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Student Loans, Who Pays, and Forgiveness (best i could title it)

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LawOwl said

Boomers love to crap on the millennial student loan problem and say the gov shouldn’t bail student debtors out. But God forbid you threaten a Boomer’s Social Security paycheck……
Posted On: Jun 16th 2019, 8:36 AM #386825

People collecting social security checks will be the first ones to tell you they do not want to expand social programs because it's socialism.
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Shane Marinelli OC40 said

dusky256fc said

Shane Marinelli OC40 said

dusky256fc said

Local Owl said

I paid for my kids with masters.  I took loans and paid them back. Everyone is responsible for their own bill. Economics 101. The GI bill is for those that served. Thanks  for your service.
Posted On: Jun 14th 2019, 9:22 PM #386806
You mean I can’t borrow the money, spend it then complain it wasn’t fair?
Posted On: Jun 14th 2019, 9:30 PM #386807
Yea, but the cost of college doesn't reflect what most kids are getting paid out of school.

Public college tuition has risen around 175 percent since 1990 while average starting wages have risen about 10 percent after it's adjusted for inflation.

The boomer generation who is in upper management, running companies, etc. basically made it a requirement to go to college to get most jobs now you want to say we can't complain about that cost?  I am sure you would have been ok with your kid's teacher starting right out of high school right?

As for bailout, I am all for it because if banks can get bailed out students can. Many student loans are predatory and even with good credit many of the loans you can not refinance the 6-8 percent interest many of the government ones offer.

I paid off my loans, but understand that bailing out the much of the student loan debt would great for the economy as you would see many young people start to buy houses, cars and have families.     
 
Posted On: Jun 15th 2019, 2:30 PM #386814
It’s hilarious how you want to blame an entire generation for your generations problems but when anyone blames your generation as a whole you scream foul, your typical hypocrisy.  FYI I don’t believe a large percentage of college students should be in school, ever hear of the trades?  They can make a lot of money and we have a shortage.  It’s the students decision due to the easy access to loans (which is a problem) that made everyone think the should go to college.  We currently have record low unemployment, quite bitching and go get a job and pay off the loans over time like I and most in my generation did.

FYI, my wife is a teacher and we paid off her loans over time and she enjoys her job very much. Another FYI, I’m not a baby boomer either.

Posted On: Jun 15th 2019, 4:58 PM #386817

Hypocrisy how? Pointing out a flaw in the system that was created?

You talk about sending more people to trade schools which I agree with and think we are heading this way as last year was the first year in around 60 years college admissions saw a drop in applications.

For my whole life in school growing up, I like many was told the end goal was college over and over again and no one tells you the other options.

You pound the unemployment, but in a recent study found 78 percent of Americans live paycheck to paycheck. The whole "quit bitching and get to work'' when wages do not increase at the same rate as the cost of school.

My father worked a trade job for a large corporation and was offered endless overtime when he started and is now retired with a full pension. If I started that job now I would not be offered a pension and I would maybe get a few hours of overtime year.



Posted On: Jun 16th 2019, 8:40 AM #386826


OC40 raises points that people not starting careers post financial meltdown can’t relate to then judge anyway. Trade jobs might be a better alternative to someone who is going to college to major in English, Sociology, any other liberal art degree but the wages are stagnant and not keeping up with inflation and unfortunately many trade jobs will never pay as well as the typical white collar jobs. The millennial purchasing power is the lowest of any generation maybe ever and Bommers hate to admit that. Personally I consider myself lucky that I make a strong income and own my business but not many millennials can say the same and for us to write off most of the generation because they won’t “shut up, eat a burger and get back to work” shows the willful ignorance to the particular problems facing Millennials that Boomers and other generations after them did not have to encounter. Many of us feel like the system has failed us and thus gravitate to figures such as Bernie and Warren though I particularly do not feel this way. That doesn’t mean that I’m out of touch the point not to understand the issues my generation faces and the willful ignorance displayed by the older generations simply because they hate to admit that they had a part in setting us up for this whether you want to admit it or not
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The increasing the student fees for moving the student section is great for FAU athletics money wise and we are all FAU fans here, so it naturally sounds like a smart move. I can not help, but think if the students who did not make this choice or care for athletics.  


Also, I think this conversation is good on the forum. Discussing the larger idea of college and where it fits in the USA is good for alum of a university of all generations. :cool:
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Bad decision….never borrow more than you can pay back.  Trades….my friends that are plumbers,  electricians,  roofers,  ac, etc are killing it. Socialism….read the definition.  My social security….the government has been taking my money, for me, for 44 years. Corp tax rate….now we pay what the rest of the world pays. Bringing manufacturing back to the us.  My job is to take care of my family. I will also help any veteran that served to give me my freedoms. I will also help anyone that is incapable of helping themselves  . These are my ow stupid opinions. Now you can see why the country is so divided. I understand the other side. I simply disagree with it.
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@law owl….the older generation did not set you up for today's issues. The past politicians  set you up. This is why I feel it is best for the government  to stay out of my business. They fail at most everything they touch.
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I'm a student with a lot of debt and I think cancelling student debt is a terrible idea. Going to college is a major life decision that people spend months thinking about. Most people get into multiple colleges and choose where they go based on its full cost and the estimated benefit of that degree. This involves selecting the school that might give more scholarships even if its lesser known. Many students across the country make their college decisions based on which school will give them more scholarships. Some even go to community college and get their AA before going off to a university because they want to save money. These hardworking and smart students make prudent financial decisions that will affect their professional careers for their lifetime.

On the other hand, there's the group of financially irresponsible individuals who go to college for no real reason. They go to expensive private schools, out of state schools, change majors a bunch, fail classes and keep retaking them.

Forgiving student debt essentially punishes all the smart and hardworking students who made prudent financial decisions and helps people who were purely financially irresponsible.

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faufan2017 said

I'm a student with a lot of debt and I think cancelling student debt is a terrible idea. Going to college is a major life decision that people spend months thinking about. Most people get into multiple colleges and choose where they go based on its full cost and the estimated benefit of that degree. This involves selecting the school that might give more scholarships even if its lesser known. Many students across the country make their college decisions based on which school will give them more scholarships. Some even go to community college and get their AA before going off to a university because they want to save money. These hardworking and smart students make prudent financial decisions that will affect their professional careers for their lifetime.

On the other hand, there's the group of financially irresponsible individuals who go to college for no real reason. They go to expensive private schools, out of state schools, change majors a bunch, fail classes and keep retaking them.

Forgiving student debt essentially punishes all the smart and hardworking students who made prudent financial decisions and helps people who were purely financially irresponsible.


Posted On: Jun 16th 2019, 1:59 PM #386832

Exactly my point earlier. There are programs that can be utilized right now to eliminate some of your student debt, but in this information age there is more than enough resources and information at your disposal to make the best decision for you, weighing all your options, including how much debt you're going to incur and what the job market is in your specific field. This is precisely the reason I even attended FAU in the first place, and why I chose to go to the law school I ended up going to. From my perspective (coming from a legal perspective), if you want to go to a private law school for 3 years, spend+ $50K in tuition, and it's not a highly ranked school, shame on your for not doing the research to understand what your job prospects realistically are and how your debt may affect you. Some of that problem also falls on these schools, which many times gives students a false perception about what the value of their degree really is – but again, if you make a decision to incur that debt, you take responsibility for it – which includes finding strategic ways to eliminate some of it or learn how to deal with the burden and be fiscally responsible.

And since I know what the underlying narrative in a thread like this typically is, I historically have always leaned to the left and I'm certainly not at an age where I'm approaching retirement.



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Local Owl said

Bad decision….never borrow more than you can pay back.  Trades….my friends that are plumbers,  electricians,  roofers,  ac, etc are killing it. Socialism….read the definition.  My social security….the government has been taking my money, for me, for 44 years. Corp tax rate….now we pay what the rest of the world pays. Bringing manufacturing back to the us.  My job is to take care of my family. I will also help any veteran that served to give me my freedoms. I will also help anyone that is incapable of helping themselves. These are my ow stupid opinions. Now you can see why the country is so divided. I understand the other side. I simply disagree with it.
Posted On: Jun 16th 2019, 9:52 AM #386830

Getting an education is not a poor choice. We are not talking about buying an overpriced car or too many clothes.

Again, 78 percent of Americans are living paycheck to paycheck which tells you wages vs cost of living is very out of whack.  The unemployment number does not mean anything if people are not obtaining real wealth.  10% of the country controls 2/3 of wealth.

Have you ever asked yourself why so many young people want to move away from some capitalistic ideals? Maybe it has not worked for them. Like I explained if I chose the same career path as my dad in his very successful billion dollar company, I would not get a lot of the things he got.

As for manufacturing jobs, we not losing those jobs because of taxes which what corps want you to think.

We are losing them with automation and the fact we are not putting efforting into no manufacturing what needs to be made today.

China produces three times as many electric cars as the US, eleven of the top solar panel producing companies are in China. Yet our "leadership" is trying to bring back coal.
Growth in these industries could be great for FAU who has a specialty in engineering for clean energy options.  

As for ''socialism'', yea that how it works you pay into something and get it back out at a different time. Social security was called ''socialism" when first introduced. Industries like health care, for example, should not be a profitable industry.

People say governments ruin everything and we should let them control money yet have no problem putting their money in banks that failed. The private business fails just as much as the government does if not more.

 Medicare and Tricare(which I was on before) are cheaper and better run than most private companies yet cost way less.  
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d-owl said

faufan2017 said

I'm a student with a lot of debt and I think cancelling student debt is a terrible idea. Going to college is a major life decision that people spend months thinking about. Most people get into multiple colleges and choose where they go based on its full cost and the estimated benefit of that degree. This involves selecting the school that might give more scholarships even if its lesser known. Many students across the country make their college decisions based on which school will give them more scholarships. Some even go to community college and get their AA before going off to a university because they want to save money. These hardworking and smart students make prudent financial decisions that will affect their professional careers for their lifetime.

On the other hand, there's the group of financially irresponsible individuals who go to college for no real reason. They go to expensive private schools, out of state schools, change majors a bunch, fail classes and keep retaking them.

Forgiving student debt essentially punishes all the smart and hardworking students who made prudent financial decisions and helps people who were purely financially irresponsible.


Posted On: Jun 16th 2019, 1:59 PM #386832

Exactly my point earlier. There are programs that can be utilized right now to eliminate some of your student debt, but in this information age there is more than enough resources and information at your disposal to make the best decision for you, weighing all your options, including how much debt you're going to incur and what the job market is in your specific field. This is precisely the reason I even attended FAU in the first place, and why I chose to go to the law school I ended up going to. From my perspective (coming from a legal perspective), if you want to go to a private law school for 3 years, spend+ $50K in tuition, and it's not a highly ranked school, shame on your for not doing the research to understand what your job prospects realistically are and how your debt may affect you. Some of that problem also falls on these schools, which many times gives students a false perception about what the value of their degree really is – but again, if you make a decision to incur that debt, you take responsibility for it – which includes finding strategic ways to eliminate some of it or learn how to deal with the burden and be fiscally responsible.

And since I know what the underlying narrative in a thread like this typically is, I historically have always leaned to the left and I'm certainly not at an age where I'm approaching retirement.




Posted On: Jun 16th 2019, 3:07 PM #386833

You guy are talking about a small portion of the student debt issue. Private loans only make up 7 percent of the debt.  The average 4-year bachelor student leaves with around 30k in loans which on the surface sounds manageable, but when you factor wages vs cost of living and many are forced to make minimum payments to for a long time and end up paying thousands and thousands more in interest.

Like I pointed before tuition has risen 175 percent in public schools since 1990 and starting wages around 10 percent after adjusted inflation.

Going to FAU for four years and getting your business degree is not irresponsible spending and no one should be punished with decades of debt for that sorry.

I worked in health care when I first graduated from college and learned how much of crises this country is in with the shortage of doctors we have. We have made medical school so expensive many Americans are choosing that career path is not worth it.  We depend on hundreds of doctors coming from China and India and now because of new immigration laws, it has become tougher for them to get the visas they need to work here. It hurts small towns and underserved areas where these doctors required to start their careers to fulfill the visa.




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Corporate tax rates don't tell the whole story. Amazon nearly doubled their profits from a year ago, at around ten billion. They paid zero dollars in taxes. They actually received over a million dollars in returns… I sure the hell didn't. And they weren't the only (by a long shot) corporation in that boat. The idea wasn't that they use their profits to buy back shares, but that they'd hire more people and give out raises and bonuses to the average worker. Guess which one happened? This is about what happens every time we dole out "tax breaks". The CBO (prior to the midterms, if that matters to you) estimated that these "breaks" would add almost two trillion dollars to the deficit over the next ten years. Cool. If it's all the same, and we're going to swallow it up regardless, I'd rather pay-off student loan debt and have money left over…

The necessity to have a college degree for employment now is greater that it was thirty years ago.
College degrees are now unreasonably priced (compared to thirty…).
Predatory loans are targeted at teenagers and young-twenty-somethings…
Wages have stalled by design (of lobbying interests in large corporations over many decades).
Not everyone can (or should) serve or have parents with money to invest, should only children of "wealth" receive an education (cause that's a loop)?
And I'm pretty sure the market won't sustain electricians at the same volume of, "a Starbucks on every corner."

Summer football conversations are weird.
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