Student loans
0
-
I agree that debt should be repaid. It's what responsible adults do. Unfortunately the current generation of young people are rarely adult or responsible in their action.
I worked and paid my own way through 12 years of college. Graduated for the last time in 2003 and walked away debt free.
Most students borrow money then use it for travel, new cars, etc. I advise students to only use student loans for school necessities and never borrow more than one year of salary in the intended profession.
I know a woman who just HAD to go to Harvard. A state university would not do. She wanted that Harvard diploma. Well, she got it...along with $300,000 in student debt and a job paying $40,000 a year.0 -
Agreed however the process of loaning kids 100K is sure different today than when I was a lad. NO WAY in HELL anyone was going to allow me to go 200K in debt at 18-24 without collateral or co-signer.
Loaning these young people this much money regardless of the stupidity of the borrower is also predator in my opinion, they knew these kids couldn't file bankruptcy and they would own them for life.0 -
My feel good story-son got out 3 years ago and his debt is PAID IN FULL.. He got a partial scholarship through golf but still has a big chunk . He worked 2.1/2nobs and turned a buck buying/ selling golf stuff and it is paid for..
His work ethic was tireless and I am proud of him .
You took the debt , you pay for it. No different than a car or house loan. But the generation will be ruined if all is forgiven, imo.0 -
Im guessing she it wasnt a math degree with a minor in economics.
quote:Originally posted by Doc
I agree that debt should be repaid. It's what responsible adults do. Unfortunately the current generation of young people are rarely adult or responsible in their action.
I worked and paid my own way through 12 years of college. Graduated for the last time in 2003 and walked away debt free.
Most students borrow money then use it for travel, new cars, etc. I advise students to only use student loans for school necessities and never borrow more than one year of salary in the intended profession.
I know a woman who just HAD to go to Harvard. A state university would not do. She wanted that Harvard diploma. Well, she got it...along with $300,000 in student debt and a job paying $40,000 a year.0 -
Student loan debt is a ticking time bomb. It's now the number two debt load in America, behind mortgages.
People demand government intervention, but won't acknowledge that government intervention is what precipitated the crisis to begin with.
If government busybodies had stayed the hell out of funding higher education the costs wouldn't have exploded the way they have.
Thanks to government "guarenteed" loans. Young, stupid, kids with no income and no clear direction can get a virtually unlimited stream of income at the same time they are moving away from home for the first time.
It's like a kid handed his dad's credit card.....except the kid is held responsible for paying it, 5 years after he gor access to it....oh, and he can't just file bankruptcy and get it discharged.
There is a whole lot of blame to go around on this...but blame big government and its best intentions first.0 -
[;)]quote:Originally posted by Rack Ops
Student loan debt is a ticking time bomb. It's now the number two debt load in America, behind mortgages.
People demand government intervention, but won't acknowledge that government intervention is what precipitated the crisis to begin with.
If government busybodies had stayed the hell out of funding higher education the costs wouldn't have exploded the way they have.
Thanks to government "guarenteed" loans. Young, stupid, kids with no income and no clear direction can get a virtually unlimited stream of income at the same time they are moving away from home for the first time.
It's like a kid handed his dad's credit card.....except the kid is held responsible for paying it, 5 years after he gor access to it....oh, and he can't just file bankruptcy and get it discharged.
There is a whole lot of blame to go around on this...but blame big government and its best intentions first.0 -
Several of the last helpers I had in the HVAC business were recent college grads,over their heads in student debt and making more money as a helper than they could with the business degree they earned.Some of them with good work ethics and not afraid to get dirty,have moved moved up the ranks and are doing well. 0 -
MY BANKS never FORGAVE ANY LOAN......NEVER.....and i paid em off early or ontime .....debt FREE for many years....to forgive students loans is bad business and sends a message U R NOT RESPONSIBLE 0 -
You borrow it, you repay it. That being said, the insanity of loaning heaps of money to someone working on a useless degree is obvious on its face yet it?s happening everywhere. Add on the ridiculous cost of most colleges that seem more bent on indoctrination than education and you have a prescription for financial disaster.
It?s been many years, but I was able to work full time, nights in an orange processing plant, and any time jobs I could find, to pay my tuition. (May I NEVER see Pasco Packing again! Nor do I care to taste Kraft mac ?n cheese or noodles in a cup.) Granted, that was the mid-seventies and costs were lower. Today?s folks, piling up debt it?s obvious they?ll never be able to repay, AND expecting it to be forgiven later while they hide in mommy?s basement is nuts.0 -
quote:Originally posted by Rack Ops
Student loan debt is a ticking time bomb. It's now the number two debt load in America, behind mortgages.
People demand government intervention, but won't acknowledge that government intervention is what precipitated the crisis to begin with.
If government busybodies had stayed the hell out of funding higher education the costs wouldn't have exploded the way they have.
Thanks to government "guarenteed" loans. Young, stupid, kids with no income and no clear direction can get a virtually unlimited stream of income at the same time they are moving away from home for the first time.
It's like a kid handed his dad's credit card.....except the kid is held responsible for paying it, 5 years after he gor access to it....oh, and he can't just file bankruptcy and get it discharged.
There is a whole lot of blame to go around on this...but blame big government and its best intentions first.
The more government got involved in higher education the higher costs go and keep going up. Government is never the solution to Social issues. If colleges had to compete for students, a fair price for education the world would be a different place. Instead we now have government funding student loans, the IRS for a collection agency and colleges full of Marxist professors that shove anti-American drivel down the throats of our young people.
Sad, stupid and a train wreck looking for a place to happen.0 -
I worked nights and went to college full time. On occasion I would fall asleep in the school parking lot and miss a class or two. I did not get a student loan. I did not even try.
When I got married, my wife went to college. She also worked and went to school at the same time.0 -
quote:Originally posted by ChrisStreett
You borrow it, you repay it. That being said, the insanity of loaning heaps of money to someone working on a useless degree is obvious on its face yet it?s happening everywhere. Add on the ridiculous cost of most colleges that seem more bent on indoctrination than education and you have a prescription for financial disaster.
It?s been many years, but I was able to work full time, nights in an orange processing plant, and any time jobs I could find, to pay my tuition. (May I NEVER see Pasco Packing again! Nor do I care to taste Kraft mac ?n cheese or noodles in a cup.) Granted, that was the mid-seventies and costs were lower. Today?s folks, piling up debt it?s obvious they?ll never be able to repay, AND expecting it to be forgiven later while they hide in mommy?s basement is nuts.
Chris, you hit the nail head on with your post!
IMHO, Colleges today are nothing more than out for profit business's that are so far over priced that there is not enough life in a lifetime to break even on what they charge.
I do not know what Uncle Sams benefit plan is these days for honorably discharged veterans but back in my day I was able to take advantage of those benefits to get a college education without having to borrow any money. Yes, I also worked a full time job and supported a growing family while I attended school part time.0 -
Borrowing for education needs to be treated as an investment. Borrowing $50-100k to go to a school for a 4 year fine arts degree that doesn't qualify you for a job making $50k/year? Not a good investment. $50-100k to go to one of the many STEM degrees, where post grad you can get a job paying 80-100k/year? Go for it. 0 -
Many young people borrow money to go to college are doing this to simply put off reality. Reality is to get out of mommy's house, get a real job and grow up. Many have not been taught responsibility and are not emotionally ready for the real world.
Many young adults pursue degrees in absolutely useless programs because they want to "express themselves" or "better the world". Some may wonder how lending institutions can loan monies for these, but I am sure it would be considered discriminatory to make loans for some program degrees but not others since these are federally guaranteed.0 -
Student loans are the reason college costs are so high. The cost of college, houses, medical care, whatever will expand to absorb the available funds. Think how much of the administration costs would drop if there were no student loans. How many kids would go to a college near their home? My kids went to two year Junior colleges & then to schools where they could drive from home. 0 -
Quote:
Growing up a poor black kid, all I heard was college, college, college. Now we?re fools for taking out loans to make it happen.
I wager a bet he's also been listening to Democrats. Folks never learn some people can spot a fool from a mile away.
The Professors did all right on this hyper-hyped go to college speil.0 -
I paid for mine in the Tobacco patch. The day I graduated I took my whole 5 acres tobacco check in the schools business office and paid my college cost in full. It took a while, but didn't think it would ever pay off. I finally got the job I wanted after several years working there which required a degree and it is still paying after putting 30+ years in. 0 -
Pay as you go. Or go to trade school. If you cant afford it you should not go. If you dont pay it back debtors prisons type work sounds like a plan for deadbeats. 0 -
quote:Originally posted by jim_lemay
My parents paid for my Undergraduate College Degree. I paid for my children's college. I planned ahead and saved for the expense.
[:D]
Let me guess, your parents and you are conservatives...0 -
I am fresh out of sympathy.
I have a 4 year college degree. I worked my way through college.
In the summers, I got construction jobs, carpenter's helper, and brick mason's helper. Worked my ass off in dangerous work but made a lot of money.
In school, I worked as a waiter, and bartender, also worked at the school library.
I didn't go to an expensive rich kid's school out of state, I went to state schools. I got a good education. I also was a starter on the soccer team for 4 years.
I am fresh out of sympathy for millennials running up $45K in student loans, they didn't work a lick in school and now have a 4 year degree in Anthropology, with which, they can't get a job.
Should have tried harder and gotten an RN degree with which you can start right off at $65 K. But, an RN degree requires a lot of hard work in Biology, Chemistry, and English classes.
I know what goes on in college. College students spend at least half of their time, chasing coeds, drinking, and smoking pot.0 -
When you have "free college", a lot of students won't leave.
That doesn't sound bad until you have incoming freshman that can't get a spot because it's being taken by 10th year Super Seniors and homeless people who enrolled so they have a free place to stay..0 -
Too many folks posting in this thread overlook a couple of simple things that have changed since "we" went to school.
(Note: I worked 80-100 hour weeks on the family farm in the summers plus part time jobs while in college so no loans were needed)
I remember asking a class of High School students how many were planning on going to college and many held up their hands.
When I then asked them what they were going to major in I got a lot of blank stares -- nobody had discussed WHY they should go to college.
Which is why several said they were going to college to party.
They also tended to be the ones that had trouble graduating because they didn't grasp the concept of passing classes to move from Freshman to Sophomore, etc.
A lot of jobs some of us did when we were young -- the jobs that taught us a work ethic and the "value of a dollar" are no longer available to young kids because of safety rules, etc.
So many never learn to work and only hear that going to college means a better job.
They hear that as "get any degree you like and you'll find a job."
The reality of the wrongness of that impression is the root of the "Student Loan" problem.
But the comments about the Government making things worse are also very true.0
Please sign in to leave a comment.
Comments
22 comments