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The Judicial Branch has no business crossing into the Legislative Branch, no matter how well-intentioned they may be. They are there to enforce/interpret the current laws as created by the Legislative Branch.
If Student Loans become dis-chargeable through Bankruptcy, we should all expect a major increase in the Interest Rates for Student Loans. Stafford Loans today have rates around 6.8% (those with financial need: 3.4%). So an increase could conceivably push these interest rates above 10% which only makes these loans burdensome to a larger population and perhaps push even more into not paying. It may also force issuers to do Risk Based pricing (rates vary depending on school/major) which could have disparate impacts (certain races/genders paying higher rates because of their choices) across our Demographics. Law of Unintended Consequences would likely be an issue like it often is with well intentioned but not clearly thought-out approaches.
I paid off my loan last April 2017. It was having an 800 lb gorilla off my back. It took me 10 years. I could have paid it off sooner but i decided to travel internationally.
Was it worth it? Not really. The job that i am doing didn't require a 4 year degree. For this job, all i needed was a course in MS Office, Excel - (pivot tables, advanced formulas), business writing, finance math, accounting and a supply chain course.
I believe college education should be revised to what the person is majoring in. Sorry folks but i don't care about science. There is no need for me to retake science in college if i am not majoring in it. No need for me to take philosophy, etc. I have no passion for it. Also, i already covered those topics in Junior HS to HS.
University Core should be - Business writing/math/public speaking, MS Office, Personal Finance and Basic Human Health = This should be 1 year.
The University of Washington spent $115.7 Million on IT in 2017. The largest expense was the $22 Million spent on data networks.
I am very well versed with IT project costs. Most IT projects are very poorly run with very overpaid project managers and underpaid and incompetent technical talent which results in poorly performing software with constant glitches and significant budget overruns.
Rather than hire an experts with demonstrated project success and 20+ years of experience for $200,000/yr the project management will hire some junior Software talent for quarter of that so they can pad their own pockets with the extra money. The project will fail and it will take 4 times as long to fix errors at 6 times the original cost. Then they will convince the business that this is how IT projects work and the dumb business will buy it.
You have to pay BIG BIG bucks for experience to get it done right and to get it done on schedule, there is no other way.
The University of Washington spent $115.7 million and I bet most of their infrastructure is still junk. I have seen this time and again. It's like the Health care website by the government, they spent half billion and had no working product LMAO!
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,821 posts, read 58,384,592 times
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Originally Posted by john620
... Student loans are part of the reason college tuition has gone up tremendously over the last 30 years. If everyone can go to college then tuition will rise based on the higher demand. If student loans in the future were eliminated completely you’d have a lot less people wasting their money when their line of work doesn’t necessitate a degree.
True,
So many ways to afford college WITHOUT a loan. (consider getting JOB!, then you will KNOW what you want to do when you have accumulated the dough to attend college!) + you will have EXPERIENCE so your next employer will not have to TRAIN you!
But... yes, colleges have milked this cow and ended up with many really FAT cats feasting off the proceeds.
Funny how certain segments are prone to blame capitalism for the ills in the US but fail to apply those same standards to colleges and universities. Big college is big business with a ready supply of customers who have been programmed that a degree is needed for success by businesses who are complicit in demanding degrees yet could use those without degrees by using other indicators.
Case in point? I was a military-trained med lab tech. I could literally work circles around civilian lab techs yet it was a challenge to get hired without certain credentials. Luckily, there was a market for my skills and as my experience grew, finding a job became very, very easy between my experience and an alternative credentializing process designed for those with experience but without a degree. Just had to pass a little six hour test. Lol
So many ways to afford college WITHOUT a loan. (consider getting JOB!, then you will KNOW what you want to do when you have accumulated the dough to attend college!) + you will have EXPERIENCE so your next employer will not have to TRAIN you!
But... yes, colleges have milked this cow and ended up with many really FAT cats feasting off the proceeds.
If judges open the door to discharging student loans it would be like opening Pandora’s box..
Pandora's box was already opened when they started lending out way too much money to students in the first place. No matter what happens at this point, there will be h*ll to pay.
Wages have not kept up with tuition, especially at the low end that students would typically would be working for.
And that is primarily, if not entirely, the fault of the schools. Tuition has risen 2-3 times the cost of living.
The market will pay you what your services are worth. The schools are taking advantage of the students as a result of the easy student loans. If schools want to raise tuition, no problem. The students can borrow more money. If the students want to study something for which there is little or no market in which they will earn enough to pay off their loans, no problem. Once they borrow the money and leave the school, the school has their money and the students have their debt.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by Serious Conversation
Wages have not kept up with tuition, especially at the low end that students would typically would be working for.
As mentioned many times... college kids / post HS are NOT 'entry workers'.
By the time you graduate HS, best have a trade, high skill or well on your way.
My kids were no superstars, but they had built their own homes including all electrical and plumbing while homeschooled in Jr High. (so knew the trades, as we had built many homes together by the time they headed to college (by age 17).
Thus they had skills, but sought high paying / high risk jobs during college summers. $30k - $40k in 6 weeks (Wild-land fire fighting / and Alaska fishing) (they had their own businesses and PT jobs during the school yr) as they had since age 12.
They still took student loans (VERY cheap money) so they could keep their IRA's and investment assets active.
They each made about 3x more than loans by investing the equivalent to their college loans (AMZN, AAPL, GOOG, NFLX...) (yet another way to afford College.) My boss did the same in 1960's working the CBOE. Paid for college and grad school with 3 yrs in the pits.
Their friends bought 4 bedroom 4 plexes and rented bedrooms to college kids ($400 each room). The positive cash flows paid for college (EZ). The equity appreciation paid for 2 yrs travel overseas + ALL of grad school. They took 2.7% loans and had a BLAST and still have those 2.7% loans (consolidated for 20 yrs ) and still having a blast. (making dough / work hard / play hard)
By age 20 my kids were making nearly 2x my highest career wage. They have gone up from there. I
'retired' / left the workforce the day they started college) Then I went back to college myself (for fun).
Harvard's financial aid programs pay 100 percent of tuition, fees, room, and board for students from families earning less than $65,000 a year. Families with incomes from $65,000 to $150,000 pay between zero and 10 percent of their income. Students graduate without a penny of debt.
Princeton's financial aid programs let over 83% graduate from college without a penny of debt.
Columbia University eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
The University of Pennsylvania did the same: Penn eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
Ditto for Brown: Brown eliminated all student loans - there are no student loans as part of any financial aid package; all financial aid is free money. Students graduate without a penny of debt.
At Cornell, if your parents earn less than $60,000 and have less than $100K in net worth, there are no student loans - just free tuition, room, board & fees. Students graduate without a penny of debt.
The University of Chicago's financial aid package is free tuition & fees for students whose families earn up to $125,000 per year. For students whose families earn up to $60,000, UChicago provides free tuition, fees, books, room & board.
MIT's package is free tuition for students whose families earn up to $80K.
Stanford's package: free tuition for students whose families earn up to $125,000 per year. For students whose families earn up to $60,000, Stanford provides free tuition, fees, room & board.
Yes, these are elite schools, but even many 2nd rate and 3rd rate schools have migrated away from student loans.
The list goes on and on and on and on...
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) and still having a blast. (making dough / work hard / play hard)
