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I think it is a great idea. Too many kids are borrowing too much money and taking their time to get their degree. I got through in 4 years but took 16 to 18 hours a semester to do so. My neighbors kid took 6 years to get an undergraduate degree
I know several people that owe tons in student loans but they take a class every so often to 'defer' their loan payments. It's wrong and it needs to stop.
Two of my daughters friends owe many tens of thousands of dollars for (get this) a degree in music.
I was talking non-major courses. I took Rock n Roll History for one but it was an interest of mine and it opened me up to a lot of music. I rather take that rather than some silly humanities I wouldn't be other than taking up a seat.
Why is it the students are blamed and not the banks who saw this as a way to lend money the government would lean on people to pay back and garnish wages to get for them?
Why not blame it on colleges for charging ridiculous prices for tuition when our society damned near requires a degree for something, even if it's being an auto mechanic?
Why are college students, most of whom began borrowing when they were barely legal adults, the ones who get badmouthed?
Our country sucks sometimes. It really does.
I don't think anyone is specifically blaming students as you're suggesting. But they are part of the equation, the bank is willing to lend massive amounts of money since it's backed by the .gov, the student doesn't care how much it is, they just need the money, the university sees it as an opportunity to charge massive fees and get rich. The students are young and naive.
Anyone taking out massive student loans now must have been raised by wolves. The best thing that ever happened for the tax payer is that you can't BK loans now and people have to live with the consequences.
But I agree, our Country can suck, especially the crappy parents that allow their kids to be part of the ponzi scheme. The ones that should have known better.
People need to understand they aren't ENTITLED to go to any school they want to.
I work with people that have over 100 grand in SL debt making the same money as me (computer programmer). Their degree isn't even in computers. Some took over 15 years to pay it off, it's like a second mortgage.
Many going to college were product of a generation of go-to-college. About half of the families had at least one parent go to college so they knew the advantage while the other half saw the earning potential and/or noticed jobs asking for college degrees more so than experience at the point in time. Even today, despite the backlash to "College, college, college" which I agree on, there is not enough unchecking to it and largely the college degree is exactly what a high school degree was when my father was in high school 40 years ago.
My father and I actually talked about trades today with the crane operators and that. He spoke of people exiting trade school and getting jobs at $22 an hour. But there's two problems with that. One was a complaint he had about the Suns owner "lowballing" coaches and my response is that if he lowballed and nobody accepted, wages would need to go up because a basketball team actually needs a coach while they may get around with one less marketer. Everytime someone will take peanuts for an employer offering peanuts for the job, it keeps the wages low because the employer knows he can find someone. Another complaint was that that $22 an hour sounds tempting, but because of fewer people in the field for the specialized jobs and a lot of replacables at the bottom, the issue is finding the next generation to pick up where the retiring boomers and gen xers are at. Most places want the experience but not willing to ask for it.
Quote:
Originally Posted by hawkeye2009
I was from a lower middle class family. Despite scholarships, I could not have attended school without loans. I am a physician now and repaid my loans within three years after training.
Student loans are critical for middle class and lower income students. I do think it would be wise for the lenders to first ask the borrower their desired degree and the job market for that degree. If the job acquired after achieving the degree would preclude paying it back, then perhaps the student loan should be denied.
Like any loan, a responsible lender needs some collateral and a plan from the borrower defining how they plan to repay the loan.
I don't know about this. I mean the thing is what would collateral to a college loan be? What assets do college students actually have? The answer is very little for those that actually do need to use loans for college. At best they may only have a car under their name and maybe a parent's and that too may also be under a collateral agreement of its own.
The problem with you denying the loan based on major is eventually you'll see people flock to the majors that don't typically get denied. If a business management major would get denied, yet marketing doesn't than wouldn't business management majors just jump to marketing? And then what happens when the new major is flooded and then the job market is low-balled (see the above reply) because of the mass of people looking for work as marketers that might have otherwise been business management majors. Sure you will likely knock me for what-about-ism, but I see the potential issues that will come from it.
Colleges have become parasites. They feed off society through tax payer funded student loans, many of which will not be paid back. It is no secret that getting a college degree does not mean a good job. What lands you a good job? Connections, an uncle who has pull, extraordinary intelligence or ambition....if your a normal person however your degree will do not much for you but run up a debt. Yes this scam should be shut down. Critics say it will take opportunity away from young people, I disagree. The effect of ending government funding for student loans would be that MOST kids would not go to college. College would return to being the realm of the well off. This does not mean the regular folks would be unemployable, the job market would adjust. After all most applicants would not have degrees, the companies would go back to a system of apprenticeships. The rich connected kids would get the good jobs yes, but they do today anyhow. We would be freeing our youth from college debt, wasted time and four years of socialist indoctrination. Ending student loan programs sounds like an opposition to education but really it is the right answer. It is common sense, economically sound and it stops an unethical lie told to young people that a college degree is a path to success. For more people than not it is a path to a huge debt.
Colleges have become parasites. They feed off society through tax payer funded student loans, many of which will not be paid back. It is no secret that getting a college degree does not mean a good job. What lands you a good job? Connections, an uncle who has pull, extraordinary intelligence or ambition....if your a normal person however your degree will do not much for you but run up a debt. Yes this scam should be shut down. Critics say it will take opportunity away from young people, I disagree. The effect of ending government funding for student loans would be that MOST kids would not go to college. College would return to being the realm of the well off. This does not mean the regular folks would be unemployable, the job market would adjust. After all most applicants would not have degrees, the companies would go back to a system of apprenticeships. The rich connected kids would get the good jobs yes, but they do today anyhow. We would be freeing our youth from college debt, wasted time and four years of socialist indoctrination. Ending student loan programs sounds like an opposition to education but really it is the right answer. It is common sense, economically sound and it stops an unethical lie told to young people that a college degree is a path to success. For more people than not it is a path to a huge debt.
Companies only offer training when they can afford it and really need it. I think too many companies want the training but aren't looking for it themselves. This is whether we are talking about apprenticeships, college or neither. I wish they would, but they don't.
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