Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Be nice if people read the articles instead of guessing what it means from a headline.
Um, I did read the article and a few of the thousands of comments as well.
This "bill of rights" is just a stealthy way of absolving irresponsible borrowers of their personal responsibilities.
Make no mistake: this is the first step toward allowing borrowers to sue Navient and other loan processors. There are a lot of voices in the liberal community right now calling for loan forgiveness, including presidential candidates like Bernie Sanders and Elizabeth Warren. This is just one more step along the way.
Tuition rates really started to rise when the government took over student loans 11 years ago. I started law school in the mid ‘00s and tuition at my law school has increased by almost 100%. I can’t see a reason for the 100% increase. The ranking is still where it has always been, so it doesn’t seem like the price is turning away applicants. Meanwhile, salaries have not increased significantly. The wage growth in the main market the law school serves has been pretty stagnant, although graduates go to many markets.
Good point, I also went to law school around the same time. Law schools are (were?) huge money making machines; unlike medical school where you need to actually maintain a lab and expensive equipment, the overhead of a law school is really low, which doesn't justify the extremely high costs. Hence, in my opinion, the rise of so many sketchy, third-tier law schools emerging in the mid-00's to lure in students with low LSATs but charging Harvard prices. Fast forward 10 years now, and bar passage rates are tanking, while these schools are still admitting sub-par students who they know will graduate into an already glutted market with little to no job prospects. Meanwhile the ABA has done virtually nothing to stop it while letting the schools get away with padding the employment numbers and further defrauding prospective students. Law school is one of the biggest rackets out there, and I'm pretty shameless about trying to discourage most students from attending, *especially* if they'll have to take out loans to do so.
Anyway I'm probably preaching to the choir, but a lot of people aren't aware of the blatant fraud that goes on in higher education, law schools just happen to be one of the worst offenders.
Um, I did read the article and a few of the thousands of comments as well.
This "bill of rights" is just a stealthy way of absolving irresponsible borrowers of their personal responsibilities.
Make no mistake: this is the first step toward allowing borrowers to sue Navient and other loan processors. There are a lot of voices in the liberal community right now calling for loan forgiveness, including presidential candidates like Bernie Sanders and Elizabeth Warren. This is just one more step along the way.
You are reading too much into it. Again California has the highest default rate in the country, and again student loans do not just mean college loans. It also covers private technical schools which engage in predatory lending practices by commissioned salespeople who try to sign people who often aren’t told exactly what they are signing, often in areas of poverty where people are less educated about money loans and credit. This has nothing to do with loan forgiveness.
If you sign up for a mortgage with balloon pavements for instance, they are required to make sure you know what that means, where student loans currently have no such requirements or protections. I’m for anything g that might lower that default rate. This is an attempt to keep taxpayers from having to pay for defaulted student loans, not to facilitate it.
I have always been terrified of debt, so I would not have taken out such loans. There are ways to cut the costs even now. Just a bit of web searching answers all the basics and great advice can be found as to how to manage debt. Kids are on their computers all the time so no excuses not to do their research.
I have always been terrified of debt, so I would not have taken out such loans. There are ways to cut the costs even now. Just a bit of web searching answers all the basics and great advice can be found as to how to manage debt. Kids are on their computers all the time so no excuses not to do their research.
Even given that, why object to a bill that simply requires that the terms you’re signing up for be fully and honestly disclosed upfront, just like they do with mortgage loans and credit cards? What is the harm in your mind of requiring the same disclosures for student loans that mortgages currently require? I just don’t get why people see a downside to that. Why should student loans, which are the only ones not dischargeable in bankruptcy, have less disclosure requirements than a mortgage does?
I want to add, Ive seen the way these private schools operate and how they take advantage of the uneducated and non-savvy. Our rehab aide who makes a bit more than min wage and has a child, was signing up for phlebotomy program at one of these schools. They kept trying to get her to sign up for a longer more expensive “medical assistant” program. I know that wouldn’t generate any higher salary than phlebotomy would, but the school gets to charge an extra $15,000 for a six month program. And they tell prospective students not to worry about the loans, they spin it deliberately and even lie about the loans. I’ve seen some cases where the person wasn’t even aware they were signing up for student loans because they use words such as grants to mislead them. so the person doesn’t know what they are signing and doesn’t know what to do. Again these are not loan officers, they are commissioned high pressure salespeople.
This bill will put an end to those predatory practices. Again, just like the rules that already govern every other type of consumer loan.
There are a lot of voices in the liberal community right now calling for loan forgiveness, including presidential candidates like Bernie Sanders and Elizabeth Warren. This is just one more step along the way.
Great vote buying tactic. Also, an old article from one of the higher ed publications showed how during one election cycle (Obama's first I believe), higher ed folks who made political donations were around 75% likely to give that money to Democrats instead of Republicans. Big Higher Ed is so greedy that they need this bailout as much as the students. Gotta keep the campaign contributions rolling in, as well as the full court press indoctrination going as well.
Many who are in control of higher ed (traditional university and colleges to clarify), and those who are seeking a higher ed career path with executive level aspirations, are doing whatever they can to keep the status quo. This means an over saturation of middle and upper management positions are usually overpaid compared to the private sector, and even many government positions.
Very easy fix, go back and treat educational loans just like any other. Credit check, show an ability to repay, allow these loans to become part of bankruptcy protection.
Problem solved but what will higher education do with their bloated staff, salaries, and campuses? What about all those sports teams that those outlandish tuition fees supplement (except for those few schools where Football and Basketball actually support themselves)?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
