Posted on 05/30/2013 4:36:15 PM PDT by Rio
Yes, but just a percentage 1.8%
Yes, all of the loan 12.9%
No 85.3%
You know Obeyme would like to find a way for the govt. to pick up the tab and buy some love.
Take off 10% if the graduates agree to be deprogrammed and burn their ‘RAT registration card in front of the White Hut.
“The current system rewards Sallie Mae and universities without any risk on their part.”
Exactly. Universities take zero risk.
No student loan forgiveness, not even a rewrite of the bankruptcy laws. Student signed a contract, partied, traveled, etc - now the real lesson is to begin - obviously not taught in college, and maybe not taught by the parents.
Be a responsible citizen and pay your debts. Bit off more than you can chew, too bad. Next time control yourself.
Nobody forced them to major in homosexual anthropology and african urban graffiti history.
“If the university admits they’ve failed, ill-prepared students over the last 10-20 years, and over-charged for their nonsense.”
Never would happen.
How about this. Debt forgiven, but only after graduate turns in each degree for which student loan funded. For the forgivenss to take place, the student must attend, and the university administration hold, the “Ungraduation ceremony”. University must stamp “cancelled” on the diploma and return to student who must then send the orginal cancelled diploma to the IRS. The University must file Form 100000000000B to the IRS for each student with a cancelled degree.
Failure to link the cancelled diploma with the Form 100000000000B prevents any debt forgiveness. Every year the University would be required to adjust their graduation statistics for the previous 50 years, send a separate report to the IRS under penalty of perjury and must publish on the university website the names of each de-diploma-ed student for 50 years.
Student may not claim to be the holder of any such degree, and to do so would constitute fraud punishable by up to 5 years in prison and reinstatement of the loan but no return of the degree.
What do you think? Will it work?
The problem is threefold:
(1) prospects for students without a college education are dismal, so going to college gets you a higher expected value even if it doesn’t work out for many - compounded by the fact that basic human psychology is optimistic. Almost everyone displays a woebegon effect - each individual will assume they will beat the statistical averages. That makes rational decisionmaking impossible.
(2) Kids are told “go to college and learn computers” and are turned away from trades and do not judiciously select majors.
(3) Punishing people who went to university during “peak education” doesn’t make much sense - the next round of decisiomakers are 17 and 18 year olds who often don’t know the people in their mid-late 20s who are now regretting their educational decisions.
You have to educate people on the front end, but more importantly, you have to change the institutional behavior of schools. You do that by putting them on the hook for student loan defaults.
It doesn’t do anybody any good to make student loans nondischargeable in bankruptcy. I think it would be relatively easy to get a compromise in congress that would condition federal student loan money on making the university a partial guarantor of student loan repayment in exchange for not turning off the spigot and also make student loan debt dischargeable.
No.
“Education should be free for everyone, ...”
I was going to write that education is already free for everyone...in the school of hard knocks. But actually you pay there too, just in a different coin.
The institutions of higher learning should be forced to give refunds based on the low quality of the service they provide. Some might say that what they do is close to fraud.
I went to a state college, and it was a choice. It was what I could afford to pay, and I didn’t take out loans. I didn’t live on campus, I lived at home to save money. I worked all through my college education.
My parents couldn’t afford to send me to college, and letting me live rent-free while in college was their way of helping.
Why is it that someone who takes out $200,000 worth of loans to go to an Ivy League school should have that education and diploma just handed to them, while someone like me made a responsible choice, going into a field I thought I could make a living in, and keeping costs as low as I could?
I am not putting this on any age group. I feel exactly the same way about someone who went to school 20 years ago and hasn’t paid their loans.
A successful FReeping. Thank you very much. (Was close to 50/50 when we started.)
but can’t find work in their field?
My Mayan basket weaving masters cost $50,000. I haven’t been able to find even an entry level position in this field. So absolutely yes. My loan should be forgiven as it will be impossible to pay it and pat my other loans for another area of educational focus that hasn’t panned out.
I’m not supportive of student debt forgiveness myself, much as I would benefit from it. In fact, I did a lot of what you did as well, although I still had to take out loans because of the costs being so high.
In fact, it’s exactly that rationale which is why I get angry about all the demand for debt relief, because the loudest complainers are often those who don’t need or deserve it the most.
I’m just a little annoyed at the generational bashing that comes up with this topic. Not all of us Gen Yers are deadbeats (although a lot are).
Exactly. There is no foregiveness, just a passing of the debt on to income producers.
Loan money goes directly from the loan company to the school to pay tuition, fee’s, books, on-campus housing and food and nothing else. Student does not get their hands on any cash from the loan, period. No apartment, groceries, transportation, car, gas, Spring Break, nada. That should take care of the problem. That was how it was done in the old days with student grants and loans. For play money, we used to work during summer and holidays, and part-time during the school year once we got the hang of studying.
No, because they don't have to find work in their field. They can just find work.
Okay, what’s the hook? There’s always a hook.
I judge each person on the basis of what they do, and if I don’t know what they do, I reserve judgement when I can.
I do make an exception for liberals. If someone adheres to its principles, then they have revealed themselves.
That said, I do feel a degree of sympathy for people like yourselves who are grouped in with a larger group that is a subject of criticism, even though they may have little or nothing in common with them. I live in Massachusetts, so you will understand exactly what I mean...:)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.