DEFAULT...Student Loans
- Thread in 'General' Thread starter Started by obeahmyal7,
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So for you its both a complete overhaul (how? what exactly does that look like?) and students forgoing college?
Is your vision of an overhauled system one in which only the children of creditors can attend college?
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I see people come defaulting on loans left and right driving nice cars, rocking nice clothes, etc.
People just want to disregard what got then the job like its owed to them
Also borrowers need to borrow responsibly rather than taking large amounts of loans to live off of, most degrees don't cost what you "borrow"
antidope
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Not that I know of. There aren't any Cdos for student loans like there were for mortgages I don't even think Student loans were used as an underlying asset for any kind of instrument.
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What you "see" is one thing. But to reduce the variety of reasons people default to a simple story of consumer choice is, I think, completely baseless.
You're also assuming that so long as people act responsibility and forego cars and clothes, they will be able to extinguish their indebtedness.
But this rational is antithetical to the modern incarnation of capitalism, in which debt is essential. The purpose is for borrowers to be permanently indebted. There is no end.
And if this is the raison d'etre, then why continue to view repayment through the moralistic lens of responsibility?
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If you don't want to pay your student loans go for it, your mind seems already made up
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Rack up debt for a worthless major then blame others brehs.
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Actually, I'm on the fence.
But I'm going to entertain alternatives before I perform the ritual of unquestioned repayment and live under the depressing condition of permanent indebtedness.
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Not so much worthless if you have a game plan and can execute it.
Just be very careful what you major in and be realistic. You can't come out of college with stars in your eyes.
School =/= real world
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those who executed their plans, are complaining about drowning in debt though for the most part.
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I'm in debt. All for a piece of paper smh. Learned more in training first 2 yrs at work than in school. Stupid piece of **** paper
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What is a worthwhile major?
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My payments are set on the 9th of every month. I pay them in full every-time. As you can see, I pay extra as well. For my payment coming up on the 9th I'm going to pay the 267$ allotted amount, and over 160$ of it will go to interest, again.
I'm fine paying back my loans, are the interest rates really necessary to be this high for STUDENTS trying to get their education through government backed loans?
I'm fine paying back my loans, are the interest rates really necessary to be this high for STUDENTS trying to get their education through government backed loans?
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interest rates if you got your degree in the past 7-10 years are probably around 6%
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Interest for student loans also don't accrue monthly/annually, EVERYDAY.
Mortgage interest rates are 4%. Warren Buffett and investors buying houses, while students struggle. Might as well take out a mortgage loan to pay for school, interest is tax deductible too (student loans are only tax deductible up to 2500$ and if you make <80k/annually) . System doesn't make sense.
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superblytrife
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Student loans really are a joke. Hell, the whole education system in America is a joke.
Unfortunately, I learned this AFTER borrowing thousands of dollars to spend on an education that pretty much meant nothing when it came to my real world job.
Damn shame I spent that much for a piece of paper that was essentially only a foot in the door.
Unfortunately, I learned this AFTER borrowing thousands of dollars to spend on an education that pretty much meant nothing when it came to my real world job.
Damn shame I spent that much for a piece of paper that was essentially only a foot in the door.
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Colleges would lose A LOT of money if loans were not handed out.
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Or maybe they would be forced to lower their exorbitant tuition instead of making insane profits through govt subsidies. These private schools aren't exactly hurting for money.
Backing student loans given to people regardless of credit needs to end now.
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Federal loans aren't credit based tho
Right, which is what I mean by giving student loans to people regardless of their credit history. Since everyone 17+ can secure 40k+ loans schools are charging whatever they feel like.
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those people also usually get more grant funding than standard loans, there are so many excuses for people not wanting to repay their loans
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Mine accumulated over 25k a year in interest
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how is that even possible?
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Dude contemplating on not paying his student loans. Enjoy high interest rates or be ready to pay cash for everything.
I'm confident you could have obtained the same degree for a fraction of the price. People jump into school and don't think about how much their education is really going to cost them, and don't even look at what the starting salary and future salary of their career is.
I also agree with @StillIn729 don't take out more loans than you need, and think about how much it will cost for you to pay back almost 100K in loans.
People want everything for free, they don't think of the consequences
I compare student loans to auto loans. If you can't afford and wouldn't take out a 70K loan on a car why would you take out that much in student loans?
Student loans can be refinanced as stated earlier in the thread, but I like the fed loan repayment program, because you can change your repayment plan and consolidate at anytime.
I'm confident you could have obtained the same degree for a fraction of the price. People jump into school and don't think about how much their education is really going to cost them, and don't even look at what the starting salary and future salary of their career is.
I also agree with @StillIn729 don't take out more loans than you need, and think about how much it will cost for you to pay back almost 100K in loans.
People want everything for free, they don't think of the consequences
I compare student loans to auto loans. If you can't afford and wouldn't take out a 70K loan on a car why would you take out that much in student loans?
Student loans can be refinanced as stated earlier in the thread, but I like the fed loan repayment program, because you can change your repayment plan and consolidate at anytime.