if student debts gets paid by the government

[Issobolic28]

Student loan debt is "good" debt.

Credit card debt isn't.

[C.ruel]

If i understand the program right the act limits loan payments to 10% of your income and forgives the remaining debt if it isn't payed off in 20 years.

Which is cool and all, but seems to cater mostly to the worthless degrees that make no money.

Brb mainly forgiving the "got a 4 year liberal arts degree in 10 years 1000000k in debt" kids that don't contribute to society anyway. and not the majors that make decent money out of the gate.

[sydneyalysse]

Where is that 500-2500 a month going to go? Thats money that will now be spent by a million new consumers. Thats going to create countless jobs, improve real estate, help the stock market, etc...

Again, im against it but not because its unfair. That shouldnt even be an argument.

You're starting the story in the middle.
What about the original money that was spent via the loan? Did that not create jobs, improve real estate, help the stock market, etc...

[8nd]

Not reading this thread, but I will say what I have said in others.

Current debt should not be forgiven. From now own, the government should be banned from backing this debt and it should be bankruptable.

Boom, no more people getting 150k loans for a sociology degree with no hope of paying it back. Boom, lowered tuition as demand decreases. Boom, kids actually have to work for a few years (building up credit) and figuring out what they want to do before picking a major. Criminalize strategic bankruptcy.

The solution is mind boggling simple.

100%.

If theyre not guaranteed, schools will stop charging 40k a year.

[ScubaStevo]

congratulations, you just posted a chart that means nothing.

little does he know that it is government intervention in education that has caused education costs to skyrocket

[cds2011]

This subject seems really similar to the housing bubble bursting back a couple years ago. People that had no right to take out loans that they knew they wouldn't be able to pay back and banks loaning to people that they had no right loaning to.

[Blacklabel3]

I'm confused....is the government going to pay off my federal and private student loans? Words could not express how happy that would make me.

[bdub69]

This subject seems really similar to the housing bubble bursting back a couple years ago. People that had no right to take out loans that they knew they wouldn't be able to pay back and banks loaning to people that they had no right loaning to.

It's the same thing... another bubble but this time it's for student loans. Tuition has gone up exponentially and everyone was taking out large student loans. It's finally starting to crash.

[reverse79]

News flash: you are not guaranteed a job in life. Everything is an investment. Investments have risk. I'm sure you believe everyone at OWS is going to career fairs, has two internships under their belt, 3.7 GPAs, fool-proof resumes, etc?

show me all these opportunities that you think exist

Companies arent even considering candidates without a Masters degree....so, guess what that means for the student who has to attend school longer?

http://finance.yahoo.com/news/1-2-gr...140300522.html

[8nd]

You're starting the story in the middle.
What about the original money that was spent via the loan? Did that not create jobs, improve real estate, help the stock market, etc...

It helped banks. Then they used it to back dumb mortgages. Only cost us about 20T.

But sure it did help the country too, at the time. That doesnt help looking forward.

[jon555]

Where is that 500-2500 a month going to go? Thats money that will now be spent by a million new consumers. Thats going to create countless jobs, improve real estate, help the stock market, etc...

Again, im against it but not because its unfair. That shouldnt even be an argument.

Holy fuking **** I want to take a bat to your teeth. You want to erase their debt so they have more money to spend on stuff? Are you legit Jason Genova? You want to reward their poor choices? So they can buy houses and things they can't afford and get into even more debt. Then you can bail them out again so they can spend even more money. Clearly its good for the economy right? And then they buy even more stuff they can't afford and there you are again to bail them out again.

You know *******, all trolling aside, if you had made posts about revamping lending policies or addressing the high cost of college tuition then we could have actually had a discussion.

[tk217]

I'm confused....is the government going to pay off my federal and private student loans? Words could not express how happy that would make me.

They also said they're going to raise your taxes even more than your student loan to cover all those other people who have way more loan money taken out... cheers.

[ScubaStevo]

show me all these opportunities that you think exist

Companies arent even considering candidates without a Masters degree....so, guess what that means for the student who has to attend school longer?

http://finance.yahoo.com/news/1-2-gr...140300522.html

1. lol at companies not considering candidates without masters degrees. 90% of the people I know who found jobs upon graudation a few years ago in the peak of the crisis didn't have masters

2. way to dodge my point

[zela]

Oh lets pay for college grad debt and increase the taxes on college grads. **** sakes I already pay 30% of my salary to the government whats another 10% gonna do? You will pay for the **** one way or another so lets not put the burden on the responsible for that of irresponsible little *******s who choose to take student loans for liquor weed and spring break vacations. I came to this country with nothing but a bag of clothes and paid my way through college. Don't tell me its hard, do admit to me its lazy.

[tk217]

100%.

If theyre not guaranteed, schools will stop charging 40k a year.

Schools will charge as much as they can.

If people were allowed to declare bankruptcy on student loans the government wouldn't even offer student loans as it would just be a big pile of debt.

[HockeyJon]

Do you phucking have the slightest idea of how expensive college is for a low-medium wealth student?

Don't seem to be thinking about that when they drop $100 on booze on a Tuesday. Just sayin'...

[HockeyJon]

Because the taxpayer
a. had the same opportunity themselves
b gets to benefit from living in a innovative and competitive country.

Yep, that's right folks, Art History majors will help us innovate and be more competitive.

[tk217]

Yep, that's right folks, Art History majors will help us innovate and be more competitive.

Blows my mind why this degree is even allowed to be offered at institutions.

[r3pnIt]

SO that is my fault as a taxpayer?

Get the fck out of here.

your dumb as fck... Im not supporting them. I'm just saying people in here keep saying liberal arts majors.. there are people with good majors and good careers that are still in **** loads of debt... stop being bias and trying to make sure side sound better

[reverse79]

1. lol at companies not considering candidates without masters degrees. 90% of the people I know who found jobs upon graudation a few years ago in the peak of the crisis didn't have masters

2. way to dodge my point

great sample size

people YOU know...represents EVERYONE.

[8nd]

LOL.

It is me paying back my Loan - Where do you think that Loan money came from? It is borrowed from China and Taxes -- you're basically getting a paid forward tax credit which you pay back over time.

If you don't have those who borrowed it pay it back the government must do one of two things or both -- cut spending (thus damaging that economy in the same way) or raise taxes (also damaging the economy in the same way as those million new consumers must now pay taxes).

This is just socialism and exactly why bail outs shouldn't happen. It creates this moral hazard mentality. Socialize losses - privatize gains.

This isn't the job of the government.

I disagree that taxes would be raised. I agree that it isnt a job of the government. Im asking people to post reasons other than its not fair.

[tk217]

great sample size

people YOU know...represents EVERYONE.

I got a job before I was even done with college because I took on a degree that was desired.

[ScubaStevo]

your dumb as fck... Im not supporting them. I'm just saying people in here keep saying liberal arts majors.. there are people with good majors and good careers that are still in **** loads of debt... stop being bias and trying to make sure side sound better

They are in debt because they put themselves in debt. They could be debt free making 100k in a manufacturing job right now

http://money.cnn.com/2012/02/27/smal...jobs/index.htm

[tk217]

I disagree that taxes would be raised. I agree that it isnt a job of the government. Im asking people to post reasons other than its not fair.

Explain how we're going to pay for this extra trillion in debt? Is the Fed just going to print more money and debase our currency further - punishing everyone?

[8nd]

Holy fuking **** I want to take a bat to your teeth. You want to erase their debt so they have more money to spend on stuff? Are you legit Jason Genova? You want to reward their poor choices? So they can buy houses and things they can't afford and get into even more debt. Then you can bail them out again so they can spend even more money. Clearly its good for the economy right? And then they buy even more stuff they can't afford and there you are again to bail them out again.

You know *******, all trolling aside, if you had made posts about revamping lending policies or addressing the high cost of college tuition then we could have actually had a discussion.

Lol @ you being dumb and angry.

Ive said no less than four times i dont want debt erased.

[chevy72blu]

Schools will charge as much as they can.

If people were allowed to declare bankruptcy on student loans the government wouldn't even offer student loans as it would just be a big pile of debt.

Exactly. The thing is, if the free market dictated lending requirements, you would have far fewer 18 year olds with massive loans willing to go into BS degrees. The bank should decide if you should be given a loan, based on your credit history, what degree, risk, etc. This reduces the pool of applicants and schools must react by bringing costs down.

If the potential of bankruptcy is re-instated, then the bank has to look long and hard and someones potential to repay. Getting a business loan takes a lot of active selling on YOUR part and this should be no different. The way the situation is now, the banks are happy to hand 100k+ out to literally anyone because they have absolutely no risk whatsoever. This drives costs up because the schools can get away with it

There is no reason for the gov't to offer student loans. Once again, gov't manipulation in the market has been an utter disaster.

[Rangerz91]

They should just screen who the give out grants/loans to... Don't give it to a ******* who has 3.0 with a com major.

If you make above a 3.6 you should be having a majority of your school paid for...

[Vrait]

Do you phucking have the slightest idea of how expensive college is for a low-medium wealth student?

$1200-1500 a month is CHEAP.

If some one complains about that, they need a new job.

University isn't the only way.

[tk217]

Exactly. The thing is, if the free market dictated lending requirements, you would have far fewer 18 year olds with massive loans willing to go into BS degrees. The bank should decide if you should be given a loan, based on your credit history, what degree, risk, etc. This reduces the pool of applicants and schools must react by bringing costs down.

If the potential of bankruptcy is re-instated, then the bank has to look long and hard and someones potential to repay. Getting a business loan takes a lot of active selling on YOUR part and this should be no different. The way the situation is now, the banks are happy to hand 100k+ out to literally anyone because they have absolutely no risk whatsoever. This drives costs up because the schools can get away with it

There is no reason for the gov't to offer student loans. Once again, gov't manipulation in the market has been an utter disaster.

Ah - but what about people who claim discrimination? Who aren't given their fair shot in life because bank's denied them loans? What about these people?

It is too much to expect people to work through school or work prior to going to school.

[emerica1184]

great sample size

people YOU know...represents EVERYONE.

My uncle is an engineer, and I asked him about this a couple of months ago. He said at his job they often prefer to hire people with just a bachelor's degree for a couple reasons.

1. They don't have to pay them as much. pretty self explanitory.
2. Someone with a master's degree and little to no work experience is going to be competing with someone who has a bachelor's and maybe 3+ years work experience, they will take the work experience every time (Assuming equal candidates).
3. People with master's usually aren't expecting a novice entry level job either, so the pickings are a lot smaller