Skip to comments.Student debt compounded by private loans
Posted on 06/10/2007 9:29:12 PM PDT by Flavius
WASHINGTON, June 10 (UPI) -- Rising student loans offered by private lenders not only have frustrated U.S. lawmakers but left graduates buried under a mountain of debt.
(Excerpt) Read more at upi.com ...
In NZ, it is not uncommon for students to amass huge student load debts: $20,000 or more is not uncommon. A dentistry student could easily accumulate $100,000 or more in debt. The higher your degree, the more you owe.
When they get jobs, the IRD garnishees their wages to repay their loans.
The smart ones up stix and move to Oz or points elsewhere, taking their expensive education with them.
It’s short-sighted for a nation to cripple their young with huge debts, at an age when they should instead be saving for their mortgage and establishing themselves to be productive contributors to the economy.
And it is the fault of the private lenders? The lenders are addressing a need in return for interest over time. They are making it possible for people to go to school. The problem is the rising cost of higher education. The problem with higher education is the same problem with health care or other services where the user is not the principle payer. Whenever the user is not the principal payer, as with the HMOs insurance companies, and government programs that pay for our health services, costs rise out of all proportion to value.
Students should pay before they go, anyway. Costs were already rising too much as a result of government grants and loans. Leftist academics have no moral entitlement to that much.
College grads earn a million more than others. Why should the others foot the bill?
In the past college grads have done quite well, in the futer who knows.
- Get scholarships and/or grants.
- Work your way through school. (Heaven forbid)
- Go to a cheaper school.
- Go military first and use the GI Bill.
- Get college covered by "The First National Bank of Mom and Dad".
If none of the above methods work for you, at least stop bitching about your "mountains of debt". Remember, you're in America and have a college degree! Be thankful.
Who do you think should pay for their education?
I’m paying off 65K in student loans..woohoo! I don’t even have a job in my field yet.
> Who do you think should pay for their education?
The Nation should fully-fund 100% of a student’s first degree, 80% of the second and 60% of the third, in exchange for a deed of indenturement — meaning that upon graduation they must live and pay taxes in NZ for ten years.
The Nation is the most direct beneficiary of having an overwhelmingly well-educated and well-compensated populace, both by creating a wider and deeper tax base and by reducing the causes oc many social ills, such as poverty.
I work with a non profit to help provide scholarships ... personally for my kids..it’s pay as you go....
My son, who recently got done with the AF, is leaving in August for law school. My income did not even qualify me to co-sign for him. He is using the GI Bill, grants, personal savings, and he still needs student loans. And while for years I have told him I do not care what he does with his life as long as he did not become a politician or a lawyer, I am at least comforted by the fact that he wants to have a career in International Business Law. I tell him that after he is done paying off the bill he can take of me in my dotage.
I agree with all of your points but would add "Defer instant gratification of WANTS"!
However, that is a rare quality in a world where "instant credit" is the norm! "Neither a lender nor a borrower be" is just a quaint phrase from the distant past....
Choices have always had consequences and will forever...
> I work with a non profit to help provide scholarships ... personally for my kids..its pay as you go....
My kids are my retirement plan. In the absence of other funding sources I shall pick up the tab for their student loans AFTER THEY GRADUATE on the express understanding that they look after the missus and me when we retire. I’ll have it all drafted up nice and legal in a Deed, so that there can be no misunderstandings about Old Folks Homes being a form of being “looked after”.
It should never have to come to that: as I said, I believe it is the Nation’s responsibility to build a well-educated and hi-earning tax base. It is also in the National Best Interest to do so.
One taxpayer earning $100,000 will pay more tax than five taxpayers earning $20,000 each. And the $100,000 taxpayer will live better and longer, and not get involved in petty crime, and will raise healthier kids and probably take an active interest in Civics — because it is in his/her best interest to do so.
If all Citizens earned toward the top tax-brackets, you could easily afford a few million illegals to do the menial tasks, with no penalty to the Nation (providing only that you did not give them the franchise of the Vote).
My son will have earned his Bachelors in December. He’s managed to do it tuition free. Dual Credit during HS took care of 78 hours of college credit (tuition free)...state university has been paid for by a state merit scholarship (available to anyone in the state with a certain SAT/ACT score.) Of course, we’ve been fortunate to live near a state university, so he could commute, and that has cut down on his costs too. Gas is expensive, but not as expensive as paying room and board on campus. He’ll probably go on for his Masters (he’ll be 19 when he gets his Bachelors so he has lots of time) and the Bank of Dad has said that he’ll help pay the bill since he did the Bachelor’s tuition free.
“The Nation is the most direct beneficiary of having an overwhelmingly well-educated and well-compensated populace, both by creating a wider and deeper tax base and by reducing the causes oc many social ills, such as poverty.”
One of the dumbest moves the US made was getting rid of the real GI Bill.
Study after study showed that it was a net economic winner for all the reasons you stated above.
I got an engineering degree using the GI Bill. I guarantee you that I have paid it back many times over.
It would be so nice if students repaid their loans.
One dumbnuts with my name didn’t repay his college loans, so who do the whackjobs in the collection agencies go after - me!
As a businessman I need to protect my four star credit rating, so every six months or so I need to trot out my very expensive lawyer and threaten to sue these collectors for the various threats they fire at me.
The fact that I was busy doing things that Marines do in the USMC during the time period the other dumbnuts with my name ran up the student loan bill doesn’t seem to penetrate the empty skulls of these fat, sleazy collectors.
About all that gets the collector’s attention is threatening them with a high six-figure lawsuit and sending them a bill - at $150 per hour - for wasting my valuable time.
If I ever catch the other “me” with my name, I’m going to squeeze his head until one-hundred dollar bills pop from his eyeballs.
Pay your damn debts, you deadbeats.
As for the nation, what is that? Doesn't sound conservative to me when you start talking about something which has interests that supercede those of individuals and wants to take from the many to give to the few.
they get degrees for 180k
then they get out and go home to parents to work part time with whatever job they can get
if they get a kid along the way forget it , they are indentured to loan co or gov
anyways this is also going on in England, basically solution there was that people should not spend money on degrees that dont pay anything etc
just saying ; and yes none of it is your doing you just got a bad luck with the name
The quickest way to stop the rapid growth in college education prices is to cut back the student loans.
The more money available in any form including loans the more the schools will be able to charge.