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Everything lined out is your emotions and stereotyping others.Originally Posted by MonStar1
I can't believe some you guys are against this. Must be nice to have $. If you had scholarships then props for being a good student, but its too many people in this country in serious debt.
You really think every person in debt is a irresponsible person who made bad decisions or is bad with money? What world are you living in? Most of us were told if you go to college and get a degree you will get a job and be set to start a career aka the new american dream. But the economy has failed us. Too many educated people with job skills and not enough jobs. The point of taking the loan was to be able to pay it back with your salary after graduation, not to work a job that doesn't require a degree and barely pay bills and your loan.
To be against this is like calling minorities lazy. Its a real "republican" type view to place blame on the people and not the state of the country.
HankMoody wrote:
Detractors, please think long-term. Managing the student loan issue now will be far cheaper than the long-term problems of a lost generation. If you don't think that outcome is possible, please read the recent Esquire piece "The War on Youth" for a brief look at the state of young Americans today.
Young adults with college education are the meekest group in American politics. Every other groups has much more costly demands and they are much more vocal about them,
- Retired Americans demand that Social Security and medicare payments never be means tested or reduced, even for very asset rich seniors.
- Middle aged Americans want the same payouts.
- Blue collar workers demand tariffs on imported goods, thus impoverishing other Americans so they can prosper.
- Public sector Unions want to raise State taxes so they can keep up their unsustainable pensions and benefits.
- Everyone in Real Estate, home owners, agents, home builders and developers want bailouts and easy money policies to push up demand for housing.
- Wall Street Bankers demanded and received a massive taxpayer funded bailout, a virtually unlimited line to the US treasury, zero percent interest rates (which are guaranteed profits since they can buy up US treasuries, which yield about two percent) and the ability to get rich while impoverishing Americans through inflation and the crowding out of sources of capital for productive investments.
It seems like young people who are earning or who have earned college degrees are told to embrace rugged individualism and to accept the idea that a bachelors degree is the bare minimum for obtaining work; to do multiple internships and then to accept any pay and number of hours and to do so with out any complaint.
Originally Posted by crcballer55
Why don't lawmakers propose cutting educational loan funding instead? Ever since the Federal Government started subsidizing education the costs have outpaced inflation by over double. While I do feel sorry for many who unsuspectingly signed themselves into financial slavery, at some point we need to stop this mentality of bailing out those who got themselves in trouble (Banks, Homeowners, Students, Car Companies, etc.), otherwise we're going to continue promoting illogical behavior because there is no moral hazard.
Don't take my argument as finger waging. On the contrary, I'm working with several families right now to help them eliminate their debt loads.Originally Posted by fac3 tak30v312
Why is it that you don't hear this sort of nonsense from the nations that actually provide an education and not monetize it or make it into a for profit industry? Either way it sounds like class warfare in hereOriginally Posted by crcballer55
Why don't lawmakers propose cutting educational loan funding instead? Ever since the Federal Government started subsidizing education the costs have outpaced inflation by over double. While I do feel sorry for many who unsuspectingly signed themselves into financial slavery, at some point we need to stop this mentality of bailing out those who got themselves in trouble (Banks, Homeowners, Students, Car Companies, etc.), otherwise we're going to continue promoting illogical behavior because there is no moral hazard.
What other choice do they have, if what they seek is a middle class lifestyle, that can only be obtained through a college education for most? The second part of your argument completely invalidates the first, because there is a huge difference between giving a billion dollar empty check book to a bank, than the government essentially attempting to patch a leak it helped create, instead of solving the problem and stopping the money grab. As far as I see it the amount that the House Rep included in the bill most likely is the average adjusted cost of an education when including inflation, meaning the amount you're currently paying for a four year education at say LSU minus the $45,000 equals to about the amount you should pay in today's money for an education at LSU without the crazy inflation. Instead of all your condemnation and finger wagging, how exactly would you all fix the problem ?
Although the affluent thing is true, it's more an issue of misplaced priorities. States aren't willing to cut back nonessential programs in place of funding education. People have a hard time believing that California used to offer world class K-12 education & a free post secondary education that was the best in the world. Now? It's ranked 48 in K-12 education and the cost of the UC system is increasing at 15%/yr.Originally Posted by Dathbgboy
Seems to me the system is slowing trying to make post-secondary education for the affluent again. Cost of education is ridiculous. Every year colleges and universities raise the price of tuition to "help offset costs" meanwhile u have governments cutting back on grant funding. And the funny thing is is that the education bubble will never burst. Companies inadvertently force ppl to go to school w/ false hopes of getting a better job only to snub em in the end and say go get another degree and I'm pretty sure you'll get a good job.
We all want the American dream whatever it is to u, and unfortunately we are all victims of money hungry exploits while trying to pursue that dream
Originally Posted by Mojodmonky1
Originally Posted by 8tothe24
Originally Posted by MattUT
Agreed like said before ppl end up paying alot more than the original loan about due to the interest rate. Im 99% sure there is probably no way of getting around an interest rate, but imagine how much of a difference it would make if there wasn't an interest rate. Or maybe even a plan in place to not charge interest to those who are paying at least 10% of income towards loans. Maybe an higher interest rate is only given after a LONG period of missed payments.
The way I see it is this money never really actually exist. Its not like a bank really handed over UT the 10k I borrowed. More so its not like that bank even notices it is gone, so why have crazy interest rates on money loaned out for things such as education. Just when your time is done pay back what you "borrowed"
, unfortunately people that want the handouts, always, I shouldn't say always- but quite often see it this way. And it is quite similar thinking that made people want houses they couldn't afford just 5-10 years ago. Universities don't pay pretend money to the staff, insurance companies, construction companies, utilities, contractors, etc.
As for an interest rate, the banks are in it to make money, the schools are in it to make money. There is this guise of social betterment being presented about the educational system; when in reality it is another "business and economy" of society. If it wasn't, it would be like "old" generations, where not everyone got into college and those that did found it extremely hard to succeed. The education market is going to be the next "bubble" to burst because people are not looking at this way, "what is this education going to do for me, is it really going to further my goals, is it the correct vehicle to achieve the goals I have set for myself, is it something that I am going to dedicate myself to, what will I do I if I don't achieve the success I planned for, what is my back up financial method to pay for myself and any debt I've incurred." etc, etc, etc.
@MattUT - you cant be serious. Do you really have no concept of opportunity cost or time value of money? Tell you what, lemme hold onto your money for 4 years, and then i will slowly pay back however much I borrowed from you over the course of 144 monthly payments. Do you understand how ******ed that sounds?