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$1.6T Student Debt - No Warning, Just Gone

pawzpawz Member, Swaye's Wigwam Posts: 18,802
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edited June 2019 in Tug Tavern
Actually there is a warning.

https://www.foxnews.com/politics/bernie-sanders-to-propose-eliminating-all-1-6-trillion-of-student-debt-in-america


Look, no one thinks student debt problem is more out of control than I do.

However, this 'solution' is:

a) not creative

b) nothing more than a plan to buy, err bribe for, votes


More from the party of unintended consequences. As always the Devil will be in the details...
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    allpurpleallgoldallpurpleallgold Member Posts: 8,771
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    When you support handing out trillions in cash every year, it’s probably best you don’t cry about bribing people for votes.
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    pawzpawz Member, Swaye's Wigwam Posts: 18,802
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    allpurpleallgold said:

    When you support handing out trillions in cash every year, it’s probably best you don’t cry about bribing people for votes.

    I support handing out trillions in cash? Since when?

    Link please.
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    allpurpleallgoldallpurpleallgold Member Posts: 8,771
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    pawz said:

    allpurpleallgold said:

    When you support handing out trillions in cash every year, it’s probably best you don’t cry about bribing people for votes.

    I support handing out trillions in cash? Since when?

    Link please.
    UBI? I was like 95% sure you at least liked the idea of it.
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    pawzpawz Member, Swaye's Wigwam Posts: 18,802
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    YellowSnow said:

    allpurpleallgold said:

    When you support handing out trillions in cash every year, it’s probably best you don’t cry about bribing people for votes.

    I would agree that buy votes through handing out cash is very much a bi-partisan problem.
    Which as Benjamin Franklin predicted "will herald the end of the Republic".
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    pawzpawz Member, Swaye's Wigwam Posts: 18,802
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    allpurpleallgold said:

    pawz said:

    allpurpleallgold said:

    When you support handing out trillions in cash every year, it’s probably best you don’t cry about bribing people for votes.

    I support handing out trillions in cash? Since when?

    Link please.
    UBI? I was like 95% sure you at least liked the idea of it.
    Intellectually curious.

    I like the fact that Yang has enough foresight to see a looming problem that will effect millions and his willingness to get out in front. I'm not convinced that is the solution. I concede it seems to be working in Alaska.

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    SledogSledog Member Posts: 30,837
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    Why not just pay off all the home mortgages? Much more effective at freeing up money to poor into the economy. Paying for stupid useless degrees will few up nothing since those people can't aren't making their payments anyway.

    But I say pay your own Fucking debt you promised to repay.

    But hell I'm just an honest person that does what he says he'll do.
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    SwayeSwaye Moderator, Swaye's Wigwam Posts: 41,064
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    YellowSnow said:

    allpurpleallgold said:

    When you support handing out trillions in cash every year, it’s probably best you don’t cry about bribing people for votes.

    I would agree that buy votes through handing out cash is very much a bi-partisan problem.
    Yes.
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    2001400ex2001400ex Member Posts: 29,457
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    Swaye said:

    Also, I've got a better idea than debt forgiveness. How about we actually make people uphold the obligations they willingly signed up for, and do something to reduce the cost of college in a substantial way so that future generations are not completely fucked over by these out of control spiraling costs. My solution is to fire about half of the administration at all colleges and that would allow tuition to be reduced by 15-20% right there.

    I made those numbers up, but still. Poont stands.

    So I agree to a point. I'm not sure if this is true, you guys can speak better than I can to this. But I've heard from quite a few people that they think UW and other universities really bring in the immigrants such as Chinese to fill the student population. Because they pay way higher tuition rates than in State kids do.

    I do agree on the administration and cutting costs. I'd also like to add that they waste a shit ton of funding on meaningless research. What about separating the research from the educational arms of universities?
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    2001400ex2001400ex Member Posts: 29,457
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    Oh and I disagree with getting rid of student debt. The only thing I'd support is a system where you pay on time for X number of years and the rest is forgiven. So if your loans are 15 years and you pay on time the first 10, then cool. And you can only have so many months of deferment.

    I know a dude who makes about $140k a year, graduated 6 years ago. Came out making $120k. His $150k in loans is still in deferment. Like how does that work? He graduated from wsu so that explains part of it.
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    SledogSledog Member Posts: 30,837
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    2001400ex said:

    Swaye said:

    Also, I've got a better idea than debt forgiveness. How about we actually make people uphold the obligations they willingly signed up for, and do something to reduce the cost of college in a substantial way so that future generations are not completely fucked over by these out of control spiraling costs. My solution is to fire about half of the administration at all colleges and that would allow tuition to be reduced by 15-20% right there.

    I made those numbers up, but still. Poont stands.

    So I agree to a point. I'm not sure if this is true, you guys can speak better than I can to this. But I've heard from quite a few people that they think UW and other universities really bring in the immigrants such as Chinese to fill the student population. Because they pay way higher tuition rates than in State kids do.

    I do agree on the administration and cutting costs. I'd also like to add that they waste a shit ton of funding on meaningless research. What about separating the research from the educational arms of universities?
    The Chinese are all over UW last I heard 2 years ago they were paying 95k a year. That's what I was told.
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    BendintheriverBendintheriver Member Posts: 5,334
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    I have a friend with three kids. All in school at the same time. Daughter went to Pepperdine, one son to Brown and the other son was at Auburn. He was spending over 130K a year for his kids' education. His wife had told the kids they could go where they wanted and she was writing checks that were very difficult for her husband to cover. In September he discovered that his son at Auburn was about to flunk out from Spring term (too much partying), his son at Brown was changing his major to Education and when the kids grandmother had a heart attack and he called his daughter in the middle of the night in her single bed dorm room at Pepperdine a guy answered the phone. At Christmas break they exchanged gifts like they always did and each kid got an envelope with a one way ticket back to Atlanta to go to a state school of their choice. No way was he going to pay for his daughters latest boyfriend to live at Pepperdine (he wasn't even a student), his son to party his brains out while he was paying out of state to Auburn and what pissed him off the most was he was spending about 70K for his son at Brown who changed from a specialized technical degree to a elementary education degree that he could get at one of our local schools around Atlanta. They bitched but he told them if they didn't want the deal that they were on their own. In addition each kid had to take on 33% of the cost of their education. The expense went from $135K a year to 36K and the kids were covering 12K of that so he had a net savings of $111K a year. The youngest is a senior at UGA but the other two have graduated and have great jobs they are happy with. My friend made the two older kids pay on their debt for two years after college and then paid the debt off if he found they never missed a payment which the two oldest never did. The youngest, like the other two, will never hear of his father paying all their debt off until he gets the gift.

    The point of the story? College doesn't have to break the bank. There are much cheaper ways to go about things. People who run up $150K in debt and then can't pay it back have no right to be taking that debt on in the first place. It is cheating the tax payers and hurting the help pool for those that need it and are doing things wisely. We shouldn't be loaning money to people who are getting an art history degree from an out of state tuition school. No one should be getting loans for out of state. It is clearly a waste of money. And yes, the problem is that the college campus cocoon has tripled the amount of administrators over the last 3 decades and it has driven the cost of an education into the stratosphere in some cases. On a side note, no one who goes to Harvard or Stanford should ever have to pay a dime. Their endowments would cover free education for a hundred years, the greedy bastards.
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    SFGbobSFGbob Member Posts: 31,920
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    2001400ex said:

    Oh and I disagree with getting rid of student debt. The only thing I'd support is a system where you pay on time for X number of years and the rest is forgiven. So if your loans are 15 years and you pay on time the first 10, then cool. And you can only have so many months of deferment.

    I know a dude who makes about $140k a year, graduated 6 years ago. Came out making $120k. His $150k in loans is still in deferment. Like how does that work? He graduated from wsu so that explains part of it.

    Why should your student loan debt be forgiven just because you've paid on time for a number of years?
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    CirrhosisDawgCirrhosisDawg Member Posts: 6,390
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    Bendintheriver said:

    I have a friend with three kids. All in school at the same time. Daughter went to Pepperdine, one son to Brown and the other son was at Auburn. He was spending over 130K a year for his kids' education. His wife had told the kids they could go where they wanted and she was writing checks that were very difficult for her husband to cover. In September he discovered that his son at Auburn was about to flunk out from Spring term (too much partying), his son at Brown was changing his major to Education and when the kids grandmother had a heart attack and he called his daughter in the middle of the night in her single bed dorm room at Pepperdine a guy answered the phone. At Christmas break they exchanged gifts like they always did and each kid got an envelope with a one way ticket back to Atlanta to go to a state school of their choice. No way was he going to pay for his daughters latest boyfriend to live at Pepperdine (he wasn't even a student), his son to party his brains out while he was paying out of state to Auburn and what pissed him off the most was he was spending about 70K for his son at Brown who changed from a specialized technical degree to a elementary education degree that he could get at one of our local schools around Atlanta. They bitched but he told them if they didn't want the deal that they were on their own. In addition each kid had to take on 33% of the cost of their education. The expense went from $135K a year to 36K and the kids were covering 12K of that so he had a net savings of $111K a year. The youngest is a senior at UGA but the other two have graduated and have great jobs they are happy with. My friend made the two older kids pay on their debt for two years after college and then paid the debt off if he found they never missed a payment which the two oldest never did. The youngest, like the other two, will never hear of his father paying all their debt off until he gets the gift.

    The point of the story? College doesn't have to break the bank. There are much cheaper ways to go about things. People who run up $150K in debt and then can't pay it back have no right to be taking that debt on in the first place. It is cheating the tax payers and hurting the help pool for those that need it and are doing things wisely. We shouldn't be loaning money to people who are getting an art history degree from an out of state tuition school. No one should be getting loans for out of state. It is clearly a waste of money. And yes, the problem is that the college campus cocoon has tripled the amount of administrators over the last 3 decades and it has driven the cost of an education into the stratosphere in some cases. On a side note, no one who goes to Harvard or Stanford should ever have to pay a dime. Their endowments would cover free education for a hundred years, the greedy bastards.

    CSB
    JFC
    WTF?
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    BendintheriverBendintheriver Member Posts: 5,334
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    edited June 2019
    YAADS

    Have another pint Cirrhosis. The sooner the liver gives out the happier you will be.
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    2001400ex2001400ex Member Posts: 29,457
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    SFGbob said:

    2001400ex said:

    Oh and I disagree with getting rid of student debt. The only thing I'd support is a system where you pay on time for X number of years and the rest is forgiven. So if your loans are 15 years and you pay on time the first 10, then cool. And you can only have so many months of deferment.

    I know a dude who makes about $140k a year, graduated 6 years ago. Came out making $120k. His $150k in loans is still in deferment. Like how does that work? He graduated from wsu so that explains part of it.

    Why should your student loan debt be forgiven just because you've paid on time for a number of years?
    As an incentive to actually pay them down. It's too easy to just let them roll in deferment. As my post indicated.

    Back in the day, my loans, if I made all 12 payments, I'd get a letter every year saying 1% of my loans were forgiven. And my interest rate was reduced under 3% after a couple years.
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    PurpleThrobberPurpleThrobber Member Posts: 41,872
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    Bendintheriver said:

    I have a friend with three kids. All in school at the same time. Daughter went to Pepperdine, one son to Brown and the other son was at Auburn. He was spending over 130K a year for his kids' education. His wife had told the kids they could go where they wanted and she was writing checks that were very difficult for her husband to cover. In September he discovered that his son at Auburn was about to flunk out from Spring term (too much partying), his son at Brown was changing his major to Education and when the kids grandmother had a heart attack and he called his daughter in the middle of the night in her single bed dorm room at Pepperdine a guy answered the phone. At Christmas break they exchanged gifts like they always did and each kid got an envelope with a one way ticket back to Atlanta to go to a state school of their choice. No way was he going to pay for his daughters latest boyfriend to live at Pepperdine (he wasn't even a student), his son to party his brains out while he was paying out of state to Auburn and what pissed him off the most was he was spending about 70K for his son at Brown who changed from a specialized technical degree to a elementary education degree that he could get at one of our local schools around Atlanta. They bitched but he told them if they didn't want the deal that they were on their own. In addition each kid had to take on 33% of the cost of their education. The expense went from $135K a year to 36K and the kids were covering 12K of that so he had a net savings of $111K a year. The youngest is a senior at UGA but the other two have graduated and have great jobs they are happy with. My friend made the two older kids pay on their debt for two years after college and then paid the debt off if he found they never missed a payment which the two oldest never did. The youngest, like the other two, will never hear of his father paying all their debt off until he gets the gift.

    The point of the story? College doesn't have to break the bank. There are much cheaper ways to go about things. People who run up $150K in debt and then can't pay it back have no right to be taking that debt on in the first place. It is cheating the tax payers and hurting the help pool for those that need it and are doing things wisely. We shouldn't be loaning money to people who are getting an art history degree from an out of state tuition school. No one should be getting loans for out of state. It is clearly a waste of money. And yes, the problem is that the college campus cocoon has tripled the amount of administrators over the last 3 decades and it has driven the cost of an education into the stratosphere in some cases. On a side note, no one who goes to Harvard or Stanford should ever have to pay a dime. Their endowments would cover free education for a hundred years, the greedy bastards.

    Did the daughter hook up with Skinny at UGA in a fivesome?

    Axing for a fren.

    YKW, too.


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    BendintheriverBendintheriver Member Posts: 5,334
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    2001400ex said:

    SFGbob said:

    2001400ex said:

    Oh and I disagree with getting rid of student debt. The only thing I'd support is a system where you pay on time for X number of years and the rest is forgiven. So if your loans are 15 years and you pay on time the first 10, then cool. And you can only have so many months of deferment.

    I know a dude who makes about $140k a year, graduated 6 years ago. Came out making $120k. His $150k in loans is still in deferment. Like how does that work? He graduated from wsu so that explains part of it.

    Why should your student loan debt be forgiven just because you've paid on time for a number of years?
    As an incentive to actually pay them down. It's too easy to just let them roll in deferment. As my post indicated.

    Back in the day, my loans, if I made all 12 payments, I'd get a letter every year saying 1% of my loans were forgiven. And my interest rate was reduced under 3% after a couple years.
    If an incentive like that would work I would have no problem with it but we have to put in rules now so that there are no more $160K BS's and BA's worth of loans. It makes zero sense.

    I would like to have known who you were getting your loans through. They never offered anything like that to me!
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    HHuskyHHusky Member Posts: 19,183
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    Sledog said:

    Why not just pay off all the home mortgages?

    Homes are saleable. Diplomas are not.
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