Sallie Mae sends 100 employees to Hawaii on the backs of student loans

[Homerboy]

can not wait for this bubble to burst. I'm sure we'll bail out these sorts of companies nonetheless. The amount of money being made off student loans is sickening.

Sallie Mae execs tan at Maui retreat while student debt crisis tops $1.6 trillion

As borrowers struggle to keep up with their payments, Sallie Mae flew more than 100 employees on its sales team to Hawaii to celebrate $5 billion in sales.

www.nbcnews.com

WAILEA, Hawaii — As 1 in 5 American adults wonder how to pay off their combined $1.6 trillion in student debt, Sallie Mae executives and sales team members wrestled with a different question: Between meetings, how should they spend their time on their five-day paid trip to the luxury Fairmont resort on Wailea beach in Maui?

Sallie Mae brought more than 100 of its employees to Hawaii in August to celebrate a record year — $5 billion in student loans to 374,000 borrowers. The company said it didn’t pay for employees’ families to attend, but some did tag along.


“We said, ‘Hey, look, Maui is a pretty nice spot.’ And so if you wanted to stay a few days or want to bring family, that's up to you,” Ray Quinlan, CEO of Sallie Mae, told NBC News on the grounds of the Fairmont Hotel.

 

[thilanliyan]

But...capitalism...?

 

[K1052]

Student loan debt should be made dischargeable again.

 

[s0me0nesmind1]

Student loan debt should be made dischargeable again.

Totally and completely fine with that.... Now just make sure you don't cry when poor little idiots are denied student loans because they aren't worth the risk from either...

1) Getting a stupid major (risk of graduating but not finding well-paying employment)
2) Being stupid in general (risk of not graduating and not making money)
3) Have no other assets or co-signors to mitigate the risks.

The fact that anyone can get a loan just because their parents are broke is the furthest thing from capitalism.

 

[JEDIYoda]

Never had no use for students loans! College and grad school paid in full!!
I alsways believed that if you had to take out a loan to get through college that perhaps college was not for you@!

 

[Homerboy]

Never had no use for students loans! College and grad school paid in full!!
I alsways believed that if you had to take out a loan to get through college that perhaps college was not for you@!

LOL What?

 

[K1052]

Totally and completely fine with that.... Now just make sure you don't cry when poor little idiots are denied student loans because they aren't worth the risk from either...

1) Getting a stupid major (risk of graduating but not finding well-paying employment)
2) Being stupid in general (risk of not graduating and not making money)
3) Have no other assets or co-signors to mitigate the risks.

The fact that anyone can get a loan just because their parents are broke is the furthest thing from capitalism.

Well would more people diverting into skilled trades and community college (which IMO should be totally free) be like a bad thing?

If they wanted to continue they could take the last two years at state schools with lower costs ideally.

I just see no defensible reason that educational debt shouldn't be dischargeable in bankruptcy besides that it's extremely lucrative for lenders.

 

[JEDIYoda]

LOL What?

Most of my college friends worked their way through college and are debt free from having taken no loans! Plus they have majors that are useful and not garbage!
Perhaps things have changed since I went to college over 40 years ago......lolol

 

[Homerboy]

Most of my college friends worked their way through college and are debt free from having taken no loans! Plus they have majors that are useful and not garbage!
Perhaps things have changed since I went to college over 40 years ago......lolol

Umm just a tad
Read it and weep (and please note, this chart only goes up until 2007. it's escalated significantly since then)

Average undergraduate tuition and fees and room and board rates charged for full-time students in degree-granting institutions, by type and control of institution: 1964-65 through 2006-07

The primary purpose of the Digest of Education Statistics is to provide a compilation of statistical information covering the broad field of American education from prekindergarten through graduate school. The Digest includes a selection of data from many sources, both government and private...

nces.ed.gov

But that's sort of the whole point. The rate at which college tuition has increased does not match the rate at which salaries have increased

 

[s0me0nesmind1]

Well would more people diverting into skilled trades and community college (which IMO should be totally free) be like a bad thing?

Abso-fucking-lutely not. I'm right there with you and totally fine with more trades. The problem is everyone and their mom thinks their kid is meant to go to college - and plenty still believe that because they are naturally stupid. They are going to cry and kick and scream when not everyone can get a student loan for underwater basket weaving.

You will immediately see the results of this though: Stupid majors will instantly go away - because no lender will lend to someone getting a degree in feminist dance therapy. Even other art degrees will likely go away because no lender worth a shit would lend to morons getting moronic degrees with no job market.

So yes - under that obvious subsequent change - I'm TOTALLY up for having student debt being discharged (well, for all current/future loans at least - not past ones)

 

[thilanliyan]

Most of my college friends worked their way through college and are debt free from having taken no loans! Plus they have majors that are useful and not garbage!
Perhaps things have changed since I went to college over 40 years ago......lolol

I think the cost of your college education might have been a tad cheaper...ahem...than what it costs today, especially considering that salaries have not risen that quickly.

 

[K1052]

Most of my college friends worked their way through college and are debt free from having taken no loans! Plus they have majors that are useful and not garbage!
Perhaps things have changed since I went to college over 40 years ago......lolol

Uh possibly

 

[Homerboy]

Uh possibly

View attachment 12142

Seems fair.

 

[hal2kilo]

Never had no use for students loans! College and grad school paid in full!!
I alsways believed that if you had to take out a loan to get through college that perhaps college was not for you@!

Sort of like buying food with a credit card.

 

[imported_tajmahal]

Never had no use for students loans! College and grad school paid in full!!
I alsways believed that if you had to take out a loan to get through college that perhaps college was not for you@!

I agree, i worked my way through college and the University.
Anyone that takes out a loan needs to pay it back. You want to look at the bad actors in this saga look at the Universities that charge 10's of thousands of $$$$$$ for useless degrees.

 

[Vic]

Totally and completely fine with that.... Now just make sure you don't cry when poor little idiots are denied student loans because they aren't worth the risk from either...

1) Getting a stupid major (risk of graduating but not finding well-paying employment)
2) Being stupid in general (risk of not graduating and not making money)
3) Have no other assets or co-signors to mitigate the risks.

The fact that anyone can get a loan just because their parents are broke is the furthest thing from capitalism.

So you're saying that kids whose parents are broke shouldn't be allowed to go to college unless they can get a scholarship or a rich relative to cosign for them?
Or are you saying that kids whose parents are broke should have to take on such huge amounts of debt that they have to struggle to pay it off even if they are successful?
And yaknow because nothing says capitalism like a state-owned lender with collection rights that supersede bankruptcy protections.

 

[Vic]

I agree, i worked my way through college and the University.
Anyone that takes out a loan needs to pay it back. You want to look at the bad actors in this saga look at the Universities that charge 10's of thousands of $$$$$$ for useless degrees.

Yeah, you worked your way through college back when tuition cost a month's wages at minimum wage. Good for you!

Meanwhile, those universities with their 'useless degrees' are in fact charging market price for those degrees. The real problem is that market price has become too close to all your future earnings.

 

[JEDIYoda]

I have to admit I also 40 years ago had no issues working to put myself through college!!

 

[UglyCasanova]

So you're saying that kids whose parents are broke shouldn't be allowed to go to college unless they can get a scholarship or a rich relative to cosign for them?
Or are you saying that kids whose parents are broke should have to take on such huge amounts of debt that they have to struggle to pay it off even if they are successful?
And yaknow because nothing says capitalism like a state-owned lender with collection rights that supersede bankruptcy protections.

Get a trade
Join the military
Work during college to help pay for it, subsidize with student loans only when absolutely necessary
Go to an in-state public school
Make sure you’re in a major where the time and money spent payoff


the idea that your education has to cost 40k a year is absurd. Or that a 4 year degree is necessary or better than trade school, or that all kids belong there

 

[Vic]

Get a trade
Join the military
Work during college to help pay for it, subsidize with student loans only when absolutely necessary
Go to an in-state public school
Make sure you’re in a major where the time and money spent payoff


the idea that your education has to cost 40k a year is absurd. Or that a 4 year degree is necessary or better than trade school, or that all kids belong there

Isn't the idea that you have to be a 2nd class citizen because your parents are broke just as absurd?

And BTW, the "Make sure you’re in a major where the time and money spent payoff" doesn't work because those usually cost more. It's not the argument that your argument, that higher education costs too much, is wrong. Because it's absolutely spot on. The problem is that you're defending the reason why it costs so much, without realizing it apparently.

 

[UglyCasanova]

Why does that make someone a second class citizen?

 

[Vic]

Why does that make someone a second class citizen?

Because our society places a tremendous value on higher education.

 

[dawp]

Never had no use for students loans! College and grad school paid in full!!
I alsways believed that if you had to take out a loan to get through college that perhaps college was not for you@!

and you say you went to college? double negative means you had a use for student loans. and I didn't go to college.

 

[JEDIYoda]

and you say you went to college? double negative means you had a use for student loans. and I didn't go to college.

Give it a break!! This is the internet!
oh...I see - -- as in Gotcha! You posted a double negative.....cry moar.

 

[JEDIYoda]

and you say you went to college? double negative means you had a use for student loans. and I didn't go to college.

Wrong thread...but that is ok!! The system needs to be overhauled!!