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The decline of America, at the behest of our refusal to place a premimum on Personal Responsibility, is even steeper than we ever thought it could be in the United States of America. After 10 years of payments, federal student loans would be absorbed by taxpayers.
I can't even wrap my head around this. What should be a complete outrage is complete numbness. How in the hell did we get here?
Absolutely! Why would we not continue to enslave our youth, who want to better themselves, with shark loans when we could give the wealthy even greater tax breaks instead?
Its just a Democratic ploy at political influence on people... they know it has no hope of passing... the point is, what kind of people would stoop that low to do these sorts of things... Democrats... (no surprise there)...
Absolutely! Why would we not continue to enslave our youth, who want to better themselves, with shark loans when we could give the wealthy even greater tax breaks instead?
ITA with this. And for those who state that people need to get a specific type of degree, who will do the admin or reception jobs. In my company an admin asst needs a BA degree. It does not have to be in a specific field or require a BS.
You cannot defer but you can go into forebearance for multiple years surpassing 10 years. Over the past 20 some odd years since my husband graduated college he has been on deferment or forebearance for at least 10 of them.
I have a BA and am an integral part of my business. I started as a receptionist/admin and am now the director of a department. I have a BA in English. Many businesses that I have worked for (I have even worked in the banking industry for over 5 years) were impressed by my writing skills and I have written many technical sources, brochures, and manuals. Most mathematical/sciencey or even business degreed people cannot do what I do. It depends on how one markets themselves. I always bring something to the table and pretty much every business I have worked for I have let them know that I am good at writing and they see it as a plus as not many people know how to write well. I am 32 just so you know so not a boomer.
But on subject, I am mixed about the forgiveness factor. There is already a program to forgive any debt after 25 years and I think that is fair. Honestly I do think that 10 years is good enough being that we have paid for my husband's college education (he has a BS BTW and I make more money than him in a better position so the BS thing to me is exactly that, BS) probably twice over in the 11 years or so that we have made consistent payments. I have already paid for my loans as well even though I will not be eligible for forgiveness of my loans until I am around 50 years old under the current re-payment plan that I am on.
I am mixed the same way I was mixed about the auto and banking bailouts. I do feel that this sort of program would help more people and may be better for our economy in the long run as people will have more disposable income and when people spend the economy improves. Also the banks who will benefit from the repayment of the loans have already received bailout money anyway so I don't really see it as a bad thing to cut in half the amount of money they are repaid. I think you all are forgetting that the principal is easily paid back, if you have the student/former student pay back the principal first instead of exorbitant amounts of interest, the loans will be paid back quicker. I would propose to do that before I would propose this new forgiveness plan, say have 80% of a payment go towards the principal and 20% to interest versus the opposite (less than opposite in most cases where only $10 to $20 if that goes toward the principal owed) which is what students/former students are paying currently.
There is an exception to every rule and you are to be commended for your efforts. All in all however, in todays marketplace there are entirely too many people out there with junk degrees.. Degrees such as art appreciation.. How many art critics do we really need?
I am personally opposed to any debt forgiveness. When we agree to re-pay a debt with the assigned interest, that is giving ones word. If you later do not, then how much is your word worth? To some that may be an insignificant issue, but to me it is not.
There is an exception to every rule and you are to be commended for your efforts. All in all however, in todays marketplace there are entirely too many people out there with junk degrees.. Degrees such as art appreciation.. How many art critics do we really need?
I am personally opposed to any debt forgiveness. When we agree to re-pay a debt with the assigned interest, that is giving ones word. If you later do not, then how much is your word worth? To some that may be an insignificant issue, but to me it is not.
Here's why they have "junk" degrees.
Not everyone is cut out to be an engineer, mathemetician, scientist, or any of the other "STEM" majors. Some people are just not wired that way. They are writers, they are the "feeling" types, they do well with creativity. They might be horrible in higher math. They've now been told that they *have* to have a degree, just to get their foot in the door somewhere?
What college charges 100K per semester? Aren't student loans set up individually for each semester of college? Does not one have to be enrolled in good standing to be eligible for such a loan?
Doesn't one have to make payments for 10 years before they qualify for forgiveness?
Actually, the biggest tax payer rip off is the for profit colleges/universities.
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Critics have questioned the quality, cost and tactics of some for-profit schools. Sen. Tom Harkin, D-Iowa, led an investigation last year that found that nearly one-fourth of students from for-profit colleges default on their loans within three years of leaving school, most without a degree. The senator's report: "Debt without a Diploma."
Nearly half of all federal student loan defaults occur at for-profit schools, although the schools have only 10% of higher education students.
Not everyone is cut out to be an engineer, mathemetician, scientist, or any of the other "STEM" majors. Some people are just not wired that way. They are writers, they are the "feeling" types, they do well with creativity. They might be horrible in higher math. They've now been told that they *have* to have a degree, just to get their foot in the door somewhere?
What degree should they seek?
How about something they can actually apply in the real world?
Here is a true story of federal student loan abuse:
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She decided to pursue a career in nursing, a high-demand field where she could also do some good.
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While researching her options online, Leveque stumbled on the Web site for Everest College, part of the Corinthian Colleges chain, which pictured students in lab coats and scrubs probing a replica of a human heart and a string of glowing testimonials from graduates
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the school would arrange a financial aid package to cover her costs.
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They told her that she would be taking out private loans in addition to federal loans that are traditionally used to pay educational expenses, but did not explain what the terms of those loans would be. “They just kept telling me that ‘we’re with you,’ and that they would try to get me the maximum amount of federal loans allowed,” she says. Only later did she learn that those private loans—which made up 42 percent of her “financial aid” package—carried double-digit interest rates and other onerous terms.
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the program did not come close to delivering on the promises that had been made. The instructors had little recent medical experience.
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Since graduating in 2008, Leveque has been unable to find a nursing job, perhaps because she never learned how to perform basic tasks such as giving shots.
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Thus large numbers of students leave with little to show for their effort other than a heap of debt. Not surprisingly, students at proprietary schools are far more likely to default on their loans than those at other colleges.
When we agree to re-pay a debt with the assigned interest, that is giving ones word. If you later do not, then how much is your word worth? To some that may be an insignificant issue, but to me it is not.
I think the issue at hand is simpler than that - if you simply don't have the money, you simply cannot pay. That's not a matter of personal morality or anything else, it's just the nature of the economy. Normally, debts of that nature would be discharged or modified in bankruptcy, but since bankruptcy is almost never available for student loans, we're winding up with mass defaults instead.
People who can pay what they owe generally do. Which makes it alarming that so many cannot.
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Not everyone is cut out to be an engineer, mathemetician, scientist, or any of the other "STEM" majors.
We also punish students financially for trying. For example, let's say that a student starts out in an engineering course, but simply finds the material too difficult, or flails for a while before changing majors or withdrawing from the program. All that does is accumulate student loans to pay for courses that were not necessary for the degree in the first place. The incentive is for students to "err on the side of caution" and not challenge themselves in a field that might stretch the boundaries of their competence.
What the heck is a geographic information sysytem? Does it have something to do with GPS?
People like this who borrow tens of thousands to get stupid degrees deserve to spend their lives asking "do you want fries with that?" I had half a dozen job offers halfway through nursing school. I started work the week after I graduated before taking the NCLEX.
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