What is going on with student loans?

[Anonymous]

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

[Anonymous]

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

Obviously the system needs fixed. But bandaids serve a purpose. Should we let thousands of students “bleed out” while we spend several years trying to find a fix to this very complicated issue?

[Anonymous]

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.

18 years are old enough to get a car loan, get a mortgage, and get a credit card. Why is a student loan any different in terms of a bailout? If this population is vulnerable, we shouldn't allow them access to any financial asset until they are older.

You are really comparing student loans to mortgages, car loans, and credit cards? Sure, we can get together ourselves into trouble with these things, but there are ways out. Many people choose to downsize their cars and houses during certain seasons of life. If you don’t like the terms of your credit card, you can cancel it. You can’t really return your degree. You are absolutely stuck.

[Anonymous]

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.

[Anonymous]

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?

[Anonymous]

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.

[Anonymous]

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.

18 years are old enough to get a car loan, get a mortgage, and get a credit card. Why is a student loan any different in terms of a bailout? If this population is vulnerable, we shouldn't allow them access to any financial asset until they are older.

You are really comparing student loans to mortgages, car loans, and credit cards? Sure, we can get together ourselves into trouble with these things, but there are ways out. Many people choose to downsize their cars and houses during certain seasons of life. If you don’t like the terms of your credit card, you can cancel it. You can’t really return your degree. You are absolutely stuck.

Apparently youve never heard of an underwater loan. For a billion reasons, you cant just sell a car or house and be done with the loan in a down market.

[Anonymous]

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.

[Anonymous]

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.

18 years are old enough to get a car loan, get a mortgage, and get a credit card. Why is a student loan any different in terms of a bailout? If this population is vulnerable, we shouldn't allow them access to any financial asset until they are older.

You are really comparing student loans to mortgages, car loans, and credit cards? Sure, we can get together ourselves into trouble with these things, but there are ways out. Many people choose to downsize their cars and houses during certain seasons of life. If you don’t like the terms of your credit card, you can cancel it. You can’t really return your degree. You are absolutely stuck.

Apparently youve never heard of an underwater loan. For a billion reasons, you cant just sell a car or house and be done with the loan in a down market.

Yes, I realize that and I didn’t mean to downplay these types of situations. Still not the same as convincing a literal child to take on a lifetime of debt.

[Anonymous]

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?

[Anonymous]

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.

[Anonymous]

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.

18 years are old enough to get a car loan, get a mortgage, and get a credit card. Why is a student loan any different in terms of a bailout? If this population is vulnerable, we shouldn't allow them access to any financial asset until they are older.

You are really comparing student loans to mortgages, car loans, and credit cards? Sure, we can get together ourselves into trouble with these things, but there are ways out. Many people choose to downsize their cars and houses during certain seasons of life. If you don’t like the terms of your credit card, you can cancel it. You can’t really return your degree. You are absolutely stuck.

Apparently youve never heard of an underwater loan. For a billion reasons, you cant just sell a car or house and be done with the loan in a down market.

I don't know about cars, but many homeowners with underwater loans just walk away. They don't have to pay the banks the balance. The only thing that suffers is their credit score for about 7 years.

[Anonymous]

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.

That is not what business owners do. Business owners take loans and expense them, thus reducing their tax obligations.


DP.
I went to school to become a lawyer. Without that law degree I cannot practice law. I should be able to expense my student loans like business owners do. Why am I paying my loans with after tax dollars?

The PP should be able to expense the cost of nursing school.

[Anonymous]

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?

[Anonymous]

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!