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Businesses get bailed out all the time due to their own shortcomings that they created
A lot of the the businesses the govt bailed out were structured deals for the govt ...they took equity positions and made money liquidating them later on ...
Little Timmy majored in interpretive dance as it fit his main criteria of meeting attractive women. He now works as a barista at a high end coffee shop. He will never pay off the $180,000 of student debt he accumulated at an expensive private school. He does not come from a rich family. Much of his income is in cash tips which aren't reported. He will defer payments for economic hardship as long as he can. In 50 years, he will die having paid off less than 10% of his loans.
Student loan cancellation is not for students... it's for the BANKS who realize they will never recoup much of this debt. Even being impossible to discharge in bankruptcy isn't enough. Can we just call it what it is? Rather than 'student loan cancellation', it should be called Bank Bailout #1,887,299
The real reason is the way third party services misled, mishandled and misserviced the loans over decades of abuse; the high rate of interest [8 to 9 %j over decades while car, home and other loans were under 5% with no ability to refinance; interest and fees that got capitalized and then compounded ~ repeatedly; and the fact that while all other consumer debts can be liquidated or restructured through bankruptcy ~ student loans could not. And yes, after setting things right through forgiveness~ future loans must be carefully structured with stricter oversight of any third party servicers to avoid the systematic abuses that have been ongoing with the education loan market historically. FYI - the majority of student loans have either been guaranteed by the Federal Government or are direct loans from the Federal government or consolidated William Ford loans, none of which would bail out any private banks. Historically, the US DOE has actually forgiven student loan servicers millions, if not billions in collected interest miscalculated _ nelnet, acs, etc. The Obama administration tried to sue the most unscrupulus servicers, but the Trump administration withdrew the suits and reinstated their contracts. Servicing and debt collection of third party administrators of Federal loans actually costs more then forgiving old defaulted loans and getting them off the books would.
Last edited by chattyneighbor; 03-10-2021 at 05:39 PM..
Maybe one needs to work on their career as much as they do arguing for free stuff , blaming others and trying to stick others with their responsibility...that is the impression I am getting
Government overseeing 3rd parties like they should???
Never gonna happen!!!!
Just make school free. Ban college degree mandates for jobs and force apprenticeship programs.
Germany doesn't have these problems.
Free school = much higher admissions standards. Majority of people now won't even make it I to college. What are you going to complain about then?
Furthermore, you know nothing about Germany. They have their own issues. Upward social mobility in Germany is even worse than in the US. My brother has worked for a few German multinationals.if you ain't born well off or upper middle class, there's virtually 0 chance you can break in. A handful of families run a huge slice of the German economy.
You just spout nonesense. The issue is complicated but to deflect all blame "on the system" is asinine when no one forces people to go to expensive universities and pay full freight.
I started college in 2004. I applied to NYU, Hofstra, and SUNY Binghamton. I didn't even know what the hell I was doing (non chinese immigrant parents lol) but I still had the wherewithal to choose SUNY Binghamton because it was the cheapest BY FAR and it's relative value was the grratest. Was I some kind of genius?
There are people who work minimum wage jobs and buy $60K cars. People make bad decisions all of the time.
Last edited by Bklynball; 03-10-2021 at 06:56 PM..
[quote=Bklynball;60576706]Free school = much higher admissions standards. Majority of people now won't even make it I to college. What are you going to complain about then?
You just spout nonesense. The issue isI started college in 2004. I applied to NYU, Hofstra, and SUNY Binghamton. I didn't even know what the hell I was doing (non chinese immigrant parents lol) but I still had the wherewithal to choose SUNY Binghamton because it was the cheapest BY FAR and it's relative value was the grratest. Was I some kind of genius?
...I did respond to this thread early on(my son used benefits from military service / not loans, to get job training). I caught your comments about SUNY Binghamton, which is about 20 miles east of me. The school has always had a following from downstate. Cost, quality of education, and being within that 3-4 drive from the NYC metro area are often mentioned as pluses. I never attended there, but used my service paid-for schooling to repair office equipment there for a number of years (90's), prior to another job field. While I don't follow school rankings, I would not be surprised to hear that it still is looked at as a well ranked college in NY.
Maybe one needs to work on their career as much as they do arguing for free stuff , blaming others and trying to stick others with their responsibility...that is the impression I am getting
Why are you commenting on this topic still when you claim ignorance and inability to wrap your head around the Macroeconomics
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