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It needs to be fixed. It should be 10-15% of total income, not discretionary income. When you just graduated college and get an entry level job, there is perhaps a few hundred bucks in "discretionary income" a month. So these people are paying 10-15% of a few hundred bucks. 30-40 bucks a month doesn't cut it when the average student loan balance upon graduation is about 30k.
We could have just publicly funded universities as much as we did in the past century, but that would make too much sense...
That created a problem of its own. We now have a large population of degree holders who don't have a college education due to "dumbing down" and spreading thin talent.
It needs to be fixed. It should be 10-15% of total income, not discretionary income. When you just graduated college and get an entry level job, there is perhaps a few hundred bucks in "discretionary income" a month. So these people are paying 10-15% of a few hundred bucks. 30-40 bucks a month doesn't cut it when the average student loan balance upon graduation is about 30k.
So what is the point of the program then? If someone making 30k has to pay 3-5k, how would they be able to save any money or even pay the bills?
Whatever, we've already got the anarcho-capitalist Bobbsey Twins in the thread. Surely they will make this about personal responsibility and the glorious punishments of Capitalism upon those whose only chance (realistically) at a decent job is through a college education.
It needs to be fixed. It should be 10-15% of total income, not discretionary income. When you just graduated college and get an entry level job, there is perhaps a few hundred bucks in "discretionary income" a month. So these people are paying 10-15% of a few hundred bucks. 30-40 bucks a month doesn't cut it when the average student loan balance upon graduation is about 30k.
, at least so far as agreeing it needs to be based on total income.
The cost of going to university in this country is absolutely ridiculous. What's worse is the fact that the price is only expected to increase even more exponentially as we progress into the future. We need to move to a European-stlye university subsidization system. Young people shouldn't have to start their careers thousands in debt. Not to mention that it'd probably be good for the country as a whole too in the sense that an educated workforce is better for the nation.
05-03-2014, 12:38 AM
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Quote:
Originally Posted by GiantRutgersfan
It needs to be fixed. It should be 10-15% of total income, not discretionary income. When you just graduated college and get an entry level job, there is perhaps a few hundred bucks in "discretionary income" a month. So these people are paying 10-15% of a few hundred bucks. 30-40 bucks a month doesn't cut it when the average student loan balance upon graduation is about 30k.
Discretionary income is your income minus whatever the poverty line is for your family. So anything over $11,670 is considered discretionary for a single person doing income-based repayment. That'd put a single person at $229/month even if they were only managing to pull in 30 grand per year.
Funny what happens when you consider the actual facts as opposed to just pulling something out of thin air, eh? You get a number that's different by an order of magnitude and not nearly the freeloader's bonanza you're making it out to be.
A lot of the student loan debt is carried by people who didn't finish college and get their degree for whatever reason. So they don't have the advantage of getting the higher paying jobs that require a degree and are most likely stuck in a lower paying job. Which makes the ability to repay that much harder. If a person defaults on the loan, hefty fees and interest are added to the balance, which also makes the debt insurmountable for these people.
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, at least so far as agreeing it needs to be based on total income.
