Trump administration wants to put a limit on student loan borrowing (independent, education)
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Banks do what banks do. They will make a loan if they think that they can profit it from it.
Ultimately it IS the student who should be blamed. Why you ask? IT'S CALLED PERSONAL RESPONSIBILITY. Ever hear of it?
Everyone who takes out a loan, student or otherwise, is taking responsibility for paying it back. If the student chooses a worthless education or goofs off, whose fault is that????
So the tax payers should foot the bill for these deadbeats? You gotta be kidding.
Or, maybe the government shouldn't have looked as students as a revenue stream and not allowed this whole practice to start?
And, no education is worthless. The fact that most of the people crowing loudest in here think it is tells me that they likely either did not attend college or had their parents pay for it.
I'm a fan of not kicking people who tried to better themselves.
The tired trope of the college kid who partied their way through college taking lavish spring break trips and buying cars with student loans is about as tired as the welfare queen trope. I mean.... cool story, bro.
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Or, maybe the government shouldn't have looked as students as a revenue stream and not allowed this whole practice to start?
And, no education is worthless. The fact that most of the people crowing loudest in here think it is tells me that they likely either did not attend college or had their parents pay for it.
I'm a fan of not kicking people who tried to better themselves.
The tired trope of the college kid who partied their way through college taking lavish spring break trips and buying cars with student loans is about as tired as the welfare queen trope. I mean.... cool story, bro.
It's the universities that viewed the government as a revenue stream, via the students. Students are just a pawn, they don't know any better.
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Trump administration wants to put a limit on student loan borrowing
Well, students don't have the option of letting future generations pay their debts as future generations will have to pay the national debt Trump shows no signs of controlling.
Or, maybe the government shouldn't have looked as students as a revenue stream and not allowed this whole practice to start?
And, no education is worthless. The fact that most of the people crowing loudest in here think it is tells me that they likely either did not attend college or had their parents pay for it.
I'm a fan of not kicking people who tried to better themselves.
The schools view the students as revenue streams.
Worth is a monetary term. If one's earning potential after college is not significantly greater than before college, then that education was worthless.
If you mean "personal enrichment", that's another matter and the government shouldn't be getting involved in that. If a bank wants to make an unsecured loan to someone seeking to "find themself" that's their business but they shouldn't have any more artifical protection than a credit card issuer financing one's vacation.
I'm a fan of not kicking people at all but I'm also not a fan of financing someone's personal enrichment endeavors (aka hobbies).
If you think the system is corrupt and revenue-based now, just wait til the government is paying for "free" college tuition for all where the colleges can submit bills that no one ever sees. Universities will milk from a bloated education appropriation the way currently defense contractors milk from a bloated military appropriation.
True, but most don't "borrow" the 100k. It just winds up at that amount or higher due to the sky-high interest rates that were allowed over the past couple of decades.
Prior to that, rates for student loans were very low.
The worst part is, the sky high interest rates could be defended if the loans were able to be discharged through bankruptcy. The retort on here on why they are so high is because of the dead beats not paying off their loans. But that excuse cannot be used since they are not dischargeable, and students could be paying on it their whole lifetime which proves it is pure greed plain and simple.
It is a get rich quick scheme played on our youth with 0 risk to the lenders
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Quote:
Originally Posted by RedZin
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.
I'm sick of all the BS - forgive this, give that. I also had school loans as did my kids - but we paid off the loans ourselves. No one forgave anything. I paid off my house mortgage - 5 yrs earlier - no one gave me a special acknowledgement let alone a refund for being so conscientious. I pay off my cars early - again - no extra incentive for me. My son stayed home after college - worked and paid off a new car and $100,000 in 3 yrs. He didn't have a lot of extras - but he knew he had to get that debt off his head.
18 yrs old better know what they are doing or they'll learn a tough lesson. People need to take responsibility for their actions - period. I saw more new cars, spring break trips, apts because living in a dorm wasn't cool - and this was 40 yrs ago and it's only gotten worse. Kids need to decide which classes will be beneficial to take until they figure out what they want to do in life. No more fluff courses and party hardy.
The worst part is, the sky high interest rates could be defended if the loans were able to be discharged through bankruptcy. The retort on here on why they are so high is because of the dead beats not paying off their loans. But that excuse cannot be used since they are not dischargeable, and students could be paying on it their whole lifetime which proves it is pure greed plain and simple.
But a loan that isn't dischargeable doesn't mean it is being repaid.
But a loan that isn't dischargeable doesn't mean it is being repaid.
It is being repaid one way or another.
The original lender can sell the loan without your consent.
There is no statue of limitations on loan collection.
There is zero risk to the lenders thanks to the partnership they have with the government.
It was the banks that pushed the government make the loans nondischargeable and soon after the costs soared because it was easy money with no risk to them.
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