Anonymous wrote:

Why should you be allowed to take out loans on useless majors?

And who is going to decide what those "useless majors" are? Would a foreign language major be considered useless (Spanish major here)? English major? History major?

By not being able to repay the debt the free market has determined which majors are worthless

Why should you be allowed to take out loans on useless majors?

And who is going to decide what those "useless majors" are? Would a foreign language major be considered useless (Spanish major here)? English major? History major?

Anonymous wrote:

Anonymous wrote:Dh took out 80k in student loans. He was able to repay it all in 4 years. I worry that if they don't allow student loans that DH wouldn't have been able to pursue his dream career. That's my fear when they talk about student loan reform.

Why should you be allowed to take out loans on useless majors?

Because student loans are granted based on the institution, not the department within the institution. If you don't want people to be able to take out loans to pay for literature degrees, you will need to prevent universities from offering literature degrees. Good luck with that.

Anonymous wrote:

Anonymous wrote:If they had picked more lucrative fields they wouldn't be in this position. The system rewards those that choose wisely.

If everyone chooses a 'lucrative' field it probably wouldn't be so lucrative anymore.

Plus we need professionals in low paying fields. As someone who has to hire social workers (with a masters as a basic application requirement) I have nothing but respect for people who spend $ on a decent amount of education only to make a lifetime of low wages.

Anonymous wrote:

One take-away for me is how helpful it would be for every high school student to be able to take a class on personal finance.

It's a requirement for HS graduation in FFX

Anonymous wrote:

Anonymous wrote:Dh took out 80k in student loans. He was able to repay it all in 4 years. I worry that if they don't allow student loans that DH wouldn't have been able to pursue his dream career. That's my fear when they talk about student loan reform.

Why should you be allowed to take out loans on useless majors?

Well obviously my DH didn't go into a useless field or have a useless major. He just had parents that wouldn't pay for college.

Anonymous wrote:Dh took out 80k in student loans. He was able to repay it all in 4 years. I worry that if they don't allow student loans that DH wouldn't have been able to pursue his dream career. That's my fear when they talk about student loan reform.

Why should you be allowed to take out loans on useless majors?

Anonymous wrote:If they had picked more lucrative fields they wouldn't be in this position. The system rewards those that choose wisely.

Yeah! Stop being poor!

Dh took out 80k in student loans. He was able to repay it all in 4 years. I worry that if they don't allow student loans that DH wouldn't have been able to pursue his dream career. That's my fear when they talk about student loan reform.

Easy money, easy access, easy to get into debt. If you're smart enough to go to college you should be smart enough to handle finances. Ignorance is no excuse. Most of that money went to living large. That I can safely say is true.

College isn't for everyone. And if you want it, you can work your way through without debt or have manageable debt.

That being said, boo hoo. The internet makes it easy for you to claim victim status. Even beg for money. I'm sure some rich DC Mom or Dad will help these poor children pay off their debt.

When I ran up medical debt, I was expected to pay it. No one gave me money or forgave my debts.

Want to see my scars ?

Anonymous wrote:If they had picked more lucrative fields they wouldn't be in this position. The system rewards those that choose wisely.

If everyone chooses a 'lucrative' field it probably wouldn't be so lucrative anymore.

I also think that we, as parents, have to educate our kids with regard to debt and help them understand the decisions they are making when they borrow money for college. I am often shocked when I hear parents allowing their kids to take out huge loans each year without counseling them on the realities of debt repayment.

If they had picked more lucrative fields they wouldn't be in this position. The system rewards those that choose wisely.

I looked at that this morning and thought it was interesting. I got anxious for all of them. Being in debt is a really bad feeling.

I thought many would be interested in this Washington Post article that features of photo essay of living with debt in America. Very interesting.

http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/16/these-powerful-photos-of-people-living-with-debt-will-make-you-feel-not-alone/?tid=trending_strip_1

One take-away for me is how helpful it would be for every high school student to be able to take a class on personal finance.

I was completely ignorant of personal finance myself and ran up a lot of credit card debt in my 20s and early 30s (approx $50K). Then I inherited about that amount, allowing me to wash away that consumer debt. That was a wake-up call to me, and while I was saved from severe consequences by a one-time stroke of luck, I won't let me get into debt again. Once I washed away my debt, I was so happy and content. I slept a lot better. It make me realize how stressful and demoralizing it is to be in debt.