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With or without a college degree. So why bother enslaving yourself in debt by getting one if your chances are so slim with an underwater basketweaving degree?
For every story you tell me about a translator or office worker backpacking in Europe living the good life with a lib arts degree, there are 3 receptionists, waiters/waitresses, and babysitters who got their womans' studies or archeology degree. Supply and demand, how does it work?
I'm a moderate republican--call me old fashioned, but I still think that if you follow your interests and talents, and you work hard, you can do anything you want in this country--it's just harder to pay your dues now to get there.
An ASE certified mechanic or HVAC technician makes more than most sociology degree majors, especially when you take into account the opportunity cost and indebtedness you get in during your college years.
Trade school is a great option for some kids, and you're right--it should be considered more as an option vs. college, but it's not for everyone. I think lots of kids who are in college might be better off in trade school but not all. For example--my children are all adopted, and they have very different talents and skills. One of my boys is very mechanical, and gets decent grades, but it almost kills him to do it--he's a very hard worker, and he's intelligent, but his talents are not in writing, etc. He's already talking about becoming an electrician (he has cousins who are electrical contractors, so he's familiar with the field). One of my other kids is great at debate, loves politics, and he's thinking law school--he also doesn't understand the difference between a screw driver and a faucet--he just doesn't get it. Same upbringing, but completely different talents. It all depends on the kid.
That's the issue I have. One can live it up large. BMW, house on the beach. After all a car and house is considered essential isn't it? There's no definition of what's luxury living and what's not in the bill
I knew about this little side bill with health reform. It's only coming to the front news today cause Obama is trying to push for young votes.
I don't have the details handy, but I believe your perception of "discretionary income" is different than that of the student loan program in question. There's a formula for determining DI. Look it up. No need to get yourself all worked up without knowing all of the details.
Now, can people see why college costs keep going up? Why schools feel comfy providing all the high price tag Underwater Basket Weaving Programs for which they could care less if the job it provides (or doesn't) enables the graduate (or drop out) from paying back a loan?
Correlation does not equal causation!
Quote:
Originally Posted by mb1547
You obviously didn't read your own link. The current program limits payments to 15% of your discretionary income, and forgives the balance after 25 years. This isn't a new thing, and I'm guessing they must have a formula for payments that they currently use. So--they're cutting 5% off the minimum payment, and 5 years off the formula before the debt is forgiven. You can also consolidate loans and negotiate for a lower interest rate, which you should be able to do if you have good credit and interest rates stay low--it's just like refinancing your house. Not exactly as dramatic, is it?
Don't confuse them with the facts, they don't want them.
Quote:
Originally Posted by HappyTexan
Well, if you're like my niece, go to an out of state college, live in the dorm and also use student loan money to buy food, clothes, pay your bills and social life for 4 years including summers.
That's how. Now she owes $160K and is working as a receptionist at a day care center because her degree can't get her squat. Not Math or Science related degree but some esoteric liberal arts subject.
My daughter did not have any student loans in undergrad. That was our decision. However, she graduated with honors with a degree in Molecular, Cellular and Developmental biology and got a job working in a day care center, b/c she was unlucky enough to graduate in 2009, in the depths of the recession.
Quote:
Originally Posted by summers73
The tax breaks were for everyone. The student loan payment program is specifically meant to benefit the lazy millenials.
Oh, give me a break! What's lazy about going to college? Why is it OK to borrow money for a house, a car, a boat, or just about anything else, but not to go to college. Plus, there are many tax credits/deductions in the tax code for specific groups, eg child care credit, medical expenses, moving expenses and many others.
You obviously didn't read your own link. The current program limits payments to 15% of your discretionary income, and forgives the balance after 25 years. This isn't a new thing, and I'm guessing they must have a formula for payments that they currently use. So--they're cutting 5% off the minimum payment, and 5 years off the formula before the debt is forgiven. You can also consolidate loans and negotiate for a lower interest rate, which you should be able to do if you have good credit and interest rates stay low--it's just like refinancing your house. Not exactly as dramatic, is it?
Yes, I read my own link before I posted it.
I've known about this sneaky student loan change since it was passed 18 months ago.
Obama and the Dems slammed in the student loan changes back in 2010 when health care reform was passed.
He moved up the date by 2 years. And Obama and Pelosi and Reid were responsible for cutting the number of years by 5 years.
I really don't understand how this doesn't cost the taxpayers any more money. Moving up a program by 2 years means less tax revenues being collected since the government is supposedly collecting interest payments. Now they will collect less interest rates/principal 5% less two years earlier.
What next? I know what's next. The student loan program is just about nationalized. They will try to make student loans discharged via bankruptcy. That's the ultimate goal of the Democrats. Free loans without any consequences.
2. Does he realize how much this program will cost?
What the heck does paying back only 10% of discretionary income mean? You can make 500k a year an spend most of it. Leaving yourself with less than $1000 of discretionary income. So does this mean you only have to pay $100 each month on say a $200k loan and Obama will forgive your unpaid balance after 20 years?
An ASE certified mechanic or HVAC technician makes more than most sociology degree majors, especially when you take into account the opportunity cost and indebtedness you get in during your college years.
Probably true. But who is more accepted at the wine & cheese parties?
Good. Republicans have been doing stuff to help their followers (religious fanatics and big business) for years. Its about time the Democrats step up to the plate to help people who vote for them.
Yep.
The premise of this thread is no different than the endless 'pork' vs. 'earmark' arguments. If it's the other guy, it's pork, if it's our guy, it's an earmark.
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