WTF? Govt rewarding bad behavior Part II

[Anonymous]

liberal art and liberals = FAIL at life

[Anonymous]

Anonymous wrote:liberal art and liberals = FAIL at life

You are dumber than a post. Just FYI.

[Anonymous]

Income-based repayment (IBR) is a “disaster” that could cost billions of dollars in the future. The Congressional Budget Office (CBO) estimates costs and revenues for a 10-year window: Since IBR’s costs kick in 10 to 20 years in the future, it’s being treated as free.

This program is not free folks. It is a financial train wreck waiting to happen.

[Anonymous]

[Anonymous]

TheManWithAUsername wrote:

Anonymous wrote:Like it or not, we're always going to have dumbasses who are unable to live within their means and/or do not have the drive to seek gainful employment. Either they ring up $50-$100k in debt to get a BA in Gay Chicano Studies, ring up $1mn of mortgage debt on $150k HHI, or whatever.

We can either: (1) pay to keep them quiet and get their less dumbass offspring into the productive class, (2) pay for the security apparatus to keep them away from us, or (3) jostle each other out of the way to get on the boats/planes that'll take us away from Madame Defarge.

We could just get out of the way and let those dumb enough to lend to dumbasses suffer the consequences. Stop guaranteeing student loans for Gay Chicano Studies and allow bankruptcy to protect against student loans.

Anonymous wrote:I will say this: anyone whose parents put them through college has ZERO right to make fun of the student loan slaves.

I didn't notice anyone doing that, but maybe I missed it. I did notice you calling them dumbasses and mockingly referring to Gay Chicano Studies. FWIW, I bought my liberal arts BA with tens of thousands in student loans.

No problem with making student loans dischargeable in bankruptcy. As it stands right now, it's a mint for private lenders, what with student loans being dischargeable only if you leave feet first.

And, yes, I believe some academic study fields are of little aid in obtaining a first job.

I also believe global warming is occurring and that its cause is more than likely man-made.

[Anonymous]

Anonymous wrote:How about we just let people be responsible? If you take out the loan, your repay the loan. Why is that so difficult for some people to stomach?

People biting off more than they can chew in record numbers makes the system collapse. Financial aid/loans are not subject to credit checks or max. lend amounts. They will keep handing it out. The schools don't care..more $ for them.

That is why tuition rates have been rising exponentially...like a rocket trajectory.

Just allowing loans in any amount to anyone is on a path to make college unaffordable for anyone to pay the full amount (even those of us that have been socking it away in 529s, etc since our kids were babies). Tuition will keep going up because schools know people will continue to borrow in record amounts.

I think America has learned that is impossible to keep the majority 'responsible' in the materialistic society in which we live.

[Anonymous]

PP And this justifies another entitlement plan?

[Anonymous]

correct, steer students away from loans that can never be paid back from the degree they are majoring (English, History etc...)

[Anonymous]

To bring this full circle, I agree that (i) inability to discharge loans in bankruptcy, (ii) loose (OK, nonexistent) lending standards, and (iii) consolidation of federal loans into a 30-year repayment program all conspire drive tuition increases at a rate that far exceeds inflation. Students don't care how much they take out because they can repay it for a fairly small monthly payment over 30 years and, let's face it, most of them are 18 years old and idiots, lenders don't care about even basic underwriting because there's no way for the students to avoid repayment absent death, and schools don't care about raising tuition because they KNOW lenders will lend the full amounts.

The income based repayment program is just another way to minimize the consequences of excessive borrowing. Now, the risk is all on the students - this shifts it onto the taxpayers. Now, NO one has an incentive to acr responsibly, even the borrowers.

I'm pretty liberal, but I also have a 5 yo daughter, and I'd like some rationality returned to the system in the next 12 years or so. This program doesn't do that - it exacerbates the problem.

[Anonymous]

Anonymous wrote:To bring this full circle, I agree that (i) inability to discharge loans in bankruptcy, (ii) loose (OK, nonexistent) lending standards, and (iii) consolidation of federal loans into a 30-year repayment program all conspire drive tuition increases at a rate that far exceeds inflation. Students don't care how much they take out because they can repay it for a fairly small monthly payment over 30 years and, let's face it, most of them are 18 years old and idiots, lenders don't care about even basic underwriting because there's no way for the students to avoid repayment absent death, and schools don't care about raising tuition because they KNOW lenders will lend the full amounts.

The income based repayment program is just another way to minimize the consequences of excessive borrowing. Now, the risk is all on the students - this shifts it onto the taxpayers. Now, NO one has an incentive to acr responsibly, even the borrowers.

I'm pretty liberal, but I also have a 5 yo daughter, and I'd like some rationality returned to the system in the next 12 years or so. This program doesn't do that - it exacerbates the problem.

You wouldn't need all the above changes if students would pick a major that had the ability to make money and pay their loan off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:To bring this full circle, I agree that (i) inability to discharge loans in bankruptcy, (ii) loose (OK, nonexistent) lending standards, and (iii) consolidation of federal loans into a 30-year repayment program all conspire drive tuition increases at a rate that far exceeds inflation. Students don't care how much they take out because they can repay it for a fairly small monthly payment over 30 years and, let's face it, most of them are 18 years old and idiots, lenders don't care about even basic underwriting because there's no way for the students to avoid repayment absent death, and schools don't care about raising tuition because they KNOW lenders will lend the full amounts.

The income based repayment program is just another way to minimize the consequences of excessive borrowing. Now, the risk is all on the students - this shifts it onto the taxpayers. Now, NO one has an incentive to acr responsibly, even the borrowers.

I'm pretty liberal, but I also have a 5 yo daughter, and I'd like some rationality returned to the system in the next 12 years or so. This program doesn't do that - it exacerbates the problem.

You wouldn't need all the above changes if students would pick a major that had the ability to make money and pay their loan off.

Sure. If only all students picked a major that made it easy for them to pay off six figures of debt upon graduation, we'd be set. Never mind that at the current rate of increase, tuition at a private university will be over $100,000 in 15 years. Also, I'd like unicorns spewing fairy dust from their asses to show up at my daughter's next birthday. Absent wishing people would undergo a wholesale change in behavior with no incentive to do so, do you have any other suggestions?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To bring this full circle, I agree that (i) inability to discharge loans in bankruptcy, (ii) loose (OK, nonexistent) lending standards, and (iii) consolidation of federal loans into a 30-year repayment program all conspire drive tuition increases at a rate that far exceeds inflation. Students don't care how much they take out because they can repay it for a fairly small monthly payment over 30 years and, let's face it, most of them are 18 years old and idiots, lenders don't care about even basic underwriting because there's no way for the students to avoid repayment absent death, and schools don't care about raising tuition because they KNOW lenders will lend the full amounts.

The income based repayment program is just another way to minimize the consequences of excessive borrowing. Now, the risk is all on the students - this shifts it onto the taxpayers. Now, NO one has an incentive to acr responsibly, even the borrowers.

I'm pretty liberal, but I also have a 5 yo daughter, and I'd like some rationality returned to the system in the next 12 years or so. This program doesn't do that - it exacerbates the problem.

You wouldn't need all the above changes if students would pick a major that had the ability to make money and pay their loan off.

Sure. If only all students picked a major that made it easy for them to pay off six figures of debt upon graduation, we'd be set. Never mind that at the current rate of increase, tuition at a private university will be over $100,000 in 15 years. Also, I'd like unicorns spewing fairy dust from their asses to show up at my daughter's next birthday. Absent wishing people would undergo a wholesale change in behavior with no incentive to do so, do you have any other suggestions?

create an incentive by mandating higher interest rates on degrees that don't pay well. I don't understand how you can charge the same amount of money for every major where as 3/4 of them are worthless and low paying.

[Anonymous]

create an incentive by mandating higher interest rates on degrees that don't pay well. I don't understand how you can charge the same amount of money for every major where as 3/4 of them are worthless and low paying.

I dunno - my history degree led me to law school, and I'm doing pretty well - better than the guys working in our IT department, I assure you. Many of my liberal arts classmates went on to consulting jobs, which don't exactly require you to lie on ramen, either (unless David Chang is preparing it).

Point being, it's not quite so simple as you make it out to be. Wait a minute - reducing complex situations to absurdly simple solutions . . . who knoew Herman Cain frequented DCUM? Don't you have other things to deal with today?

[Anonymous]

Anonymous wrote:

Anonymous wrote:To bring this full circle, I agree that (i) inability to discharge loans in bankruptcy, (ii) loose (OK, nonexistent) lending standards, and (iii) consolidation of federal loans into a 30-year repayment program all conspire drive tuition increases at a rate that far exceeds inflation. Students don't care how much they take out because they can repay it for a fairly small monthly payment over 30 years and, let's face it, most of them are 18 years old and idiots, lenders don't care about even basic underwriting because there's no way for the students to avoid repayment absent death, and schools don't care about raising tuition because they KNOW lenders will lend the full amounts.

The income based repayment program is just another way to minimize the consequences of excessive borrowing. Now, the risk is all on the students - this shifts it onto the taxpayers. Now, NO one has an incentive to acr responsibly, even the borrowers.

I'm pretty liberal, but I also have a 5 yo daughter, and I'd like some rationality returned to the system in the next 12 years or so. This program doesn't do that - it exacerbates the problem.

You wouldn't need all the above changes if students would pick a major that had the ability to make money and pay their loan off.

I am the OP. I am sick of hearing about pick the 'right major'...and I am a Science Major! My dad suggested I go that route instead of my other love, English. I had an equal love for Biotech/Genetics and English- but he was correct in that was marketable and I have done really well for myself. But- what if English was my only interest? Aren't we in need of good English teachers? We really do need the Liberal Arts! There are tons of 'thankless' people that willingly enter into these majors knowing that they will not become rich and I think that is respectable. Maybe there should be an intelligence test and not everyone should be taking out loans to go to college in the first place, e..g, French system, other Euro countries, etc. Maybe we need more legit trade/vocational schools. There are many American kids that are partying at low-rate schools and doing nothing else and then come out with 'worthless' degrees and major debt. I think that is a student problem and not the major. I don't think we cut off all liberal arts and I get angry each time I read that. Where are we as a culture without the arts?

Truthfully, the loan/aid program stays the way it is and no matter what your major- you will not be able to pay back your loan!! FWIW, do we really need more lawyers for that matter? Many can't practice medicine due to the high cost of malpractice insurance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To bring this full circle, I agree that (i) inability to discharge loans in bankruptcy, (ii) loose (OK, nonexistent) lending standards, and (iii) consolidation of federal loans into a 30-year repayment program all conspire drive tuition increases at a rate that far exceeds inflation. Students don't care how much they take out because they can repay it for a fairly small monthly payment over 30 years and, let's face it, most of them are 18 years old and idiots, lenders don't care about even basic underwriting because there's no way for the students to avoid repayment absent death, and schools don't care about raising tuition because they KNOW lenders will lend the full amounts.

The income based repayment program is just another way to minimize the consequences of excessive borrowing. Now, the risk is all on the students - this shifts it onto the taxpayers. Now, NO one has an incentive to acr responsibly, even the borrowers.

I'm pretty liberal, but I also have a 5 yo daughter, and I'd like some rationality returned to the system in the next 12 years or so. This program doesn't do that - it exacerbates the problem.

You wouldn't need all the above changes if students would pick a major that had the ability to make money and pay their loan off.

I am the OP. I am sick of hearing about pick the 'right major'...and I am a Science Major! My dad suggested I go that route instead of my other love, English. I had an equal love for Biotech/Genetics and English- but he was correct in that was marketable and I have done really well for myself. But- what if English was my only interest? Aren't we in need of good English teachers? We really do need the Liberal Arts! There are tons of 'thankless' people that willingly enter into these majors knowing that they will not become rich and I think that is respectable. Maybe there should be an intelligence test and not everyone should be taking out loans to go to college in the first place, e..g, French system, other Euro countries, etc. Maybe we need more legit trade/vocational schools. There are many American kids that are partying at low-rate schools and doing nothing else and then come out with 'worthless' degrees and major debt. I think that is a student problem and not the major. I don't think we cut off all liberal arts and I get angry each time I read that. Where are we as a culture without the arts?

Truthfully, the loan/aid program stays the way it is and no matter what your major- you will not be able to pay back your loan!! FWIW, do we really need more lawyers for that matter? Many can't practice medicine due to the high cost of malpractice insurance.

It's not that we DONT need liberal arts majors, it's that we dont need so many of them. Right now there are too many and the vacant jobs don't require that skillset.