Do feel sorry for people with massive school loans that complain they can’t pay it back?

Discussion in 'Mayberry Lounge' started by Sakuraba is #1, Aug 13, 2019 at 9:22 AM.

  1. IIIIIIII

    IIIIIIII Titanium Belt

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    i agree with a lot of what you say, but i personally have a certain amount of sympathy for these young people. they are brainwashed from the start that they need to go to college. they hear it from all their supposed, "mentors", to pursue a degree, of any kind. the problem of course, is that employers would much rather take someone with real-world experience, and not necessarily someone who simply has a college degree. i saw my two younger brothers rake in tons of college debt. but for them, it was almost a necessity, because they were accepted to very prestigious schools.

    adults in academia need to stop espousing the virtues of college, while hiding the insane amount of debt that comes with it. and the parents need to put some sense into their children.
     
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  2. SandisLL

    SandisLL Blue Belt

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    Many countries in Europe are with state subsidised education plus options if something in your degree doesn't likes you, attend courses for unemploed to change qualifications plus in addition to this, next studies if you have money be a student till death after retirement age....
    For example, go for free to college, then B.Sc level, M.Sc level, courses for unemploed persons, now
    then next most likely not for free if choose to go to next Uni programme and learn again something for next bunch with diplomas.
     
  3. Uber_Noober

    Uber_Noober Silver Belt

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    As a debt free holder of a GED, no I do not feel sorry for them.
    <8>
     
  4. Mr Mojo Lane

    Mr Mojo Lane Brown Belt

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    And i would be the stupid one for studying boring stuff and for paying off my student loans early
     
  5. SalvadorAllende

    SalvadorAllende Interim Belt

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    Does a degree of a community college (I guess they are free) and one from an expensive university count the same when you look for work in the US?

    Here in my country nobody takes debt to go to college. You either go to public universities or you go to a private one and pay every month.
    Funny thing is that public universities are way better and more recognized than the privates. If you have a degree in the UBA (University of Buenos Aires) you have an advantage over the kids that went to a private one.
    Said that.. much kids decide to go to private because it's easier. You really have to put your ass down and study a lot in the public system.

    On the other hand, most of the kids here work as soon as they finish highschool (or even before like me). So when you go to college you don't ask your parents for money at all. You are an adult at that point.
    In some cases maybe you don't work for 1 year or 2.. but you never finish college (careerrs here are about 5 years long) without real world experience.
    I used to work from 8 to 17 just to go to university from 19 to 23, monday to friday.


    I think that education should be a priority in society. People should not only study to be prepared for a particular job but for their own interests and curiosity.
    Nothing wrong with studying arts or philosophy but univeristies charging a mounstrosity for that is just plain terrible.

    IMO the whole loans system is a scam. A whole generation is growing up with huge debt and the risk that you have is that the next generation will be demoralized and will not want to pursue a career at all.
     
  6. SIRGAY HARITONOB!

    SIRGAY HARITONOB! RED ARMY BELT

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    That's called playing the game the right way, IMO. Good on them people.
     
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  7. ralphc1

    ralphc1 Steel Belt

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    The only correct answer is both.
     
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  8. Fluffernutter

    Fluffernutter Red Belt

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  9. fonzob1

    fonzob1 Silver Belt

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    College is exponentially more expensive that it was 20 years ago, and it is because of changes made during the Obama era. Universities charge out the ass like never before. That is why you have so many people who are screwed now.
     
  10. SandisLL

    SandisLL Blue Belt

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    Does Obama impacted tuition fees rising in U.K too?
    Maybe 10 years ago fees were 3000 - 3500£ per year for local residents in bachelor's programmes.
    Now they have ~ 9000 £ per year for the same stuff.

    I think, fees rised because now not rarely that cashiers are with degrees.
    Unemployment with degree 20 years ago was almost zero, now people in forums crying that cannot find job and some from them enrolled to study further for Masters degree because are unemployed and something wish to do, so next loan and studies for M.Sc degree.
     
  11. ralphc1

    ralphc1 Steel Belt

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    Anyone can go to college. There are any number of colleges, like Trump University who were and are more than willing to take the money. They get the students to take out loans at high rates to pay for a shitty education.
    Federal court approves $25 million Trump University settlement

    Another was Globe University, a business school that was eventually decertified and the courts ruled that students didn't have to continue to repay the loans and that the University owners had to repay students.

    https://www.mprnews.org/story/2019/06/03/globe-university-minnesota-school-of-business-repay-loans

    Both of those schools handled their own loans.

    In the past, with the Federally guaranteed student loan program, private lenders had no reason to determine if students are qualified to attend or likely to succeed. If the student defaulted, the Federal Government paid the lender. Now the lenders don't have those guarantees but the schools can still help the students get direct government loans. The school gets paid and the government has to collect the payments. There is no incentive for the school to make certain that the student is qualified to attend. All the students get from the school is a huge debt. The school will provide easy classes for a good transcript to keep the money coming. The student won't get an education that will allow them to make enough money to pay the loan. There should be counselors in high schools that advise students and not try to push them into going to college. I suspect some counselors get a kickback from some of the private schools for directing students to them.

    I had a job from the time I was 10 so I learned how to handle money. These days, many people never have a job until they are out of high school. That's partly because there aren't many jobs for those under 18. Many parents feel that their children should concentrate on school and not have a job.
     
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  12. SandisLL

    SandisLL Blue Belt

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    Yes, jobs for these under 18 isn't enough, especially in Safespace part of Europe with good child protection.
    If something will happen with 17 years old employee, for employer might be more problems than if it happened with 18 years old emplyee.
    Kids should be protected and for this purpose supervising institutions exists, labour inspectorates and youth protection departaments etc.
    We have a lot of kids rights and protection specialists & supervisors.
     
  13. Aegon Spengler

    Aegon Spengler Gold Belt

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    I don't feel sorry for every particular individual, some I am sure I would have sympathy for, but as it a society it is highly destructive to attach such an outrageous price to education.
     
  14. ralphc1

    ralphc1 Steel Belt

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    Actually, the rate of increase went down in the years that Obama was president, 2009 - 2016. Look at the years with the biggest increases and tell me who was President.

    upload_2019-8-14_18-8-1.png
    http://www.in2013dollars.com/College-tuition-and-fees/price-inflation
    I just posted why the Government backing for student loans was withdrawn as it gave schools an incentive to loan money to students who weren't qualified and provide programs that are worthless.
     

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  15. fonzob1

    fonzob1 Silver Belt

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    That graph does not reflect overall cost. It reflects highest increases in pricing, which is an entirely different metric. 20 years ago people were paying a fraction of what they have to pay for college today. It is colossally worse, even taking inflation into consideration.
     
  16. Lubaolong

    Lubaolong A natural consequence of gamma radiation

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    Even if you’re making an average physician salary, 10% isn’t going to pay the accruing interest. People either have to live really cheap and dump most of their money into their debt for several years or, like I said earlier, just make the minimum payment and count on it to be forgiven under PSLF.
     
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  17. rj144

    rj144 Silver Belt

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    Where in that article do you get Obama is responsible?
     
  18. fonzob1

    fonzob1 Silver Belt

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    You must have misread my statement. I didn't assign blame in the comment you quoted. However, the author of the article does seem to be assigning some degree of blame to Obama...

    The fact that loans are now backed by the government (which spends money like water) means the universities can charge out the ass. It was really just politicians helping out the private education lobby. Universities have never been richer.
     
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  19. IloveTHIS

    IloveTHIS Gold Belt

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    Nope and I think it would be fucking stupid to forgive their debt.
     
  20. HeffDoesWant

    HeffDoesWant Blue Belt

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    Simple solution.

    Government buys the debt (at face value) and people with debts pay it back at slightly above interest cost the government pays on the debt.

    Sum cost to tax payer is nil besides admin.

    This is a problem created by a government willingness to let lenders target teens with grossly uncompetitive loan t&cs.
     

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