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Why blame the students? Because they’re the ones who accepted money and agreed to pay it back. Banks can’t force anyone to take out a loan. Colleges dont force people to attend. They simply provide options. In the end, it’s the students who fail to meet the requirements of the loan agreements, not the banks.
Of course not. But, there's a system that's not easy to understand. And, that system is not the fault of a bunch of 18-22yo undergrads.
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Way too many are getting useless degrees and cannot get jobs which allow them to "live a better life" with an apartment, a house, a decent car etc. and STILL pay their student loans.
In what ways are you going to steer these kids away from paying obscene amounts of money for Jewish Studies degrees?
those are likely the people whose children are now believing that student loan debt is just okey-dokey.
I am 52. My entire college experience cost ~$20K. There better not be a soul that's 50 or above who is still paying off student loans, or they are truly idiots.
I WAS lucky - my parents paid for my in-state public school. I earned money during the summers, and had started working at 15. My first year out, I was in a degree-appropriate job earning more than my college cost.
I have found that most of the people in your situation are the very ones who talk smack about student borrowers, to be honest with you, Bo.
Not all of us had parents who paid our way. Some of us needed loans. I feel for anyone who cannot pay them back. I can tell you that my own kids are paying their own way through college and have been HEAVILY cautioned against taking out any loans that amount to more than about 10-30k for an entire degree. I figure most people can pay back the cost of an automobile after college. More than this is worrisome to me because I have friends with some pretty serious horror stories about interest accruals and garnishments.
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Students should be helped, not saddled with huge debts...
How Canada handles this.. Fulfilling the B.C. Government’s commitments to make post-secondary education more affordable, the interest rate on B.C. Government-issued student loans has been eliminated, as of February 19, 2019.
If you're a Canadian citizen studying in Canada, you can expect to pay an average of CA$6,838 per year for an undergraduate degree, and CA$7,086 per year for a graduate degree.
USA...Current student loan interest rates. Federal student loan interest rates rose for the 2018-19 school year and apply to loans disbursed between July 1, 2018, and July 1, 2019. The interest rate for federal direct undergraduate student loans increased to 5.05%, up from 4.45% in 2017-18.
In 2016-17, the average cost of annual tuition in the United States ranged from $9,700 for public four-year institutions to $33,500 for private four-year institutions
I think the real way for the government here to fix this is to do something similar to what Canada is doing and to forgive the INTEREST on these loans, not the principal amounts.
Then, let people have forgiveness for balances it takes longer than 20 years to pay (not forgiveness on the taxes for the forgiven portion, of course).
This is for people who already have outstanding loans. The others, once the system is improved, won't ever have this problem.
If the government gets the principle back on the outstanding loans, this will go far better than if people just give up, default and the feds are stuck trying to collect money from people who work for cash and/or people with minimal social security. In fact, I think that anyone who reaches legal retirement age should no longer have to pay any student loans. That's a good place for forgiveness unless a person has some pretty major means.
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It's not, but I had to take it or something else from the science department to get my liberals arts degree.
Like that other poster, I am not sorry that I did but I was still forced to pay for that and other classes that had nothing to do with the degree I was on track to achieve but were part of the core curriculum that all students had to fullfill.
Nothing different now.
Well, other than how much more each credit hour costs.
This might just be the end of those $200,000 gender studies degrees ..
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Washington (CNN) — The Trump administration urged Congress Monday to put a cap on student loan borrowing, one of several proposals for updating the Higher Education Act.
"We want to encourage responsible borrowing," said a senior administration official on a call with reporters.
Some research suggests that unlimited borrowing may encourage colleges to drive up the price of tuition.
The irony of an admin headed by a corrupt businessman who has stiffed banks on tons of loans millions of dollar, bankrupted businesses four times and failed at any number of ventures for which he borrowed money is not lost on many.
Can you imagine if the Trump kids had to borrow money to go to school rather than have their father 'donate' a large sum of money so they would be accepted? They would be working in those hotels, not running them.
It's just another sign of the decline of the US compared to other countries that value and invest in educating their population.
It blows my mind that people forgive "business tycoons" when they BK, but want to throw a student under the bus and run over him/her because they borrowed to follow their life's dream of becoming a teacher or a geologist, only to realize that the loan interest was going to pull them under for pretty much ever unless they found a way to live for free and pay loans with all their income.
Like I said... people suck.
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Might as well. Everyone thinks these folks are financial wizards at 18.
Im sorry but it doesn't take a wizard to understand that if you ask for a loan and get the loan, then you will have to pay by the loan. It isn't someone else's fault that some people think that everyone with an art major is going to make 6 figure salaries.
Why is it the students are blamed and not the banks who saw this as a way to lend money the government would lean on people to pay back and garnish wages to get for them?
Why not blame it on colleges for charging ridiculous prices for tuition when our society damned near requires a degree for something, even if it's being an auto mechanic?
Why are college students, most of whom began borrowing when they were barely legal adults, the ones who get badmouthed?
Our country sucks sometimes. It really does.
why are the "students", many whom qualify for Pell grants and other scholarships taking 100-200k loans for useless degrees??
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