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Student loan forgiveness

Discussion in 'The Dungeon' started by Pittenger5, Apr 23, 2019.

  1. Venom51

    Venom51 John Deere Equipment Expert - Not really

    Not by choice...
     
  2. TXFZ1

    TXFZ1 Well-Known Member

    How are the people making money from the students not paying off their loans? That is interesting as if they have no money to repay the loan then where is the money coming from? Loan refinancing or high interest? Not doubting, just wondering what you found.
     
  3. csm800

    csm800 Well-Known Member

    I am only commenting on spelling for one reason. 18 year old white kid (me), trying to teach a couple other young Marines from Baltimore (black) how to play euchre. I was so close to getting my ass beat because they hadn't heard the word before. Had to find a guy from Wisconsin to back me up that it wasn't racial.

    re·nege
    /riˈneɡ,riˈniɡ/

    gerund or present participle: reneging
    1. go back on a promise, undertaking, or contract.
      "the administration had reneged on its election promises"
      synonyms: default on, fail to honor, go back on, break, back out of, pull out of, withdraw from, retreat from, welsh on, backtrack on
     
    sheepofblue likes this.
  4. ryoung57

    ryoung57 Off his meds

    Short sales


    Watch "The Big Short". The same thing happened with all the mortgages people were defaulting on in the late 00's. Believe me, win or lose, the market always finds a way to make money.
     
  5. rafa

    rafa Well-Known Member

    That article is very frustrating.
    There are no real possibilities of student loans being forgiven right?

    I am 29 and was thinking of possibly getting an MBA. I could either pay for the MBA, or I could put a down payment on a house.
    Maybe I should just get both! not pay my loans and get other people to pay for it!
     
  6. Mongo

    Mongo Administrator

    The choice is easy - don't go there.
     
  7. G 97

    G 97 Garth

    Iowa State University just announced an 8% tuition increase. I don’t have the break down between tuition and room and board per semester bet I do know that tuition, room and board for a full year (two semesters) is @$20,000.00.
    So $80,000 grand to get a 4 year degree. A general studies or political science degree will probably allow you to obtain a $25,000-$30,000 first year job while a mechanical engineering degree @$60,000. So obviously, it really depends on what degree you obtain. Even then investing $80,000 in order to possibly obtain even a $60,000 job is somewhat suspect. My first year starting salary out of ISU was double of what tuition and room and board was at the time back in 1988, clearly a good return on my investment. These days, not so much. So you have both the dynamic of some wage stagnation while higher education cost have experienced a double digit increase above inflation for the past 15 years. Crazy.
     
  8. auminer

    auminer Renaissance Redneck

    Wait... You need to have a degree to grow friggin corn? :confused:
     
    MachineR1 and G 97 like this.
  9. Fonda Dix

    Fonda Dix Well-Known Member

    Yes, but its not for the corn growing part. Its for the how to do the paperwork for massive ethanol subsidies part.
     
    auminer and G 97 like this.
  10. G 97

    G 97 Garth

    I know. It gets increasingly difficult to check the box each and every year. It’s exhausting. :D
     
    Fonda Dix likes this.
  11. ryoung57

    ryoung57 Off his meds

    F19FBE5B-D654-4337-B20B-79B07A581373.jpeg
     
    cpettit likes this.
  12. G 97

    G 97 Garth

    :crackup: Not quite. Not with out having a co-signer, which is typically a parent. You’re not going to get $200,000. Not even going to mention that a student is only 18 years old for one year. Not for the entire time they are in college typically taking out a new loan each year.
     
    Last edited: Jul 1, 2019
  13. Motofun352

    Motofun352 Well-Known Member

    When I went to school (PSU-BSNE) I spent 11 grand (12 if you count beer) over 4 years. First job paid 10,400 a year.....that was 45 years ago, things have changed a little since then.....:eek:
     
  14. pickled egg

    pickled egg Tell me more

  15. crashman

    crashman Grumpy old man

    Yet another thing that the government fucked up. Yet some people are naive enough that they think the answer is to get the government to step in and "fix" it...

    If someone needs to step up and pay for the mistakes of students it should be their parents. They are the ones who did not provide sufficient input / financial training to ensure that the kids knew that spending $80 - $100k plus on a degree that would land them a $35k/year job was not that smart. Why the hell should my tax dollars be spent bailing out someone who did not do enough research in to their chosen field to see that it will be difficult to justify the expense of that particular degree.

    If they really want to chase their dream that is their right, but not at my expense...
     
  16. ryoung57

    ryoung57 Off his meds


    Not everyone went to college straight out of high school. I’d guess a lot of the people who owe this debt were older people trying to re-train after losing a job or getting divorced. They borrow extra money on top of the inflated tuition in order to get by while working part time and going to school (and paying for childcare, food, etc). Then they either can’t make it and quit, or the job they were after doesn’t pay much better, so in the end, they are barely making more money buy now have a $500-1000 student loan bill.


    And what’s with the “at my expense” bullshit? The government is going to take the money. Would you rather they use it to give some single mom or young kid a break, or would you rather it gets funneled to some 3rd world shithole dictator or disappears into the coffers of a mega corporation via some form of corporate welfare? They sure as shit aren’t going to give it back to you.
     
  17. lee955i

    lee955i The Traveling Gnome

    Because it'll STILL go to some 3rd world shithole regardless, our dear government will just want more, then more, and more on top of that..
     
    sheepofblue likes this.
  18. ryoung57

    ryoung57 Off his meds

    But you’re not paying for it. It’s deficit spending that’ll never be paid back.
     
  19. lee955i

    lee955i The Traveling Gnome

    If my tax rate increases to cover the follies of others, again, then yes, I'm paying for it..
     
  20. ryoung57

    ryoung57 Off his meds

    When was the last time your tax rate went up? They’ve been relatively stable, if not gone down.
     

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