Forgive Student Loan Debt to Stimulate the Economy

[HuskyCaucasian]

This is from the website: Forgive Student Loan Debt to Stimulate the Economy

 

You can read all about it at the link. Today is the first I heard about it... my wife joined their Facebook group.

It's an interesting idea, but I dont have the economic knowledge to say if it is a legitimate idea.

[Harry Chappas]

This is from the website: Forgive Student Loan Debt to Stimulate the Economy

 

You can read all about it at the link. Today is the first I heard about it... my wife joined their Facebook group.

It's an interesting idea, but I dont have the economic knowledge to say if it is a legitimate idea.

 

Can't get to the site but my thoughts are the same as the mortgage forgiveness, why should they benefit? I worked to put myself through school in a major I was not really fond of but it got me a good paying job and a nice career.

 

 

[vandy125]

Can't get to the site but my thoughts are the same as the mortgage forgiveness, why should they benefit? I worked to put myself through school in a major I was not really fond of but it got me a good paying job and a nice career.

 

Exactly, I've heard of some of this and am pretty annoyed that I've been working hard and responsibly paying off my loans. Why should my taxes go to pay off someone else's loan who is not being responsible?

[Balta1701]

Why should my taxes go to pay off someone else's loan who is not being responsible?

Because otherwise they'll just give it to a bank?

[southsider2k5]

Because otherwise they'll just give it to a bank?

 

So instead the government is going to pay someone to take his money and pay it back to the bank anyway. The same bank who made him the loan to go to college in the first place.

[bmags]

Exactly, I've heard of some of this and am pretty annoyed that I've been working hard and responsibly paying off my loans. Why should my taxes go to pay off someone else's loan who is not being responsible?

 

what indication is showing that they are not being responsible?

[iamshack]

Exactly, I've heard of some of this and am pretty annoyed that I've been working hard and responsibly paying off my loans. Why should my taxes go to pay off someone else's loan who is not being responsible?

It's not just about being responsible. The costs are insane at this point. $30k a year for school? That's insane. I'm sorry, but going to college should not cost you a similar amount to buying a home.

 

The Obama's do have a personal history with this issue. I have heard him say for a very long time, their student loan payments were far greater than their mortgage payments. That simply shouldn't be the case.

 

These universities should not be entitled to build up annuities in the hundreds of millions or even billions while charging students outrageous tuitions to try and contribute to the economy and have a successful career.

 

It's reaching the point where it is backfiring. Students are recognizing the market doesn't favor college grads enough to incur the debt and are choosing to enter lower-level jobs and work their way up through experience rather than academic merit. And while there is nothing wrong with that, we need to be educating our workforce more, not less.

[vandy125]

what indication is showing that they are not being responsible?

 

 

Um, the whole not wanting to pay off your loans, or thinking that someone else needs to do it? When I get a loan, I make darn sure that I know what I am getting into. If things don't go the way that I plan, I work with the loan company to see what I can do. Not once did I go looking to pawn it off on someone else. This included a few times where I could not find a job. I was able to call up the loan company and they worked with me on it.

 

I still have a lot of loans from college. Sure it would be sweet if I suddenly didn't have to pay them off, but I would never try pushing for anything like that. They are my loans and my responsibility.

[BigSqwert]

Um, the whole not wanting to pay off your loans, or thinking that someone else needs to do it? When I get a loan, I make darn sure that I know what I am getting into. If things don't go the way that I plan, I work with the loan company to see what I can do. Not once did I go looking to pawn it off on someone else. This included a few times where I could not find a job. I was able to call up the loan company and they worked with me on it.

 

I still have a lot of loans from college. Sure it would be sweet if I suddenly didn't have to pay them off, but I would never try pushing for anything like that. They are my loans and my responsibility.

 

Perhaps you haven't noticed but there are tens of thousands of students, if not more, that graduated in the last 2 years with absolutely no hope to land a decent paying job any time soon.

[Chisoxfn]

It's not just about being responsible. The costs are insane at this point. $30k a year for school? That's insane. I'm sorry, but going to college should not cost you a similar amount to buying a home.

 

The Obama's do have a personal history with this issue. I have heard him say for a very long time, their student loan payments were far greater than their mortgage payments. That simply shouldn't be the case.

 

These universities should not be entitled to build up annuities in the hundreds of millions or even billions while charging students outrageous tuitions to try and contribute to the economy and have a successful career.

 

It's reaching the point where it is backfiring. Students are recognizing the market doesn't favor college grads enough to incur the debt and are choosing to enter lower-level jobs and work their way up through experience rather than academic merit. And while there is nothing wrong with that, we need to be educating our workforce more, not less.

You don't need to go to a school that costs 30K per year. I went to a state school, paid under 1000 a semester (now prices have been raised and it is now about 2000 a semester), but that is a far cry from 30K a year and it is an affordable amount. Even if you go to a University, you wouldn't be more than 15K a year in tuition I'd imagine.

 

Now there are living costs, but that is an entirely separate issue.

[vandy125]

Perhaps you haven't noticed but there are tens of thousands of students, if not more, that graduated in the last 2 years with absolutely no hope to land a decent paying job any time soon.

 

Yes, I have noticed. There has been a switch recently. When my parents were growing up, it was all about graduating from high school. Then, it turned into you have to graduate from college to get a decent job (my age group). Now, it has switched to you need even higher education than that or you need to make sure you choose the correct area to go into. I think that we are now going to the days where you can't just go into anything that you want, or what you like. You may have to go into an area that you are not crazy about to land a good job. That seems to be what my grandparents grew up with. They didn't pick and choose where they went for a job, they were happy to have a job that paid the bills.

 

Now, honestly, I am a bit removed from the college grads these days. So, I don't know if they are choosing their majors based upon what is out there or if they are just following their interests. I'm not in that position, so I don't know. I could be completely off-base and would apologize if so. However, IMO, the answer should be a combination of letting people know that they can't just go into whatever they decide on a whim as well as finding ways to lower the cost of education. How does this in any way lower the cost of education?

[Soxbadger]

The Obama's do have a personal history with this issue. I have heard him say for a very long time, their student loan payments were far greater than their mortgage payments. That simply shouldn't be the case.

 

These universities should not be entitled to build up annuities in the hundreds of millions or even billions while charging students outrageous tuitions to try and contribute to the economy and have a successful career.

 

I have student loans (but I have much less in comparison to most in my profession) and I simply do not understand this statement.

 

The Obama's chose to go to some of the most prestigious universities in the US. The key word there is "CHOSE", no one forces students to go to Harvard or Princeton where youll pay through the nose. The reason that you go there is because when you graduate you have a chance to be President, or any other job that you want.

 

Would Obama trade a free University of Hawaii education for a Harvard one?

 

Unlikely.

 

So because he chose to go some where that is super expensive, I should now pay for him because I chose to go some where that I could afford?

 

Not that the University of Wisconsin is cheap for out of state tuition, but its no where near what my sister paid for Washington University in Stl, or what I would have paid if I decided to go to private liberal arts school or ivy league.

 

Will all of those ivy leaguers send me a part of their paychecks when they are making 3x more than me?

 

I could understand forgiving the debts of students who went to in state schools, etc. But if you chose to go to ivy league or out of state, I dont think that the govt and taxpayers should be footing the bill.

[iamshack]

You don't need to go to a school that costs 30K per year. I went to a state school, paid under 1000 a semester (now prices have been raised and it is now about 2000 a semester), but that is a far cry from 30K a year and it is an affordable amount. Even if you go to a University, you wouldn't be more than 15K a year in tuition I'd imagine.

 

Now there are living costs, but that is an entirely separate issue.

I know Jason, but why shouldn't you be able to go to the best school you can get into? California has some killer schools. Not all states have schools like that. You think Kentucky has the quality of state schools that California does? You know what it would cost for me to go to UC Berkely? Being from out of state? $33k/year.

 

I went to a state school for my undergraduate degree, which I have about $15k in debt for. Then I went to law school. It was $17k per year or something, for 4 years (I went part time, night program). That's about $85k in debt I have. For educating myself.

 

Are you going to stand there and tell me it should cost me EIGHTY FIVE f***ING GRAND to educate myself properly?

 

 

[Chisoxfn]

I know Jason, but why shouldn't you be able to go to the best school you can get into? California has some killer schools. Not all states have schools like that. You think Kentucky has the quality of state schools that California does? You know what it would cost for me to go to UC Berkely? Being from out of state? $33k/year.

 

I went to a state school for my undergraduate degree, which I have about $15k in debt for. Then I went to law school. It was $17k per year or something, for 4 years (I went part time, night program). That's about $85k in debt I have. For educating myself.

 

Are you going to stand there and tell me it should cost me EIGHTY FIVE f***ING GRAND to educate myself properly?

But technically, isn't part of the reason you went to law school to make additional money? And that money, long-term would be well worth the initial costs?

 

I know I personally would love to go back for my MBA, but the question I always ask is it worth me spending the 80-100K in tuition to go into one of the programs I want. And when I ask that question, I'm basically saying, will I make up for that payment in salary.

 

Hell, I clearly don't know how much the state system varies. But I think we should be focused on getting people into schools and helping them and as long as they have an option, ultimately it is up to them whether they want to take on additional money to go somewhere else.

 

And I say this, because there is no f***ing way I'm about to let my money pay for someone whose racked up a 100K in student loans to get some ridiculous degree that adds little value to our society. If they want to spend there own money for that degree, awesome, but I ain't about to pay for there student loans.

[bmags]

because we went into debt for a broken system EVERYONE MUST GO INTO GREATER DEBT

[iamshack]

I am absolutely dedicated to the notion of paying for my own loans. I am not asking for anyone else to do that for me.

 

However, I do believe the system needs to be re-examined (just as the healthcare and many other systems need to be) and re-designed to make it work better for the people it is designed to serve.

 

In my mind, we should be able to educate ourselves as much as possible without fear of paying for it. The purpose of education is to PREPARE you to succeed, not to drive you down into debt and prevent you from succeeding.

 

Do you guys really think it's a good thing for this country when kids have to think twice about furthering their education because it costs too much?

 

 

[WilliamTell]

Perhaps you haven't noticed but there are tens of thousands of students, if not more, that graduated in the last 2 years with absolutely no hope to land a decent paying job any time soon.

 

This is so true. I graduated in December 08 with a Bachelor's Degree in Public Administration and there is nothing out there. I've applied for many jobs but always lose out with people with expierience, which is understandable. My degree means absolutely nothing currently. I work at a lumber yard and have the highest level in terms of education, but I make the least amount of money, making $9.50 an hour.

 

I also agree with Vandy, Chisoxfn, and iamshack, along with probably everyone else to various extents. I'm glad I went a community college and then a public university compared to a private college. My friend went to Wartburg College in Iowa and owes over 90k. He could've gotten the same education at a public school, but wanted to go to a private one instead.

 

I still owe some loans but I wouldn't want tax payers paying for mine. I'd rather pay what I agreed to because it was my choice to go to college.

Edited February 2, 2010 by WilliamTell

[Balta1701]

Do you guys really think it's a good thing for this country when kids have to think twice about furthering their education because it costs too much?

College costs are about the only thing going up faster than healthcare costs in this country.

[iamshack]

This is so true. I graduated in December 08 with a Bachelor's Degree in Public Administration and there is nothing out there. I've applied for many jobs but always lose out with people with expierience, which is understandable. My degree means absolutely nothing currently. I work at a lumber yard and have the highest level in terms of education, but I make the least amount of money, making $9.50 an hour.

And high school kids are starting to realize what happened to you, and say "Why the hell would I want to go to college? I can get a job out of high school and by the time the college student finishes his degree, I will be his manager."

 

Do we really want this to be the case?

[WilliamTell]

And high school kids are starting to realize what happened to you, and say "Why the hell would I want to go to college? I can get a job out of high school and by the time the college student finishes his degree, I will be his manager."

 

Do we really want this to be the case?

 

No it's terrible, and that's why I also agree with you about education costing way too much. It'd be nice to find a way to lower tuition and not have people's taxes go to students to pay off their loans.

 

Not sure if this is the case in other states, but in Iowa the three state universities are losing students and the community colleges are gaining students. I'm guessing in order to offset the loss of students the universities increase tuition to make up the loss of the students. It just seems like a never ending circle.

[kapkomet]

College costs are about the only thing going up faster than healthcare costs in this country.

 

Let's get some more funding for global warming studies.

[Balta1701]

Let's get some more funding for global warming studies.

Frankly, it's your side that thinks we need more study about whether or not its happening. My side thinks we should have done something to start fixing it 12 years ago

[Soxbadger]

In my mind, we should be able to educate ourselves as much as possible without fear of paying for it. The purpose of education is to PREPARE you to succeed, not to drive you down into debt and prevent you from succeeding.

 

So you think I should be able to rack up $250k + of educational costs and have everyone else pay for it because I should just get as much education as possible?

 

There becomes a point where you need to decide the cost and benefit of additional education. Not to mention that you can take AP classes to offset a lot of the costs (I started as a second semester soph, could have started as a junior if I had taken French and received retro-credits),

 

When you are on track for ivy league or elite education, you understand the costs. Some kids who were smart (meaning that they could have gone to ivy league, not that they were smart for forgoing ivy league) did not go to the top schools because they could not afford it, some chose to go there despite that risk. Why should the kid who passed up the chance now be stuck with the bill because they were responsible?

 

I have spent over $200k on education, that was graduating with my first degree in 3.5 years, 2 degrees in 4 years and a law degree in 3 years. I am not even including the cost of apartments, food etc, that is just tuition.

 

My numbers are not even that high compared to many people who made different choices about the schools they went to after High School. I just dont see why people should get a double benefit.

 

First they get the more valuable education, second they dont have to pay for it?

 

That makes no sense.

Edited February 2, 2010 by Soxbadger

[kapkomet]

Frankly, it's your side that thinks we need more study about whether or not its happening. My side thinks we should have done something to start fixing it 12 years ago

 

 

Yea, but we need more money spent to figure it all out and what and how we're going to fix it.

[iamshack]

So you think I should be able to rack up $250k + of educational costs and have everyone else pay for it because I should just get as much education as possible?

 

There becomes a point where you need to decide the cost and benefit of additional education. Not to mention that you can take AP classes to offset a lot of the costs (I started as a second semester soph, could have started as a junior if I had taken French and received retro-credits),

 

When you are on track for ivy league or elite education, you understand the costs. Some kids who were smart did not go to the top schools because they could not afford it, some chose to go there despite that risk. Why should the kid who passed up the chance now be stuck with the bill because they were responsible?

 

I have spent over $200k on education, that was graduating with my first degree in 3.5 years, 2 degrees in 4 years and a law degree in 3 years. I am not even including the cost of apartments, food etc, that is just tuition.

 

My numbers are not even that high compared to many people who made different choices about the schools they went to after High School. I just dont see why people should get a double benefit.

 

First they get the more valuable education, second they dont have to pay for it?

 

That makes no sense.

 

You are going to the absolute extreme other end of the argument.

I'm not trying to argue that education should be free, neither am I trying to argue that the taxpayers should bear the brunt of yours and my law degrees. I am saying the system has failed. It cannot possibly cost Depaul university $18k a year to educate a student in the part time legal program. It just cannot possibly cost that much. Probably more like $5k a year.

 

You are taking a free market capitalist approach to education, and I simply think the risks are too great for it to be that way.

 

Now let's get this straight. I went to SIU and pounded out 61 credit hours in a year and a half so I could do it as inexpensively as possible (I had gone to a private school previously, wherein my tuition was free because my father had taught there. I absolutely hated it, and the education sucked. And a clergyman tried to molest me on top of it all).

 

Next, I went to Depaul. And I worked full-time for the last 3 years of the 4 years I was there. I busted my ass, working 8-5 every day then going to class from 5:50 - 8:30 four nights a week. I didn't take private loans so I could sit on my ass and do nothing all day or live in some high rise apartment down in the City. I busted my freaking ass.

 

Now I don't have an issue with paying off my loans, but it's getting to the point where it is simply ridiculous. Your student loan payment should not rival your mortgage payment in size, just because you wanted an advanced degree. I just cannot accept that. Especially since the workplace we busted our ass to step into has completely collapsed.

 

If you think the system is still fair and efficient, than so be it. But I cannot believe a system wherein I am trying to be a productive member by educating myself actually comes back to harm me more than had I never chose to educate myself at all is one that is working.

Edited February 2, 2010 by iamshack