U.S. poised to forgive $108 billion in student debt.

[Gregolian]

i would borrow from a friend and take it to an asian owned copy store in garden grove. for $40-60 the lady will sit there and copy the whole book page by page

only one professor ever got mad when i pulled out a huge "book" of white printer paper lol usually just left it at home

it was bullshit when there was an online component where you needed a code from the book. those were the tricky ones

but it was more bullshit that it was even a thing. the textbook company made, administered and graded all the quizzes and a lot of the tests. then the professor would just summarize the book in class. didnt know why i couldnt have just learned directly from macmillan/mcgraw-hill and why the university was even involved in this process

None of my friends have the books or I would have done that.

 

[Rod1]

So no comment on SOX? Doesn't fit your narrative?

The government hedges its risk because of authority not possessed by private business. They make it clear you'll need to pay shit and have the means to put the screws to you. Crying foul later because you invested poorly doesn't make me sympathetic. I worked a low income job pre and post college. Always knew I'd need to pay the money back and always intended to. Eventually I did. Took me years.

Yup, i know that student debt cant be defaulted, but if it cant be defaulted there is no reason why it wouldnt have near zero interest rates.

Considering the requirements to default on those loans, im guessing that most of the original capital has already been recouped.

 

[Rod1]

What I am saying is self responsibility, at some point, has to kick in. The shareholders analogy isn't making sense to me.

So who is personally responsible for unpaid debt when a corporation goes under? the stockholders or the CEO?

 

[Pwent]

Yup, i know that student debt cant be defaulted, but if it cant be defaulted there is no reason why it wouldnt have near zero interest rates.

Considering the requirements to default on those loans, im guessing that most of the original capital has already been recouped.

yeah, interest rates are supposed to compensate for risk. there is almost 0 risk so theres no reason they shouldnt charge slightly more than inflation and charge a fee to cover their costs of the process

 

[Pale Man In Black]

So who is personally responsible for unpaid debt when a corporation goes under? the stockholders or the CEO?

I would imagine the CEO, but this isn't my bailiwick, so I could be wrong.

 

[Cubo de Sangre]

Yup, i know that student debt cant be defaulted, but if it cant be defaulted there is no reason why it wouldnt have near zero interest rates.

Considering the requirements to default on those loans, im guessing that most of the original capital has already been recouped.

Interest rates are certainly another matter. I'd have no problem putting those at zero in real terms. What would that be? Like 2%?

 

[Rod1]

Interest rates are certainly another matter. I'd have no problem putting those at zero in real terms. What would that be? Like 2%?

I think closer to 1% since the fall of oil prices.

 

[Rod1]

I would imagine the CEO, but this isn't my bailiwick, so I could be wrong.

CEO is just an employee technically, shareholders are the owners.

 

[Pale Man In Black]

CEO is just an employee technically, shareholders are the owners.

Like I said, not my bailiwick.
Still not sure where the analogy lies. You take out a loan, you know the expectations and the risks. If you sign on the dotted line, you are binding yourself to a contract. Even if you for some reason cannot make your payments for a period of time, they will grant a forbearance, reduce your monthly bill, etc. as needed. Of course, interest still accrues, but that is something hat you should know before signing your name.

 

[vespasian]

Horrible, the last thing the college kids need these days is more coddling and more sheltering from the real life.

 

[uncommon]

. I don't see how anyone could be opposed to essentially put $108 billion back into the economy pool.

By this logic the colleges should charge infinite tuition, then the government can hand out infinite loans, and then put infinite money back in the economy and we can all live in a communist utopia and just eat sleep and reproduce until infinity.

 

[Deleted member 196663]

4 year Colleges/Universities are a big fucking scam. They gouge the living shit out of broke ass students. It's disgusting. I still get pissed off thinking about how much I had to pay for textbooks. Every year there is a "update" that forces you to purchase brand new books. What the fuck is up with that. It could be ancient history and without fail there will be an update the following year. It's like, what the fuck did you find in a year about ancient history? Fuck you.

 

[Gregolian]

4 year Colleges/Universities are a big fucking scam. They gouge the living shit out of broke ass students. It's disgusting. I still get pissed off thinking about how much I had to pay for textbooks. Every year there is a "update" that forces you to purchase brand new books. What the fuck is up with that. It could be ancient history and without fail there will be an update the following year. It's like, what the fuck did you find in a year about ancient history? Fuck you.

They moved a period. Literally, I think one edition I had I compared it to the new edition... there were a couple punctuation changes and that was all me and a buddy could find in a quick perusal.

 

[Rod1]

Like I said, not my bailiwick.
Still not sure where the analogy lies. You take out a loan, you know the expectations and the risks. If you sign on the dotted line, you are binding yourself to a contract. Even if you for some reason cannot make your payments for a period of time, they will grant a forbearance, reduce your monthly bill, etc. as needed. Of course, interest still accrues, but that is something hat you should know before signing your name.

Because corporations are supposed to represent a group of people, so why isnt that group of people liable for debt?

 

[Cubo de Sangre]

I think closer to 1% since the fall of oil prices.

Sounds good. Adjust it yearly.

 

[Deleted member 196663]

They moved a period. Literally, I think one edition I had I compared it to the new edition... there were a couple punctuation changes and that was all me and a buddy could find in a quick perusal.

Fucking sad. I never did actually did a comparison, but that's crazy. I do have to say that Junior College was great. One of the most underrated things in the country, IMO. 2 years of JC, then 2 years of University and you save tens of thousands of dollars and end up with the exact same degree as someone else.

 

[xcvbn]

How about they pay it back and learn not to take a loan you can't afford? It's a slap in the face when I went through 4 years of university while working part time to pay my tuition and books.

I'd rather millions of college students working towards an education get billions in tuition bailouts than a few hundred millionaires get trillions in bad business practice bailouts.

I think it's pretty clear which scenario is in the best interest of the country, too. Not to mention which one is actually a moral thing to do and which was is pure insanity.

 

[Gregolian]

Fucking sad. I never did actually did a comparison, but that's crazy. I do have to say that Junior College was great. One of the most underrated things in the country, IMO. 2 years of JC, then 2 years of University and you save tens of thousands of dollars and end up with the exact same degree as someone else.

Where I live we call it community college. I went to college for three years, failed at it (literally and figuratively) came home, then went to CC. GOD I wish I had done that first. Near college level stuff being taught more like you're in high school still.

I DID have to retake English 101 in my final quarter... listening to some 18-19 year argue why they SHOULDN'T have to cite sources I fell out of my chair laughing.

 

[Thunderflash500]

American youth are preyed upon to some degree. I do believe in responsibility and all, but it's a fine line. Costs are huge, actual educational value is pretty spotty for a lot of degrees. It's borderline a scam.

 

[panamaican]

I don't really have a problem with this because of the bankruptcy issue. You should be able to default student loans (which you could do prior to 1976 -which is why the older generations don't have the debt problem, not that they were masters of finance. They could declare bankruptcy from student loans and move forward).

I understand the argument against it (since the creditor can't recapture the asset) but it's a complete distortion of the economics. Might as well bring back debtors prisons too.