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OT: Are Student Loans the Next Debt Bomb?

  • bhiley77 said...

    Here's a question: Is there ANY category of debt that everybody can agree shouldn't be forgiven? Is there ANY loan left in America that isn't "predatory" somehow?

    all the other forms have some sort of way to limit the number of predatory loans given. Student loans have no consequences to the lender to not give a bad loan. I don't see how hard that is to understand.

    How do you expect an individual to have accountability when the institution they are lending from has none?

    Pic Sigs are for losers.

    jgdomino

  • TP30 said...

    What do you have your degree in where you'll start out that low? Seems like a job at home Depot workin Overtime would pay that much. No offense seriously.

    when is the last time you looked for a job? The JOB MARKET SUCCCCCCCCCKS

    Pic Sigs are for losers.

    jgdomino

  • I don't know but we paid ours off...just like we pay our mortgages every month (2 houses haven't been able to sell the other so we are renting it out)...so yippity crap for this housing settlement. those of us who pay on time and every month get nothing.

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    3

    cockengr

  • rms02d said...

    Most first time jobs in any industry start out in the $30-$40 thousand for bachelor degrees that aren't in certain fields like engineering. You still have to work your way up the corporate ladder.

    That sucks. I was just wondering what field he was in. Nurses, engineers, IT, etc all make substantially more money starting out and require less student loan money. I've got to wonder if where people choose to go to college, drastically effects how much it costs someone. Certainly there's cheaper alternatives in most fields. I understand that certain degrees from certain schools come with more prestige but starting out between 30-40 grand doesn't seem worth the risk to accrue twice the debt. I'm not necessarily questioning his decision. Just geniunlly interested.

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    DrStache

  • TalHawkins112 said...

    I mean that's just starting for working in Housing in Higher Education Administration. Granted it comes with free housing so it's more like $36,000-$46,000.

    If I go Sports Management at a university I need to get a paid internship before I get a real job in the field and would only make $20k.

    My bachelor's was in Communication Studies with a minor in Business and my Master's will be in Communication Studies as well. I chose it because it's versatile, really.

    Gotcha

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    DrStache

  • rms02d said...

    Yes everyone who complains about students loans, has the exact same understanding of the issue as some random dumbazz you found on youtube.

    I haven't read a single good reason for forgiving student loans yet. Do you have one?

    MildReTIDEation

  • jgdomino said...

    they had the right to say no but did not because there were not consequences. They could willingly make harmful loans knowing that their is no retort by the person they lend the money to. Ever heard of a Loan shark??

    They should have said no then. Not my fault they didn't manage their money and time better, I shouldn't have to pay for their lack of planning. They asked for the money, they should pay it back. Life isn't always easy, make better choices. shrug

    xxmgobluexx

  • Or you could join the military and get free eduction through GI Bill. Or use the job you learn in the military.

    Michmania ●

  • TalHawkins112 said...

    I mean that's just starting for working in Housing in Higher Education Administration. Granted it comes with free housing so it's more like $36,000-$46,000.

    If I go Sports Management at a university I need to get a paid internship before I get a real job in the field and would only make $20k.

    My bachelor's was in Communication Studies with a minor in Business and my Master's will be in Communication Studies as well. I chose it because it's versatile, really.

    Choices you make. Don't make other people pay for your choices.

    xxmgobluexx

  • cockengr said...

    I don't know but we paid ours off...just like we pay our mortgages every month (2 houses haven't been able to sell the other so we are renting it out)...so yippity crap for this housing settlement. those of us who pay on time and every month get nothing.

    Exactly. How about the people that got scholarships, budgeted, worked and came out with degrees and no debt? All of a sudden the other people get their debt wiped clean and we should have just been sleeping and smoking weed.

    fsufsu

  • bhiley77 said...

    Yeah, pretty much.

    When the subject is home loans its different. The "deregulation" that "allowed" banks to give bad loans had a lot to do with laws claiming it was discriminatory to not give a home loan to anybody who asked for one. I'm not saying greed from the financial sector wasn't a factor, but they were thrown a softball by the government as well.

    But when the subject is student loans, its a whole different ballgame. There are cheaper colleges, there are other ways to pay for college, and there are degrees which lead to more profitable vocations. So yes, I'm actually pretty sure that everyone who complains about student loans just assumed everything would work itself out because everybody who goes to college gets good high paying jobs.

    You simply don't get to reference "greed" when talking about student loans. Next it will be the greed of the car loan industry who preys on unsuspecting people who just wanted to drive a dope ride. Money lending isn't a philanthropic venture. If you're not okay with this, don't borrow money.

    Do you Know anything about student loans??

    Deregulation has allowed private loan companies to give variable rate loans usually the rates are between 8-12 % but in a high interest environment like we will eventually have again you could be looking at 20-22 % loan interest rates.

    When you are 18 you believe you will be the guy who makes 100K everyone does. Everyone dreams big. Reality and statistics say that this isn't true but Private student loan companies take advantage of these dreams and the inexperience of young people.

    You compare a non dischargable, varied rate, non deferable product. TO a product that is short term, Fixed and dischargable. Very good comparison.

    Pic Sigs are for losers.

    jgdomino

  • cockengr said...

    I don't know but we paid ours off...just like we pay our mortgages every month (2 houses haven't been able to sell the other so we are renting it out)...so yippity crap for this housing settlement. those of us who pay on time and every month get nothing.

    This. Those being responsible are the ones footing the bill.

    xxmgobluexx

  • xxmgobluexx said...

    They should have said no then. Not my fault they didn't manage their money and time better, I shouldn't have to pay for their lack of planning. They asked for the money, they should pay it back. Life isn't always easy, make better choices. shrug

    The bank made a bad choice? Do you ignore that?

    Pic Sigs are for losers.

    jgdomino

  • I have a ton of student loans and that is my burden, but what I find troublesome is the constant uptick in educational expenses.

    I was stuck in a middle ground where my parents didn't make enough money to help to pay for school, but made just enough to ensure I was unable to get much financial aid.

    signature image

    Time and change will surely (truly) show How firm thy friendship ... OHIO!

    callen05

  • fsufsu said...

    Exactly. How about the people that got scholarships, budgeted, worked and came out with degrees and no debt? All of a sudden the other people get their debt wiped clean and we should have just been sleeping and smoking weed.

    You hit it to a Tee. clap

    xxmgobluexx

  • bhiley77 said...

    Like I said, this concept of a "bad loan" is one thing when its to buy a house, but student loans to attend college are just another situation. Car loans aren't a viable way to buy a car you still can't afford, and student loans aren't a viable way to attend a college you really can't afford.

    Don't borrow more money then you can pay back and you don't become "prey". Don't get fooled into thinking the only good schools are the expensive ones you have to saddle yourself with a lifetime of debt to attend.

    Private loans are basically consumer debt. I know from experience the process you go through to get one. You call tell them you want X amount of dollars and they send you a check. They don't check what you do with it. as long as you are enrolled fulltime in school you can get a line of credit basically. This is a poor lending practice and they should have consequences for lending so flimsily.

    Pic Sigs are for losers.

    jgdomino

  • jgdomino said...

    The bank made a bad choice? Do you ignore that?

    Is the bank in business to lose money or make money? That's what I thought.

    You ask for money, then pay it back. There are choices along the way, many make the right ones, they shouldn't have to pay for the people making the wrong ones.

    xxmgobluexx

  • fsufsu said...

    Exactly. How about the people that got scholarships, budgeted, worked and came out with degrees and no debt? All of a sudden the other people get their debt wiped clean and we should have just been sleeping and smoking weed.

    You are suffering now as the economic recovery would be much more likely and more rapid if the amount of money spent in student loans instead went to buying homes for example.

    Pic Sigs are for losers.

    jgdomino

  • xxmgobluexx said...

    Is the bank in business to lose money or make money? That's what I thought.

    You ask for money, then pay it back. There are choices along the way, many make the right ones, they shouldn't have to pay for the people making the wrong ones.

    Giving bad loans that are impossible to repay is not a good way to make money.... No they give the loans because they can get away with murder afterwards. They are the only industry fully protected from BK so they lend willy nilly. Any other industry (save for a bailout) you lend poorly you go out of business.

    If I personally lend people money I know who will pay me back and who won't. I don't just give them money because they ask I give it to the people who can repay me or I consider it a gift and never expect to see the money again.

    This post was edited by jgdomino on 2/9/2012 at 11:28 AM

    Pic Sigs are for losers.

    jgdomino

  • callen05 said...

    I was stuck in a middle ground where my parents didn't make enough money to help to pay for school, but made just enough to ensure I was unable to get much financial aid.

    I was right there with you, bud. I was only able to get the bare minimum in loans (only enough to cover tuition). I had to work 4 years out of the five I was in school. I also worked full-time during the summers. This allowed me to pay for books, rent and food. It wasn't easy, but I am proud of what I was able to do. This also limited the options I had to choose a school. I had opportunities to go to a prestigious private college, but I stayed instate...because I could afford it.

    MildReTIDEation

  • bhiley77 said...

    ...you do realize that it USED to be that way, and the laws changed because of a sense that poor/disadvantaged/minorities/etc where being left out? And that when the laws get changed to ratchet down on "bad loans", in another decade or so all of that is going to be brought up again?

    I wasn't going to go there, but you are right. That is why I gently explained that getting loans for college is all but guaranteed in this country.

    MildReTIDEation

  • bhiley77 said...

    While I'm willing to meet you in the middle on some things involving increased regulation of loans, you do realize that it USED to be that way, and the laws changed because of a sense that poor/disadvantaged/minorities/etc where being left out? And that when the laws get changed to ratchet down on "bad loans", in another decade or so all of that is going to be brought up again?

    There are plenty of government programs for them to take advantage of. I don't think Federal loans should be included in any legislation regarding BK. But For PROFIT companies should accept risk and have consequences. If you are giving the loan for someone to get an education then the contract and conditions should reflect that. However if you are trying to make money given the fact you view it as a guaranteed stream of income then you should accept the risk of lending money just like every credit card, Home loan, Car loan, or bank offering a line of credit does.

    Pic Sigs are for losers.

    jgdomino

  • jgdomino said...

    You are suffering now as the economic recovery would be much more likely and more rapid if the amount of money spent in student loans instead went to buying homes for example.

    That's just the opinion of someone with a bunch of student loans. I wish I was dumb as crap the last ten years. I'd get myself a clean slate and be smart now!

    fsufsu

  • The Gubment betta gimme my money.

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    ECU grad, tOSU fan for life. Father since 1/12/13.

    Murrdawg69

  • rms02d said...

    Yes everyone who complains about students loans, has the exact same understanding of the issue as some random dumbazz you found on youtube.

    You get the idea. Most people who want student loans forgiven are: looking for a handout, majored in some worthless major, or have no idea the effect of forgiving billions of dollars in student loans would have on the economy.

    I'm all for some regulations in place with the industry, especially capping the interest rates on student loans.

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    Clemson

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