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Reply to "SCOTUS on Student Loan 9 - 0"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Common damn sense. You take out debt, sign a contract agreeing to pay, therefore you pay when the bill comes due. Not sure why this common sense idea needed to go all the way to the SC. No one owes you for taking out debt due to your own free will. The govt can't block lenders from receiving payments in accordance with an agreed upon contract. Pay your damn bills.[/quote] I took out 25k. I’ve repaid over 45k thanks to compounding interest. It’s not my job to prop up the DoE and their vendors. [/quote] Take your concerns up with Obama. That all started under his "genius" plan. [/quote] Interesting…. because I went to grad school when Bush was president so, I’m not sure what Obama started that impacts me here. [/quote] Did you take a private loan?[/quote] There was a small portion that was private and those were quickly paid off. The overwhelming majority of my loans were FFELP which if they were still intact would have been already removed from forgiveness last fall. I’m just pointing out that this pay for what you owe bullsh*t argument ignored compounding annual interest that turned my loan into an 80% interest rate instead of 6.25% I signed on for. [/quote] It looks like you paid $200 a month for your $25k loan and are surprised by the total interest. Or perhaps you waited 4 years and then paid $300 a month for about 12 years. [/quote] You’re in the ballpark, the monthly payment balance difference is de minimus. I wasn’t surprised. I never said the amount was difficult. They are, and have been, paid and I wasn’t benefiting from any forgiveness. My point was to the initial poster who said “you pay when the bill comes due”. I did pay my entire loan, plus another $20k. Again, loans backed by the federal government should not be a revenue generator. And so have many people that borrowed a whole lot more than me and have been paying for years and their balances today are higher than their original principal at graduation (or worse when they dropped out and received no corresponding pay increase from their degree). [/quote] So the loan product should be as available as possible for compete garbage “degrees” and there should be no value associated with administering those loans at all? Yeah, that won’t make “education” any more expensive. Who is going to cover the cost of administering all these loan programs in the first place. The whole thing is a complete waste of economic production. It’s asymptotic in its inefficiency. And it starts with people who would otherwise be economically productive going to four years of worthless “university” and getting high and playing Xbox [/quote] You’re moving the goalposts. No one said “available as possible”, no one said garbage degrees. Can you even get federally backed education loans for many of these now defunct for profit worthless degree mills? I didn’t think so. Someone is administering the loans today. We know what those costs look like. Like any other agency they have levers they can adjust to combat costs. I just don’t believe they should be raking it in. The CEO of Navient (fka Sallie Mae) made over $8million last year. [/quote] 80% of higher education in the US is total garbage. It’s not limited to for-profit mills. This includes many second rate state schools. The kids attending these schools aren’t learning anything useful and we are losing four years of productivity from them. On top of that, we are creating money to make it happen and employing others “teaching” them. The whole thing is a massive crock of BS. Start by closing all these schools by drying up the funding. Send the “professors” out to build roads. Maybe they might actually be useful then. Have the kids attending these schools go and work. They already are computer literate. They and the country will be better for it. [/quote] Send the politicians and lobbyists and gov contractors out to build roads. [/quote]
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