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Old 05-05-2014, 05:44 PM
 
Location: Arizona
3,763 posts, read 6,692,926 times
Reputation: 2396

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Quote:
Originally Posted by NCN View Post
You make a debt; you pay the debt. This country is having the life sucked out of it by freeloaders. My ancestors sacrificed to build this country and Obama's deadbeats are destroying it.
Lol, then go out there and fight to remove bankruptcy from credit cards, gambling debts, housing, etc.
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Old 05-05-2014, 05:48 PM
 
26,181 posts, read 21,485,820 times
Reputation: 22766
Quote:
Originally Posted by VendorDude View Post
No, it's excellent advice, often resented by those who didn't follow it. There are few worse ways to waste a lifetime than being chained to an endless repetition of days at work you don't actually like but thought would be remunerative simply because you can't any longer afford to give up the healthcare, or your house, or the college and retirement funds on which any hope of eventually salvaging some happiness now depend. It's a very poor choice indeed that leads people by the untold thousands down such a very sorry path.

Meanwhile, those who do what they love are excited about and invested in their work. Rising to the head of the class or the top of their fields seems almost effortless to them. They enjoy it. Every day. "I feel bad about taking the money. I'd be happy doing this even if they didn't pay me." How often have you heard that from someone who tried to monetize his life? And make no mistake, the money does indeed find those at the top of virtually any field. Enough to buy a private island in the South Pacific? Probably not. Enough to make life a rewarding and thrilling adventure? Probably so.

Think long and hard about these choices while you can. For the most part, you only get one shot at this.


It is poor advice to tell people to do what they love and the money will follow. If you are going to tell people to do what they love you should warn them that the money may never come, that following what they love might not bring the material things they had also hoped for. It is simply a lie to tell them the money will follow and in doing so you fuel the unrealistic expectations. You can't be anything you want to be when you grow up
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Old 05-05-2014, 05:58 PM
 
698 posts, read 565,895 times
Reputation: 864
Quote:
Originally Posted by Mircea View Post
In which Universe did that happen?
The one Reagan tried to establish.

Quote:
Originally Posted by Mircea View Post
There are no federal universities.
They've closed West Point and Annapolis?

Quote:
Originally Posted by Mircea View Post
And such studies are biased.
Of course they are. That's GOT to be it!

Kind of disgustedly...

VendorDude
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Old 05-05-2014, 06:01 PM
 
Location: Arizona
3,763 posts, read 6,692,926 times
Reputation: 2396
A lot of the student loan forgiveness programs that have popped up recently are useless. They usually require some kind of "processing fees" to even get started and usually don't do much to change your payment.

The big thing I have noticed, or maybe it's just me, is that the debate of the student loan debt crisis has been centered around federal student loans which is the biggest chunk of the student loan debt. However private student loans don't even offer IBR, ISR, and can be even more challenging to consolidate or refinance. There seems to be even less hope for private student loans.

Sallie Mae has been getting attacked for overcharging soldiers, unfair collection practices, and so on. The department of education is also under fire for renewing there contract with DoE even after they knew this. I guess greed wins over everything else.

The student loan debt in the country is higher then it should be. The problem is the debt wouldn't be an issue if the debt was treated as fairly as other unsecured debts. There is no statue of limitations, bankruptcy protections, limited refinancing and consolidation, and predatory lending is common.

When you have roughly 7 million borrowers in default and no way to fix it, the system needs to be fixed.
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Old 05-05-2014, 06:21 PM
 
698 posts, read 565,895 times
Reputation: 864
Quote:
Originally Posted by Lowexpectations View Post
You can't be anything you want to be when you grow up
You mean like "cowboy" and "fireman"? Plainly, that isn't what I am talking about. You trivialize your own response by supposing it. It is very hard to excel at work you don't even like. The longer you plug away at it, the more it depresses you. It is easy to excel at work that intrigues and excites you. The longer you plug away at it, the more intriguing and exciting it becomes. Guess who comes to the attention of the people who pay and guess who doesn't.

Meanwhile and per the 2010 census, the undergraduate major that accounts for the largest share of the top 1% of earners is biology. Second is economics. Tied for third are political science and accounting. Then come English and history.
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Old 05-05-2014, 06:24 PM
 
26,181 posts, read 21,485,820 times
Reputation: 22766
Quote:
Originally Posted by VendorDude View Post
You mean like "cowboy" and "fireman"? Plainly, that isn't what I am talking about. You trivialize your own response by supposing it. It is very hard to excel at work you don't even like. The longer you plug away at it, the more it depresses you. It is easy to excel at work that intrigues and excites you. The longer you plug away at it, the more intriguing and exciting it becomes. Guess who comes to the attention of the people who pay and guess who doesn't.

Meanwhile and per the 2010 census, the undergraduate major that accounts for the largest share of the top 1% of earners is biology. Second is economics. Tied for third are political science and accounting. Then come English and history.


Just because you excel as something doesn't mean the money will come either. Nothing but a falsehood being passed along
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Old 05-05-2014, 06:29 PM
 
769 posts, read 1,004,679 times
Reputation: 1822
Quote:
Originally Posted by Mircea View Post
And you are to blame.
Oh, shucks. I'd rather not take all the credit.

Quote:
Originally Posted by Mircea View Post
Which is something you don't understand.

In the US, if you can breathe, you're admitted to a university. That is not true in Europe.
I've lived in a plethora of European countries, have attended a European university, and also have a multitude of European friends who have attended various European universities as well. I understand very well how many of the different systems work in Europe. So before running around pointing the finger at who doesn't understand what, maybe you should get the facts first before spouting off your ignorance.

Goodbye.
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Old 05-05-2014, 06:47 PM
i7pXFLbhE3gq
 
n/a posts
Quote:
Originally Posted by mattywo85 View Post
The student loan debt in the country is higher then it should be. The problem is the debt wouldn't be an issue if the debt was treated as fairly as other unsecured debts. There is no statue of limitations, bankruptcy protections, limited refinancing and consolidation, and predatory lending is common.

When you have roughly 7 million borrowers in default and no way to fix it, the system needs to be fixed.
If you want it to be treated like any other unsecured debt, then give up the low interest rates and forget about getting approved to borrow enormous sums of money with no income.

Student loans are treated differently because they are different. People who don't pay them back whine about the downsides of student loans compared to other unsecured debts, but like to gloss over the up sides, like not paying 25% interest and, well, being able to get the loan at all.
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Old 05-05-2014, 06:55 PM
 
26,181 posts, read 21,485,820 times
Reputation: 22766
Quote:
Originally Posted by JasonF View Post
If you want it to be treated like any other unsecured debt, then give up the low interest rates and forget about getting approved to borrow enormous sums of money with no income.

Student loans are treated differently because they are different. People who don't pay them back whine about the downsides of student loans compared to other unsecured debts, but like to gloss over the up sides, like not paying 25% interest and, well, being able to get the loan at all.
Great points
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Old 05-05-2014, 06:55 PM
 
Location: NJ
18,665 posts, read 19,936,526 times
Reputation: 7314
Quote:
Originally Posted by JasonF View Post
If you want it to be treated like any other unsecured debt, then give up the low interest rates and forget about getting approved to borrow enormous sums of money with no income.

Student loans are treated differently because they are different. People who don't pay them back whine about the downsides of student loans compared to other unsecured debts, but like to gloss over the up sides, like not paying 25% interest and, well, being able to get the loan at all.



Perhaps loans should not be guaranteed and should require some collateral. Than lets talk about Bankruptcy Court as an option.
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