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For Student Borrowers, a Hard Truth - SmartMoney.com (http://www.smartmoney.com/borrow/student-loans/for-student-borrowers-a-hard-truth-1316118955339/?mg=com-sec-sm - broken link)
I agree...everything in there is extremely clear when you sign the loan documents. My alma mater even required everyone on financial aid to attend seminars spelling this out explicitly for those who for whatever reason signed loan documents without bothering to read any of this. But it's not news, that's for sure.
Honestly I can't believe people don't understand that student loans aren't discharged except in very very very small number of cases meaning virtually no chance . I heard that in freshman year and it was drilled in my head until I was a senior.
I think people understand but don't want to understand, and who can blame them for not wanting to understand? There is something fundamentally wrong with a society in which you have to shell out tens of thousands of dollars (plus interest that goes to private lenders) just to keep yourself competitive in the job market.
I think people understand but don't want to understand, and who can blame them for not wanting to understand? There is something fundamentally wrong with a society in which you have to shell out tens of thousands of dollars (plus interest that goes to private lenders) just to keep yourself competitive in the job market.
I disagree.
The problem isn't the process. The problem is that we have institutions out there that provide no competitive edge and accept mediocre students.
I think people understand but don't want to understand, and who can blame them for not wanting to understand? There is something fundamentally wrong with a society in which you have to shell out tens of thousands of dollars (plus interest that goes to private lenders) just to keep yourself competitive in the job market.
I don't know...I neither shelled out tens of thousands of dollars for my degree, nor do I find myself less than competitive in the job market.
However, I don't think that any of that has anything to do with choosing to ignore the reality that you have to pay back student loans if you take them out.
I don't know...I neither shelled out tens of thousands of dollars for my degree, nor do I find myself less than competitive in the job market.
When did you go to school? Tuition costs have risen at four times the rate of salaries over the past 25 years.
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Originally Posted by TabulaRasa
However, I don't think that any of that has anything to do with choosing to ignore the reality that you have to pay back student loans if you take them out.
Yes, people have to pay them back, but that wasn't my point. I don't think people go into school wanting to be loan deadbeats. I think they end up resenting education once they're in over their head because of loan payment systems they don't quite understand. It shouldn't have to be this complicated. There's an interest that society as a whole has in seeing people a) be educated and b) being educated without being in debt for 25 years after graduation.
When did you go to school? Tuition costs have risen at four times the rate of salaries over the past 25 years.
A small regional private liberal arts college that lists its current tuition at $33,000/year (when I attended in the late 1990s, tuition was more in the neighborhood of $25,000/year.
I was on the hook for less than a quarter of that. The vast majority of it was paid for free and clear by scholarships and grants I earned. Tuition costs have obviously risen a lot, and many places weren't low to begin with...which makes shopping around for where you can get the best deal all the more important (and makes doing everything you can to be eligible for getting as much of it paid for as possible crucial).
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Yes, people have to pay them back, but that wasn't my point. I don't think people go into school wanting to be loan deadbeats. I think they end up resenting education once they're in over their head because of loan payment systems they don't quite understand. It shouldn't have to be this complicated. There's an interest that society as a whole has in seeing people a) be educated and b) being educated without being in debt for 25 years after graduation.
Most people in debt don't want to be deadbeats...that's why there are deferment options that can help in the case of economic hardship (up to a point...you can't just defer your loans forever, and you can't have already defaulted when you request deferral). Maybe I just had a relatively simple experience going through the U.S. Department of Ed for my loan, but I found the repayment process to be pretty straightforward and really not complicated at all. I could be wrong...maybe it's structured in a more complicated manner for others who went different routes for their loans.
The problem isn't the process. The problem is that we have institutions out there that provide no competitive edge and accept mediocre students.
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