More students are seeking "forgiveness" of student loans

[Svnla]

http://news.yahoo.com/amid-student-loan-tussles-more-seek-forgiveness-204927348.html

Elbot Carman, a 25-year-old aspiring graphic designer, made so little money after earning his master's degree last year that the U.S. government now says he can hold off making payments on his school loans.
Carman owes $140,000 in a mix of government and private student loans. Last year he earned $12,000.

140K debt for graphic design degree and 12K/year salary? Look like he needs some basic reality classes first.

So now we have idiots that would load up with huge debt for music appreciation, religious study, etc. and then they want the government, ie. the taxpayers, to forgive those loans after 10 years or so? More debts and deficits. China will take care of it, all of it. <sarcasm>.

 

[HumblePie]

No shit.

 

[Doppel]

http://news.yahoo.com/amid-student-loan-tussles-more-seek-forgiveness-204927348.html




140K debt for graphic design degree and 12K/year salary? Look like he needs some basic reality classes first.

So now we have idiots that would load up with huge debt for music appreciation, religious study, etc. and then they want the government, ie. the taxpayers, to forgive those loans after 10 years or so? More debts and deficits. China will take care of it, all of it. <sarcasm>.

Stupid fvcker. Gov needs to stop backing loans to toilet paper degrees and then we don't have this problem. It is hilarious how out of control student debt is now. I have seen some graphs and it really is diabolical.

 

[Moonbeam]

The wonderful thing about many people who have jobs and make good money is that they look down on those who don't. This happens because they have no real self worth and judge worth as though it had something to do with money. Some of them life will kick in the teeth.

Stupid fvckers. They got degrees that are useless to the soul nor shall they enter the kingdom of heaven. On a pig farm the biggest pig wins. What a victory. Good thing pigs don't know they're pigs. Pigs are loaded with pig pride. But nobody can be blamed because all we've ever know is pigs.

 

[EagleKeeper]

And those that dont went into the situation with their eyes wide open as to the marketability of their degree.

Now they want others to cover for their mistakes.

No way

 

[monovillage]

Maybe we can get Democrats and liberals to supply personal loans to some of these college students, then when the students default because they spent $150,000 on a garbage degree we can tell them how sorry we are that they lost their asses.

Gosh liberal guys, I'm so sorry that you lost everything you had saved for your family and your own retirement. My heart goes out to you in your distress. I feel your pain.

 

[Paul98]

So he made 12k during an internship or two? Doesn't sound so bad to me, he has experience and I would expect since just finishing college is looking for a full time job. Which due to the experience and degree he should be able to find. Then will be making good money. Sounds normal to me most of my friends did the same thing didn't make much money in internships while working towards their degree. Then after they finish start off making 70k at the low end and those working on the harder degrees from top schools start out making well 200k a year.

 

[Paul98]

Maybe we can get Democrats and liberals to supply personal loans to some of these college students, then when the students default because they spent $150,000 on a garbage degree we can tell them how sorry we are that they lost their asses.

Gosh liberal guys, I'm so sorry that you lost everything you had saved for your family and your own retirement. My heart goes out to you in your distress. I feel your pain.

Degrees aren't garbage, even if you can't get a job with the degree you have you can go for an advanced degree in something that you can get a job with. Heck even if you do finish with a degree you can make good money with you can go back to school make that weak 12k a year for the experience then end up making much much more money.

 

[DucatiMonster696]

Basic economics. If government artificially increases the number of students attending colleges (beyond the numbers of which would normally attend without government interference) you will eventually see a steady increase in the cost of higher education which will grow each and every year.

Sadly people who advocate for "Free everything for everyone", price fixing for the sake of "Fairness", and/or altering the guidelines for loan qualifications to allow more people to have access to student loans (as in the above article) do not realize that prices will eventually reflect the costs and availability of a given resources despite these policies.

So no matter what these good intentioned peoples goals are in attempting to suppress the role of prices or artificially attempting to increase the availability of scare goods and/or services their actions will eventually result in unintended consequences. In this case sky high tuition rates due to government's meddling with student loans and the qualifications standards of federal government approved student loans. Which in turn creates a glut of degrees which degrades the worth of a college diploma in the eyes of employers and lastly puts many individuals into heavy debt in a economic period where job growth is anemic. Especially in fields of employment which usually have a limited number of job opportunities (even under good economic periods) that are highly coveted.

 

[Sunburn74]

Honestly the issue should simply be addressed at the college level. Have them put hard caps on the number of spots available for each degree plan based on prospective job markets and have public loans go only to students accepted into those degree plans. Technically right now there is pretty minimal degree plan regulation. I would just put hard caps on how many degrees per field are given out each year and take it from there. If all the art history spots are taken by badass art history candidates and the only spots available are chem engineering spots, a guy should either think of being a chem engineer, waiting a year and recompeting for an art history spot, or not going to college at all. The persons finances should not play a role at all (ie just like you can have all the money in the world and not get a medical degree because you'd never be able to get into medical school without certain credentials)

The point is to add competitiveness not only at the admission level but also at the degree plan level so that degree selection will more closely mimic real world employment. This is essentially what happens at the graduate level of education and it works fairly well.

 

[IGBT]

ya..then 10-15 years later they can file for bankruptcy on all THEIR other accumulated debt.

 

[randomrogue]

Honestly the issue should simply be addressed at the college level. Have them put hard caps on the number of spots available for each degree plan based on prospective job markets and have public loans go only to students accepted into those degree plans. Technically right now there is pretty minimal degree plan regulation. I would just put hard caps on how many degrees per field are given out each year and take it from there. If all the art history spots are taken by badass art history candidates and the only spots available are chem engineering spots, a guy should either think of being a chem engineer, waiting a year and recompeting for an art history spot, or not going to college at all. The persons finances should not play a role at all (ie just like you can have all the money in the world and not get a medical degree because you'd never be able to get into medical school without certain credentials)

The point is to add competitiveness not only at the admission level but also at the degree plan level so that degree selection will more closely mimic real world employment. This is essentially what happens at the graduate level of education and it works fairly well.

This is the way it works in other countries and it's pretty effective. They go so far as to require internships as part of the curriculum so by the time you graduate you have work experience and aren't in a field with no openings.

As far as the OP - they give you a lot of information with respect to taking the loan. You know up front that if you don't pay it back they are going to ruin your life. Nobody forced her to take that large a loan so I think she should ultimately be responsible for it. If she can't find a job where she lives then she can move.

 

[MustISO]

Time to start skipping college and going right out into the workforce.

 

[Doppel]

The wonderful thing about many people who have jobs and make good money is that they look down on those who don't. This happens because they have no real self worth and judge worth as though it had something to do with money. Some of them life will kick in the teeth.

Stupid fvckers. They got degrees that are useless to the soul nor shall they enter the kingdom of heaven. On a pig farm the biggest pig wins. What a victory. Good thing pigs don't know they're pigs. Pigs are loaded with pig pride. But nobody can be blamed because all we've ever know is pigs.

Are you finished masturbating to your own babble or going to have a second shot at it later in the thread?

 

[Sunburn74]

This is the way it works in other countries and it's pretty effective. They go so far as to require internships as part of the curriculum so by the time you graduate you have work experience and aren't in a field with no openings.

As far as the OP - they give you a lot of information with respect to taking the loan. You know up front that if you don't pay it back they are going to ruin your life. Nobody forced her to take that large a loan so I think she should ultimately be responsible for it. If she can't find a job where she lives then she can move.

People can do things like leave the country or declare bankruptcy and so on. Honestly we could offer the option that if you default on your loans, you are forced to enter the military and work for the government for a while repaying those debts. You might even be able to make a nice career out of that. Its funny how this guy who is defaulting on his loans never considered that option.

 

[Kadarin]

I agree with what Sunburn74 said, essentially. Entities that offer student loans need to do so based on the prospective ability of the student to pay that loan off down the road given the future employability value of the degree.

 

[Sunburn74]

ya..then 10-15 years later they can file for bankruptcy on all THEIR other accumulated debt.

Hey if you slow down the rate of bankruptcy from 1 every 5 years to 1 every 15 years, you'd have really achieved something. Imagine if we can slow down the rate of heart disease from 1 heart attack every 50 years to 1 heart attack every 70 years. And so on. Besides if it takes 15 years to complete college, I think less people would be going for it in the first place.

 

[HendrixFan]

I agree with what Sunburn74 said, essentially. Entities that offer student loans need to do so based on the prospective ability of the student to pay that loan off down the road given the future employability value of the degree.

They would if the government wouldn't backstop all the loans. It is free money for the lending institutions with no risk. Of course a bubble would form.

 

[piasabird]

Student loans can not be forgiven. No bankruptcy court will listen to you.

 

[TalonStrike]

I think that all recent high school graduates should be forced to take a year off to seriously consider all of their options and make good decisions with what they want to do with their lives. All too often, they take majors that are completely useless and they won't be able to pay off their debt.

 

[DucatiMonster696]

I think that all recent high school graduates should be forced to take a year off to seriously consider all of their options and make good decisions with what they want to do with their lives. All too often, they take majors that are completely useless and they won't be able to pay off their debt.

I'd change that into steering them to first complete a 1-2 year trade school with the potential of employment/apprenticeships unless they ace tests that would suggest they need to head to a university ASAP. This is basically what Germany has in place for most of their students however for them it is mandatory if they do not pass the stringent and unforgiving college entrance exams. Thus they end up sometimes with doctors who can also can also rewire their own homes or work on their own cars if they wanted too.

 

[HamburgerBoy]

I think that all recent high school graduates should be forced to take a year off to seriously consider all of their options and make good decisions with what they want to do with their lives. All too often, they take majors that are completely useless and they won't be able to pay off their debt.

This is a 25 year old graduate student. No mercy.

 

[nageov3t]

masters... in graphics design?

that seems like the sort of thing that would be covered by an apprenticeship or something.

 

[Fox5]

I'd be in favor for a complete restructuring of the subsidized education. The US government should pay for it outright, but it will have to be in a field that is considered needed at the time. The payback will be X number of years serving in the military or US government, or a corporation willing to buy out your education (or yourself) to reduce the commitment.

 

[Matt1970]

masters... in graphics design?

that seems like the sort of thing that would be covered by an apprenticeship or something.

Pretty Much. This is one of the reasons the poor get poorer. You either have graphics design or you don't. School may help bring it out but if you suck at it, no $$$