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Old 12-27-2017, 09:53 PM
 
Location: Philadelphia/South Jersey area
3,677 posts, read 2,541,174 times
Reputation: 12467

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Quote:
Originally Posted by IDoPhysicsPhD View Post
High school shouldn't be teaching personal finance in any depth. Personal finance is not an academic area of study. It's a life skill like cooking, keeping up with current events, cleaning, etc.

Now, not everyone is the same, but based on your post above, we can see that you grew up without parenting in your life. Understanding finance, loans, reading a news paper, understanding the job market, etc. are things that your parents (should they have been a part of your life) should have taught you at home. By 17, you should have all the knowledge your parents have of the world without all the experience they have to back it up.

So, how would have known to make wise financial decisions? Well, your parents would have taught you and given you some real world experience. How would you have known about Sally Mae? You would have read it in the news paper just as your parents do. You can't expect to live a successful life without knowing what is going on in the world.
lol, I grew up with 2 parents, mom was one of the top civil rights lawyers in the city at 17, I knew about the world in my school.

I made tons of stupid mistakes as will my kids, what newspapers do kids read?? I don't know anyone who knew of sallie mae until it was time to get a loan.

I think I'm pretty successful, well let me rephrase that, I'm a successful chemist. I also can't cook worth a darn nor clean, lol that's why I stimulate the economy, I go out to eat.

58 and still don't know what a bitcon is.

 
Old 12-27-2017, 09:53 PM
 
8,365 posts, read 7,562,385 times
Reputation: 10957
Quote:
Originally Posted by IDoPhysicsPhD View Post
They do. In many cases, you need to participate in loan counseling: https://studentaid.ed.gov/sa/fafsa/n...nce-counseling
In ALL cases. It's a requirement for taking a Federal student loan.

I'm pretty sure that full disclosure is required for private student loans as well.
 
Old 12-27-2017, 09:53 PM
 
Location: Texas
13,480 posts, read 8,296,641 times
Reputation: 25946
Quote:
Originally Posted by IDoPhysicsPhD View Post
High school shouldn't be teaching personal finance in any depth. Personal finance is not an academic area of study. It's a life skill like cooking, keeping up with current events, cleaning, etc..
Maybe so, but I still think high schools should teach basic life skills to young people who don't learn them otherwise.
 
Old 12-27-2017, 09:58 PM
 
2,151 posts, read 1,343,423 times
Reputation: 1786
Quote:
Originally Posted by RosieSD View Post
In ALL cases. It's a requirement for taking a Federal student loan.

I'm pretty sure that full disclosure is required for private student loans as well.
Many private loans do not require counseling...
 
Old 12-27-2017, 10:01 PM
 
2,151 posts, read 1,343,423 times
Reputation: 1786
Quote:
Originally Posted by PriscillaVanilla View Post
Maybe so, but I still think high schools should teach basic life skills to young people who don't learn them otherwise.
They often do. Just not in depth. It's called home economics.
 
Old 12-27-2017, 10:03 PM
 
2,151 posts, read 1,343,423 times
Reputation: 1786
Quote:
Originally Posted by eliza61nyc View Post
what newspapers do kids read??
Kids (as in children), not so much. But we're talking about older teenagers here. It's whatever paper your parents subscribe to. I scanned the headlines of The Wall Street Journal when I was a teenager.
 
Old 12-27-2017, 10:18 PM
 
Location: Philadelphia/South Jersey area
3,677 posts, read 2,541,174 times
Reputation: 12467
Quote:
Originally Posted by IDoPhysicsPhD View Post
Kids (as in children), not so much. But we're talking about older teenagers here. It's whatever paper your parents subscribe to. I scanned the headlines of The Wall Street Journal when I was a teenager.
??? I honestly haven't seen a newspaper subscription in 30 years. i thought most newspapers were going under.

lol, I have never read the WSJ. I use to get time magazine in college. no I can honestly say at 17 I had no interest in the NY gtimes, WSJ or WP. we would get the sunday daily news.

I don't buy a newspaper, haven't had one in years. I use to get sunday's Philly Inquirer.
 
Old 12-28-2017, 06:09 AM
 
50,164 posts, read 35,836,157 times
Reputation: 76133
Quote:
Originally Posted by YourWakeUpCall View Post
I think the end game is to make sure people who take out student loans understand that there will be consequences for nonpayment. Anyone with half a brain cell is going to seriously reconsider not paying their loans if they know their livelihood is at stake. It's not about punishment, its about discouraging people from not paying their loans. How effective do you think any law would be if everyone knew they wouldn't be punished for breaking it? This is a pretty common pattern with rules/laws. Not sure why you don't understand. You might want to be careful about calling other people's opinions stupid without having spent even 1 second trying to understand said opinion. Pot. Kettle. Black.
The vast majority of people don't set out intending to default. We don't take away the ability to earn a living when people default on any other debt. The posters comment was on the stupidity of taking away the ability to earn income when that only guarantees the person will never be able to make a payment again.
 
Old 12-28-2017, 07:33 AM
 
16,986 posts, read 21,667,967 times
Reputation: 29064
Quote:
Originally Posted by JONOV View Post
If I go bankrupt, a car up to a certain $ amount is protected.

If I go bankrupt, they can't take my oven, or my sofa, or my bed.

If I'm a carpenter and I go bankrupt, they can't take my tools.

So it makes absolutely no sense to suspend professional licenses for nonpayment. They have plenty of options available to them, including taking tax refunds, garnishing wages, and liening bank accounts.
I believe the people with "professional licenses" should have the best ability to repay their loans!

If you didn't pay for the education you shouldn't get to use it either.........
 
Old 12-28-2017, 07:39 AM
 
16,986 posts, read 21,667,967 times
Reputation: 29064
Quote:
Originally Posted by Gusano View Post
I never had a student loan, so I don’t know what the paperwork is like. I have had mortgages which detail very plainly the amount borrowed, the interest rate, the total amount of interest that will be paid, the total total (amount borrowed plus total interest), and the monthly payment amount which for me included principal and interest and property taxes and homeowner’s insurance.


Do student loans not disclose similarly relevant information?
Sure they do but the total of the student loan isn't known until graduation (how many loans will you take is unknown). Plus the fantasy job is in play, I had 2 kids working for me that really felt they would score a $60,000 job out of college (I was paying 32-40K). One took a 24K job and quit to come back to work for me because he couldn't make ends meet. The other didn't take the 22K lab job he was offered. Going to school for 4 years with the expectation of 60K job offer is simply crazy.

Degrees they got: Graphic arts and Biology. Both were C students at best.
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