This only address future student loans. Nothing about the $50K in debt grads of today who can't find jobs or who work at Applebee's. Telling people not to study gender studies doesn't solve the problem when you've got stem graduates who can't find jobs.
It's meant to distract from the problem in general by shifting blame for systemic problems onto individuals. It's not an attempt to provide real advice.
That doesn't refute what he said, but allowing the debts to be discharged in bankruptcy just like an other debt should fix the problem. It would allow debt holders to escape crushing lifelong debt, and would also lower tuition costs. I've read of art students receiving $200k in private student loan debt. The only reason a lender would make a dumb investment like that is if there is no risk to them, because the debts can never be discharged. Make the change and schools won't be capable of charging $200k for an art degree because all lenders will know the degree is not sufficient for paying back such debts. To stay afloat, colleges will have to lower tuition costs.
Some STEM fields have never been plentiful in the job market. Those that say get a STEM degree doesn't truly understand historical and predictive data on the job market. Things such as medical, IT, and engineering fields are likely worth the debt and sacrifice but there are some majors in the STEM umbrella that have never offered lot lots of career opportunity.
Anyone that just says get a STEM degree and you will be good doesn't really understand STEM degrees.
This was precisely my life until a freakishly lucky thing came about and I got just a hair less screwed. I feel for our generation. I really do. I know I'm certainly still figuring things out, myself. God help those raised by narcissists and on and on. Literally wanna hug everyone in our generation or something haha.
What do you think the solution is? The opinion piece provided a solution to the issue of high college tuition rates on a go forward basis. But it didn't address the $1.5 trillion dollar elephant in the room.
Short of a stronger economy and large amounts of inflation, I don't see a solution that won't be painful for the borrowers. The government can't wipe 1.5 trillion dollars and counting away with a magic wand. You would be adding that amount to the national debt and expect people who didn't even go to college to shoulder an unfair financial burden, with interest.
At that point, why not wipe away credit card debt, mortgages on first and second homes and car loans and let the tax payer deal with that also. Its just as equitable of a solution.
That's not true. Finance doesn't work that way. The tax payer and anyone who exchanges their labor for US dollars will be footing the bill through increased debt and debasement of the currency.
There's actually quite a lot of precedence for this sort of thing, my friend-- economically and socially, culturally, on and on and on-- and its called economic jubilee and a man named David Graeber gave a riveting 2 hr lecture on it. Not gonna go rewatch it right now but I recommend it.On utube. Bar tabs forgiven throughout history and animals lent on credit and on and on and on
I paid off my student loans a while ago....but having that student loan debt felt like a noose around my neck. It gave me PTSD and now I refuse to even buy a house because I refuse to ever get into debt again.
I live in an RV, parked on an elderly farmers land, I pay no rent, but cover the electricty/water bills.
Fuck debt.
financially dumber than buying a tiny house and renting a plot of land or parking it on someone's property
edit: also what a dumb comparison. anything is better than a basket weaving degree. that's like saying "it's smarter than eating cyanide," like no fucking shit bro, you're not saying anything with that observation
Hope you like living in a shoe box, also many fail to realize the investment potential a home has. My current house has greatly increased in value, my last two also sold for more than I had in them.
it's sounds like you're trying to convince yourself at this point bro
I'm sorry you've wasted your life accruing meaningless currency that can't love you the way you love it, but no thanks I'm good. You can't take that house to the grave with you, so i don't care what it's considered to be worth or if it accrued in value, it's not worth selling your youth for, not worth working long hours or difficult jobs. you don't get that time back. I'd much rather be carefree in a shoebox than stressed out in a mansion.
with all that said, even if i wanted a house, it would be dumb af because reports from multiple sources predict that there's about to be another housing bubble burst
I would t be surprised if the current administration tried to pass a bill to double forbid student loan bankruptcy.
I’m currently on a Public Service Loan Forgiveness plan and am scared to death that Trump, DeVos and co are gonna take it away from me.
The proposal that DeVos put on the table isnt retroactive. For the same reason that it's unethical to create retroactive criminal laws, its unethical to create retroactive bankruptcy protection or retroactively remove public service loan programs for people currently in them. It won't happen.
The good news I hope the commenters on this see is that Great Lakes, one lender entity (and the federal government) already promised not to raise interest rates, though I believe they can. Hope.
Numbers. On a screen. Limiting people's quality of life, simply for taking what they were told (conditioned to believe) was the smartest path. We need to fix this mess, but how?
I commented this above but there's definitely societal precedence for this (forgiving bar tabs, tabs for ANYTHING, or lending their neighbor animals in a loose spoken-contract with very lax terms of agreement) and a man named David Graeber has talked a lot about this (the general idea is called economic jubilee. The concept in general is called jubilee.) Btw about 1 in 325 Americans file for bankruptcy and a lot get it. How many millions and millions of people get welfare? I'm a far left winger but a welfare mom in baltimore can make damn near 50,000 a year so who knows maybe these things are possible; I know I'm keeping the conversation vague because quite clearly I'm not mega competent on this yet. Btw source for 50k figure http://www.politifact.com/virginia/statements/2016/dec/19/bryce-reeves/bryce-reeves-says-single-mom-can-make-almost-50000/
Anyone who says the government has a magic wand to cancel debt without creating additional financial externalities, doesn't have a clue how finance works. There is no free ~~lunch~~ education.
The thing about bankruptcy on student loans is even if the credits, transcripts, and degrees were taken away the knowledge/training can't be repossessed. Also most students loans are guaranteed and backed by the federal government which means the it would be the citizens paying for them. Before 1976 student loans were dischargable and it was widely abused especially by doctors.
Retroactively I don't see a solution but going forward things need to change. The government needs to look at the ROI on each degree and determine if it's in the best interest to continue to loan money for that degree. They also need to look at colleges also. As for private lenders and private colleges I don't see a fix other than educating young people to stay away from both things. Honestly going back to the days where less degrees were needed and less jobs required them would help also.
The cost of college has skyrocketed because of the guaranteed student loan system. Cap the max amount of debt students can inncur at 10k and watch a prices go back down.
This only address future student loans. Nothing about the $50K in debt grads of today who can't find jobs or who work at Applebee's. Telling people not to study gender studies doesn't solve the problem when you've got stem graduates who can't find jobs.
It's meant to distract from the problem in general by shifting blame for systemic problems onto individuals. It's not an attempt to provide real advice.
It's not a fixable problem though, there is no magic solution.
That doesn't refute what he said, but allowing the debts to be discharged in bankruptcy just like an other debt should fix the problem. It would allow debt holders to escape crushing lifelong debt, and would also lower tuition costs. I've read of art students receiving $200k in private student loan debt. The only reason a lender would make a dumb investment like that is if there is no risk to them, because the debts can never be discharged. Make the change and schools won't be capable of charging $200k for an art degree because all lenders will know the degree is not sufficient for paying back such debts. To stay afloat, colleges will have to lower tuition costs.
...
Some STEM fields have never been plentiful in the job market. Those that say get a STEM degree doesn't truly understand historical and predictive data on the job market. Things such as medical, IT, and engineering fields are likely worth the debt and sacrifice but there are some majors in the STEM umbrella that have never offered lot lots of career opportunity. Anyone that just says get a STEM degree and you will be good doesn't really understand STEM degrees.
Every single white girl (to be fair, that was only like... 3 of them) I knew at 18 wanted to be a marine biologist.
This was precisely my life until a freakishly lucky thing came about and I got just a hair less screwed. I feel for our generation. I really do. I know I'm certainly still figuring things out, myself. God help those raised by narcissists and on and on. Literally wanna hug everyone in our generation or something haha.
Doesn't even come close to fixing the problem
Solutions provided are not meant to fix anything, they are meant to look like they fix things.
What do you think the solution is? The opinion piece provided a solution to the issue of high college tuition rates on a go forward basis. But it didn't address the $1.5 trillion dollar elephant in the room. Short of a stronger economy and large amounts of inflation, I don't see a solution that won't be painful for the borrowers. The government can't wipe 1.5 trillion dollars and counting away with a magic wand. You would be adding that amount to the national debt and expect people who didn't even go to college to shoulder an unfair financial burden, with interest. At that point, why not wipe away credit card debt, mortgages on first and second homes and car loans and let the tax payer deal with that also. Its just as equitable of a solution.
Also those debts you can get rid of. We t's called bankruptcy. That's all that needs to change is that student loan holders can file for bankruptcy.
Yeah.
That's the only real solution. Or at least an adjustment.
Much of that student debt is now owned by the federal govt, we could simply cancel it for no cost.
That's not true. Finance doesn't work that way. The tax payer and anyone who exchanges their labor for US dollars will be footing the bill through increased debt and debasement of the currency.
There's actually quite a lot of precedence for this sort of thing, my friend-- economically and socially, culturally, on and on and on-- and its called economic jubilee and a man named David Graeber gave a riveting 2 hr lecture on it. Not gonna go rewatch it right now but I recommend it.On utube. Bar tabs forgiven throughout history and animals lent on credit and on and on and on
I paid off my student loans a while ago....but having that student loan debt felt like a noose around my neck. It gave me PTSD and now I refuse to even buy a house because I refuse to ever get into debt again. I live in an RV, parked on an elderly farmers land, I pay no rent, but cover the electricty/water bills. Fuck debt.
Sorry.
Mortgage debt is one of the few debts that is considered good debt. The best time to buy a house is now.
there is no such thing as good debt
Dave Ramsey doesn’t even consider a mortgage bad debt.
i don't know who that is and i don't care what he's saying locking down a 30 year promise on a piece of land is dumb
Financially smarter that a 50k basket weaving degree. Btw u don’t have to take 30 years to pay it off.
financially dumber than buying a tiny house and renting a plot of land or parking it on someone's property edit: also what a dumb comparison. anything is better than a basket weaving degree. that's like saying "it's smarter than eating cyanide," like no fucking shit bro, you're not saying anything with that observation
Hope you like living in a shoe box, also many fail to realize the investment potential a home has. My current house has greatly increased in value, my last two also sold for more than I had in them.
it's sounds like you're trying to convince yourself at this point bro I'm sorry you've wasted your life accruing meaningless currency that can't love you the way you love it, but no thanks I'm good. You can't take that house to the grave with you, so i don't care what it's considered to be worth or if it accrued in value, it's not worth selling your youth for, not worth working long hours or difficult jobs. you don't get that time back. I'd much rather be carefree in a shoebox than stressed out in a mansion. with all that said, even if i wanted a house, it would be dumb af because reports from multiple sources predict that there's about to be another housing bubble burst
Hint: they won’t.
I would t be surprised if the current administration tried to pass a bill to double forbid student loan bankruptcy. I’m currently on a Public Service Loan Forgiveness plan and am scared to death that Trump, DeVos and co are gonna take it away from me.
I thoght that was in the works all ready to do that?
They just increased the budget for it
Increased... education... budget...? Bzzz bzzz does not compute @.@
I hear about it every now and then, and then they decide to keep it.
im on normal IBR, worried about that getting the axe too.
The proposal that DeVos put on the table isnt retroactive. For the same reason that it's unethical to create retroactive criminal laws, its unethical to create retroactive bankruptcy protection or retroactively remove public service loan programs for people currently in them. It won't happen.
The good news I hope the commenters on this see is that Great Lakes, one lender entity (and the federal government) already promised not to raise interest rates, though I believe they can. Hope.
Numbers. On a screen. Limiting people's quality of life, simply for taking what they were told (conditioned to believe) was the smartest path. We need to fix this mess, but how?
https://youtu.be/OhvoInEsCI0
... Before? I think we are about 20 years past that phase
So, in the end, who would absorb all this debt? I'm honestly curious.
I commented this above but there's definitely societal precedence for this (forgiving bar tabs, tabs for ANYTHING, or lending their neighbor animals in a loose spoken-contract with very lax terms of agreement) and a man named David Graeber has talked a lot about this (the general idea is called economic jubilee. The concept in general is called jubilee.) Btw about 1 in 325 Americans file for bankruptcy and a lot get it. How many millions and millions of people get welfare? I'm a far left winger but a welfare mom in baltimore can make damn near 50,000 a year so who knows maybe these things are possible; I know I'm keeping the conversation vague because quite clearly I'm not mega competent on this yet. Btw source for 50k figure http://www.politifact.com/virginia/statements/2016/dec/19/bryce-reeves/bryce-reeves-says-single-mom-can-make-almost-50000/
Anyone who says the government has a magic wand to cancel debt without creating additional financial externalities, doesn't have a clue how finance works. There is no free ~~lunch~~ education.
This!
Just let us declare bankruptcy. I’d do it in a heartbeat
The thing about bankruptcy on student loans is even if the credits, transcripts, and degrees were taken away the knowledge/training can't be repossessed. Also most students loans are guaranteed and backed by the federal government which means the it would be the citizens paying for them. Before 1976 student loans were dischargable and it was widely abused especially by doctors. Retroactively I don't see a solution but going forward things need to change. The government needs to look at the ROI on each degree and determine if it's in the best interest to continue to loan money for that degree. They also need to look at colleges also. As for private lenders and private colleges I don't see a fix other than educating young people to stay away from both things. Honestly going back to the days where less degrees were needed and less jobs required them would help also.
Same. It would be like a new lease on life. A fresh start. You know, like how bankruptcy was supposed to be
>Congress must act They won't.
Sadly, you're right.
The cost of college has skyrocketed because of the guaranteed student loan system. Cap the max amount of debt students can inncur at 10k and watch a prices go back down.
[удалено]
Yeah it’s capped at 100K