DEFAULT...Student Loans

[sea manup]

For those talking about how their college education helped them get a job so it was worth the money, other than the degree in what ways did school help you get a job?

 

[RustyShackleford]

^ Why aren't we screaming to cut federal loan programs? Colleges know that students and their parents are willing to take out the loans for that purpose, thus colleges are willing to increase fees accordingly. Once college actually becomes unaffordable and the greater population is willing to admit that, then and only then will we start seeing costs start to come down.

So you plan is to make college completely out of reach to lower income students, in hopes that colleges decrease tuition in the long run.

And what's to say the private sector just won't step up and cause a bigger problem

-How about we give everyone free community college and/or trade school....But I'm know you won't be in favor of that because of that right

 

[fontaine]

^ Why aren't we screaming to cut federal loan programs? Colleges know that students and their parents are willing to take out the loans for that purpose, thus colleges are willing to increase fees accordingly. Once college actually becomes unaffordable and the greater population is willing to admit that, then and only then will we start seeing costs start to come down.

so you're solution is to wait till the bubble bursts?

lolwut

You're willing to sacrifice an entire generation of people?

 

[RustyShackleford]

^^^ He got his, he don't give a ****.

I swear Crcballer can be a logical poster one second, then turn into Rico x Hood 2.0 the next.

Especially when it has to do with anything remotely political.

- Waits for the conservative Forbes article in response.........

 

[Xennial]

 
^ Why aren't we screaming to cut federal loan programs? Colleges know that students and their parents are willing to take out the loans for that purpose, thus colleges are willing to increase fees accordingly. Once college actually becomes unaffordable and the greater population is willing to admit that, then and only then will we start seeing costs start to come down.

This would be good

 

[heatpinoyboy]

Thanks to NT before i entered college, I made the right decisions to keep my debt @ 0

Thanks ya'll

 

[americangenius]

^ Why aren't we screaming to cut federal loan programs? Colleges know that students and their parents are willing to take out the loans for that purpose, thus colleges are willing to increase fees accordingly. Once college actually becomes unaffordable and the greater population is willing to admit that, then and only then will we start seeing costs start to come down.

As long as the govt backs these loans banks will continue giving out money to anyone with absolutely nothing to lose. Tuition will never decrease if people keep borrowing above their means. Banks would never give out these loans if there was a chance they wouldn't be able to get their money back.

 

[rexanglorum]

At the heart of the matter is the fact that the game is rigged against workers at every income level. The US Economy has never produced more in terms of GDP and yet the bottom 90% of workers have seen no gains in three decades. Even professionals and managers in the top 10% have not gained very much. Most of the gains go to the extremely wealthy or CEO's of Fortune 500 Companies and senior partners at Hedge Funds and Private Equity Groups. In short, Capital has triumphed utterly over labor.

We must be clear, this development is not the result of fair and open market processes nor is it the result of any sort of superior character, work ethic or virtue on the part of the ruling class. The state created the legal framework for financial markets and even the corporation itself. The state sets trade and labor rules and education policy and ultimately it decides upon monetary policy. The last third of a century has witnessed an almost magnetic pull where the state has came out on the side of capital over labor at every turn. As a result everyone who works for his or her money is fundamentally in a losing position and everyone whose money works for him or her is in a winning position.

I doubt that serious reform will happen any time soon because most workers have a habit of subdividing themselves. Blue collar, white collar, Boomer, millennial, STEM credentialed, liberal arts credentialed, hourly, salaried, permanent, temporary and so on all seem to dislike each other than they dislike their moneyed overlords. To everyone who refuses to the believe that the game is rigged, you are deluding yourself, your fellow worker and you are ultimately harming yourself and your children and generations to come.

You can go ahead and pick the "right" major in college (which seems to change every month), adhere to Suzy Orman or David Ramsey's advice, go to trade school, intern every year you are able to do so, buy a house with a decent enough mortgage terms, refinance on good terms, start up a good 401k, live below your means and all of the other individualistic solution that folks advocate but the inescapable reality is that as long as your pay check is your primary means of income, the long term future for your paycheck is for it to shrink. No amount of credentials, thrift or financial acumen can change the fact that workers, at every income level, are currently on a sinking ship in a game that is undoubtedly rigged.

 

[maldonado]

Thumbs up rexanglorum

 

[RustyShackleford]

At the heart of the matter is the fact that the game is rigged against workers at every income level. The US Economy has never produced more in terms of GDP and yet the bottom 90% of workers have seen no gains in three decades. Even professionals and managers in the top 10% have not gained very much. Most of the gains go to the extremely wealthy or CEO's of Fortune 500 Companies and senior partners at Hedge Funds and Private Equity Groups. In short, Capital has triumphed utterly over labor.

We must be clear, this development is not the result of fair and open market processes nor is it the result of any sort of superior character, work ethic or virtue on the part of the ruling class. The state created the legal framework for financial markets and even the corporation itself. The state sets trade and labor rules and education policy and ultimately it decides upon monetary policy. The last third of a century has witnessed an almost magnetic pull where the state has came out on the side of capital over labor at every turn. As a result everyone who works for his or her money is fundamentally in a losing position and everyone whose money works for him or her is in a winning position.

I doubt that serious reform will happen any time soon because most workers have a habit of subdividing themselves. Blue collar, white collar, Boomer, millennial, STEM credentialed, liberal arts credentialed, hourly, salaried, permanent, temporary and so on all seem to dislike each other than they dislike their moneyed overlords. To everyone who refuses to the believe that the game is rigged, you are deluding yourself, your fellow worker and you are ultimately harming yourself and your children and generations to come.

You can go ahead and pick the "right" major in college (which seems to change every month), adhere to Suzy Orman or David Ramsey's advice, go to trade school, intern every year you are able to do so, buy a house with a decent enough mortgage terms, refinance on good terms, start up a good 401k, live below your means and all of the other individualistic solution that folks advocate but the inescapable reality is that as long as your pay check is your primary means of income, the long term future for your paycheck is for it to shrink. No amount of credentials, thrift or financial acumen can change the fact that workers, at every income level, are currently on a sinking ship in a game that is undoubtedly rigged.

View media item 913278
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Everyone should watch this video and read the article.

https://hbr.org/2014/09/profits-without-prosperity

 

[capital sb]

So what about the average people that are smart with their money and make their money work for them?

Losing game too?

I also believe there are right majors to choose in terms of ROI, and long term growth. Its clear to see...

There is no doubt that the money is being spread unevenly. All we can do is be smart with our money and invest to end the cycle of 9-5 slaving.

 

[RustyShackleford]

^^^ Who is your question directed towards?

 

[capital sb]

^^^ Who is your question directed towards?

Anyone who wants to answer, but mainly to Rex.

 

[hoosierdaddy317]

Me and my homie been talking about this for the past two years. Thank God I had a scholarship while I was in school but my homie only has 24k in debt. 

The thing is, this **** is definitely going to explode. Signs directly correlate to the mortgage and auto industries in 08. ****** giving out dumb *** loans. With the student loan situation its even scarier though. Compared to mortgages and auto loans being consumed by ppl that are probably on average at least 25+ years old, student loans can be obtained literally by a click of a button. I think its ****** up these schools get 18 year old kids in debt for going to college especially when tuition rises and the value of the degree has not risen.

My homie has this logic that hes not gonna pay them back because its going to explode anyway and I don't blame him lol

 

[RustyShackleford]

^^^ Who is your question directed towards?

Anyone who wants to answer, but mainly to Rex.

I don't want to speak for dude but it seems he is speaking about things on a macro level.

Sure you can find a exceptions and counter examples, but that doesn't change the fact the system is fundamentally broken.

-It would be like having to concede that not all white people are racist, before talking about fixing systemic racism

Or pointing out Massachusetts schools are pretty good, before talking about American kids lagging behind the world

Or saying that a handful of roads and bridges are in amazing condition, before talking about our crumbling infrastructure

And so on.

 

[boris]

 
So what about the average people that are smart with their money and make their money work for them?

Losing game too?

I also believe there are right majors to choose in terms of ROI, and long term growth. Its clear to see...

There is no doubt that the money is being spread unevenly. All we can do is be smart with our money and invest to end the cycle of 9-5 slaving.

This is a passive way to deal with a bad situation. 

 

[capital sb]

This is a passive way to deal with a bad situation. 

I am not trying to deal with the situation people are going to choose to do what they want regardless. My situation is good, the overall situation for the US educational system is pretty bad, but that isn't going to change. Until people start looking at alternatives and ways to make college affordable the system will always come out ahead.

I have given great ways to save on education in this thread yet most in here are blaming the govt for allowing loans instead of looking in the mirror.

I just see the situation differently and have a totally different mindset. Nobody forced you to sign up for something you couldn't afford and that your future job wouldn't be able to repay.

It's pretty funny you read through this thread and there are maybe 5 people that owned up to their mistakes and didn't blame anyone else.

 

[pdino]

Robin Hood Tax: 

Spoiler: Warning: Spoiler!

A potential free ride in college
The goal of Sanders' bills is twofold. The first bill seeks to pay 100% of the undergraduate tuition fees of college students, expand work-study programs, and help reform the student loan system, which has left Americans with a whopping $1.2 trillion in loans outstanding. This crippling debt can adversely affect graduates' pocketbooks, their ability to save, and even their long-term health via stress.A college education has become all but necessary to career advancement in the U.S., as employers are looking for a more specialized workforce. As the Pew Research Center noted last year, the median salary for a full-time millennial aged 25 to 32 with a bachelor's degree or higher was $45,000 in 2012 dollars. By comparison, a high school graduate was earning a median of $28,000 for full-time work in 2012 dollars. Over a lifetime, especially given workers' ability to save and invest, the difference is night and day.If undergraduate education in the United States were free, it would put this nation on par with a number of European economies -- such as France, Germany, and the three Scandinavian countries, Norway, Sweden, and Finland -- that offer free college education to their undergrads. Presumably, it would also incentivize students to learn high-demand skill sets, which could land them high-paying jobs.

What's unique about Sanders' proposals is how the free college education for undergraduates and improved community social programs would be funded.

As it's currently written, both bills "set a nominal tax of $0.50 on every $100 of stock trades on stocks sales, and lesser amounts on transactions involving bonds, derivatives, and other financial instruments." In other words, when you sold stock, you would owe $0.50 for every $100 of stock you sold. If you owned bonds or other investment vehicles, the amount you owe would be lower, because historically, the stock market offers the best long-term growth rate, and other investment vehicles have lower historical return percentages.

Think about this for a moment. For long-term investors who own stocks for years or decades at a time, the thought of paying a meager 0.5% tax on capital gains isn't all that bad. Long-term investors are already using time to their advantage and have likely compounded their gains with the use of dividend income. For this investor, a "Robin Hood Tax" will be of little consequence.

On the flip side, Wall Street high-frequency traders, day-traders, and even select short-term investors could get absolutely clobbered by such a tax. High-frequency trading, or HFT, works by trading large sums of money, sometimes in fractions of a second, and scalping pennies to net minimal but often repeatable gains. Sometimes gains of $100-$500 can be made hundreds of times per day thanks to computer software programs, and that profit certainly adds up over time.

However, introducing a 0.5% tax on stock sales could tip the balance away from HFTs, which can disrupt markets and increase volatility. The Robin Hood Tax also adds yet another reason for short-term traders to abandon the strategy of "timing the market" -- they already have to pay higher capital gains taxes than long-term investors.

I don't think it'll pass, but I like it.

 

[RustyShackleford]

This is a passive way to deal with a bad situation. 

I am not trying to deal with the situation people are going to choose to do what they want regardless. My situation is good, the overall situation for the US educational system is pretty bad, but that isn't going to change. Until people start looking at alternatives and ways to make college affordable the system will always come out ahead.

I have given great ways to save on education in this thread yet most in here are blaming the govt for allowing loans instead of looking in the mirror.

I just see the situation differently and have a totally different mindset. Nobody forced you to sign up for something you couldn't afford and that your future job wouldn't be able to repay.

It's pretty funny you read through this thread and there are maybe 5 people that owned up to their mistakes and didn't blame anyone else.

You really love patting yourself on the back, don't you brah

Jeez

 

[slighted]

Am I missing anything here?

1.) Get into the best college you can get into

2.) Take out as much loans as you can realistically pay off

3.) Come into college with a semblance of a game plan

4.) Execute said game plan

5.) Get experience, connections, build the resume, but enjoy your college years too

6.) Profit + pay off the loans

Let's get this $, fam.

 

[capital sb]

And the facts in my post are still ignored lol. No pat on the back just how I feel about trying to change a situation and save the national educational debt. Can't save the world and can't save people that don't want to be saved.

 

[moderndarwin]

Such a pathetic attitude about borrowing.

Student loan debt is the nicest of any debt. They offer all sorts of ways to help you out. You can choose to pay over 25 years if you'd like. Any college graduate can afford 400 a month payment. When you start making a lot of money when you are 30 to 40 you can pay it down quickly. Have some responsibility for your own decisions. Weak.

 

[Tigron]

People really out here caping for financial institutions? I think I've heard it all.

 

[crcballer55]

so you're solution is to wait till the bubble bursts?

lolwut

You're willing to sacrifice an entire generation of people?

We've already sacrificed a whole generation haven't we? We already have an entire generation coming out of college unable to live their dreams because they're more concerned about paying off their loans.

So you plan is to make college completely out of reach to lower income students, in hopes that colleges decrease tuition in the long run.

And what's to say the private sector just won't step up and cause a bigger problem

-How about we give everyone free community college and/or trade school....But I'm know you won't be in favor of that because of that right

Wasn't the President's plan to cut out the private sector already the solution to the private sector taking advantage? If you're deeply in debt, the solution isn't to offer more debt. It's to take away that option so you can figure out another way to pay for it. I dare you to go to any college campus and not find a major building project under construction. By cutting back federal loan programs, it will force colleges to reconsider whether they want to continue to build those monuments to themselves or offer a better service to their students. Does a school really need to have the latest and greatest of everything?

One thing I will agree on is the site that displays each college's statistics on graduations and majors. I think if people actually knew what kind of value they are getting for their money then they can make a more informed decision

Regarding community college, listen to this and you'll realize that free government subsidized school isn't the answer for community college:

Having gone to one, I can vouch for this in many cases I saw too.

 

[capital sb]

Just make everything free. It will solve all problems [emoji]128530[/emoji]