$1.6T Student Debt - No Warning, Just Gone
Comments
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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. -
The Chinese are all over UW last I heard 2 years ago they were paying 95k a year. That's what I was told.2001400ex said:
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? -
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. -
Why should your student loan debt be forgiven just because you've paid on time for a number of years?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. -
CSBBendintheriver 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.
JFC
WTF?
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YAADS
Have another pint Cirrhosis. The sooner the liver gives out the happier you will be. -
As an incentive to actually pay them down. It's too easy to just let them roll in deferment. As my post indicated.SFGbob said:
Why should your student loan debt be forgiven just because you've paid on time for a number of years?
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. -
Did the daughter hook up with Skinny at UGA in a fivesome?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.
Axing for a fren.
YKW, too.
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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.2001400ex said:
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.
I would like to have known who you were getting your loans through. They never offered anything like that to me! -
Homes are saleable. Diplomas are not.Sledog said:Why not just pay off all the home mortgages?
