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Student debt stifles economic growth. What are some ways a fiscally conservative Trump administration can tackle this problem, without putting tax payers on the hook through a complete bail out?
The government is giving them a sweet deal. Loan whatever the school says, and you have any means at your disposal to get your money back.
People are so clueless it's beyond me.
No the students don't have a sweet deal. Students are paying 3 to 4 times as much as they should be for their education due to overblown tuition rates.
The COLLEGES have a sweet deal.
People are getting into 3-4 times more the level of debt for some degrees than they'd make annually for their job.
As I mentioned previously, I'm talking jobs like Physical Therapist, Physician Assistant, Physician, etc.
No one's paying attention, so why should I be optimistic at all that anything positive is going to change.
No the students don't have a sweet deal. Students are paying 3 to 4 times as much as they should be for their education due to overblown tuition rates.
The COLLEGES have a sweet deal.
People are getting into 3-4 times more the level of debt for some degrees than they'd make annually for their job.
As I mentioned previously, I'm talking jobs like Physical Therapist, Physician Assistant, Physician, etc.
No one's paying attention, so why should I be optimistic at all that anything positive is going to change.
People have their heads far in the sand.
You have your head in the sand, or you lack reading comprehension. Go back and read, if you still don't see how off this post is after reading my post I'll spell it out to you.
Location: New Albany, Indiana (Greater Louisville)
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Primer: I have $36k in student loans (started out owing $55k) and have never found a job that pays better than $33k a year.
Our economy is oversaturated with skill less bachelor's degrees. Too many people have degrees in (insert ethnicity or region ) ---studies, English literature, general studies, etc. When the supply of people with a bachelor's degree increases the value of the degree goes down. In the 1980s you could get a good job with a skill less degree, in 2016 you rarely do.
The core problem starts at the high school level. A HS diploma is now a 4 year attendance certificate, a participation trophy. What if getting a HS diploma meant having to pass a citizenship test, knowing the difference between a variety of loan types, or major events in world and US history? If only the top 75% of student could obtain a HS D and it meant they had real knowledge it would again be possible to get a decent job with just that. That would free up community colleges from trying to get marginal students a 2 year degree. If would have repercussions all up the ladder.
I have worked in the drafting (mapping) industry for internet infrastructure for a few years. It is a job that only needs a basic 2 year degree drafting or GIS. I work with people who have masters degrees and fancy sounding bachelor's degrees. All of us wasted years of education and lost wages to get the job we have. In a nation of 300 million we have to import engineers and doctors yet have millions of people with unvaluable college degrees. The govt gives out huge loads of tax credit for loan interest ($2500 per household) and many people like me didn't need much loan debt to get the same job.
Tuition does need to be lower, but other things have to be done as well. All universities receiving federal funds must provide real time average income and employment statistics for every degree program, like going to restaurant and seeing the price and calories. Some things are good for electives but not to major in.
When you declare bankruptcy the student loans remain unaffected. It's one of the only debts where that's true. You can discharge federal taxes but not student loans! A student loan is in essence and unsecured loan like a credit card with steroid status. In 2005 Congress actually made it harder to discharge them requiring an undue hardship where students have to show they cannot maintain a minimal lifestyle, whatever that means. There have been almost 0 instances of a grant of discharge under undue hardship. Minimal lifestyle literally means shelter.
While many see no problem, my problem is the fact that we've disallowed discharge for this debt specifically.
I also found it interesting that congress choose student loans to be singled out. Many refuse to pay but some with outstanding loans became sick and had some bad luck.
Tuitions need to be lowered to a reasonable rate. College is far too expensive here in the US. Just finished paying off my loans, only took 9 years for a whopping 2 years.
Correct. The cost needs to be addressed either directly or indirectly. It's absolutely outrageous.
A student that graduates college with 30k+ of debt hanging over their heads is not going to buy a new car. They are not going to buy a home. They will not have disposable income.
As you can see college tuition is far outpacing the growth of middle class wages. In other words students are paying much more for an education while wages are stagnant for all but the top wage earners.
And this has been known for how many decades? Am I right?
The only people at fault are those who took out the student loans. Trump doesn't need to do anything about it. People just need to stop being stupid and falling into the student loan trap.
Student debt stifles economic growth. What are some ways a fiscally conservative Trump administration can tackle this problem, without putting tax payers on the hook through a complete bail out?
I guess in the future those that feel college is their best path will do a little research and planning about what their major will be, and if it's an in-demand degree. Maybe a Welding Certification or a Master Electrician Ticket is a better idea.
They can learn from all the whiners already out here that just got the bad news: Bernie and Friends didn't have a winning message. Paying for a commodity is a consideration whether higer education or a mortgage.
Student loans have to be repaid no matter how unpleasant. Paying off any legal loan agreement is a personal responsibility.
If the numbers don't work out, don't expect others to bail your ass out.
Primer: I have $36k in student loans (started out owing $55k) and have never found a job that pays better than $33k a year.
Our economy is oversaturated with skill less bachelor's degrees. Too many people have degrees in (insert ethnicity or region ) ---studies, English literature, general studies, etc. When the supply of people with a bachelor's degree increases the value of the degree goes down. In the 1980s you could get a good job with a skill less degree, in 2016 you rarely do.
The core problem starts at the high school level. A HS diploma is now a 4 year attendance certificate, a participation trophy. What if getting a HS diploma meant having to pass a citizenship test, knowing the difference between a variety of loan types, or major events in world and US history? If only the top 75% of student could obtain a HS D and it meant they had real knowledge it would again be possible to get a decent job with just that. That would free up community colleges from trying to get marginal students a 2 year degree. If would have repercussions all up the ladder.
I have worked in the drafting (mapping) industry for internet infrastructure for a few years. It is a job that only needs a basic 2 year degree drafting or GIS. I work with people who have masters degrees and fancy sounding bachelor's degrees. All of us wasted years of education and lost wages to get the job we have. In a nation of 300 million we have to import engineers and doctors yet have millions of people with unvaluable college degrees. The govt gives out huge loads of tax credit for loan interest ($2500 per household) and many people like me didn't need much loan debt to get the same job.
Tuition does need to be lower, but other things have to be done as well. All universities receiving federal funds must provide real time average income and employment statistics for every degree program, like going to restaurant and seeing the price and calories. Some things are good for electives but not to major in.
I would say that predicting the job market in most instances is the responsibility of the prospective student. I understand there may be some job markets that may be unpredictable but for a large majority your outlook for a particular profession is readily available at the Department of Labor. You can looked up salaries for each area in the country and they predict which professions will have shortage and those that will be in excess. If you are going to college you need to take responsibility for your own life. Presently there are many with law degrees that are having a difficult time finding work,
Some of the for-profit-universities do make some outlandish claims about post graduate employment and they should be held responsible but over all it's buyer beware.
Agreed on high school diplomas, a rather significant number of students are not ready for college.
And this has been known for how many decades? Am I right?
The only people at fault are those who took out the student loans. Trump doesn't need to do anything about it. People just need to stop being stupid and falling into the student loan trap.
Problem is it's too easy to get a school loan, no one is turned down.
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