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Old 06-21-2020, 08:13 AM
 
Location: Lake Norman, NC
8,626 posts, read 12,858,469 times
Reputation: 35211

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Sorry, but if you took the loan, then you OWE the loan.

If student debt is forgiven, then these same people will welch on their mortgage payments.

It's a never ending, lack of personal responsibility, cycle that's become prevalent and rampant in this country.
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Old 06-21-2020, 08:26 AM
 
Location: The Triad (NC)
32,593 posts, read 76,077,302 times
Reputation: 40403
Quote:
Originally Posted by Stripes17 View Post
Sorry, but if you took the loan...
https://en.wikipedia.org/wiki/Histor..._United_States
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Old 06-21-2020, 08:40 AM
 
19,948 posts, read 5,678,070 times
Reputation: 36397
Why expect accountability? Borrow all you can borrow. It is just a piece of paper. It is just too cumbersome to get grants or pay your own way. Defer until it dies of old age. Declare bankruptcy - they will not take your house, your car, your whatever away from the poor young uninformed student who did not realize that when you borrow money it has to be paid back. No, that is what those silly taxpayers are responsible for. Let's add a degree or two as long as the gravy train runs.
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Old 06-21-2020, 08:41 AM
 
5,653 posts, read 3,653,152 times
Reputation: 12468
Quote:
Originally Posted by MrRational View Post
https://www.law.cornell.edu/uscode/text/11/523
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Old 06-21-2020, 10:15 AM
 
13,395 posts, read 11,926,738 times
Reputation: 35675
Quote:
Originally Posted by City Guy997S View Post
While those two were Political Science degree rockstars, most are not.
True, but that has nothing to do with a specific college major. Anyone with the personal drive to succeed will do well.
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Old 06-21-2020, 05:56 PM
 
14,441 posts, read 17,526,997 times
Reputation: 23048
Quote:
Originally Posted by Serious Conversation View Post
It absolutely could.

I'm an older Millennial. I graduated with about $10k in student loan debt, which was paid off relatively quickly. I know people with tens of thousands of debt still in their 30s.

Without that debt burden, those people would have freedom to do a lot of things.
A very good friend is a Dr/married to a lawyer. Their student loans are $3500 a month for 30 years.

3500 X 12 = 42K

42K X 30 = 1.26mm.

Where did they go wrong? Deferred debt, incomes never skyrocketed. They make good money, but not huge money.

It is affecting their purchasing power for homes/cars/retirement savings contributions. Their choice to borrow, so let them pay it back.
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Old 06-21-2020, 05:57 PM
 
14,441 posts, read 17,526,997 times
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Quote:
Originally Posted by charlygal View Post
True, but that has nothing to do with a specific college major. Anyone with the personal drive to succeed will do well.
Correct but would a truly successful kid today pick a poly sci major?
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Old 06-21-2020, 06:07 PM
 
962 posts, read 495,992 times
Reputation: 3491
Quote:
Originally Posted by Minethatbird View Post
Why is it the responsibility of the US taxpayer to help students buy houses and start businesses?
That's right.

And what's next? Are the US taxpayers on the hook for all the money bet on Pioneer of the Nile in the 2009 Kentucky Derby?
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Old 06-21-2020, 09:13 PM
 
20,494 posts, read 6,295,707 times
Reputation: 13583
Quote:
Originally Posted by Lillie767 View Post

Why did college costs sky rocket? Generally because students could borrow the money. If student loans were not so easy to obtain, colleges would not have been able to raise their prices so much and so fast.

A few years back an employee of mine was considering a vocational school and asked my opinion. What I found was the max amount that someone could get a student loan for a vocational school was what everyone was charging. Its like if the government backed loans to buy cars up to 100k. Pretty soon all cars would be $100k and people would complain about being able to afford them.
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Old 06-22-2020, 12:13 AM
 
Location: Oregon, formerly Texas
9,031 posts, read 5,905,763 times
Reputation: 15370
Quote:
Originally Posted by Oklazona Bound View Post
A few years back an employee of mine was considering a vocational school and asked my opinion. What I found was the max amount that someone could get a student loan for a vocational school was what everyone was charging. Its like if the government backed loans to buy cars up to 100k. Pretty soon all cars would be $100k and people would complain about being able to afford them.
I work for a college and can tell you what instruction costs. Just for instruction it's between 8k and 10k per student per year to deliver. That does not factor the various services.

Colleges utilize the labor of highly educated individuals and that's not cheap. A 50k instructor costs 80k when their health insurance and other benefits are factored in. If there was a fairy tale world where we didn't have those costs maybe it'd be cheaper.

Vocational subjects are even more expensive because of small class sizes and equipment needs.
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