Simple solution to unpayable student loans. (radical, military, cost, school)

[Wartrace]

This guy I follow wrote a good post regarding student loans and has a very simple solution.

Student Loan 'Forgiveness'? in [Market-Ticker]

1) Make student loans immediately subject to bankruptcy. Anyone that has a student loan can declare bankruptcy and discharge the debt.

The catch? If your student loan is discharged you immediately lose the degree earned with that money. If you have a B.S. in whatever your school will make it "null and void" and you will not be able to claim to have a degree.

2) Get the government out of the guaranteed student loan business. Surely if colleges and universities are offering a viable degree they would be willing to hold the paper on it. If not the colleges then private lenders could evaluate the risks and lend accordingly.

Face the facts; guaranteed student loans regardless of the degree being pursued turned out badly. Colleges are taking advantage of the unending opportunity to bilk students for degrees they KNOW will not provide an outcome for the student that allows repayment.

Without government involvement, the cost to attend college would be halved or better.

[beachGecko]

Just require them to enroll in the military for 5 years.

Clearly college didn’t make them employable, so maybe the military will. In the military they can learn a trade.

We have too many dumba$$es with college degrees. We don’t need so many, and many fields are worthless.

[Hawk4042C]

Originally Posted by beachGecko

Just require them to enroll in the military for 5 years.

Clearly college didn’t make them employable, so maybe the military will. In the military they can learn a trade.

We have too many dumba$$es with college degrees. We don’t need so many, and many fields are worthless.

On the right track. Honorably serve in the military makes more sense. Even reserves could reduce (some) college debt.

IE:

5 yrs eliminates $25,000 ($12,500)
10 yrs eliminates $50,000 ($25,000)
15 yrs eliminates $75,000 ($37,500)
20 yrs eliminates $100,000 ($50,000)

[FatBob96]

Here's a radical idea:

You take out a loan.....

You pay it back.


If you can't afford to do that, then go to trade school, or better yet, take up an apprenticeship, where you actually get paid to learn job skills instead of putting yourself in debt.

[Retroit]

If you can't afford to pay for your children's education, DON'T HAVE KIDS!

[lookingaround12345]

Squidgame them.

"Every one of you is here because you have taken degrees in worthless subjects."

[hawkeye2009]

Originally Posted by Wartrace

This guy I follow wrote a good post regarding student loans and has a very simple solution.

Student Loan 'Forgiveness'? in [Market-Ticker]

1) Make student loans immediately subject to bankruptcy. Anyone that has a student loan can declare bankruptcy and discharge the debt.

The catch? If your student loan is discharged you immediately lose the degree earned with that money. If you have a B.S. in whatever your school will make it "null and void" and you will not be able to claim to have a degree.

2) Get the government out of the guaranteed student loan business. Surely if colleges and universities are offering a viable degree they would be willing to hold the paper on it. If not the colleges then private lenders could evaluate the risks and lend accordingly.

Face the facts; guaranteed student loans regardless of the degree being pursued turned out badly. Colleges are taking advantage of the unending opportunity to bilk students for degrees they KNOW will not provide an outcome for the student that allows repayment.

Without government involvement, the cost to attend college would be halved or better.

I dunno-

I was a lower income kid and could not have gone to college without federal student loans. Now I am a physician at the end of my career.

IF loans are to be granted, they should be given if the the major is one that is going to secure a good job that allows repayment of the loan. If you are majoring in dance............................. not so much.

[ottomobeale]

Originally Posted by FatBob96

Here's a radical idea:

You take out a loan.....

You pay it back.

If you can't afford to do that, then go to trade school, or better yet, take up an apprenticeship, where you actually get paid to learn job skills instead of putting yourself in debt.

Trade school is not free. Typical is 28K a year tho it is 1 or 2 years. Yes I know some states offer trades in county colleges. Many dont.

To get apprenticeships, you need to know the right people. PS, many of these are run by.... gasp. UNIONS!

Originally Posted by Retroit

If you can't afford to pay for your children's education, DON'T HAVE KIDS!

Technically true but means the birth rate goes down 80%.

The US needs to RADICALLY rethink post secondary education. Forget all the platitudes about "finding ones self." The vast majority of people in college have a single purpose that is to increase their value to future employers.

The most needed 4 year degrees should be available at the County college level.

Too many states the county colleges do not offer trades and they should.

At ~2.5 years in on your way through to your bachelors, you should receive an associates degree of that discipline just like a bachelors is a stop on the way to masters. This helps to act as a back stop for people who have life events screwing things up.

[MJJersey]

That’s not a solution. The only real solution is to pay your loan. If you absolutely can’t pay it, then you should have to jointly the military and 100 percent of your pays goes to repay the loan until it’s discharged.

[Volobjectitarian]

Even simpler - tell all borrowers that voluntarily borrowing money means they voluntarily agree to paying it back, and that signing a contract has meaning.