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Many of them are likely in forebearance wishing for Democrats to excuse them of their lavish lifestyles in young adulthood that they want financially forgiven.
Hopefully, President Trump and Secratery DeVos hold these students 100% accountable for the federal money that borrowed for dreams and fantasies.
Seems like the crisis is that many are just going to a university for the student loan access themselves.
Looks like the lavish lifestyles, new cars to show off and three time a day chef-prepared meals and $10 latte and croissant combos have caused the student loan debt to skyrocket to $1.5 trillion in 2018 as opposed to 90 billion in 1999 when students weren't fixated on impressing with a luxury lifestyle.
I am not convinced all these people need masters and doctorate degrees, it's more about taking out debt to rent apartments, go out to eat, expensive cars, chef-prepared meals and manicures to impress.
The student loan rates tend to be 5 to 7% which are much lower than credit card rates so many college students just go for a decade or more and get one degree after another.
Last edited by lovecrowds; 08-13-2018 at 03:40 PM..
Why should bankers be able to get money for in some cases a negative interest rate and in general little to no interest rates but students should have to pay well above the going rate?
Why is it a Socialist program for students but not for the banks?
The bankruptcy law should be amended to allow for discharge of student loan debt, which will result in lenders being more selective in loaning money, which in turn will force costs to go down for higher education. The system is totally unsustainable and we need a solution better than “suck it up, buttercup” with the status quo remaining.
Why should bankers be able to get money for in some cases a negative interest rate and in general little to no interest rates but students should have to pay well above the going rate?
Why is it a Socialist program for students but not for the banks?
We bailed the banks out, right?
I agree with the first part of the statement.
The students though pay alot less than other types of insecured debt like credit cards for something that is intangible.
The students have higher than going rates because student loans are not tangible like cars and homes.
It seems as though many college students are just going to university for the debt itself and the education is secoundary.
Why should bankers be able to get money for in some cases a negative interest rate and in general little to no interest rates but students should have to pay well above the going rate?
Why is it a Socialist program for students but not for the banks?
We bailed the banks out, right?
One does not excuse the other.
Any banks or financial institutions that "were too big to fail" should not have been bailed out, unless they were unwittingly caught up in the fraud and greed perpetrated by the gluttons. Those bums/crooks doing things like selling credit default swaps as if they were securely backed financial transactions ought to have gone to jail.
If you want to look to areas where moderates & conservatives would have supported Obama, that would have been one of them. However instead of putting these fat cat thieves behind bars, they got financial slaps on the wrists in most cases.
As to student loans, I was brought up to pay debts I owed and if money was borrowed to get a higher education, it should be paid back. I worked and went to college, and saved money by in various ways such as sleeping in sleeping bags in a large room with other frugal students, instead of getting fancy lodging. If we made those type of sacrifices (i.e. lived within our means), we should not then have to turn around and pay for those who took loans, but now don't want to pay them back.
The students though pay alot less than other types of insecured debt like credit cards for something that is intangible.
The students have higher than going rates because student loans are not tangible like cars and homes.
It seems as though many college students are just going to university for the debt itself and the education is secoundary.
A worthless vast generalization meant to demonize people, nothing more. Yes, there are some people who are not responsible. I am not against certain restrictions. I have NO clue what the actual numbers are.......I'm just picking numbers out of the air.
You want to restrict a program to 6% Liberal Arts, 12% Engineering, 15% Doctorial? OK.
Any banks or financial institutions that "were too big to fail" should not have been bailed out, .........
It doesn't matter, we did it so why shouldn't others look for help from the same government? We would also do it again. Trump is talking "bail outs" all the time. Where is the condemnation for that?
I just watched a Front line show about this. Called Subprime Education, where they let anyone get a loan even homeless people to go to these private set up colleges that have little to no value. People are in debt $3OK and the nursing degrees are worthless. They can go to community college for a few grand instead, it's these 'for profit colleges" that sprung up everywhere and had commercials targeting low income minorities.
I reside near a nursing school and sometimes have evening coffee at a restraurant and many of these nursing students are already driving luxury cars with the student loans because they likely have been told nursing is a great way to make six-figures.
I notice how they spend more time on social media than studying when they are studying. Seems like just as weight-related health conditions are skyrocketing and baby boomers retire, there is lots of good, professional nurses retiring and many future nurses are just going to do it for a six-figure medicare and medicaid subsidized paycheck.
Basically, because of student loans many people going into nursing for the wage only and not because they want to care for people.
In a decade, there will be lots of nurses who don't like their jobs and could care less of patients but decided they could ride on student loans for a decade and when they graduate they will live a life of luxury from mainly Medicare and Medicaid money.
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