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That $25K sportscar is already over the $20K/year in supposed dispersed loan proceeds for discretionary expenses. And no auto dealer finances a car for someone whose sole income is student loans. They do credit checks.
Maybe he purchased the car before quitting his job and taking the loans? Then paid the monthly mortgage and car loan through his student loans.
Poster didn't say when the car was purchased just that he could afford the payments.
He could've had a co signer as well. If he purchased while living on loans.
He wants some kind of loan forgiveness, but the colleges would have to pitch in. So if they graduate a lot of people who can't pay off their debt they would have to eat some of it.
This is a business-like approach, where a lender frequently has to bail out a borrower especially if a loan was made using false pretenses.
Instead of applying a band-aid to this particular problem, why not incentivize states to require personal finance curriculums in their K-12 education? Yes people will still make silly decisions as youth but the moral problem is solved... you have no excuse to not be aware of the risks of a student loan, such as degree non-performance...
If you subsidize poor planning and failure(even well intentioned ones like college) what do we get? More of it.
I don't want my tax money bailing out some liberal arts degree hipster who majored in basket weaving. He signed an agreement, and I don't care if it takes him 15 years as a barista to pay it off. That isn't a "bad attitude" or being cold, its just common sense. We could just keep going with subsidizing and bailing out everyone for every downfall. How about bailing me out for the lemon used motorcycle I bought 10 years ago? Its lunacy.
Loans should not be given out so freely like candy. Not everyone is college material, and that is perfectly fine.
This is my philosophy as well. If you want to go to college, work hard to qualify for as many scholarship funds as you can. Get a part time job while still in high school and begin saving a little money. See if your parents are in a financial position to offer some help. Consider cutting costs by beginning in community college and then transferring to a university. See if vocational programs are a viable option. Then and only then should one consider student loans - and consider them quite carefully. It is *your* debt to repay. Choose your field of study thoughtfully and remember: college does not exist solely to enrich yourself with knowledge. It prepares you for the employment field, which the average American will occupy for 30-40 years. If you wish to major in the history of gender-fluid arts or fifth century philosophy versus engineering or medicine, you are choosing to increase your debt even before graduation by choosing an employment field that will pay poorly.
It's not rocket science. Make responsible education choices, and then actually be responsible for them. Remember: Nobody gains wealth by whinging on Internet forums or protesting outside the White House.
Student debt stifles economic growth. What are some ways a fiscally conservative Trump administration can tackle this problem, without putting tax payers on the hook through a complete bail out?
For the man who knows more about any subject than anyone who ever lived, perhaps he could target those with outstanding student debt and put them all to work building The Greatest Wall Ever (later to be officially memorialized as Trump Wall and Fence). In exchange for having their debt lowered or eliminated, they would have to work for minimum wage (assuming he wants to pay them at all).
Sound the trumpet: So let it be written, so let it be done.
I know others than also used immense portions of these funds for personal, discretionary expenses.
You have to be able to define "immense portions."
If you get a loan of X and your school uses 3/4 of X for tuition, fees, book charges, etc. and you get the other 1/4 of X, are you really spending "immense portions" if that is to help you pay for living expenses, transportation, clothing so that you don't show up at school dressed in tattered rags and/or so you can go out and interview for co-op and internship positions, etc... are you really a grifter or are you using the funds in the manner in which they are intended?
All schools set up the amounts that they consider reasonable for living expenses and other incidentals for students, based on the guidelines the school has set.
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