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Posted: 4/27/2019 7:08:40 PM EDT
[#1]
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Might wind up with more machinists, electricians, carpenters, and plumbers, too. |
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Posted: 4/27/2019 7:13:56 PM EDT
[#2]
OK, I watched the BS video. It is a butt wad of BS. He spouts all the usual, evil, uber rich, cold hearted Bankers blaming them for all the ills that have befallen the poor, deadbeat students. Then in the next breath claims all that has to happen is the government wave a magic wand and "Poof" debt gone. No pain, no sweat, debt just disappears, right? Wrong.
Let's look at this from another direction. If a couple Trillion write off is trivial, let's go all out and really change the world. Substitute the words "Student Loans" for "Mortgage Loans" and apply the same reasoning and fake economic benefits used and open your eyes. The mortgage industry would cease to exist, banks would fold, people's life savings disappear, land value would plummet. The ripple effect would be catastrophic. The happy rose colored glasses will hide all the black right? You want to fix the snowflake degree issue. Simply declare them as unaccredited degrees. No loans eligible. Fixed. |
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Posted: 4/27/2019 7:17:37 PM EDT
[#3]
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... You want to fix the snowflake degree issue. Simply declare them as unaccredited degrees. No loans eligible. Fixed. 
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Posted: 4/27/2019 7:19:12 PM EDT
[#4]
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They're not real debts though. They were government guaranteed and not dischargeable like a traditional debt, and the lenders were somewhat coerced into making them. It would't be a terrible idea to make them dischargeable through bankruptcy, IMO. At this point, there's a huge amount of money tied up in all of it, so there's not going to be any easy answer. Quote HistoryQuoted:
Quoted:
No. Pay your debts. It would't be a terrible idea to make them dischargeable through bankruptcy, IMO. At this point, there's a huge amount of money tied up in all of it, so there's not going to be any easy answer. |
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Posted: 4/27/2019 7:19:42 PM EDT
[#5]
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No. Pay your debts. |
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Posted: 4/27/2019 7:22:15 PM EDT
[#6]
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You want to make Wimmin's Studies degrees unaccredited? REEEEEEEEEEEEEEE REEEEEEEEEEEEE REEEEEEEEEE 
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Posted: 4/27/2019 7:28:38 PM EDT
[#7]
Quote HistoryQuoted:
They're not real debts though. They were government guaranteed and not dischargeable like a traditional debt, and the lenders were somewhat coerced into making them. It would't be a terrible idea to make them dischargeable through bankruptcy, IMO. At this point, there's a huge amount of money tied up in all of it, so there's not going to be any easy answer. Quote HistoryQuoted:
Quoted:
No. Pay your debts. It would't be a terrible idea to make them dischargeable through bankruptcy, IMO. At this point, there's a huge amount of money tied up in all of it, so there's not going to be any easy answer. Don't borrow it if you don't have the capability to repay it. Also, don't go to the most extensive school, borrow living expenses, and otherwise make awful financial decisions. |
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Posted: 4/27/2019 7:30:08 PM EDT
[#8]
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They were told their entire lives that going to a 4 year college for any degree was what they had to do unless they wanted to be a fucking looser. |
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Posted: 4/27/2019 7:32:01 PM EDT
[#9]
Quote HistoryQuoted: WTF. They are real debts. They should be repaid in full. Don't borrow it if you don't have the capability to repay it. Also, don't go to the most extensive school, borrow living expenses, and otherwise make awful financial decisions. That's not real world lending, at least not anywhere I'm familiar with. |
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Posted: 4/27/2019 7:43:18 PM EDT
[#10]
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Good. They should be hard to get. Imagine the consequences: No more $120,000 undergrad debt. No more Social Justice Studies degrees. No more $12/hour receptionist jobs demanding a Bachelors degree. |
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Posted: 4/27/2019 8:03:08 PM EDT
[#11]
I paid off my student loan free and clear
Do i get a refund?! |
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Posted: 4/27/2019 8:17:26 PM EDT
[#12]
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These threads are always a magnet for people who don't have the IQ power to factor in second and third order effects. Quote HistoryQuoted:
Quoted:
You “pay your debts” guys do not understand that bankruptcy exists to make lenders more careful about who they lend to, and for what. Maybe your attitude is why we have grads with $120k in debt for a Womyns Studies degree wanting Bernie Sanders to rescue them. |
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Posted: 4/27/2019 8:53:05 PM EDT
[#13]
no.
colleges hire openly Marxist professors that hate America and Western civilization federal government starts backing college loans so more kids can go to college colleges raise tuition because the money flows freely, no risk to them banks hand out loans like candy and make bank, no risk to them colleges create hordes of worthless, America hating degrees like African Women's Studies and Homoerotic French Revolution Art History a whole generation of young adults have gone into un-dischargeable debt to get a worthless degree and be brainwashed to hate Western Culture, The Bible, and their parents HELL NO Those lemmings need to spend the rest of their lives living alone and paycheck to paycheck to pay off their debt. they should not reproduce or hold any high job or position of influence. THEY ARE POISON to this county and its good culture. That and it's my tax money and my good children's tax money they want to use to pay it off MOTHER OF GOD HELL NO and I'm a high school math teacher...  I weep for my country, and my unborn grandchildren
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Posted: 4/27/2019 8:56:58 PM EDT
[#14]
The best idea is for the schools to guarantee the debt. Let them make the determination who gets a loan, and bear the risk of bad decisions.
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Posted: 4/27/2019 9:02:16 PM EDT
[#15]
Forgive the debt. Give them what they want and win anyway. Make the universities suffer the loss.
Universities can then only afford to sustain programs that have a high placement / repayment rate. All the BS programs get shut down for lack of funding. |
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Posted: 4/27/2019 9:05:10 PM EDT
[#16]
These student loans are somebody else's asset, probably a banks asset. Those banks are owned by stockholders, namely you and me. We have money in retirement accounts which are holding those Government guaranteed loans. Cancel the debt and our asset becomes worthless, causing a crash. If the government pays the banks for the loss, that money also comes out of our pockets. This is a lose/lose for the USA economy.
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Posted: 4/27/2019 9:16:57 PM EDT
[#17]
Quote HistoryQuoted:
These student loans are somebody else's asset, probably a banks asset. Those banks are owned by stockholders, namely you and me. We have money in retirement accounts which are holding those Government guaranteed loans. Cancel the debt and our asset becomes worthless, causing a crash. If the government pays the banks for the loss, that money also comes out of our pockets. This is a lose/lose for the USA economy. However you slice it, the student debt is SOMEBODY'S money. "Forgiving" this debt is a TAKING, however it is done. Pick your victim, pick your loser. |
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Posted: 4/27/2019 9:18:14 PM EDT
[#18]
Quote HistoryQuoted: Yep, mine told that all my life, they STILL tell me this even I have a associates degree, they want me to get Bachelor's in something, but there is literally no point Yeah, I want to finish school and take a minimum of $60K a year pay cut. 
Plus I love the job I have now! |
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Posted: 4/27/2019 9:18:34 PM EDT
[#19]
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A salient point. However you slice it, the student debt is SOMEBODY'S money. "Forgiving" this debt is a TAKING, however it is done. Pick your victim, pick your loser. |
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Posted: 4/27/2019 9:18:58 PM EDT
[#20]
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You signed the fucking loan papers,no one forced you to do it. so.. you take an 18 year old kid out of highschool and make it possible for him to go to 'animal house' and party for 4 years, guess what he's gonna do. even if it costs 200k (and some cost this much). lots of blame here, lots of blame belongs to the republicans and their banker friends, lots of blame here for colleges raising tuition because they saw the gravy train coming and jumped on board. lots of blame on this country in general making it seem like you have to go to college, you dont want to get a job as some sort of laborer, mechanic, welder, plumber, electrician because its not cool. and it does fuck the economy big time. and.. mark my words, folks like things for free, make it seem like kids will have tens of thousands of dollars in debt forgiven, provide a credible presidential candidate that offers this and guess who these folks will vote for. if you sew the wind you will reap the whirlwind... so pick your poison and lay the blame all around, because it aint just the folks going off to colleges faults, its the banks, the congress critters that voted it in (cant go bankrupt), the colleges that raised tuition and the parents who told little johnny if he wanted to amount to anything, he needed to go to college. |
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Posted: 4/27/2019 9:25:04 PM EDT
[#21]
No matter how you slice it, if we don't change something about the student loan racket, there will be forgiveness of some sort eventually.
Too many people are going too far into debt. Too many jobs "require" a degree, so more and more people are forced to get a degree that is completely unnecessary. Eventually there will be so many that loan forgiveness will be passed, likely with any sort of loan reform. Quit guaranteeing all the loans, make them dischargeable, and package that with a plan to ease the current loan burden and set up a merit based loan system. |
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Posted: 4/27/2019 9:25:14 PM EDT
[#22]
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one time 90% tax on all endowements. It's STILL a taking, but I like it. It falls under the heading of "rob someone else". |
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Posted: 4/27/2019 9:28:53 PM EDT
[#23]
I dont care what they were told when they were young. I was told the same things and even encouraged to take on debt by my dad. I knew it wasnt a good idea. I found a different way. I didnt go to my last 2 years of high school, instead i went to a local community college that the state payed rather than having to pay the high school. I did have to test well to be eligible though.
We have an entire culture of no responsibility for your actions. That isnt a good thing ALSO YOU CANNOT SPEND YOURSELF IN TO PROSPERITY I did watch the video. Stupid people being held back in life isnt my problem nor should i have to pay for it. Been debt free my entire life |
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Posted: 4/27/2019 9:37:33 PM EDT
[#24]
Quote HistoryQuoted:
Im bitter, I worked two jobs and then got better jobs and took jobs no one else wanted to pay my 60k in student loans off as fast as possible. These fucks just get it forgiven? Fuck that. Change the interest rate to zero if you graduate and get a degree and pay on time but just forgiving it is bullshit. Good on you man!!! When we were dirt poor and our son was young, I started a 529 savings plan. Even $50. a month put into it hurt many months early on. We put in more when we had it, encouraged grandparents to gift to it (a useful gift for a change), etc. Starting early and staying with it paid off and he's in college now debt free. We didn't have crap for money well over half of the time we put into that account, so it can be done by anyone. Oh yeah and that was also while we were paying $1,500. a year for the homeschool program we used also. People spend their money on what's important to them. If they feel education is important for their children, they will save up for that instead of getting a new car every year, going to disney twice a year,, etc. Many people spend more on beer, cigs and lotto tickets than they would ever dream of spending on their children's future- and it usually shows. |
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Posted: 4/27/2019 9:39:05 PM EDT
[#25]
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No. Pay your debts. |
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Posted: 4/27/2019 9:41:32 PM EDT
[#26]
The only way I'd support bankruptcy discharge is if the gov got out of the loan business.
Make lenders use risk analysis like any other loan. Going to school to become a nurse or engineer? Here's your loan, disbursed every semester based on GPA. Want a loan for Amphibian Gender Dysphoria in Sub Saharan Africa? That will be 25% down with a parental co-signer or other responsible guarantor. Consumers researching the hard ROI numbers for their education investment would be a good idea as well. |
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Posted: 4/27/2019 9:41:39 PM EDT
[#27]
Quote HistoryQuoted:
The simple solution is to make student loans dischargeable in bankruptcy, and get the government out of lending. Put the lenders on the hook, and watch the tuition inflation problem fix itself. Tuition will drop like a stone to affordable rates in a nanosecond. |
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Posted: 4/27/2019 9:42:35 PM EDT
[#28]
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You signed the fucking loan papers,no one forced you to do it. Just like everyone bitching around 2007-2008 about "evil corporations" and "evil bankers" that just MADE them buy a 3,000 square foot chipboard McMansion because their 2.5 children just had to have the space. So they bought overpriced crap in an overpriced market, then when the perceived value of it went up $10,000. they used the house as an ATM and got heloc loans so they could go to disney for 2 weeks (another necessity). When Housing Bubble 1.0 burst it damn sure wasn't their fault they made bad decisions! |
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Posted: 4/27/2019 9:53:37 PM EDT
[#29]
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I like it. It's STILL a taking, but I like it. It falls under the heading of "rob someone else". fuck them. they created this entitled monster. They can fucking feed it. |
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Posted: 4/27/2019 9:57:13 PM EDT
[#30]
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colleges created this shit, paid themselves handsomely, gave out shit degrees and expect someone else to pay? fuck them. they created this entitled monster. They can fucking feed it. Quote HistoryQuoted:
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I like it. It's STILL a taking, but I like it. It falls under the heading of "rob someone else". fuck them. they created this entitled monster. They can fucking feed it. 
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Posted: 4/27/2019 9:58:36 PM EDT
[#31]
Quote HistoryQuoted:
They're not. Lenders didn't calculate any of the normal risks associated with lending because they were government guaranteed, and could never be discharged. That's not real world lending, at least not anywhere I'm familiar with. Quote HistoryQuoted:
Quoted: WTF. They are real debts. They should be repaid in full. Don't borrow it if you don't have the capability to repay it. Also, don't go to the most extensive school, borrow living expenses, and otherwise make awful financial decisions. That's not real world lending, at least not anywhere I'm familiar with. |
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Posted: 4/27/2019 10:01:49 PM EDT
[#32]
Quote HistoryQuoted:
It was real money. 1.5 trillion (according to the video). Fuck that, they can pay their debts. Sorry but his reasoning for not paying it back is bullshit "boo hoo, paying back money borrowed is hard, I'd rather buy a house". Quote HistoryQuoted:
Quoted:
Quoted: WTF. They are real debts. They should be repaid in full. Don't borrow it if you don't have the capability to repay it. Also, don't go to the most extensive school, borrow living expenses, and otherwise make awful financial decisions. That's not real world lending, at least not anywhere I'm familiar with. You're right it can't just disappear. But let's hold those who sold the defective goods responsible. |
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Posted: 4/27/2019 10:02:37 PM EDT
[#33]
Quote HistoryQuoted:
It was real money. 1.5 trillion (according to the video). Fuck that, they can pay their debts. Sorry but his reasoning for not paying it back is bullshit "boo hoo, paying back money borrowed is hard, I'd rather buy a house". That is probably 700 billion now. They can pay off half the debt, and SS subtractions can pay the rest. |
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Posted: 4/27/2019 10:04:19 PM EDT
[#34]
If I am paying off their debt I want to be given a degree.
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Posted: 4/27/2019 10:06:09 PM EDT
[#35]
Quote HistoryQuoted: colleges created this shit, paid themselves handsomely, gave out shit degrees and expect someone else to pay? fuck them. they created this entitled monster. They can fucking feed it. Warren works at Harvard, gets fake job she doesnt actually do, then assures her employer endless money. |
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Posted: 4/27/2019 10:06:19 PM EDT
[#36]
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If I am paying off their debt I want to be given a degree. 
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Posted: 4/27/2019 10:07:28 PM EDT
[#37]
Quote HistoryQuoted:
Thank you! Just like everyone bitching around 2007-2008 about "evil corporations" and "evil bankers" that just MADE them buy a 3,000 square foot chipboard McMansion because their 2.5 children just had to have the space. So they bought overpriced crap in an overpriced market, then when the perceived value of it went up $10,000. they used the house as an ATM and got heloc loans so they could go to disney for 2 weeks (another necessity). When Housing Bubble 1.0 burst it damn sure wasn't their fault they made bad decisions! Quote HistoryQuoted:
Quoted:
You signed the fucking loan papers,no one forced you to do it. Just like everyone bitching around 2007-2008 about "evil corporations" and "evil bankers" that just MADE them buy a 3,000 square foot chipboard McMansion because their 2.5 children just had to have the space. So they bought overpriced crap in an overpriced market, then when the perceived value of it went up $10,000. they used the house as an ATM and got heloc loans so they could go to disney for 2 weeks (another necessity). When Housing Bubble 1.0 burst it damn sure wasn't their fault they made bad decisions! The sub-prime bubble was on the gov - for forcing lenders to give loans to poor candidates in the interest of "fairness". Sure, the consumers themselves never should have taken those loans - but the lenders shouldn't have been forced to underwrite them. |
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Posted: 4/27/2019 10:08:17 PM EDT
[#38]
Quote HistoryQuoted:
They're not real debts though. They were government guaranteed and not dischargeable like a traditional debt, and the lenders were somewhat coerced into making them. It would't be a terrible idea to make them dischargeable through bankruptcy, IMO. At this point, there's a huge amount of money tied up in all of it, so there's not going to be any easy answer. |
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Posted: 4/27/2019 10:13:49 PM EDT
[#39]
Quote HistoryQuoted:
I'm not saying it shouldn't be paid back. I think they were scammed, personally, and I think they people who scammed them ought to pay it back. You're right it can't just disappear. But let's hold those who sold the defective goods responsible. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted: WTF. They are real debts. They should be repaid in full. Don't borrow it if you don't have the capability to repay it. Also, don't go to the most extensive school, borrow living expenses, and otherwise make awful financial decisions. That's not real world lending, at least not anywhere I'm familiar with. You're right it can't just disappear. But let's hold those who sold the defective goods responsible. Getting the government out of this process is the right solution. Letting people pay back thier debts is also the right decision. |
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Posted: 4/27/2019 10:14:29 PM EDT
[#40]
Quote HistoryQuoted: So what about my wife and I that busted our ass to pay off our nearly $50k in student loan debt? Do we get a reimbursement check, or are we penalized for paying our debt while others are rewarded for not paying theirs? Are you as angry about this as you are at the takers buying groceries with your money every day? |
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Posted: 4/27/2019 10:15:37 PM EDT
[#41]
Quote HistoryQuoted: colleges created this shit, paid themselves handsomely, gave out shit degrees and expect someone else to pay? fuck them. they created this entitled monster. They can fucking feed it. |
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Posted: 4/27/2019 10:18:23 PM EDT
[#42]
Quote HistoryQuoted:
Good for you? Are you as angry about this as you are at the takers buying groceries with your money every day? This is a doctor/lawyer taking my money to pay off their debt while already set up to make tons of money. Its the pinacle of privilege. The rich get richer I guess. |
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Posted: 4/27/2019 10:19:14 PM EDT
[#43]
Quote HistoryQuoted:
You thinking "they" were scammed is irrelevant. Not all of "them" are in the same boat with useless degrees. They entered a contract, they agreed to the price and the term. They can pay it back. 1.5 trillion fuckin dollars isn't going to just go away. It's stupid to pretend the economic impacts won't effect everyone (even those of us that avoided making stupid financial decisions early in life). Getting the government out of this process is the right solution. Letting people pay back thier debts is also the right decision. They were told this for most of their lives. When that doesn't deliver, that's practically the textbook definition of a scam, which would effectively make them a victim. Now, contract law being what it is, garnishing the SS they'll never receive anyway along with making the universities pay would be perfectly acceptable if the degreed baristas can't come up with a good payment plan. |
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Posted: 4/27/2019 10:19:17 PM EDT
[#44]
Where did the money come from that is loaned out? It was created entirely for that loan. The banks figure out how much money they want to lend out, then take in the legally required fraction of that amount in savings accounts for reserves.
For the effort of someone typing digits into an account, people are indentured to pay thousands of dollars in interest payments. Absolute clown world. |
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Posted: 4/27/2019 10:21:19 PM EDT
[#45]
Quote HistoryQuoted:
So what about my wife and I that busted our ass to pay off our nearly $50k in student loan debt? Do we get a reimbursement check, or are we penalized for paying our debt while others are rewarded for not paying theirs? Quote HistoryQuoted:
Quoted:
They're not real debts though. They were government guaranteed and not dischargeable like a traditional debt, and the lenders were somewhat coerced into making them. It would't be a terrible idea to make them dischargeable through bankruptcy, IMO. At this point, there's a huge amount of money tied up in all of it, so there's not going to be any easy answer. |
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Posted: 4/27/2019 10:21:33 PM EDT
[#46]
I don't approve of forgiving people for debt they willingly agreed to accept.
I also don't approve of the way that people get raked over the coals for tuition when much of that tuition is wasted...I say again...WASTED....on taking required classes that impart no useful knowledge that has any relevance to the degree program(s) the student is pursuing. In my case my field is electronics. If I'd pursued a degree it'd be an EE. Electrical Engineering. I'd never have had any issue taking any and every class in an EE program that is directly related to the discipline. But the non-technical courses that are required to go along with it, arts, humanities, speech, physical education, electives....not one of them should be a degree requirement. It's their additional cost that is a major reason why I didn't pursue an EE degree. I refused to take out student loan debt and could not afford the full program. Plus you can't possibly find a person who's LESS interested in most of those courses. I think that colleges and universities should offer a new class of degree: Engineering Specialist degrees. It's the core engineering program without the added arts, humanities, speech, PE, and electives. Taking those later would upgrade an ES degree to the full level. |
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Posted: 4/27/2019 10:23:33 PM EDT
[#47]
Quote HistoryQuoted:
Takers buying groceries with my money are theoritcally poorly off. This is a doctor/lawyer taking my money to pay off their debt while already set up to make tons of money. Its the pinacle of privilege. The rich get richer I guess. Quote HistoryQuoted:
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Good for you? Are you as angry about this as you are at the takers buying groceries with your money every day? This is a doctor/lawyer taking my money to pay off their debt while already set up to make tons of money. Its the pinacle of privilege. The rich get richer I guess.  Well, maybe a starving lawyer... Maybe...
A good number of young doctors, most of them in fact, are following a plan called FIRE (Financial Independence Retire Early) which entails that they pay their debt, buy investments, and retire as quickly as possible to get out of medicine. Which in fact makes them a very attractive risk to lenders. |
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Posted: 4/27/2019 10:23:54 PM EDT
[#48]
Quote HistoryQuoted: These threads are always a magnet for people who don't have the IQ power to factor in second and third order effects. |
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Posted: 4/27/2019 10:23:56 PM EDT
[#49]
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They were sold a product for their debt that doesn't work...  Quote HistoryQuoted:
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$600 a month should not be crippling for a young person with a useful degree who lives within their means. |
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Posted: 4/27/2019 10:24:02 PM EDT
[#50]
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Maybe they shouldn't believe everything they are told without doing a little fucking research on their own. Why should everyone else pay your fucking debt off, fucking welfare rat? Quote HistoryQuoted:
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$600 a month should not be crippling for a young person with a useful degree who lives within their means. |
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