What is going on with student loans?

[Anonymous]

Anonymous wrote:

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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.

[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.

Sounds boring.

[Anonymous]

Anonymous wrote:
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.

18 and 19 year old kids can't a mortgage. And auto and credit card loans are vetted. Literally anyone, no matter if they're jobless, low IQ, functionally illiterate and literally illiterate, and even legally retarded can get upwards of $30,000 in federal student loans with zero vetting. And if you've looked at the data on the capacity of an average American 12th grader in 2022, they are reading, writing, and doing math and science at more like a primary school level. It is predatory, full stop. More than half of the low and middle income with undergraduate student loans should have never been allowed to take them out, whether they were at a for profit scam school, private scam school, community college, or whatever other open admit degree mill admitted them to prey on them. Higher ed institutions have been preying on the most vulnerable and most desperate kids in the nation for decades. Half of these students have loans and flunked out with no degree because they never had the capacity to do college-level work in the first place.

[Anonymous]

Can’t wait all… about to have all of my loans forgiven. I had a couple Vail trips planned for next year and going to add a third if it gets done. Plus I have been waiting years to get that Cayman S I’ve had my eyes on. Public service for the win!

Thanks everyone!

[Anonymous]

Talk about adverse selection….now taxpayers are rewarding the biggest losers amongst us. If you’re having trouble repaying loans that’s just a symptom of a much larger underlying problem in your life. In all likelihood you weren’t a good candidate for college to begin with. You likely performed poorly, chose a major with limited job prospects or a salary too low to cover your debt. You likely didn’t even graduate and you certainly didn’t choose a college commensurate with your means. Typical American who makes a string of bad decisions and then wants a bailout. Disgusting cultural norm.

[Anonymous]

Anonymous wrote:Can’t wait all… about to have all of my loans forgiven. I had a couple Vail trips planned for next year and going to add a third if it gets done. Plus I have been waiting years to get that Cayman S I’ve had my eyes on. Public service for the win!

Thanks everyone!

This comment is incredibly stupid on multiple levels.

[Anonymous]

Anonymous wrote:Can’t wait all… about to have all of my loans forgiven. I had a couple Vail trips planned for next year and going to add a third if it gets done. Plus I have been waiting years to get that Cayman S I’ve had my eyes on. Public service for the win!

Thanks everyone!

So the money that was supposed to go toward student loans will instead be pumped into the economy? Well shoot. That’s not the point of student loan forgiveness. Oh wait. Yes it is. Enjoy your travels and I hope you will support a lot of small businesses along the way!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can’t wait all… about to have all of my loans forgiven. I had a couple Vail trips planned for next year and going to add a third if it gets done. Plus I have been waiting years to get that Cayman S I’ve had my eyes on. Public service for the win!

Thanks everyone!

So the money that was supposed to go toward student loans will instead be pumped into the economy? Well shoot. That’s not the point of student loan forgiveness. Oh wait. Yes it is. Enjoy your travels and I hope you will support a lot of small businesses along the way!

https://imgflip.com/i/6ohstr

[Anonymous]

Anonymous wrote:Talk about adverse selection….now taxpayers are rewarding the biggest losers amongst us. If you’re having trouble repaying loans that’s just a symptom of a much larger underlying problem in your life. In all likelihood you weren’t a good candidate for college to begin with. You likely performed poorly, chose a major with limited job prospects or a salary too low to cover your debt. You likely didn’t even graduate and you certainly didn’t choose a college commensurate with your means. Typical American who makes a string of bad decisions and then wants a bailout. Disgusting cultural norm.

Typical spoiled out of touch woman who thinks that she is special because she was born on third base or married into it and sees the world as black and white because she never developed the intelligence or creativity to see it any other way. Yeah, go tell a bunch or teachers, social workers, and medical residents who have done more for others than you ever have in your policy wonk position what stupid losers they are. And go vote Republican because that it what you are.

[Anonymous]

Anonymous wrote:Talk about adverse selection….now taxpayers are rewarding the biggest losers amongst us. If you’re having trouble repaying loans that’s just a symptom of a much larger underlying problem in your life. In all likelihood you weren’t a good candidate for college to begin with. You likely performed poorly, chose a major with limited job prospects or a salary too low to cover your debt. You likely didn’t even graduate and you certainly didn’t choose a college commensurate with your means. Typical American who makes a string of bad decisions and then wants a bailout. Disgusting cultural norm.

Most colleges are not “commensurate” with the means of a vast majority of people. What planet do you live on? Are they just not supposed to pursue an education so that spoiled rich kids like you will have no competition?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can’t wait all… about to have all of my loans forgiven. I had a couple Vail trips planned for next year and going to add a third if it gets done. Plus I have been waiting years to get that Cayman S I’ve had my eyes on. Public service for the win!

Thanks everyone!

So the money that was supposed to go toward student loans will instead be pumped into the economy? Well shoot. That’s not the point of student loan forgiveness. Oh wait. Yes it is. Enjoy your travels and I hope you will support a lot of small businesses along the way!

https://imgflip.com/i/6ohstr

Most college kid I’ve known who goes on spring break trips fit into one of two categories- their rich parents are paying for the trip and their college (no loans involved) or they save up and do the trip as cheap as possible (like 15 kids sleeping in one hotel room). I don’t know anyone using student loan money to go to Destin for SB. Not saying it never happens. I just don’t think it is such an issue that it justifies ignoring the student debt problem.

You people just need to understand that student loan forgiveness is not charity. It is a way to redirect money earned by middle class Americans and getting that money into our businesses instead of these predatory loan companies.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

And, they think the govt. can run our health care......


Department of Education miscalculated student loan spending by $311B: Watchdog

A new report from the federal government’s watchdog agency shows the Department of Education understated the cost of the federal student loan program by $311 billion.

The Government Accountability Office's report, released Friday, showed that from 1997 to 2021, the department estimated the federal direct loan program would generate $114 billion in revenue from the program over that period of time.

But the program, which disbursed $1.8 trillion in student loans, has actually cost the department $197 billion over the past 25 years, a discrepancy of $311 billion.

The report says $189 billion of the $311 billion shortfall was due to the department making assumptions about student loan borrowers that ultimately proved to be flawed or incorrect. The additional $122 billion was due to "programmatic changes" that included the suspension of loan payments and interest accumulation during the COVID-19 pandemic.

https://www.washingtonexaminer.com/policy/education/watchdog-department-of-education-311-billion-student-loans

[Anonymous]

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.