Student loans/debt responsibility?

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  #91  
Old 11-12-2019, 05:37 PM
retiredguy123 retiredguy123 is offline
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Originally Posted by OrangeBlossomBaby View Post
These are 18-year-old kids, who have lived at home all their lives. Who has failed to teach them how to budget and calibrate their moral compass? Who failed to teach their parents that this was a responsibility they had to accept when they chose to have children?

It's so easy to blame the ills of society on the current generation of graduates. Not so easy to do some actual fact-checking to learn what it takes to get a college-required career these days though, and how long it takes for that career to pay off enough for the student to start reducing their debt.

Some people have done the actual fact-checking though. it's not a matter of "just need to" anything. There is not "just" or "simply" or "merely" here. It's a complicated mess created by a complicated system overseen by a complicated government.
I disagree. It is not complicated. In our system, an 18 year old is an adult who can enter into a legal and binding financial contract. If they sign the contract, then they should be required to fulfill their part of the deal. Basic contract law. How is that complicated? And, nobody needs a college degree to survive.
  #92  
Old 11-12-2019, 06:45 PM
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Even more statistics:

U.S. Student Loan Debt Statistics for 2019 | Student Loan Hero

Yes things today are different. The financial system has way too much tolerance. The same old problem that seems to haunt so many issues of the day....lack of or not very meaningful enforcement.

I do not understand why having student loan debt at graduation is treated like such a surprise.

One borrows while in school to be able to go to school.

Hence one has student loan debt to be repaid....usually starting one yer after graduation.

Lower the interest rates extend the time and enforce the expectation to pay what was committed.

Look at the average loan amounts and the payments in the article above. Amounts owed (in total and monthly payments) are less than many autos financed.

The problem is manageable and solvable (just like it was in many of our days).....the expectation has changed.
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  #93  
Old 11-12-2019, 07:22 PM
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I genuinely don't understand the rampant resentment by younger people against boomers and our so-called handouts and easy lives compared to them.

My single mother received Aid to Families with Dependent children (welfare) when I was growing up. Those sorts of programs are still available.

There was a point in my 20s when I was laid off and received unemployment benefits and food stamps, as they were termed. Those benefits are still available.

I moved out of the house and went to work directly after high school. Didn't go to college until I was 30. Finished two years at a community college before transferring to a nearby state commuter school while working full time at night. Took additional classes each semester and in the summer to finish undergrad and grad school in two years. All those options are still possible.

I supported myself with no family assistance. Received a couple of small scholarships. Graduated with about $39K of student debt in today's dollars. I got partial forgiveness on that due to accepting a job in a high-need job and location. Those programs are still available.

I made double loan payments and paid off the balance in three years. No laws have since been enacted to prevent that.

I'm sure many of you have similar stories. Sorry, but I'm just not seeing how our generation somehow had things so much easier than the ones that followed and deserve to be derided and blamed for for today's economy.

Last edited by queasy27; 11-14-2019 at 01:55 AM.
  #94  
Old 11-12-2019, 08:29 PM
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The student loan system gave colleges the ability to raise tuition to the stratosphere
  #95  
Old 11-12-2019, 08:40 PM
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Originally Posted by Northerner52 View Post
The student loan system gave colleges the ability to raise tuition to the stratosphere










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  #96  
Old 11-12-2019, 08:42 PM
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Quote:
Originally Posted by queasy27 View Post
I genuinely don't understand the rampant resentment by younger people against boomers and our so-called handouts.

My single mother received Aid to Families with Dependent children (welfare) when I was growing up. Those sorts of programs are still available.

There was a point in my 20s when I was laid off and received unemployment benefits and food stamps, as they were termed. Those benefits are still available.

I moved out of the house and went to work directly after high school. Didn't go to college until I was 30. Finished two years at a community college before transferring to a nearby state commuter school while working full time at night. All those options are still available.

Took additional classes each semester and finished undergrad and grad school in two years. Still possible.

I supported myself with no family assistance. Received a couple of small scholarships. Graduated with about $39K of student debt in today's dollars. I got partial forgiveness on that due to accepting a job in a high-need job and location. Those programs are still available.

I made double loan payments and paid off the balance in two years. No laws have since been enacted to prevent that.

I'm sure many of you have similar stories. Sorry, I'm just not seeing how our generation somehow had things easier than the ones that followed. Adjusted for inflation, tuition at my college is now 23% higher than when I was there but heck, I was only making $450 a month.
What handouts, I have not seen any?
  #97  
Old 11-13-2019, 02:40 AM
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The horse is dead three times over.
  #98  
Old 11-13-2019, 07:30 AM
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Students could always work their way up the ladder. Go to a state community college for 2 years, then you will be accepted to a state college. This is available in Virginia. Very reasonable, excellent education, maybe not as fun, but.
  #99  
Old 11-13-2019, 09:50 AM
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I know many people who got their degree in the US Military at no cost
  #100  
Old 11-13-2019, 10:57 AM
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Originally Posted by leftyf View Post
I know many people who got their degree in the US Military at no cost
My cousins, Yale and Columbia, became lawyers.
  #101  
Old 11-13-2019, 11:17 AM
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Numerous people (including me) in this thread have pointed out numerous very real ways that college can be made more affordable for students even today, but that is not going to stop the perpetual victims from crying "woe is me".

It just seems that when it comes to outlook on life, there are two kinds of people.

The first kind assesses the situation and studies the various possibilities and comes up with a plan to accomplish their goal. It may be a long, hard slog, but they find a way to accomplish it.

The second kind throws up their hands in defeat and helplessness and blames everything on someone else. Then they wait for someone else to solve their problem for them... which is usually through the expenditure of someone else's money.
  #102  
Old 11-13-2019, 11:22 AM
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Quote:
Originally Posted by C. C. Rider View Post
Numerous people (including me) in this thread have pointed out numerous very real ways that college can be made more affordable for students even today, but that is not going to stop the perpetual victims from crying "woe is me".

It just seems that when it comes to outlook on life, there are two kinds of people.

The first kind assesses the situation and studies the various possibilities and comes up with a plan to accomplish their goal. It may be a long, hard slog, but they find a way to accomplish it.

The second kind throws up their hands in defeat and helplessness and blames everything on someone else. Then they wait for someone else to solve their problem for them... which is usually through the expenditure of someone else's money.
Some folks consistently make things happen. Others consistently let things happen.
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Last edited by Rapscallion St Croix; 11-13-2019 at 12:16 PM.
  #103  
Old 11-16-2019, 07:36 PM
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Quote:
Originally Posted by JoMar View Post
Two members of our family decided against college, one even tried it. Both went to trade school and both now have a 6 figure income plus significant benefits. We still need contractors, plumbers, electricians etc. and their income can far exceed college grads. In addition, job placement is highest in the trades because we need their skills. Not everyone can be a lawyer or doctor. I believe that many kids go to college because their parents want them to, they think that's whats best for them and quickly become disillusioned when they can't get into the field of their degree.
In my next life I am coming back as an auto mechanic or a plumber. Both professions have gotten some serious $$$ from me within the past few years.
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