The Chump Effect
Comments
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There is no problem with student loans and tuition in this country. What there is a problem with is people making bad financial decisions, and doing so knowing full well what kind of payments they are going to have to make after graduating. These are the last people on the planet who deserves a bailout. If you fucked up, go file for bankruptcy or suck it up. You put yourself in this mess, now pull yourself out.
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The government subsidizing the loans is the main cause of what has caused the cost to skyrocket. So yes there’s a problem there.Fenderbender123 said:There is no problem with student loans and tuition in this country. What there is a problem with is people making bad financial decisions, and doing so knowing full well what kind of payments they are going to have to make after graduating. These are the last people on the planet who deserves a bailout. If you fucked up, go file for bankruptcy or suck it up. You put yourself in this mess, now pull yourself out.
Some bad decisions made at a lot of levels, wonder what % of debtors learned how to calculate a basic ROI. -
It's that so many choose a degree that has a 0% chance of getting them a good paying job.Bob_C said:
The government subsidizing the loans is the main cause of what has caused the cost to skyrocket. So yes there’s a problem there.Fenderbender123 said:There is no problem with student loans and tuition in this country. What there is a problem with is people making bad financial decisions, and doing so knowing full well what kind of payments they are going to have to make after graduating. These are the last people on the planet who deserves a bailout. If you fucked up, go file for bankruptcy or suck it up. You put yourself in this mess, now pull yourself out.
Some bad decisions made at a lot of levels, wonder what % of debtors learned how to calculate a basic ROI. -
For sure. Also doing away with the bankruptcy protections for lenders would help clean this up as well. Would force the interest rates to much higher natural market levels if there was bigger risk in the lending. Would help to cripple the out of whack demand.Sledog said:
It's that so many choose a degree that has a 0% chance of getting them a good paying job.Bob_C said:
The government subsidizing the loans is the main cause of what has caused the cost to skyrocket. So yes there’s a problem there.Fenderbender123 said:There is no problem with student loans and tuition in this country. What there is a problem with is people making bad financial decisions, and doing so knowing full well what kind of payments they are going to have to make after graduating. These are the last people on the planet who deserves a bailout. If you fucked up, go file for bankruptcy or suck it up. You put yourself in this mess, now pull yourself out.
Some bad decisions made at a lot of levels, wonder what % of debtors learned how to calculate a basic ROI.
The living expenses being covered by loans is part of the issue too. I knew people that were getting like $7k/quarter in cash from the government when in-state tuition was like $1800/quarter and you could easily rent a room in the udistrict for like $300/month. So no need to have a job to help pay the bills while in school. -
Sure, that's a problem. But at the end of the day, there is no individual situation in which the person took on the problem themselves willingly and knowingly. Give me 98% of students and I can find better ways they should have spent their money.Bob_C said:
The government subsidizing the loans is the main cause of what has caused the cost to skyrocket. So yes there’s a problem there.Fenderbender123 said:There is no problem with student loans and tuition in this country. What there is a problem with is people making bad financial decisions, and doing so knowing full well what kind of payments they are going to have to make after graduating. These are the last people on the planet who deserves a bailout. If you fucked up, go file for bankruptcy or suck it up. You put yourself in this mess, now pull yourself out.
Some bad decisions made at a lot of levels, wonder what % of debtors learned how to calculate a basic ROI. -
Either that or they choose an expensive school for a major that doesn't require it.Sledog said:
It's that so many choose a degree that has a 0% chance of getting them a good paying job.Bob_C said:
The government subsidizing the loans is the main cause of what has caused the cost to skyrocket. So yes there’s a problem there.Fenderbender123 said:There is no problem with student loans and tuition in this country. What there is a problem with is people making bad financial decisions, and doing so knowing full well what kind of payments they are going to have to make after graduating. These are the last people on the planet who deserves a bailout. If you fucked up, go file for bankruptcy or suck it up. You put yourself in this mess, now pull yourself out.
Some bad decisions made at a lot of levels, wonder what % of debtors learned how to calculate a basic ROI. -
If they owe over 150k, then they didn't demonstrate need to Brown or their parents had the means and didn't want to chip in. The Ivy League and other wealthy schools are typically pretty generous with free money. While I grant you that each school's "need" algorithm is different, generally speaking you don't need to go into great debt to attend the Ivy League (or equivalent) if you can get in and don't have the money.Bendintheriver said:
You are damn right it is outrageous. Anyone who is dumb enough and lacks any common sense to spend 100K on an education that they could not afford will just make the same mistake again when they end up having kids. Seriously, why in the hell should the tax payers pay for poor decision making? We all have friends who's little spoiled darlings went to private schools and came out with worthless degrees. I have a customer who sent their son and daughter to Brown for degrees in education. They owe over 150K. Do the fucking math. Those debts will never get paid on a teachers salary. When they get to the administrative level they can maybe make a dent but that will most likely be 10-15 years down the road. Sorry but that is not my fault and I object to anyone expecting me to pay for that bad decision making. Here in GA they could have sent them to a state school and had tuition paid for by the lottery. They could have come out with a degree in education from UGA and had zero debt. We can't afford to pay for that kind of stupidity.SFGbob said:
You won't answer because you're lightweight and a coward but why the fuck do you feel you have an entitlement to the labor of others for choices you made? Why should people who never attended college be paying for your student loan debt? Why should someone who went to Community College and then to a public school because they couldn't afford a private university be paying the student loan debt of someone who chose a private liberal arts school?TheKobeStopper said:
I’m not convinced that the people saying we shouldn’t do it because they already paid, aren’t just right wingers who would oppose it regardless.HHusky said:
I’m sympathetic. We spent a shitload of money sending three kids to college. There should be some recognition of that for people of moderate means who paid outrageous sums.TheKobeStopper said:There is nothing that came be done that won’t make some people mad. What a stupid argument.
I do think there’s lot of people like you, who could support it but feel it’s unfair. And, for the record, it is unfair.
I don’t know what you mean by “recognition”. I would say by cancelling the debt we are acknowledging that the people before got a raw deal. I don’t think any kind of compensation is on the table because the right would scream about how are we going to pay for that and dems don’t have the courage to stand up to that nonsense.
It's fucking outrageous that this is even being considered.
It is outrageous that rat leadership is even thinking about buying votes with my tax dollars and it going to really stupid people.
https://www.brown.edu/about/administration/financial-aid/brown-promise-faqs
Also, there are myriad cirmunstances where loans can be forgiven or cancelled if you go into various public service careers.
https://www.brown.edu/about/administration/loans/repay-your-loans/cancellation-forgiveness
Lastly, call me elitist all you want, using an Ivy League school is not a great example. Those kids could turn that Ivy League diploma into a well-paying job any time they wish.
I agree with your main point. It is beyond outrageous. -
This. The most to-the-point post in the thread Sleddy.Sledog said:
There is nothing that needs to be done. You took out a loan! Repay the fucking loan!TheKobeStopper said:There is nothing that came be done that won’t make some people mad. What a stupid argument.
It's that simple. Contract. Consideration. Mutual assent. Enforcement. Show me it was a contract of adhesion, or some other equitable argument that exists in English common law jurisprudence, and I'm all ears. But it's not likely.
Those loan papers are accompanied by MASSIVE amounts of disclosure, and the financial aid offices have counselors there to help you work through what you're about to do. This, from the same Brown website I linked to in the other post:
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Can they repo a degree in African dance theory?
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