Student loans/debt responsibility?

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  #1  
Old 11-10-2019, 10:06 AM
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Default Student loans/debt responsibility?

I remember when I applied and was approved. I could not have been happier.

Oh but I was happier.....10 years later when I made my final payment.

Being one who honored their obligation while raising a family, buying a home, et al.....I am not a supporter of student loan forgiveness. All those who committed to repay, like me, knew what they were opting in for when they applied for and signed for the loan(s).

There is no excuse for not honoring the obligation and paying back the loan(s). Prudent and responsible budgeting makes it happen.

Not sure how long the thread will last before some posting violations cause it to be closed.....we'll see.

What would be next? Mortgage or car payment forgiveness for many of the same excuses?????
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  #2  
Old 11-10-2019, 10:11 AM
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Quote:
Originally Posted by billethkid View Post
I remember when I applied and was approved. I could not have been happier.

Oh but I was happier.....10 years later when I made my final payment.

Being one who honored their obligation while raising a family, buying a home, et al.....I am not a supporter of student loan forgiveness. All those who committed to repay, like me, knew what they were opting in for when they applied for and signed for the loan(s).

There is no excuse for not honoring the obligation and paying back the loan(s). Prudent and responsible budgeting makes it happen.

Not sure how long the thread will last before some posting violations cause it to be closed.....we'll see.
I totally agree, it encourages irresponsibility. And what kind of message does it send to those who planned, budgeted, and sacrificed to pay for their educations?
  #3  
Old 11-10-2019, 10:22 AM
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I almost have my U of MN Law School loan paid off. Been a hard road though. Could not use my law and librarianship degrees because I ****ed off the powers that be in law librarianship by wanting to be honest about the affect of the 2-24-1976 (my birthday) murder of Michelle Mitchell near the U of Nevada, Reno campus on me while I was earning four degrees and had represented prisoners through Legal Assistance to Minnesota Prisoners, a clinic at the U of MN Law School. My immediately prior Law Library Director at the U of MN became Law Librarian of Congress in around 1990. They made my concern about a niche in practical information for survivors/victims of crimes my psychological problem. Or sort of. At least my personal concern rather than a rightful concern of law librarians around the world.

I had to do this as a hobby from mid 1991 while enlisting any one I could think of to solve it through other ways, i.e. victims/witness assistance groups, Governors, religious groups, celebrities in many areas, etc.
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Old 11-10-2019, 11:06 AM
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It encourages bad behavior. Does not teach anything. Allows the teaching of the political agenda colleges drive into young minds to continue. That is the major reason politicians want the loans forgiven. It encourages current students to borrow more as they will believe they will never have to repay the loans. And it slaps all of us who paid off our loans right in the face.
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Old 11-10-2019, 11:08 AM
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College bound students should have been able to take out those loans at the same rate banks get to borrow money. Extremely profitable Corporations get tons our tax dollars, while paying no taxes and actually getting money back. The Federal Flood Insurance program is $25+ billion in the hole. Guess who will have to pay that down? I paid my own way through college, no help from my parents. However, back then, college wasn't as costly as it is today. I also started a business back in 1982. My loan rate was an immoral 20%, and I was able to pay it off ahead of time. Perhaps the answer is to allow these kids to refinance at the same rate banks pay for loans, with the stipulation they stay with that bank for all of their banking needs, until their loans are paid off. Banks are cash cows for the owners.
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Old 11-10-2019, 11:40 AM
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Our 3 children have $500,000 plus each in student loans. All are still paying
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  #7  
Old 11-10-2019, 11:54 AM
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Our 3 children have $500,000 plus each in student loans. All are still paying
Do they all have good careers as a result of the student loans ?
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Old 11-10-2019, 11:58 AM
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If you borrow money you should pay it back. Why is that becoming such a hard concept to understand?
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Old 11-10-2019, 12:10 PM
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Wow! $500,000... I suppose that is part of being in a capitalist economy. The universities can charge whatever people are willing to pay. It used to be in my native country only 4% of the population attended university/ higher education and it was almost free tuition. But entrance was based on ability. Degrees actually meant something.

These days it is practically expected that you get higher education or else! And then which prestigious institution.

My daughter wanted a top University and she earned a full scholarship which paid for her residence as well. I also studied on scholarship which not only paid tuition and residence but also my child care. So we graduated with no debts but we really worked hard for it.

My heart goes out for those who need to pay these very large student debts. But it still amazes me that everyone, now days, needs to go to college. The more percentage of the population who attend college the less the degree actually means. It is like athletics if anyone can play, how good can the team be?
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Old 11-10-2019, 12:19 PM
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Had a home loan, paid it off. Had a car loan, paid it off. Had a student loan, paid it off. That's what you do.

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Old 11-10-2019, 12:35 PM
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Had a home loan, paid it off. Had a car loan, paid it off. Had a student loan, paid it off. That's what you do.

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Sounds like you did the same thing I did, WORKED for a living! You do know some people...... VOTE for a living?
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Old 11-10-2019, 12:50 PM
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College costs are too high and will continue to increase as long as student loans are easy to get. The loans should be harder to get, especially for degrees that do not provide the earning potential to pay off the loan. Also, more work/study degree programs should be available, so the student can earn money while they are getting a degree.

Also, I don't agree with those who say that not everyone should get a college degree. Anyone can earn a degree, regardless of intelligence, and it will be an asset for your entire life. Often, having a degree will enable you to get a job even if you don't know anything. I have seen many people, especially in the Government, earning huge incomes with little or no talent at all, just because they have a college degree.
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Old 11-10-2019, 01:10 PM
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All three had full rides, for undergrad. By the time you finish your residency, then your fellow into your field. Half a million plus is pretty common for specialized physicians. All are children happy with their field.

Our granddaughter, is in premed, full ride. We all have had the conversation about physicians debt starting a practice, and MALPRACTICE cost. Other physicians she has shadowed have had discussions with her.

At 3 she announced she wanted to be a doctor, while she reading X-rays with her grandpa, at the office. She asked for a grays anatomy for her 5 birthday.

She is going To be an Orthopedic Surgeon with eyes wide open.
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Old 11-10-2019, 01:17 PM
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Originally Posted by retiredguy123 View Post
College costs are too high and will continue to increase as long as student loans are easy to get. The loans should be harder to get, especially for degrees that do not provide the earning potential to pay off the loan. Also, more work/study degree programs should be available, so the student can earn money while they are getting a degree.

Also, I don't agree with those who say that not everyone should get a college degree. Anyone can earn a degree, regardless of intelligence, and it will be an asset for your entire life. Often, having a degree will enable you to get a job even if you don't know anything. I have seen many people, especially in the Government, earning huge incomes with little or no talent at all, just because they have a college degree.
Well, if everybody should have a college degree, then let’s just go to the store and buy the degree we like - sort of like a television set. The original idea of what is a university, does not apply. The degree means nothing anyways....

There is a common perception among some people that the applied degrees, those that are directly used for professions, like engineering, doctors etc where you get a good salary afterwards, are the more valuable ones. That the theoretical degrees or the pure arts and sciences such as philosophy, mathematics, history etc are less important or less valuable - yet the reason why we get a PhD (doctor of philosophy) is because that was the origin of the university; philosophy. It is the theorists that drive research and the future while the applied sciences are simply the tools that are developed as a result. The difference to me is like being able to develop theoretically the formulas on your own, as in calculus for example, as compared to simply being taught the formulas and applying them (like engineers do).

Last edited by Velvet; 11-10-2019 at 01:53 PM.
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Old 11-10-2019, 01:33 PM
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Well, if everybody should have a college degree, then let’s just go to the store and buy the degree we like - sort of like a television set. The original idea of what is a university, does not apply. The degree means nothing anyways....
I agree, if it were possible. In our society, having a college degree creates an illusion of knowledge that may or may not exist. It has been that way for a long time. Many job openings require the applicants to have a degree, but many applicants, who have a degree, have no more knowledge or capability as those without a degree. This is very true with Government jobs, where many jobs require a degree, but don't require any knowledge, intelligence, or skills at all. So, I recommend that every young person spend 4 years and get a degree. It will be time well spent that will provide an asset to use for the rest of your life. After all, what are you going to do for 4 years after high school that will really be worth more than a college degree?
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