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It's stories like this extreme example that move me to suggest
that being able to support yourself should be a pre-req for admission to college.
As an 18 year old, I had no assets and my jobs paid about 15k. But I did have the intelligence. Why would I work for 8 dollars an hour to pay for school? Why not take the opportunity cost of losing 15k of work for 5 years and pay back the student loans later when my time is worth 100k+ per year?
I borrowed student loans. I pay interest to the government on then. I make more money. I pay more in taxes. The point of student loans for the government should be an investment. It’s win win value creation. The taxpayers subsidized me for 30k, and will get many many multiples out of that from me.
The problem is they take no consideration what so ever in things that should matter to a lender. They spray the economy with cheap money...and it misallocates bubbles all over. Schools built that should never have been built. The restaurants, housing, ect that sprouts up around these schools. Students without the intelligence being given money. Schools that haven’t provided results at graduation getting money. Degree programs that shouldn’t exist get funded.
They created the very problem they say they want to solve. The more cheap money you throw at it, the higher the costs will go. The further the difference between the dream and the realty is. This tension snapping results in the suffering of millions of people. It’s failed government.
Imagine the opportunity cost of a trillion dollars being miss-allocated. What if it had went to infrastructure and put people to work building it, maintaining it, and utilizing it?
You can thank the Diversity Bureaucracy (for one) for the increase in tuition.
Smart people with not a lot of money would attend a JC, live at home, transfer to a local 4 year university and continue to live at home and maybe work part time for beer and gas money; AND, most importantly, they'd earn a practical degree.
Little to no student loans. Start building wealth as soon as you graduate.
Don't let your mom pressure you into attending some famous Football U just so she can brag on Facebook.
That level of whining and blaming is actually painful to the human spirit to read.
Yes, it was. I did try to read it, skimmed over most of the quality of life sniveling, and finally quit altogether. Those folks are in serious need of a come-to-Jesus epiphany but that shouldn't be the taxpayers' job.
I knew people who defaulted, or at least tried to default on their student loans when I was in college. I feel the same way about it now as I did then.
BTW, who the **** thinks that they are going to get a “high-paying” job these days with a degree in English??? LOL!!!
Also, what kind of person thinks 700k of personal debt and not having income streams is the path out of poverty? An MBA worth hiring? Lol....
I got to hear a similar nitwit explain the serious debt for his Philosophy degree because it taught him "critical thinking skills". If you're agreeing to take on crippling debt with little likelihood of employment, the one thing they ain't teaching you is critical thinking. The philosophy factory didn't suddenly close while you were in school, bubs.
As an 18 year old, I had no assets and my jobs paid about 15k.
Why would I work for 8 dollars an hour to pay for school?
Minimum wage jobs are not a "support yourself" skill level of employment.
I'll assume that the 16yo you could have done the same jobs just as well.
Quote:
Why not take the opportunity cost of losing 15k of work for 5 years
and pay back the student loans later when my time is worth 100k+ per year?
Especially so when you hadn't acquired some sort of actual skill to be worth more.
What other choice but a mountain of debt did you have at that point?
Bottom line is you cant' borrow $718,000 and expect to have it canceled.
We need to give some relief to folks who borrowed too much money but expecting to have it erased is a joke. They made these decisions, not the taxpayer.
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