The Student Loan Problem

[Zorkorist]

all money is "fake" because it has little intrinsic value beyond what society has assigned it

- brian

No. It used to be money was real. Desicions had consequences, etc.

Today, polticians are playing with our hearts, and putting us more and more in debt.

-John

 

[Meghan54]

but now they owe more interest and they wont get SS until its paid so muhahahaaha. Poor old people with degrees who have payed 4 times what they would have if they were not poor.

Too bad you don't know anything you're talking about.

Having unpaid gov't. secured student debt doesn't negate or make SS unavailable at all. One still will be able to get SS payments even if owing student debt, even if it's delinquent.

What it does mean that any amounts of SS payments above a basement level, currently at $750 but there is a move to increase it to $1000, can be garnished at a 15% rate.

So, yes, you can indeed collect SS even while having student debt, even in default.

 

[Mai72]

Too bad you don't know anything you're talking about.

Having unpaid gov't. secured student debt doesn't negate or make SS unavailable at all. One still will be able to get SS payments even if owing student debt, even if it's delinquent.

What it does mean that any amounts of SS payments above a basement level, currently at $750 but there is a move to increase it to $1000, can be garnished at a 15% rate.

So, yes, you can indeed collect SS even while having student debt, even in default.

He also fails to realize that life is interdependent, not independent. This means that the people with large student loan debts are less likely to be contributing to our economy. If these students become truly poor and require services who will be paying for these services? It's not going to be the poor college students. It's going to be us. The middle and upper middle class who are always getting hammered with taxes.

 

[JSt0rm]

I think you guys missed my sarcasm.

 

[brianmanahan]

I think you guys missed my sarcasm.

we can never tell with you

 

[Genx87]

Is 30K on avg of student debt really a national problem? A lot of new cars fall into that range. Yet nobody is running around claiming cars are un-affordable and their owners are saddled with debt. 30K for a lifetime of much higher earnings seems like a pretty good value to me.

 

[dank69]

we can never tell with you

Nope. Many meters were just broken.

 

[Jhhnn]

Is 30K on avg of student debt really a national problem? A lot of new cars fall into that range. Yet nobody is running around claiming cars are un-affordable and their owners are saddled with debt. 30K for a lifetime of much higher earnings seems like a pretty good value to me.

That whole "lifetime of greater earnings" thing has really started to break down, sad to say. Yeh, sure, it's a historical fact but it is in no way a guarantee, certainly not in the face of reduced opportunity. Despite denial all around, that's also a fact. It's all being distilled into fewer bigger opportunities rather than more smaller opportunities. The country is headed in the direction of the music business where .1% of the musicians make 99% of the money & that's a big problem, a very big problem indeed.

 

[glenn1]

Is 30K on avg of student debt really a national problem? A lot of new cars fall into that range. Yet nobody is running around claiming cars are un-affordable and their owners are saddled with debt. 30K for a lifetime of much higher earnings seems like a pretty good value to me.

Because a much larger quantity of people think their student loan debt is "unfair" or the government should provide them with college education for "free," in comparison to the number that think that car payments are inherently unfair or that Uncle Sam ought to be giving out "free" Chryslers to everyone.

 

[fskimospy]

Because a much larger quantity of people think their student loan debt is "unfair" or the government should provide them with college education for "free," in comparison to the number that think that car payments are inherently unfair or that Uncle Sam ought to be giving out "free" Chryslers to everyone.

Well that and if you can't pay for your car you can declare bankruptcy, take the bus, or do a number of other things. 7 years after that, you're free and clear. With student loan debt you can be trapped in a perpetual cycle of wage garnishment and default that lasts your entire life.

Probably bears mentioning, eh?

 

[Genx87]

Well that and if you can't pay for your car you can declare bankruptcy, take the bus, or do a number of other things. 7 years after that, you're free and clear. With student loan debt you can be trapped in a perpetual cycle of wage garnishment and default that lasts your entire life.

Probably bears mentioning, eh?

Sure that is an issue. I think there need to be a limit on fees so the debt cant balloon out of control. However, for most college graduates 30K in debt is very manageable wouldn't you say?

 

[Genx87]

That whole "lifetime of greater earnings" thing has really started to break down, sad to say. Yeh, sure, it's a historical fact but it is in no way a guarantee, certainly not in the face of reduced opportunity. Despite denial all around, that's also a fact. It's all being distilled into fewer bigger opportunities rather than more smaller opportunities. The country is headed in the direction of the music business where .1% of the musicians make 99% of the money & that's a big problem, a very big problem indeed.

If it has broken down then people need to not plow money into a college degree. That said I think going forward a college degree will continue to garner a higher wage than a highschool degree. And it will over the lifetime more than pay for itself.

 

[JockoJohnson]

Well that and if you can't pay for your car you can declare bankruptcy, take the bus, or do a number of other things. 7 years after that, you're free and clear. With student loan debt you can be trapped in a perpetual cycle of wage garnishment and default that lasts your entire life.

Probably bears mentioning, eh?

That's most likely because the car can be repossessed. Can't repossess people's brains...yet. There is nothing to "take back" if the student decides not to pay their loan that they took out for an education to better themselves.

 

[fskimospy]

That's most likely because the car can be repossessed. Can't repossess people's brains...yet. There is nothing to "take back" if the student decides not to pay their loan that they took out for an education to better themselves.

Absolutely. The reason for their non-dischargeability is that if they could be discharged through bankruptcy there basically wouldn't be student loans. No bank I know of is in the business of giving large, unsecured loans to teenagers at affordable APRs.

This combination is one of the reasons I think the current student loan situation is an absurd way to fund education.

 

[fskimospy]

Sure that is an issue. I think there need to be a limit on fees so the debt cant balloon out of control. However, for most college graduates 30K in debt is very manageable wouldn't you say?

I would agree that the average college graduate can handle that, yes. I think student loans are a fundamentally unsound way to fund education, but $30k isn't the end of the world.

 

[Jhhnn]

Because a much larger quantity of people think their student loan debt is "unfair" or the government should provide them with college education for "free," in comparison to the number that think that car payments are inherently unfair or that Uncle Sam ought to be giving out "free" Chryslers to everyone.

If you can't make an argument w/o false attribution they you shouldn't make it. Well, unless personal integrity doesn't matter to you.

A great deal of what's wrong w/ the current system is that we're not really being honest with ourselves about the need for college graduates or the alternatives to making a living by borrowing the money to go to college. They get to eat & pay for it down the road on the promise that it'll pay off.

We're parking young Americans in the education system hoping that the economic picture will improve for them by the time they graduate.

Why will it? Job Creators?!? Puh-leeze.

 

[Jhhnn]

Absolutely. The reason for their non-dischargeability is that if they could be discharged through bankruptcy there basically wouldn't be student loans. No bank I know of is in the business of giving large, unsecured loans to teenagers at affordable APRs.

This combination is one of the reasons I think the current student loan situation is an absurd way to fund education.

Debt forgiveness & write-downs will ultimately serve the same purposes as state & federal education subsidies. Yeh, sure, it's a piss poor way of getting there, but it is what it is.

There's no reason that bankers should make money off it other than ruling class entitlement.

 

[OverVolt]

You can give me all your fake money. I'm in the fucked generation. It would be much appreciated.

 

[OverVolt]

Debt forgiveness & write-downs will ultimately serve the same purposes as state & federal education subsidies. Yeh, sure, it's a piss poor way of getting there, but it is what it is.

There's no reason that bankers should make money off it other than ruling class entitlement.

Not if you want to have a decent credit rating to buy a house or car in the meantime. Like that thing that takes you to work and shit.

Jesus how did you survive your life. The only way you survived was the golden era between 1970-1990 and even then you don't really have shit to show for it. Wow. "Free stuff" tanking your credit score into the 500's in the meantime isn't free, and thats a helluva bet to be making since the loans are non-dischargeable in bankruptcy. Its like the widowmaker bet. It would permanently wipe out any hope of retirement though as you'd be able to save nothing.

 

[OverVolt]

I would agree that the average college graduate can handle that, yes. I think student loans are a fundamentally unsound way to fund education, but $30k isn't the end of the world.

I'm getting offers to refi over 180 months. Its tempting since I'll make more money later.

Average young person is statistically fucked though. In terms of retirement savings, debt loads ,etc.

 

[fskimospy]

I'm getting offers to refi over 180 months. Its tempting since I'll make more money later.

Average young person is statistically fucked though. In terms of retirement savings, debt loads ,etc.

Our generation does have it harder than a generation has for awhile, I'll agree with that. Sometimes I wonder if there's anything the boomers DIDN'T screw up.

 

[werepossum]

I'm getting offers to refi over 180 months. Its tempting since I'll make more money later.

Average young person is statistically fucked though. In terms of retirement savings, debt loads ,etc.

In purely coincidental news, the average young person also has a very expensive smart phone with a generous data plan and a wardrobe worth several times that of his parents, in addition to financing pizzas for twenty years.

Being an average person in most any age group sucks ass. Luckily, being average is always optional.

 

[nickqt]

In purely coincidental news, the average young person also has a very expensive smart phone with a generous data plan and a wardrobe worth several times that of his parents, in addition to financing pizzas for twenty years.

Being an average person in most any age group sucks ass. Luckily, being average is always optional.

$300 smart phone today vs. buying a house at 22 from a blue collar job in the '50-'70s.

Those damn kids today and their "gimme" attitudes!

 

[Sonikku]

Public funded education?! We don't need that socialism in America!












:hmm:

 

[Jhhnn]

Not if you want to have a decent credit rating to buy a house or car in the meantime. Like that thing that takes you to work and shit.

Jesus how did you survive your life. The only way you survived was the golden era between 1970-1990 and even then you don't really have shit to show for it. Wow. "Free stuff" tanking your credit score into the 500's in the meantime isn't free, and thats a helluva bet to be making since the loans are non-dischargeable in bankruptcy. Its like the widowmaker bet. It would permanently wipe out any hope of retirement though as you'd be able to save nothing.

WTF are you babbling on about? That's extremely incoherent, even for you.