I was told all GSL require a Cosigner...

Based on what I saw while teaching college at least 10%
of that loan paid for pizza, alcohol,  and the latest iPhone.

I also had students busting their ass working (sometime two jobs) going to school
just to avoid piling up debt.

.

I watched the video.
Pay your debts

No. The banks lobbied the government to promote loan programs, guarantee loans, and to make the debt non-dischargeable. The schools are acting as rationally and self-interestedly as any corporation, maximizing their income, based on the rules the government set, at the behest of the finance industry. The student loan problem was created by government, and the only real solution is to get government out of the way. Let the market work. Bring risk and honest valuation back to the system.

There is no crisis. You played, you paid.
Can’t afford it? Live in a cardboard box & pay your bills.
Don’t take the debt, don’t get the masters degree, live with what you got.
Recoup the money from those who got paid & walked around with anti Republican signs chanting and got fat on that dollar. Burn them all to the ground and the buildings they occupy.

Somehow I had no problem paying my loans.

Might be because I got an engineering degree.

Probably not though.

#iwantmymoneyback

That paragraph deserves a quote.

Reguardless the current system is f*cked.  First, the Gov should never be involved in student loans.  I would love to see potential students have to take a 2-day course on the cost of college (since obviously the parents today can't do it).  I think the max a student loan for a 4 year degree should be allowed is twice the annual average salary for the US in that market after 5 years in the job.  After that you can add an additional year salary for a Masters or Doctoral degree.  The current cost of education is just absurd, this should help bring it back to a reasonable level.

I went to a jr college for 2 years and still had no clue what I wanted to do for a living.  I didn't take student loans and was wasting money and time to start a career.  I quit college and ended up eating crayons for a living .  I enjoyed my time and now if I feel the need to go to college I have the opportunity with minimal if any student loan debt.  I do not agree paying for someone else's debt.  I did not sign the line for student debt so don't make me responsible.  We as taxpayers get enough "socal program" shoved down our throats and now some are screaming to add student loans to it.

My solution is full of flaws but would love to make the bank who gave the loan pay 1/4th and the college that let the student earn a "dumbass" degree pay for a 1/4 of any loans not repaid in by the time the student collects SS.  Then the student should pay half the loan debt via SS when they start to receive SS if they haven't already paid it back.  Stupid should hurt everyone.f

Well I am using my GI bill to get through school and actually have 600$ a month after expenses to save/ do as I please. There is no unicorn or rainbow factory only good and bad life choices.

There are ways to set yourself up for success and I feel no pity for those who bitch and moan about their post-school financial woes. Of course there are exceptions but those are far and few between.

Why do we consider 18 year olds adults then?  If they just listen to everyone else on the virtues of borrowing huge sums of money without thinking through the risks why are they voting?  Then some people are advocating that 16 year olds vote.

This

Another Bernie/sjw thread.

The video's premise makes at least one fatal assumption, and that is assuming the "noble intent" of the borrowers.  That is to say, the video assumes borrowers would spend that monthly $600 wisely, if their debt was forgiven.

Somebody who willfully goes into massive debt chasing a worthless degree is not likely to suddenly start making good decisions with their money, should their debt be forgiven.

As someone that instructs on the side let me just tell you, lots of this money is being spent on things other than tuition. Clothes, alcohol, partying, nice apartments, motorcycles, etc. I have seen it all.

BTW an interesting fact, 87% of the US population has no student debt. Yep it all belongs to 13% and a large portion of the debt is held by 6% of those 13%.

That's not real.

Especially after having been shown outright,  that personal responsibility for one's own choices is for suckers.

What's happened is that colleges have discovered that cash only foreign students are a huge profit center, and with only so many slots to go around, the price for native students can go up as well.

$100,000-$150,000 for a poli-sci degree... think about how messed up that is.
You were lied to.

No, it is not a good idea. You borrow, you repay. That's how it works. Sorry someone lied to you that your useless degree would have you starting at $80K a year, but now ya know. Lesson learned. Pssst, college is a for-profit business, they don't care what or if you learn anything. Own your mistake, pay your debt, and move forward a little wiser. Now that's useful education.

$60,000 salary is really $35 or 40,000 taken home, and then take another $7200 for a fucking loan. How many jobs out there are 60 grand starting?

Medical field is about the only one I know of. But you peak early.

But if people decided their mortgage was too inconvenient to pay off and they all were forgiven the debt write-off would be catastrophic across the board. Getting a new mortgage would be almost impossible for all but a few. The capitol to loan out to anyone for any kind of loan would become all but non-existent.

I stopped watching the video at 8:25.  Up to then, all his 'good points' boiled down to "it would be cool to not have to pay $600/month as a young worker."

Well yeah.  Speaking as someone just starting to exit that demographic, the ones that owe that kind of money to student loans generally aren't going to use the extra money if they were forgiven for anything productive.  The ones bitching about their student loans keeping them down also bragged about going to the bars every single fucking night, and taking frequent weekend trips to various money-wasting places like Vegas.

Student loans aren't the problem.  Stupid people not being made responsible for their own stupidity is.  Forgiving student loans is not any kind of 'investment in our future'.  It's nothing more than a gift to irresponsible people from the taxpayers, and an invitation for more of the stupidity (or even worse now that they see it happens, intentionally taking advantage of) to continue.

Or he was marketed and sold a product, private schooling, with an explicit promise of ROI.  that if he spent the money on private schooling, he would get that money back in college scholarships based upon superior test scores.

He was lied to.  And then when the moment of truth came up, the story changed, but, by then, it was too late.

Supply and demand.  there is no demand for normal white kids in colleges.  And there is a ton of supply.

welcome to the real world.  In the good news department, fortune 100 is the exact same way.

Now, have him identify as Latino.  And he will get a full scholarship.  He may get into an ivy league.

Your call.

The first part is true, the second isn't. Yes, out-of-state tuition is huge for major colleges. But the reason tuition is so important is because state appropriations have shrunk, leaving the colleges to pick up the slack with tuition and donations. In those 'old days' everybody's so nostalgic for, where people could work themselves through school with no debt, the state was picking up half the tab. At UW now, the 'flagship' state institution, the state only funds about 11% of the total. So yeah, as China's economy brings them wealth, we're glad to have a couple thousand Chinese students pay full freight.

As noted already in this thread, getting fed.gov out of the student loan system would be a great reset. The disruption in higher ed would be huge, but it would be constructive in the long run.

so maybe they shouldn't have maintained a cost increase 4 times that of inflation.

You know why state appropriations have shrunk?  because the taxpayers are sick and fucking tired of paying for shitty indoctrination.

That's a winning strategy.

If student loans are forgiven, will those of us that worked to pay for school get a tuition refund as well?

The current system definitely needs to be fixed, but free shit isn't the answer.  Useless six figure degrees need to go away, government needs to GTFO of the loan business, and colleges need to get back to providing actual value in the "education" they're selling.  And of course lazy snowflakes need to get their heads out of their asses and accept that there are no $100k starting jobs for underwater basket weavers, and those ditches aren't going to dig themselves.

Watched about 2/3 of the video.

It's pure socialism, and a lack of understanding of how taxes work.

When you borrow on a student loan, you sign a promissory note. That document tells you exactly what you're going to have to pay. Everyone who has student loan debt knew exactly the costs. They signed up and took the money. They should be on the hook to pay it back.

There do need to be changes made in the system (mostly removing the government involvement would handle most of the real problems). However, mass student loan forgiveness just transfers the debt to be a general obligation on the nation. That debt doesn't just go away. That was real money that got spent. Yours. Mine. Everyone else that pays taxes.

So, if you think student loan forgiveness is a good idea, you can send me a check, and I'll retire some for you. That's basically what you're advocating.

Not an economist...but would it be better or worse overall for the economy if more college educated young adults were buying homes, putting down roots, and having children? Are there other social or societal impacts from removing this burden on the next generation of voters and taxpayers? Not looking for a GD style beat down, just some answers or discussion. I have a simple understanding of the 'market' and supply/demand but little to no understanding of advanced concepts like removing debt burden from the primary demographic that we want making children/families/developing community roots/etc... (college educated, native born Americans).

That is a fair question.

But the question assumes that a college education necessarily leads to good things for every person who receives that education.

The days of “get a college degree, it sets you apart, you will make more money” rested upon a lot of assumptions that are no longer true today.

There are plenty of dumbasses graduating college today who are no more educated, intelligent, or wiser than when they started college.  We used to identify those people and NOT encourage them to go to college.  That has gotten lost in the noise of “ya gotta go to college, Jimmah, you’ll make a million dollars more over your lifetime.”  Even that statement assumes it is the degree that brings in the bucks.  Yes, the degree opens doors as a credential, but the person must have the drive to do something with it.  There are plenty of receptionists with Bachelors degrees who will never do better than being a receptionist because that is as far as their drive and ambition will take them.

We also used to flunk dumbasses out of college, but that led to awkward questions about race, about why we let in C- students if they are black or brown but not whites, about why so many students flunk out because they are here instead of at community college where they should be based on their HS gpa and SAT scores, etc.

Student loans are economic vampirism and one of the biggest scams ever perpetrated on young people. I say this as a person who has $0 in student loans.

Burn it all down.

When we talk about demographics we have to accept that there are outliers. I agree the value of a 'degree' has been deflated but looking at the statistics college educated earn more and are much much less likely to be convicted of crime. This is the demographic we want starting families. People tend to change when they have families/kids as well so it could possibly curb the ideological growth of the extreme far left. I could be completely wrong here though.

You may be putting the statistical cart before the horse.

College doesn’t make it less likely you will commit felonies, but people who don’t commit felonies tend to be the people with the drive to finish college.

College doesn’t make you more likely to succeed, but people who succeed tend to pick up a college degree along the way.

Etc.

I think maybe I didn't explain myself well enough. I am not suggesting we send more people to college to increase this demographic. I am suggesting maybe alleviating early adulthood debt pressure on the ones we already have (that have been pre-selected to be this 'type' of person) in order to promote growth of family among this desirable group of people.

With unemployment at a historic low, it is a pretty good bet that most of them have a job of some sort, presuming they are actually willing to get a job...

colleges created this mess and profited from it.

let those fuck heads pay.

Full disclosure:  too lazy here and not enough time (working cattle today) to read the whole six pages but ............... in politics, follow the money (ALWAYS).  Alex:  I'll take 'vote buying' for $1000.00.  Who du thunk it?  As always, the US tax payer (you know, the ones who actually have to pay) will pick up the tab in the end.  There have been several good essay's and video's regarding the state of 'higher education' and the whole loan scam and Team Fed taking over the private sector (especially when big banking foresaw the cluster fuck coming their way).  Sorry serf, you do not have anyone in your corner to protect your interest and therefore, buckle down and take it in the (fill in the blank) because no matter the bitching and screaming, it is coming your way ........
BYFW, if this all comes to pass, as a few others have mentioned, now about paying me back for actually paying off my loans?  Seems like the right thing to do .

Most large employers have tuition reimbursement programs that will help employees get through school.

Walmart, McDonalds, etc.

Weird you never hear politicians/dims/liberals/socialists pushing this solution?  

There are 100's of billions (or more) sitting out there in university endowment funds.

100%truth

Stupid people think college will make them smart, but end up as fodder for debt scams, picking a degree as stupid as them, and still working a shit ass job

And plenty of them got told “get a degree” by people who knew better.

thats pricing for OU and OSU. without any scholarship monies.

one thing did perk my interest last week at OSU.
the pretty blonde walking us thru their scholarship system told us numerous times that the "real" scholarship monies came after the freshman year. her job was to assist him during his freshman year and to apply for all of those decent program scholarships that were not available to freshman.

they are systematically withholding scholarship monies from entry level students.

foreign money is keeping many schools solvent. TU is basically the House of Saud with burkas and beards.. complete with the only Mosque on a college campus. (that could be old news- the US Gov assisted in building it)

OU and TU basically look like a foreign country at times.

Thought you might find this interesting:
Article on University of Tulsa

It's almost as if they didn't value something they didn't have to work for and squandered it.   Weird.  Who could have predicted that?

bingo. we were specifically told, time and time again.. make the scores, make the grades. His Prep School had college counselors on staff and college days every year with counselors from the universities on site for meetings with us. they always reviewed his records and gave us the thumbs up for full ride scholarships. in fact the universities had a financial aid night and the speakers walked us thru the system. when they found out 50% of the crowd were business owners they looked us right in the eyes and said "Sorry" things will not work out for you in the current FAFSA system. no grants or free monies and this was the first time someone told us that we probably would not receive any real money scholarships.

we were told info based on 1995 and 2000 scenerio's right up thru his college application time only to have the realities of 2015-2020 shoved in our faces. instead of full rides being offered, they were $2500 per year.  they did find him and extra $1000 only because he was bitching at them.

the deception from 4 universities for years is what has blown our mind.

Tulsa Public Schools are a zoo and worthless. we basically had to private school for numerous reasons. best money i've ever spent and would do so again and again.

he made the scores and grades. but now class and socioeconomic warfare has been declared in our state and I assume most others on the federal and state levels. he is a blessed kid. whether he decides on an Engineering or a Poli Sci/Law degree or anything else is up to him. we won't be taking our GSL's.

white
middle class
christian

3 strikes in todays world.

the universities know that middle and upper class kids will find a way to graduate.  any way.
so they are tossing all their monies into lower socioeconomic classes knowing full well many do not meet entry level criteria for admissions.

in fact on our official visits to OU and OSU, the Admissions Counselors went out of their way to announce to the crowds that even if you didnt meet academic criteria, they still wanted them to apply for waivers. regardless of what their high school GPA looked like. the universities were open minded to all circumstances.

the system is rigged and corrupt.

many of those are dying out and many will only pay for certain degree's.

still that is what I tell everyone. most hospitals will pay reimbursment.

The burden doesn't get "removed". That's the problem. We borrowed the money that we lent out (national debt). Saying they don't owe the money just means everyone else is gonna have to pay that off.

So, you can think of that as just shifting the debt off to future general taxes.

Of course, they pay for what has value to them. I think that makes sense.

One of my ideas for getting all of this under control has been for more of these corporations to partner with these universities and lay out exactly what they need in a graduate, and then have a way for them to essentially sponsor students on their way through, with part of the contract being a job at the end if the student does well enough.