President to propose free community college on Friday

[luckyluchiano]

I thought about being a lawyer but every lawyer I talked to told me to do something else

I hear it isn't how it used to be, most of the cats from the 80s 90s still in their same roles today so what room is there for new jacks.

 

[mr marcus]

Sallie Mae and Wells Fargo have a big hand in that bubble

sallie mae the devil.....glad I never had to go that route 

 

[johnnyredstorm]

I thought about being a lawyer but every lawyer I talked to told me to do something else

I hear it isn't how it used to be, most of the cats from the 80s 90s still in their same roles today so what room is there for new jacks.

I would've been a defense attorney. I think that's why they told me to stay away. It's an emotionally draining job with lousy hours.

 

[johnnyredstorm]

Sallie Mae and Wells Fargo have a big hand in that bubble

sallie mae the devil.....glad I never had to go that route 

It's extortion. I hope they go bankrupt by 2016.

 

[luckyluchiano]

I would've been a defense attorney. I think that's why they told me to stay away. It's an emotionally draining job with lousy hours.

I hear lot of kids now are getting 100-200+k in debt just to become public defenders :x, I always believed never get more student loan debt than half of the avg salary of the career you want (i.e. your avg salary in filed is 50k, dont get more than 25k in debt)

 

[tay1]

Yeah, funny how most folks casually just side-stepped that post in the midst of the debate.


Oh well. Pertinent points have a habit of being overlooked when they poke holes in folks arguments.


Again, I'm not against the proposal, I'm simply looking at what it would take to get done and it's just not a realistic undertaking.


I know it's been a while since Obama has been in college but I feel like he's hilariously out of touch with the state of community colleges in America.

I answered that post. Thats a bigger problem at hand. It isn't the students fault that more schools arent being created. Like i said in the last 50 or so years, only one UC has been created.

 

[johnnyredstorm]

I would've been a defense attorney. I think that's why they told me to stay away. It's an emotionally draining job with lousy hours.

I hear lot of kids now are getting 100-200+k in debt just to become public defenders :x, I always believed never get more student loan debt than half of the avg salary of the career you want (i.e. your avg salary in filed is 50k, dont get more than 25k in debt)

It's a noble career but man it's not worth the debt. The combo of the loans plus the crazy schedule public defenders have just isn't worth it.

 

[luckyluchiano]

It's a noble career but man it's not worth the debt. The combo of the loans plus the crazy schedule public defenders have just isn't worth it.

Def, theres a need for the job, but its like Social Work when it comes to High Risk low reward, you will always have a job but you have to deal with a ton a crap for little pay or with Public Defenders, deal with a ton of crap, and pay that doesn't correlate to the debt incurred to get the job.

 

[fontaine]

There's an interesting interview ... Mark Cuban spoke to how he thinks this is a HUGE bubble...

Google it.

Cuban said he thinks that it will wipe out quite a few prominent colleges because so many people will default...

I think that it will take a little longer than the mortgage collapse... And maybe not to the extent...

But if investors start selling student loan debt like they did MBSs... There will be a bubble bursting.

 

[sea manup]

There's an interesting interview ... Mark Cuban spoke to how he thinks this is a HUGE bubble...

Google it.

Cuban said he thinks that it will wipe out quite a few prominent colleges because so many people will default...

I think that it will take a little longer than the mortgage collapse... And maybe not to the extent...

But if investors start selling student loan debt like they did MBSs... There will be a bubble bursting.

 

[mr marcus]

There's an interesting interview ... Mark Cuban spoke to how he thinks this is a HUGE bubble...

Google it.

Cuban said he thinks that it will wipe out quite a few prominent colleges because so many people will default...

I think that it will take a little longer than the mortgage collapse... And maybe not to the extent...

But if investors start selling student loan debt like they did MBSs... There will be a bubble bursting.

it'll probably hit private colleges before public right?

 

[sea manup]

colleges spend so much money on things that dont improve the quality of education at all

 

[nazdrowie]

Def, theres a need for the job, but its like Social Work when it comes to High Risk low reward, you will always have a job but you have to deal with a ton a crap for little pay or with Public Defenders, deal with a ton of crap, and pay that doesn't correlate to the debt incurred to get the job.

generally true but if people are willing to tolerate potentially crappy public service jobs for about 10-15 years, many can qualify for loan forgiveness, if the loans are backed by the governments...

https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

 

[fontaine]

colleges spend so much money on things that dont improve the quality of education at all

to be fair, those are major revenue drivers for the university...


But dont get me ******* started on those crooks in the NCAA. :x :x

Second biggest crooks after uncle sam.

Second biggest gang after the NYPD.

 

[Sir San Diego]

generally true but if people are willing to tolerate potentially crappy public service jobs for about 10-15 years, many can qualify for loan forgiveness, if the loans are backed by the governments...

https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

Very true.

And if you enter into an income based repayment plan as soon as you get done you can pretty much guarantee that you'll only pay back maybe a quarter of what you originally borrowed. The only catch is you HAVE to keep a full time public service job for ten years.

 

[rexanglorum]

I have to ask you guys who want to or who are in in medical or law school. Why does making 300k, having no debt and paying 45% of your income in taxes sound so awful but making 300k, paying 20% in taxes and 30% to the bank (student loans plus borrowed start up capital in order to start a private practice) seem like sweet, sweet freedom.

No one wants to pay taxes but why should smart, academically driven poor and middle class students have to take on a mortgage (minus the house) in order to even have chance at practicing law or medicine?

What makes indenture to a bank so different and so much better then having to pay a high marginal tax rate (which would only happen if you are already making a lot of money)?

 

[tay1]

colleges spend so much money on things that dont improve the quality of education at all

Mentioned this as well. Why does my school need a pool?

 

[sea manup]

 

colleges spend so much money on things that dont improve the quality of education at all

to be fair, those are major revenue drivers for the university...


But dont get me ******* started on those crooks in the NCAA.

Second biggest crooks after uncle sam.

Second biggest gang after the NYPD.

from the article:

1. This revenue rarely makes its way back to the general funds of these universities. Looking at data from 2011-2012, athletic departments at 99 major schools lost an average of $5 million once you take out revenue generated from "student fees" and "university subsidies." If you take out "contributions and donations"—some of which might have gone to the universities had they not been lavished on the athletic departments—this drops to an average loss of $17 million, with just one school (Army) in the black. All this football/basketball revenue is sucked up by coach and AD salaries, by administrative and facility costs, and by the athletic department's non-revenue generating sports; it's not like it's going to microscopes and Bunsen burners.

http://deadspin.com/infographic-is-your-states-highest-paid-employee-a-co-489635228

 

[fontaine]

it'll probably hit private colleges before public right?

yep.

But again... The reason why the MBS went to **** was because people were INVESTING in portfolios of MBSs.

And once people began defaulting on their loans, the crumbling ensued.


I think that with student loans, once people default, there isn't much repercussion to the school...

It will take more time because the true crunch will come when banks begin to STOP buying these student loan debt from Sallie Mae... And STOP private loans...

 

[fontaine]

from the article:

1. This revenue rarely makes its way back to the general funds of these universities. Looking at data from 2011-2012, athletic departments at 99 major schools lost an average of $5 million once you take out revenue generated from "student fees" and "university subsidies." If you take out "contributions and donations"—some of which might have gone to the universities had they not been lavished on the athletic departments—this drops to an average loss of $17 million, with just one school (Army) in the black. All this football/basketball revenue is sucked up by coach and AD salaries, by administrative and facility costs, and by the athletic department's non-revenue generating sports; it's not like it's going to microscopes and Bunsen burners.
   

http://deadspin.com/infographic-is-your-states-highest-paid-employee-a-co-489635228

well I'll be damb.

Learn something new every day.

You're right famb. Although I would argue that many donations and boosters come BECAUSE of the athletic programs.


Its still **** the NCAA, doe.

 

[wr]

First two years of college is high school. Being taxed twice on public education. If high school was done right, most students would start off with some college credit. This a band aide on a gaping wound and tax laws have stalled the education bubble long enough. Time to learn individually or communally

 

[luckyluchiano]

First two years of college is high school. Being taxed twice on public education. If high school was done right, most students would start off with some college credit. This a band aide on a gaping wound and tax laws have stalled the education bubble long enough. Time to learn individually or communally

Exactly, you get to college and take Math, History, English classes totally unrelated to what you're majoring in.

 

[RustyShackleford]

Great so we are going to give people more free schooling. What are they going to do about the 250K I had to take out for med school that they the govt is charging me 6.8 to 8.5% interest on all at the same time they are taking 40% off the top of my income for taxes. Hmmm wonder how they will pay for this. Guess they will have to raise taxes on me a little more.

What does 2 years of free school have to do with your med school loans though? If someone wants be to a doctor after those first two years at a community college they will have to pay for that too.

That's what I'm thinking too.

@UTVOL23 the line of thinking of "The government needs to prioritize helping me first before else" is kinda ridiculous to me, and I have a hard time respecting it

I do agree there needs to be student loan reform. Bailout out them now, or watch the system explode in the near future

 

[ecruteakcityboy]

subscribed. i'm so interested to see everybody's opinion.

 

[HEATHEN]

I answered that post. Thats a bigger problem at hand. It isn't the students fault that more schools arent being created. Like i said in the last 50 or so years, only one UC has been created.

what do UC's have to do with CC's bro?


What does fault have to do with anything bro?


Nothing in your rebuttal makes any sense bro, I'm sorry.

It's not a matter of "more schools being created" whatever that means.


EXISTING schools can't even bring in the faculty needed to field all the students that want to enroll. That's a finite amount of qualified professors per subject matter for a growing number of students and bigger more established universities get their pick of the professor pool.


The scraps often fall to CC, and after the best professors are snatched up early in enrollment season, students are forced to settle for subpar professors.

What does your rebuttal have to do with campuses already having limited space? There's only so much surrounding land you can buy.

What does your rebuttal have to do with the lack of parking space most community colleges have available? Again only so much surrounding land you can buy. There are established businesses (malls, office buildings, big box stores) that aren't going to be bought out so easily.


Again there is a logistics issue at hand, IDK what you're talking about bro, no shade but nothing in your rebuttal made any sense. That's why I honestly ignored it the first time you said it. :\


Fault doesn't minimize the logistics issue. Oh so "it's not the students fault" so lets just overlook the logistics issue?




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