What is going on with student loans?

[Anonymous]

Anonymous wrote:

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Anonymous wrote:get over it guys and gals, the irresponsible people will get some sort of relief for perusing low paying careers and taking out a bunch of loans without any thought on how they would pay it back and the tax payers will fork the bill. thank you!!

Do you realize that the “irresponsible people” who decide to take out these loans are HIGH SCHOOL SENIORS? We make high schoolers decide where they will go to college and how they will finance it. They make these decisions when they are 17 or 18. Do you really think they understand that they will actually have to pay back thousands upon thousands more than they received? I have 2 college students. It was never explained to them that they will have to pay it back several times over. Fortunately, my kids have parents who helped them understand this, have some college savings for them, and will help them pay back the loans. Many kids do not have parents who can or will help them. If their own parents didn’t go to college, then they probably don’t have a clear understanding either. Yes, a college senior is old enough to understand the concept of loans and interest…but not to this magnitude. My kids’ colleges offered them thousands in loans, and it was never laid out for them that if they make minimum payments, it will take this many years, and they will end up paying this amount.

Even if it was laid out for them, high schoolers have no idea what their income and expenses will be in five years or twenty years. Ridiculous that we let children commit to these astronomical loans and then half the country calls them irresponsible for getting in this position. Even though, if they avoided it by working low-wage blue collar jobs instead of college, half the country will call them lazy and say those jobs aren’t meant for adults. They can’t win.

Which is why it’s good that 18-22 year olds are limited in the amount of money they can take out on their own. The problem is graduate school loans and parents taking out and co-signing private loans. You’d think a parent would know better than to sign up their kid for $20k a year in loans. What kid is going to tell their parent no?

Believe me, students are given more than enough loans to get themselves into financial trouble. And most graduate students still don’t have enough real world experience to understand what they are signing up for. They have only known home and college life. We take out loans for cars/houses based on our current financial situation. Students are expected to predict what their future expenses and salary will be and budget their entire future before their brain is fully developed.

And many parents don’t know better. My own parents are smart and financially responsible. But they didn’t go to college. My siblings and I all went to our hometown college and lived at home. Our tuition was less than $1K. When my kids were little and I talked about saving for their college, my mom said that it’s not that bad and people make it sound worse than it is. She said, “We just put it on a low interest credit card and paid it off throughout the year.” So…that’s the kind of advice a lot of kids are getting and the expectations many parents have and plan for over the years.

Btw, tuition at my hometown college is now over $8K.

Which makes it substantially cheaper than DC area preschool tuition, which no one can get a loan to cover.

I don’t know of any career fields or state colleges that care what preschool you went to or if you even went to preschool. Can we stop reaching for these ridiculous comparisons?

Let me try to spell this out for you. If I want to be a nurse, I HAVE to go to college. I don’t have to go to preschool. I can go my entire life without taking on a car loan or mortgage or credit card. But I am required to get that degree. Do you understand the difference?

And, if you have your entire school age years to save up for that much desired degree. That is what many of us did. Then, if we needed student loans, we sacrificed vacations, new cars, and other "luxuries" in order to pay off those loans. Never went on a spring break trip.
You took out a loan? Pay it back.

My word. This just keeps getting worse. Now we expect kindergartners to start saving for college?

Actually, kindergarteners need to learn about the value of money. There are ways to teach kids to save and spend. My parents taught me from the time I started earning an allowance. We taught our kids the same way. It is amazing how quickly the learn!

YOUR ALLOWANCE CAME FROM YOUR PARENTS! So if you paid for college with a lifetime of allowance, your parents’ money still paid for your college! The fact that you unloaded the dishwasher did not free your parents from the financial burden of paying you what must haves been a very lucrative allowance! Many parents can’t afford to pay their kids $80k in allowance over the years because they are busy paying off their own loans. Which brings us back to the heart of the issue.

Oh, FFS. They STARTED teaching me with my allowance. I also worked a job in HS - two during the summer - and two jobs in the summer during my college years.
If you want to save, you can.

Wow you were able to make enough working part time in hs and college to cover all of your college expenses. That’s great! Where do you work? I also worked throughout hs and college. I didn’t come anywhere near $20k per year, especially after paying my other expenses such as gas and car insurance.

Oh, sweetie... I worked since I was 12. Babysat quite a bit. Then, waitressed and worked summer rec. I worked A LOT!
I saved nearly everything I made. I didn't buy a lot of clothes or other personal items. I didn't vacation. You could say I was boring. I worked, played sports, and saved money.

I suffered, so should everyone else! Just have your working class kid slave their way through a BA working 40 hours a week so they too can grow up to be a right wing wench who posts anti-student loan forgiveness bootstrap crap on message boards on a gorgeous summer weekend. A sure sign PP is super happy and fulfilled and has lots of friends, kids and grandkids who love to be around her.

Meanwhile, all the born rich and upper middle class kids have family paying cash. It is no wonder the class divide is broader than ever.

+ a million. Get pissed off at colleges and this country’s education system before directing your ire at middle class people getting modest relief from student loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Biden and leading Democrats like Elisabeth Warren lied. That's what happened. They aren't going to forgive a cent before the mid-terms, let alone that $10k per borrower they dangled for years. When the Republicans steal back the majority in November, Dems get to make them the student loan forgiveness bogeyman again. It's all fake, neither sides cares about the peasants on the bottom. So just pay off your debts or get a public service or fed job that forgives them because Congress nor POTUS will ever do a thing for you.

If student loans should be forgiven then the recipients of these loan forgiveness should give something back to as in serving four years in American peace corps. Student loans should not be forgiven anymore than mortgages should be forgiven.

If you're a lawyer then volunteer for pro Bono for four years. Medical free medical care for areas without doctors. College isn't free and it took me 7 years to get my BA because I worked a year and saved to go to school a year. I went to a state school and lived at home but also paid for room and board and you could have done the same.

No way should student loans be forgiven.

Four years in the Peace Corps for 10k in forgiveness? You are nuts! Maybe GM and financial institution execs should have to do this though for the billions they have gotten in bailouts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fix the system, don’t put a useless bandaid on problematic outcomes. Typical democrat strategy to buy votes but fix nothing.

Republicans aren’t talking about it all. No solutions.
Just nothing.

There is nothing to discuss. People willing took out loans, so they need to repay their debt. The end.

Once again, these loans prey on kids. A 17 or 18 year old does not understand what they are getting into. And nobody explains to them that $60k in loans will end up costing them several hundred thousand over the course of their life. I watched my own kids get offers and accept loans. None of this was laid out for them.

There were a lot of 17 and 18 year olds at my state school who didn't take out $60k in loans. Sorry that other 17 and 18 year old were chasing status and paid full freight at ritzy private schools.

PG Community College is $6k/year. If you're household income is $100k or less, it's free.


60k is full pay at a state school.......not private. And 60k of unsubsidized loans is easily 80-100k by graduation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why should working class people who had NOTHING TO DO with these loans bail out those who made bad decisions?

The working class are the ones getting bailed out by $10K forgiveness. The government has my tax monies and I want some of it back.

The working class who never went to college? Nope. Try again.
We have tens of millions of people barely keeping their heads above water because of Biden's recession.... they didn't go to college... and you want THEM to bail out those who did?

NO WAY!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:get over it guys and gals, the irresponsible people will get some sort of relief for perusing low paying careers and taking out a bunch of loans without any thought on how they would pay it back and the tax payers will fork the bill. thank you!!

Do you realize that the “irresponsible people” who decide to take out these loans are HIGH SCHOOL SENIORS? We make high schoolers decide where they will go to college and how they will finance it. They make these decisions when they are 17 or 18. Do you really think they understand that they will actually have to pay back thousands upon thousands more than they received? I have 2 college students. It was never explained to them that they will have to pay it back several times over. Fortunately, my kids have parents who helped them understand this, have some college savings for them, and will help them pay back the loans. Many kids do not have parents who can or will help them. If their own parents didn’t go to college, then they probably don’t have a clear understanding either. Yes, a college senior is old enough to understand the concept of loans and interest…but not to this magnitude. My kids’ colleges offered them thousands in loans, and it was never laid out for them that if they make minimum payments, it will take this many years, and they will end up paying this amount.

Even if it was laid out for them, high schoolers have no idea what their income and expenses will be in five years or twenty years. Ridiculous that we let children commit to these astronomical loans and then half the country calls them irresponsible for getting in this position. Even though, if they avoided it by working low-wage blue collar jobs instead of college, half the country will call them lazy and say those jobs aren’t meant for adults. They can’t win.

Which is why it’s good that 18-22 year olds are limited in the amount of money they can take out on their own. The problem is graduate school loans and parents taking out and co-signing private loans. You’d think a parent would know better than to sign up their kid for $20k a year in loans. What kid is going to tell their parent no?

Believe me, students are given more than enough loans to get themselves into financial trouble. And most graduate students still don’t have enough real world experience to understand what they are signing up for. They have only known home and college life. We take out loans for cars/houses based on our current financial situation. Students are expected to predict what their future expenses and salary will be and budget their entire future before their brain is fully developed.

And many parents don’t know better. My own parents are smart and financially responsible. But they didn’t go to college. My siblings and I all went to our hometown college and lived at home. Our tuition was less than $1K. When my kids were little and I talked about saving for their college, my mom said that it’s not that bad and people make it sound worse than it is. She said, “We just put it on a low interest credit card and paid it off throughout the year.” So…that’s the kind of advice a lot of kids are getting and the expectations many parents have and plan for over the years.

Btw, tuition at my hometown college is now over $8K.

Which makes it substantially cheaper than DC area preschool tuition, which no one can get a loan to cover.

I don’t know of any career fields or state colleges that care what preschool you went to or if you even went to preschool. Can we stop reaching for these ridiculous comparisons?

Let me try to spell this out for you. If I want to be a nurse, I HAVE to go to college. I don’t have to go to preschool. I can go my entire life without taking on a car loan or mortgage or credit card. But I am required to get that degree. Do you understand the difference?

And, if you have your entire school age years to save up for that much desired degree. That is what many of us did. Then, if we needed student loans, we sacrificed vacations, new cars, and other "luxuries" in order to pay off those loans. Never went on a spring break trip.
You took out a loan? Pay it back.

My word. This just keeps getting worse. Now we expect kindergartners to start saving for college?

Actually, kindergarteners need to learn about the value of money. There are ways to teach kids to save and spend. My parents taught me from the time I started earning an allowance. We taught our kids the same way. It is amazing how quickly the learn!

YOUR ALLOWANCE CAME FROM YOUR PARENTS! So if you paid for college with a lifetime of allowance, your parents’ money still paid for your college! The fact that you unloaded the dishwasher did not free your parents from the financial burden of paying you what must haves been a very lucrative allowance! Many parents can’t afford to pay their kids $80k in allowance over the years because they are busy paying off their own loans. Which brings us back to the heart of the issue.

Oh, FFS. They STARTED teaching me with my allowance. I also worked a job in HS - two during the summer - and two jobs in the summer during my college years.
If you want to save, you can.

Wow you were able to make enough working part time in hs and college to cover all of your college expenses. That’s great! Where do you work? I also worked throughout hs and college. I didn’t come anywhere near $20k per year, especially after paying my other expenses such as gas and car insurance.

Oh, sweetie... I worked since I was 12. Babysat quite a bit. Then, waitressed and worked summer rec. I worked A LOT!
I saved nearly everything I made. I didn't buy a lot of clothes or other personal items. I didn't vacation. You could say I was boring. I worked, played sports, and saved money.

I suffered, so should everyone else! Just have your working class kid slave their way through a BA working 40 hours a week so they too can grow up to be a right wing wench who posts anti-student loan forgiveness bootstrap crap on message boards on a gorgeous summer weekend. A sure sign PP is super happy and fulfilled and has lots of friends, kids and grandkids who love to be around her.

Meanwhile, all the born rich and upper middle class kids have family paying cash. It is no wonder the class divide is broader than ever.

+ a million. Get pissed off at colleges and this country’s education system before directing your ire at middle class people getting modest relief from student loans.

They signed for the loans. They need to pay their debts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why should working class people who had NOTHING TO DO with these loans bail out those who made bad decisions?

The working class are the ones getting bailed out by $10K forgiveness. The government has my tax monies and I want some of it back.

The working class who never went to college? Nope. Try again.
We have tens of millions of people barely keeping their heads above water because of Biden's recession.... they didn't go to college... and you want THEM to bail out those who did?

NO WAY!

Nurses are working class. Teachers are working class. Social workers are working class. People who started college but didn’t finish are definitely working class.

Or are only white guys in $60K pickup the “real” working class Americans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fix the system, don’t put a useless bandaid on problematic outcomes. Typical democrat strategy to buy votes but fix nothing.

Republicans aren’t talking about it all. No solutions.
Just nothing.

There is nothing to discuss. People willing took out loans, so they need to repay their debt. The end.

Once again, these loans prey on kids. A 17 or 18 year old does not understand what they are getting into. And nobody explains to them that $60k in loans will end up costing them several hundred thousand over the course of their life. I watched my own kids get offers and accept loans. None of this was laid out for them.

There were a lot of 17 and 18 year olds at my state school who didn't take out $60k in loans. Sorry that other 17 and 18 year old were chasing status and paid full freight at ritzy private schools.

What ritzy private school education teacher only costs $60k? My kid goes to a state school. Her (in-state) tuition and housing is $20k per year. So, her defree will cost $80k.

[Anonymous]

It is really under-reported, in fact I've never seen it reported, how uneducated millions of the 18 year old "adults" are who are taking out federal loans. All high school diplomas are not created equally.

Inner-city public high schools graduate kids that can't read above a 6th grade level. Bottom of the class at public high schools in poor white and Hispanic communities aren't any better. Convicts get their GED in county jail but can't write a single coherent sentence. All of these legal adults are allowed to go sign up for $30K in federal student loans even though they're nowhere near college ready.

It is no wonder the dropout rate for this cohort is 80 to 90%. Tens of millions of these poor students were never fit for college, never will be, but they were allowed to rack up up to $30K in federal student loans. It's predatory. The "scam" for-profit and private colleges get a lot of ink spilled, but the colleges most likely to be scamming students in this cohort are local community colleges and commuter universities who admit basically everyone. But they're "public institutions" so they get a pass as if they're noble.

The completion rate at the community college Jill Biden teaches at is only about 25%. So 3 in 4 low-income students there just waste their time and leave with a mountain of loans. Most community colleges have even worse completion rates.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fix the system, don’t put a useless bandaid on problematic outcomes. Typical democrat strategy to buy votes but fix nothing.

Republicans aren’t talking about it all. No solutions.
Just nothing.

There is nothing to discuss. People willing took out loans, so they need to repay their debt. The end.

Once again, these loans prey on kids. A 17 or 18 year old does not understand what they are getting into. And nobody explains to them that $60k in loans will end up costing them several hundred thousand over the course of their life. I watched my own kids get offers and accept loans. None of this was laid out for them.

There were a lot of 17 and 18 year olds at my state school who didn't take out $60k in loans. Sorry that other 17 and 18 year old were chasing status and paid full freight at ritzy private schools.

No kid can take out $60k in loans for college. Stop spreading disinformation you right wing hack. The federal max for undergrad is around $30k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fix the system, don’t put a useless bandaid on problematic outcomes. Typical democrat strategy to buy votes but fix nothing.

Republicans aren’t talking about it all. No solutions.
Just nothing.

There is nothing to discuss. People willing took out loans, so they need to repay their debt. The end.

Once again, these loans prey on kids. A 17 or 18 year old does not understand what they are getting into. And nobody explains to them that $60k in loans will end up costing them several hundred thousand over the course of their life. I watched my own kids get offers and accept loans. None of this was laid out for them.

There were a lot of 17 and 18 year olds at my state school who didn't take out $60k in loans. Sorry that other 17 and 18 year old were chasing status and paid full freight at ritzy private schools.

No kid can take out $60k in loans for college. Stop spreading disinformation you right wing hack. The federal max for undergrad is around $30k.

umm....pp said "didn't take out $60k in loans. did you graduate from college?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why should working class people who had NOTHING TO DO with these loans bail out those who made bad decisions?

The working class are the ones getting bailed out by $10K forgiveness. The government has my tax monies and I want some of it back.

The working class who never went to college? Nope. Try again.
We have tens of millions of people barely keeping their heads above water because of Biden's recession.... they didn't go to college... and you want THEM to bail out those who did?

NO WAY!

Nurses are working class. Teachers are working class. Social workers are working class. People who started college but didn’t finish are definitely working class.

Or are only white guys in $60K pickup the “real” working class Americans?

If they had nothing to do with these loans, why should they pay? I don't care what their race or occupation is. Why should people who have nothing to do with the loans be forced to help pay them off?

[Anonymous]

Anonymous wrote:It is really under-reported, in fact I've never seen it reported, how uneducated millions of the 18 year old "adults" are who are taking out federal loans. All high school diplomas are not created equally.

Inner-city public high schools graduate kids that can't read above a 6th grade level. Bottom of the class at public high schools in poor white and Hispanic communities aren't any better. Convicts get their GED in county jail but can't write a single coherent sentence. All of these legal adults are allowed to go sign up for $30K in federal student loans even though they're nowhere near college ready.

It is no wonder the dropout rate for this cohort is 80 to 90%. Tens of millions of these poor students were never fit for college, never will be, but they were allowed to rack up up to $30K in federal student loans. It's predatory. The "scam" for-profit and private colleges get a lot of ink spilled, but the colleges most likely to be scamming students in this cohort are local community colleges and commuter universities who admit basically everyone. But they're "public institutions" so they get a pass as if they're noble.

The completion rate at the community college Jill Biden teaches at is only about 25%. So 3 in 4 low-income students there just waste their time and leave with a mountain of loans. Most community colleges have even worse completion rates.

Shouldn't kids be learning - IN HIGH SCHOOL - the consequences of taking out student loans? Shouldn't this be part of their education?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden and leading Democrats like Elisabeth Warren lied. That's what happened. They aren't going to forgive a cent before the mid-terms, let alone that $10k per borrower they dangled for years. When the Republicans steal back the majority in November, Dems get to make them the student loan forgiveness bogeyman again. It's all fake, neither sides cares about the peasants on the bottom. So just pay off your debts or get a public service or fed job that forgives them because Congress nor POTUS will ever do a thing for you.

If student loans should be forgiven then the recipients of these loan forgiveness should give something back to as in serving four years in American peace corps. Student loans should not be forgiven anymore than mortgages should be forgiven.

If you're a lawyer then volunteer for pro Bono for four years. Medical free medical care for areas without doctors. College isn't free and it took me 7 years to get my BA because I worked a year and saved to go to school a year. I went to a state school and lived at home but also paid for room and board and you could have done the same.

No way should student loans be forgiven.

Four years in the Peace Corps for 10k in forgiveness? You are nuts! Maybe GM and financial institution execs should have to do this though for the billions they have gotten in bailouts.

Peace Corps is for rich people and is extremely selective. The military has college loan repayment.

[Anonymous]

The people going to college are probably smarter than those who don't, so shouldn't they be smart enough to know how much their loans are?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why should working class people who had NOTHING TO DO with these loans bail out those who made bad decisions?

The working class are the ones getting bailed out by $10K forgiveness. The government has my tax monies and I want some of it back.

The working class who never went to college? Nope. Try again.
We have tens of millions of people barely keeping their heads above water because of Biden's recession.... they didn't go to college... and you want THEM to bail out those who did?

NO WAY!

Nurses are working class. Teachers are working class. Social workers are working class. People who started college but didn’t finish are definitely working class.

Or are only white guys in $60K pickup the “real” working class Americans?

You cant lump in college dropouts with teachers and nurses. Many college dropouts make a lot of money.

My neighbor never went to college. Shortly after high school, he went to prison. He lives in a multimillion dollar house with an infinity pool and a basketball court and sends his kids to private school. You can say that broadly speaking, people who go to college tend to earn more. But you cant make "definite" statements about the financial prospects of people who dont go to college.