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.
The colleges who conned them should have to pay instead of building fancy huge offices for their less-than-stellar administrative staff. Ideally, I'd say the person who borrowed should pay. I paid mine even if it meant missing out on more expensive things. However that was for a measly associate's degree and not some business or law degree from some expensive school.
The colleges are NOT going to pay. They received the money from the loans which means they received the money from the Fed Gov.
Any student should be able to start at a community college, evolve to a small to large state school and hold a part time job without accumulating tremendous debt. Tremendous debt is your dental, medical, Ivy league or private schools that cost a lot of money.
It's a choice. You can choose to not work and rack up big debt or be conservative, get a degree and graduate in a great position.
Why should I contribute to your $100k in debt to go to Harvard when you could stay at home and get a great degree from a local state school ?
Exactly. My niece recently graduated with two degrees and $5000 college loan debt which she quickly paid off. She chose to live at home and commute to a community college for the first two years, and instead of partying away her spring breaks, she worked, worked weekends, evenings and summers while the others partied, drank, laid around doing nothing.
Now should she have to pay for those who chose to take on $100,000 so they didn't have to work?
You are not getting it. These "for profit colleges/universities are intentionally taking advantage of federal student loans to line their pockets. It is a scam they have going and the students are used as pawns.
I get it just fine. You used an example of a for-profit university to try to make it look like the individual was led down some path that she had no option of terminating.
For-profit universities suck, but the bottom line is that the (ignorant) students are the reason those places prosper.
I think there's plenty of blame to go around, but employers are largely responsible for a lot of this as well primarily because they require college degrees for entry level positions and career advancement where there wasn't a requirement for them in the past.
Heck even some of the most skilled in-demand degrees are beginning to be marginalized simply due to the overinflux of graduates. I've seen employers offering as little as 35k for accounting degrees right here in NYC, and with the economy being the way that it is--students are willing to accept anything just to keep the lights on and get their foot in the doors. I even remember a few short years back where a large tax consulting firm wanted me to go back to school to earn a Masters in Taxation just to qualify for a 40k a year job. Uh thanks--but no thanks.
Some have even been relegated to working for free with no guarantee via internships that can only be acquired through their colleges. I've even seen numerous positions at my very place of employment with advanced "fluff" degrees where you virtually learn little if anything useful as a requirement to simply move up in the company forcing people to return to school, take out loans and start the cycle all over again.
I though college loans were a bad idea back when they were first proposed. I saw they were nothing but a subsidy for the banks and the colleges. I wanted to see the government provide the loans at a small increase in interest rate or, better, a permanent percentage of the student’s future income administered through the IRS. My system would have cost the student less, with few exceptions, and not have had the government giving away money to the banks.
Now we have, as typical of any debt funded speculation, a massive unpayable debt hanging over the economy. I think we should learn from the failure of the Mortgage Industry bailout and simply let the former student that cannot pay their debt default on the loan as would any failing business. The current holder of the loan should then ask their insurance companies to pay up. If the insurance company cannot pay up the bankers should have selected a better insurance company. The government should not be involved at all. This was created in the private sector and should be resolved in the private sector. In this case the lenders made a huge mistake and should suffer the losses.
This has nothing to do with the Decline of America but the Restoration of America by having the business sector disciplined for their errors.
Exactly. My niece recently graduated with two degrees and $5000 college loan debt which she quickly paid off. She chose to live at home and commute to a community college for the first two years, and instead of partying away her spring breaks, she worked, worked weekends, evenings and summers while the others partied, drank, laid around doing nothing.
Now should she have to pay for those who chose to take on $100,000 so they didn't have to work?
Entitlement mentality maybe ? What happened to being responsible, working and only doing as much as you can afford.
My whole family, including myself did exactly what your niece did. My father went to night school for 10 years to get his college degree while he supported a family and worked a full time job.
The colleges aren't taken advantage of student loans.
It's the government taking advantage of the students by handing them fistful of dollars.
Anyone can get a student loan today..anyone; it's the amount that differs based on your finances.
The government thought everyone should own a home..we saw what happened.
The government thinks everyone should go to college..see where we're headed now.
Entitlement mentality maybe ? What happened to being responsible, working and only doing as much as you can afford.
My whole family, including myself did exactly what your niece did. My father went to night school for 10 years to get his college degree while he supported a family and worked a full time job.
This isn't the 1970's or earlier. It's not possible in most cases at all to work one's way through college. The costs are too high, and jobs that would pay enough are not easily had.
Entitlement mentality maybe ? What happened to being responsible, working and only doing as much as you can afford.
My whole family, including myself did exactly what your niece did. My father went to night school for 10 years to get his college degree while he supported a family and worked a full time job.
I never had any college loan debt -- I came out of college in the black but I also worked 40-50 hours a week while in college. You figure that a full load is 15-18 hours a week, that leaves plenty of time for working.
Those who work their way through college are also learning valuable work skills and habits, and tend to party a whole lot less since they have less idle time.
Also if you are smart and get the right degree, your future employers will pay off your loans.
This isn't the 1970's or earlier. It's not possible in most cases at all to work one's way through college. The costs are too high, and jobs that would pay enough are not easily had.
Starbucks pays about $10 an hour - also provides tuition assistance. I know people who work at Starbucks who are paying for their college.
Keep in mind that minimum wage was much much lower in the 70s, today there is no reason someone can't earn $20,000 a year or more while in college and pay cash for a lot of it.
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.
