 -
To be applauded.
But similar to the people who all got loan adjustments and forgiveness on housing how will the ones feel who actually did the right thing and watch as the others who took the easy way out get relief.
quote:Originally posted by spasmcreek
grandson went high school with a 4.0...college with a 3.65..and now is in school for a doctorate in physical therapy...started his own small business to help fund college...should graduate with very little debt..BRAVO!!0 -
"Debt relief" is a big win for everyone.
The students don't have the loans anymore, the big banks will get their money.
All Uncle Sam has to do is fire up the 'ol money machine and conjure up some more cash out of thin air and all will be well.0 -
I wonder what the govt. would say if I filed suit to have the monies I paid off my student loan with be refunded to me? I worked hard to pay that thing off and did it well ahead of schedule. It pisses me off when these punks are cleared of their debt when I worked my ass off to clear mine.[:(!] 0 -
quote:Originally posted by spasmcreek
they have NO intent on paying for these loans..they are just waiting for the next round of forgiveness from the govt...deliberate non pay
And how the demoncraps will walk away with the coming elections with promises of loan forgivenes and piles of free poop for the hordes of loser scumbags AKA the demoncrap base.
I hope for the best.....I prepare for the worst.0 -
quote:Originally posted by Horse Plains Drifter
To incur 70K-100K debt for a 50K job is about the most asinine thing one could ever do.
Exactly.
My 23 year old son graduates with a bachelor degree from a state university in May with zero student debt. He pays his tuition in cash and has got no help from me. They key is WORKING AND SAVING.
At 40 years old with a wife and three kids I quit working and went to school. Got a bachelor and master degrees in 4 years and I have no student loan debt.0 -
They should be made to repay every penny, even if it means garnishing a portion of wages, seizing tax refunds, all the way to seizing a portion of their SS payments when the time comes if necessary.
A loan is a LOAN,....you asked for it, you got it, now pay it back deadbeats.[xx(]0 -
It is the next big financial crisis looming. 0 -
These kids are set up for failure.
First they are told they *have* to go to college, by everyone....from their families, friends, teachers, and guidance counselors.
Then they are told to major in "Something they love", so they major in topics that personally interest them, with no consideration for job prospects.
Lastly, they are given guaranteed loans because "everyone has the right to higher education". The loans are guaranteed because they can't be discharged, even in bankruptcy.
So these kids graduate with crippling debt and no relevant job skills to show for it. Some will exit the game at this point, and start looking for any job that requires any college degree....others double down, and start pursuing Master's Degrees (whose loans have an even higher interest rate) hoping to land a highly specialized job....and the result is Baristas with Master's degrees in Art History and $100,000 in debt before they've even got started with their working lives.
Of course these people want the gub'mint to step in and save them....and their vote is just as valid as mine or yours.0 -
Student loans are no benefit to any student. The cost of anything will increase to absorb the available funds. When most wives didn't work one salary was enough to buy a home. As soon as the majority of women went to work the cost of homes exploded to absorb the additional funds. Same with health insurance. 0 -
quote:Originally posted by gruntled
Student loans are no benefit to any student. The cost of anything will increase to absorb the available funds. When most wives didn't work one salary was enough to buy a home. As soon as the majority of women went to work the cost of homes exploded to absorb the additional funds. Same with health insurance.
Sounds about right.0 -
Used to be student loans were guaranteed by the government but they were generally bank loans, and the banks had to seriously try to collect before the guarantee would be honored. So the banks didn't make stupid loans that couldn't ever be paid back. Now.... this is a copy/paste:
"About two-thirds of undergraduate and graduate students borrow to help pay for their college education. The majority of these students borrow from government student loan programs. Many of these loans have low interest rates and do not require credit checks. Government student loans also provide a variety of flexible deferment and repayment options."
These government loans are our tax dollars so no one at the government cares if they are collected or not. It's not their money. Just another way our government has found to give away money someone else worked hard for and then the government taxed away. It's out of control.
So it won't be a financial crisis when these defaults hit, just more government deficit.0 -
I worked my way through college years ago. I graduated 100 percent debt free from a 4 year state university. I self funded the entire thing. Lived at home. Never went on vacations, drove a crappy car, worked as many hours on holidays and spring breaks as I could.
To this day I have no tolerance for anyone who can not hold a job or save a dollar.0 -
I worked my way through college years ago. I graduated 100 percent debt free from a 4 year state university. I self funded the entire thing. Lived at home. Never went on vacations, drove a crappy car, worked as many hours on holidays and spring breaks as I could.
To this day I have no tolerance for anyone who can not hold a job or save a dollar.0 -
One of my customers has told me a story of his sons' student loans. Kid racked up $70,000 in loans for a graphic arts degree and never had a job until he was thirty. He currently makes about $40,000 and the dad pays on the loan.
I don't blame the kid entirely, his parents share a good amount of that.
Basic math and logic should of showed them this would not work. To enter to workforce twelve years late and with a big debt eating up any extra cash you might have is a recipe for disaster.
I am all for constantly bettering oneself, but a lot of these "degrees" are poor investments.0
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