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"The US will forgive over $108 billion in student debt—wildly more than anyone thought"
As someone that is currently 70k in debt, I'm one of those feeling the pain. I have a business degree and nutrition degree, and it looks like now I will be working to get into the local nursing program ($35K) for an accelerated Bachelors. So I will have over $100k when all is said and done. I'm hoping a nursing education will help put me in a position to pay down these loans. I have no desire to have it forgiven. The reality is though, right now the IBR (Income-Based Repayment) has been a saving grace. No way can I afford $750/month payments or even $350/month repayments. With my two degrees, the outcome is a $13.50/hour tutor position and a $12.00 cook position, both of which are at the highest pay grades for this area. My annual salary is estimated at under $16,000/year. If you did a job search in the area, the jobs available are "Manager Taco Bell, Manager McDonalds, Part-time post office, Administrative assistant, Food service workers, Medical Assistant etc.
If you think I'm making it up, feel free to click the link
I was planning on pursuing Medical School, but my estimated total costs are over $300k total. If you talk to a financial counselor, which is usually someone that is currently a Physician, they obviously are pointed students toward these government programs that can help "forgive" the debt.
So no doubt there is a serious problem. I'm in a better position than most. I hear people daily still defend the costs of higher education. Everyone is still rationalizing it as the better deal. When I bring up my concerns, people seem to shrug it off as no big deal. The problem is I can't shake it off. I have no idea what it's like to be over a quarter million dollars in debt, even to be a Physician. A group which looks to face salary cuts not gains.
As hard as it will be for me, I support whatever needs to be done to stop this problem. Too many kids are getting in over their head with student loan debt they will not be able to pay back. Ultimately it's a societal issue. Resources are being used to educate students. It is not free. They have to be able to find a way to pay it back off, which I think is the ultimate problem.
Making it tougher to get the loans and limiting the amount one can borrow looks like the best solution. The Government should have never gotten involved to begin with. One more example of how their involvement has screwed things up.
The only true way to help students in USA to get rid of their debts is by making Public Universities to be Tuittion Free. Like in France, Like in Germany, Like in Spain, Like in Italy, Like in Norway, Like in Sweden, LIKE IN MEXICO.
Trump's Response to Student Debt.. Currently Forgiving 108 Billion in Student Debt
I did not see Trump's response in the OP, but the student loan industry will collapse when the students can't pay back their loans. Will Trump bail it out? Yes, most likely he will.
The university which I attended in Europe, was 100% funded by voluntaty contributions by corporations, and it was free for the students. That model benefits everyone. The sponsoring corporations get to vote on what skills (IT) should be taught to the students, and in the end they get to recruit the students and get the skill-sets they wanted. US might want to look at other countries and figure out what works. The for-profit system is getting out of control cost-wise.
I agree with Alonso in that public university tuition should be free.
On the OP, if you have a Business degree why haven't you gotten an MBA and expanded your income capacity or gotten an entry level management trainee position (NAPA Auto parts per your indeed link is hiring for executive management trainees, they make over $40K per year).
On your indeed.com link, you can filter out all the low paying jobs and click on $40,000 and above and there are 276 positions available in your area whereas if you have a business degree you can make much more than $16,000 a year and not put yourself further in debt by going to nursing school.
I have an English degree for undergrad and make much more than $16,000 a year and I did prior to going back to school for a Master's degree, which I got for free due to tuition reimbursement from my employer at the time.
In your position, from the little you have shared, I would not go back to school and get further in debt. I am looking into getting a PhD but again, my new employer would pay for it. I made a commitment to not go into any further debt for student loans. Luckily, I have worked as a "public servant" in a variety of positions and in a couple years I will also be able to have all my loans forgiven. I specifically worked for government and for private sector government contractors in order to have that debt forgiven and I don't even owe $70K. There is nothing wrong with having the debt forgiven. Honestly, I have already paid the principal if you tally up my payments over the years. I only took out $15k for my undergraduate degree but because I stopped going to school and was poor for about 6 years, that ballooned to almost $50k. Since completing my degree I have always made more than $40K per year so payed on the ICR plan about $200-$400 a month for the last 8 years, which is over $30K, double what I took out as a student. So I don't feel bad about having the rest of it forgiven at all.
The government needs to remove itself from the revenue stream and the whole cost structure needs to come back to reality because it is not affordable.
The GAO report says that this program is costing the government $74 billion, which is of course is higher than estimated.
You would think that if the government wanted people to pay back these loans, if would have regulations favorable for companies to hire people coming out of college. However, that does not seem to be case since the costs of doing business in this country continue to increase.
The only true way to help students in USA to get rid of their debts is by making Public Universities to be Tuittion Free. Like in France, Like in Spain, Like in Italy, Like in Norway, Like in Sweden, LIKE IN MEXICO.
In other words, all taxpayers should foot the bill for college education. There is no such thing as tuition free. We need to call it what it is.
I don't think that works in America. Make the institutions responsible for sustaining themselves and providing an educational product that is affordable.
In other words, all taxpayers should foot the bill for college education. There is no such thing as tuition free. We need to call it what it is.
I don't think that works in America. Make the institutions responsible for sustaining themselves and providing an educational product that is affordable.
Under that Logic, ¿What reazon for the Government to fund Pólice, if everybody can be armed and save money from paying the salaries and bonus of Men who most of their day are just driving around?
You are part of a Proyect called Country/Nation, you are not just a individual living in the wilderness where nobody owns your allegiance oaths, In fact it is proved that Higher levels of education mean Higer incomes and thus higher taxes, an lowere levels of education mean Lower incomes and thus lower taxes, By pure interest of the government having a well educated population that would mean healthier public finances, I have paid my education twice since I left the School, my parents were also Universitaries, while my rgrand parents were not all of them universitaries. If we hadn't had the Public Universtities we wouldn't have come to the Middle class.
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