MoveOn.Org Calls For The Wiping Of Student Load Debt

[DucatiMonster696]

It's also a reminder that most people cannot be trusted to manage important finances. They can't handle any credit and they certainly can't handle their own retirement. It's just a reality. With that in mind social security and the consumer protection agency make sense to me.

This is very dangerous assumption and a horrible prospective path of reasoning that has the potential for even greater follies in political arena and our economy IMHO.

I can manage my own financial affairs just fine. As can a large bulk of individuals who don't want or need to be lumped in with the idiots who cannot do so because they are either obstinately ignorant, have a huge sense of entitlement (e.g. .Gov MUST and SHOULD clean up after me and the mess I have left behind) or are just plain stupid. These people need to be allowed to face the consequences of their own actions or else they will learn absolutely nothing because the price of their failure and their lack of planning will be completely covered up and made irrelevant to them.

Furthermore those of us with a proper grasp on reality certainly don't need to be or should not be the folks (working tax payer) who are on the hook for their mistakes by bailing them out. It was bad enough we do so with financial institutions and now some people want to do the same with secondary education? /baffle

Edit: Social security is a joke of a security blanket. The moment you have to raise taxes to support that pyramid scheme is the moment the scam becomes verified and apparent to everyone.

 

[spittledip]

When I was paying back my student loans, I was allowed to put off payment until I had a job. When I moved, I was allowed to put of payment again until I got another job. I am not sure if people abuse this system, but it is in place, so really dismissing the debt is ridiculous b/c people don't have to pay until they get a job. As long as you maintain contact with the loaner, you have nothing to worry about. Also, interest is not charged while payment is put off.

 

[woodie1]

Well, while we're at it, let's just forgive all loans: mortgage debt, credit card debt, car loans, etc.

This is really getting ridiculous.

 

[Ausm]

Well, while we're at it, let's just forgive all loans: mortgage debt, credit card debt, car loans, etc.

This is really getting ridiculous.

I think they should forgive all loans and make the OP pay for them

 

[spidey07]

Remember this is one of the demands from occupiers so that tells you how far out of sanity they are.

 

[SamurAchzar]

Another case of "The People" looking to the government to help them for their lack of personal responsibility. This is absurd. How many students even check the employment prospects before starting their studies?

 

[nageov3t]

What's ridiculous is coming out of undergrad with 40k in student loans with an art history major. No underwriter should approve of that loan.

yeah, I'd think your loan cap or interest rates should be like based on the average starting salary for someone graduating with your major or something.

I thank my parents all the time for talking me out of going to a $40,000/year school, especially considering that I graduated with a degree in English Lit and then got an IT job with a startup after I graduated.

tbh, I really think we need to remove the stigma from trade schools and community colleges... I went to a prep school, and during senior year, there was a giant list as soon as you walked through the main entrance of which colleges everyone was going to.

there was hardcore judgement towards people listed as "undecided" (aka: not going to college or too embarrassed to list their school), but looking at my own case, I could have easily skipped college, spent time in an entry-level job, studied for like a CCNA or something, and ended up making the exact same salary as I make now.

 

[DrPizza]

The biggest problem is 18 year olds thinking it's a good idea to go $100k into debt for a degree. More kids should be exploring 2 year degrees, get into the work force immediately, then if your company offers tuition reimbursement take night classes to finish up your 4 year degree, if you want to.

My $14k Associate's degree has served me extremely well. Other guys in my field talk about going back to school for a Bachelor's but I see no need.

And you expect an 18 year old to know this how? Kids are told throughout high school that if they want a good paying job, they HAVE to go to college. Regardless of the truth of that statement, that's our societal expectation of kids in high school these days. Hell, high schools are even judged based on the number of kids they succeed in sending off to 4 year universities. Yet, you somehow think that 18 year olds should be smart enough to ignore this constant pressure on them (which ultimately has resulted in tons of debt for useless majors.)

 

[Ausm]

And you expect an 18 year old to know this how? Kids are told throughout high school that if they want a good paying job, they HAVE to go to college. Regardless of the truth of that statement, that's our societal expectation of kids in high school these days. Hell, high schools are even judged based on the number of kids they succeed in sending off to 4 year universities. Yet, you somehow think that 18 year olds should be smart enough to ignore this constant pressure on them (which ultimately has resulted in tons of debt for useless majors.)

QFT

 

[Doppel]

So I can pay for a kid who got $80k on a sociology degree and now sells coffee (yes, i realize that's an extreme example)? No thanks.

 

[Doppel]

And you expect an 18 year old to know this how? Kids are told throughout high school that if they want a good paying job, they HAVE to go to college. Regardless of the truth of that statement, that's our societal expectation of kids in high school these days. Hell, high schools are even judged based on the number of kids they succeed in sending off to 4 year universities. Yet, you somehow think that 18 year olds should be smart enough to ignore this constant pressure on them (which ultimately has resulted in tons of debt for useless majors.)

You're damned right about this, actually. Given that their parents probably aren't good with money how can they even possibly make any decision about debt. It has been drilled in for years into their head.

 

[JSt0rm]

Remember this is one of the demands from occupiers so that tells you how far out of sanity they are.

I dont think you are in any place to judge others sanity. Sorry.

 

[JSt0rm]

bunch of salty old crackers in this thread.

 

[Engineer]

bunch of salty old crackers in this thread.

So you think that we should just wipe out their debt?

If so, bullshit. They borrowed it, they pay it.

 

[JSt0rm]

So you think that we should just wipe out their debt?

If so, bullshit. They borrowed it, they pay it.

i think the system is broken.

I think people as a whole would be better off without hyper inflated school degrees.

Its like with the housing thing. Everyone is like fuck those people they need to pay their home loans or get stuffed. Well when 5 of your neighbors all lose their homes and YOUR property values are now 250k in the hole who exactly is getting fucked?

 

[theeedude]

They just want the same right to discharge debts in a bankruptcy that a corporation has.

 

[Schadenfroh]

No one forced them to take student loans. No one forced them to get a worthless liberal-arts degree from an overpriced institution. I busted my ass off in college pursuing a computer science degree, I applied for scholarships and made the grades such that I ended up only paying for about 1 year of my ~4.5 years in undergrad out of pocket. I continued to work hard in graduate school via a research assistantship.

I emerged with zero debt from a Tier one (US News) public university with an MS in CS. It was paid for with sweat, tears and sleepless nights at the library.

They should have to pay back every dime my tax dollars have subsidized in their booze drinking time as an undergrad with a "party" major.

 

[JSt0rm]

They just want the same right to discharge debts in a bankruptcy that a corporation has.

NO!

 

[JSt0rm]

No one forced them to take student loans. No one forced them to get a worthless liberal-arts degree from an overpriced institution. I busted my ass off in college pursuing a computer science degree, I applied to the right scholarships and made the grades such that I ended up only paying for about 1 year of my ~4.5 years in undergrad out of pocket. I did not have Affirmative Action on my side. I continued to work hard in graduate school via a research assistantship.

I emerged with zero debt from a Tier one public university with an MS in CS. It was paid for in sweat, tears and sleepless nights at the library.

They should have to pay back every dime my tax dollars have subsidized in their booze drinking time as an undergrad with a "party" major.

How old are you?

 

[blinblue]

I really can't see student loans being bankrupt-able, much less being forgiven en masse. Loaning money to a student to get an education is a terrible investment for the lender, the only way it can be done at all is if there is a guaranteed that it will be paid off one way or the other (ie, unbankrupt-able). As has been pointed out before, far too many kids would just got their $100k 4-years of partying for free and then declare bankruptcy.

What I would be in favor of is giant huge warnings that this debt NEVER goes away unless you're are permanently disabled or die. And then limit the student loans to $x/year, where $x is a reasonable amount for a in-state tuition school. No reason to subsidize anything more than that, if you want to go to a fancy expensive school, that's great. But no need to subsidize anything more than what is required for in-state tuition.

Stupid kids, easy money, and delayed consequences is not a recipe for success.

 

[monovillage]

What's really funny is that we're on page 2 of this thread and no one has said a word about the high prices that public colleges and universities are charging the students. The local college here has increased tuition by 300% in less then 10 years and done nothing to cut the bloated non-educational bullshit programs. Cut the faculty fat, reduce spending or do any other common sense program to reduce spending. What they have been doing is cutting the number of students admitted and raising tuition. FFS start looking at some of the reasons why higher education is so expensive.

 

[Howard]

bread and circuses, lulz

 

[JSt0rm]

I really can't see student loans being bankrupt-able, much less being forgiven en masse. Loaning money to a student to get an education is a terrible investment for the lender, the only way it can be done at all is if there is a guaranteed that it will be paid off one way or the other (ie, unbankrupt-able). As has been pointed out before, far too many kids would just got their $100k 4-years of partying for free and then declare bankruptcy.

What I would be in favor of is giant huge warnings that this debt NEVER goes away unless you're are permanently disabled or die. And then limit the student loans to $x/year, where $x is a reasonable amount for a in-state tuition school. No reason to subsidize anything more than that, if you want to go to a fancy expensive school, that's great. But no need to subsidize anything more than what is required for in-state tuition.

Stupid kids, easy money, and delayed consequences is not a recipe for success.

Why should a 4 year party school cost 100k?

 

[blinblue]

Why should a 4 year party school cost 100k?

I don't think it should. However it's pretty easy to find ones that do, and judging by other students I know, they've managed to do just that.

 

[spidey07]

Why should a 4 year party school cost 100k?

Because people will pay it. Free Market is voodoo to the mind of a liberal and common sense to everybody else.