Student loan payments are starting up again soon

[Claudia Schiffer]

wrong

yes, history has shown us that government subsidization has never led to manipulated/inflated prices or negative effects, in general.

 

[SouthtownKid]

We are raised to believe we are massive failures and will scrub toilets forever if we don't go to college. Thankfully a teacher I had in 8th grade pulled me aside and said college isn't for everyone.

Did she tell you you'd never be a high flyer?

 

[wyo]

Brandon is giving away billions to wars and big business every week but agonized over giving $10k to the poors, yet everyone is lauding his generosity or crying about government handouts.

 

[norton9478]

Brandon is giving away billions to wars and big business every week but agonized over giving $10k to the poors, yet everyone is lauding his generosity or crying about government handouts.

 

[NeoSneth]

wrong

right. I've read the publications that suggest cost of education has increased. They're laughable and funded by the same institutions that are inflating tuition prices. Even if education costs have increased, they haven't increased 1000% or 500% or 300%.

 

[wyo]

Biden>Obama

 

[wataru330]

It was $340 a year for UofK in 1964 when Mitch McConnel graduated. It’s $16k this year.
Prices for sure, have gone way up.

 

[lithy]

It was $340 a year for UofK in 1964 when Mitch McConnel graduated. It’s $16k this year.
Prices for sure, have gone way up.

And a bottle of Coke was a nickel!

 

[norton9478]

right. I've read the publications that suggest cost of education has increased. They're laughable and funded by the same institutions that are inflating tuition prices. Even if education costs have increased, they haven't increased 1000% or 500% or 300%.

What is the actual amount by timeline?

And is the CPI a good price deflator of a service-based industry?

 

[Poison Sama]

 

[norton9478]

 

[skate323k137]

In the 1970s you could attend Michigan State on the wages of a summer job. No debt.

Now you would have to work something like 8 jobs to cover tuition, which obviously isn't humanly possible (or possible under current laws of time and space).

 

[Poison Sama]

https://twitter.com/i/web/status/1562872535691063299

 

[Xavier]

Full disclosure

I have $25K in student loans and I was approved for and took $4k in Pell grants to get my Masters in Business Administration.
The bulk of my college was paid for by the Montgomery GI Bill especially near the end as it was enhanced later.
Besides the military I worked odd jobs and kept my finances in check.
I mainly used the loans to pay for books, labs fees, other supplies, materials I needed and then to catch up personal finances.

I took out the loans because in my contract for the military I was promised to have student loans paid back twice for a total of $20,000.
I put in the paperwork nearly a dozen times yearly and only one payment was made on it for a couple years, they admitted they've received my paperwork and had no idea why it hadn't ever been paid on. Then they disappeared back into oblivion never to be heard from again.

I believe I only took out $17K in loans and the rest is interest and other fees.
My plan is to pay that $5k back ASAP.
I wanted to pay the loans back myself before now but life hasn't worked out like I planned.
I guess this is one aspect I can be happy that it didn't, but I would have rather been employed at a good job.

I also plan to install the importance of education into my children and make sure they are taken care of for college or a secondary education directly after high school so they don't get blown up or shot at for money so they can go to school.

Anyways thanks everybody!

 

[wyo]

@Xavier if I were you, I wouldn't pay a cent until the $10-20K is forgiven, assuming you meet the income guidelines. $5K isn't bad to get it completely paid off. However, for those with huge balances I would hold off paying anything at all. Keep kicking the can down the road with forbearance or whatever. There's a good chance it will be forgiven eventually.

 

[StevenK]

@Xavier if I were you, I wouldn't pay a cent until the $10-20K is forgiven, assuming you meet the income guidelines. $5K isn't bad to get it completely paid off. However, for those with huge balances I would hold off paying anything at all. Keep kicking the can down the road with forbearance or whatever. There's a good chance it will be forgiven eventually.

What's the penalty for that, though? Surely at the very least you'll trash your credit rating?

 

[wyo]

What's the penalty for that, though? Surely at the very least you'll trash your credit rating?

Not if you are in forbearance. You can just keep applying for various assistance/forgiveness programs and payments are frozen until the application is resolved. There are huge backlogs and it can take years. The whole student loan system is going to collapse under its own weight without further government action.

 

[Lastblade]

The real crime here is the scam/business practice of US colleges.

 

[ballzdeepx]

I have to question the decisions of parents and the kids who take on loans like this in the first place. Is no one questioning these loan parameters before signing themselves up for diminishing returns all for that piece of paper?
"Forgiveness" assumes that this will be taken care of, but what will happen is this debt will be snowballed along with the rest across the backs of future generations.

Imagine being immediately disqualified for a job for not having a degree, by someone who had their debt forgiven by this initiative.

Most likely parents don't want their precious, super intelligent, children to join a dirty trade program yet sign them up to be hobbled straight out of the school as an indentured servant.

Yes there are certain fields that require higher education and advanced studies, there are plenty that don't. Much of these degrees are receipts saying you paid, and you had the ability to show up and take a test. I wonder what the next goalpost of "higher" education will require as a baseline to get an office job making $40k a year.

 

[norton9478]

 

[NeoSneth]

What is the actual amount by timeline?

And is the CPI a good price deflator of a service-based industry?

What is the actual amount by timeline?

And is the CPI a good price deflator of a service-based industry?

people only reference the current tuition prices in relation to inflation and CPI. No one is comparing 2000 price to 2022 price.

 

[Xavier]

Yes there are certain fields that require higher education and advanced studies, there are plenty that don't. Much of these degrees are receipts saying you paid, and you had the ability to show up and take a test. I wonder what the next goalpost of "higher" education will require as a baseline to get an office job making $40k a year.

No there's tons of different certificates in say SHRM, PMP or thousands of different ones in tech and they make much more than $40k a year in an office environment.

You see this is what I'm talking about with the war on education.
Degrees have been debased so much from the general public that they don't mean anything.
Currently it only seems to matter for licensing or legal responsibility requirements.

Nah bro it's more than just paying, showing up and taking a test.
It takes a lot of work, sacrifice and discipline.
Now some people choose that as a means to try and advance their careers and others suck cock.

Realistically though I had to take Polysci, Nutrition 400 to graduate, why?
Some of it's just silly, they need to have a better catalog of classes that better correlate to what your doing.

Now you hear people complaining about educational requirements but exactly which ones do they mean?
It's kind of like when they talk about the good old days and when America was better.
When was it? Before women could vote and we had slavery?
Before the collapse of the industrial revolution when people lived in shanties in front of factories and people died at work daily?
When we still had segregation?
They are purposefully very ambiguous.

My ex had me look into nail tech school for her.
It's something insane like $8k, 450 hours of schooling and 1500 hours of volunteering. (So you can give pedi's and mani's)
I guarantee you though that's not what they're talking about though.

Really it's just a rallying cry for the old failed white people to give them something to blame for having a pathetic life and their salad tossing skills aren't up to snuff.

 

[NeoSneth]

There is saturation of certificate groups among all fields of study now. I think they are almost as predatory as the for profit tech schools like ITT.
They definitely have their place in IT, but it's getting ridiculous in other fields. They set their own standards and try to impose them on businesses like it's a benefit.

 

[Xavier]

Imagine being immediately disqualified for a job for not having a degree, by someone who had their debt forgiven by this initiative.

Imagine being disqualified for a job by somebody asking you goofy questions about your degree that doesn't even have one?
I dunno, I'd say thats worse.

Little over a month a I applied for a job looking for BBA --students-- or recent grads.
I'm pretty familiar with the field, I've had family members who did it.
It kinda sucks and is boring, but hey what work isn't and pay is decent and you can work remotely.
I immediately get a response asking me about my minors and GPA.
She then tells me I'm disqualified.
Anyways I look her up on LinkedIn, she's a twenty something who's last job was at Aeropostil.
She tried starting a wedding planning business and has a certificate in event planning.
That's it, that's her work and education experience and she tells me I don't have any skills.

Anyways what the fuck are you talking about?
Why does it matter that she had her debt forgiven?
At the end of the day they have a degree and you don't.

It's just some more of this dumbass MAGAT logic.
So what are you saying anyways?
Where's your participation trophy?

I would have gone to college but I'm too stupid to pass the entry tests.
And I spend all my money on booze, hookers and meth so I cant afford it and am too lazy to look into some way to pay for it or pay it back.
On top of that I don't have any free-time, if I work when I get done I don't feel like doing anything else except jerking off and watching sports games.
So going to college isn't an option for me, now where's my trophy?

 

[ballzdeepx]

Imagine being disqualified for a job by somebody asking you goofy questions about your degree that doesn't even have one?
I dunno, I'd say thats worse.

I can't really follow what's rhetorical or direct questioning with your responses but my point was that it's heavily lopsided toward no degree = immediate disqualification. Sure we have our anecdotal example with you where it was the opposite, but most likely it was a gated directive handed down from HR vs her personal grudge. My point was that it would be horribly ironic that someone who was forgiven their debt would eventually use their position to gate someone out from a chance - nothing more. It's not intended to be a "war on education" stance, just a thought.

Having my own anecdotal experience many friends and family with degrees (not all mind you - this isn't an all or nothing take)

• Rarely use the skills they learned in school and they don't translate as every company does things their own way, to save/make money vs a textbook approach, perfect world scenario
• Were unhappy in their chosen field as they had to make a decision early in life with zero real-world experience and are now saddled with debt making a career change near impossible

And that's just the problem really. We expect young people to take on a ton of debt when they aren't even sure it's what they actually want to do in the first place.
I don't know if the pressure today comes from external sources or immediate family, but it's reaching diminishing returns and since you want to drag in race/socioeconomics - consider the future where literally only privileged people will even have the option to take said shitty loan. If it gets to that point, (and many will agree we have reached it) companies will be seen as beyond biased because they won't hire people that literally can't afford to get to school, or who decided it was a bad deal from the start.

I'm all for investing into our own people, in fact it needs to happen and fast, but getting in over your head from the onset just because that's the way it is now, isn't a sustainable solution to the problem. Passing on the debt to a future generation that will only be boxed out further doesn't seem like a good investment, it seems like a political tactic at best.