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(BusinessWeek)   17% of the U.S. student debt is held by Americans aged 50 or older. Otherwise known as 1970s philosophy majors   (businessweek.com) divider line 174
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1883 clicks; posted to Main » on 14 Aug 2014 at 10:23 AM (10 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-08-14 08:48:41 AM  
As the holder of a BA in philosophy, I'm getting a kick....
 
2014-08-14 09:07:49 AM  

Spandau: As the holder of a BA in philosophy, I'm getting a kick....


Speaking of that...I will have the large fries please...
 
2014-08-14 10:25:15 AM  
Otherwise known as physicians and lawyers.
 
2014-08-14 10:25:45 AM  
Americans aged 50 or over?  Cool, that means they're halfway done paying their loans off!
 
2014-08-14 10:26:13 AM  
FTFA:

The numbers don't distinguish between older Americans who took out loans to finance their education and those who did so to put their children through college.
 
2014-08-14 10:27:35 AM  
So glad I didn't take out loans to pay for my M.A. in English.

/mainly because I never could've paid it back...
 
2014-08-14 10:27:58 AM  

Spandau: As the holder of a BA in philosophy, I'm getting a kick....


I was lucky enough to finish without debt, hooray low priced state schools!
 
2014-08-14 10:28:51 AM  
Otherwise known as 1970s philosophy majors older workers trying to retrain at those for-profit universities that pop up in office parks
 
2014-08-14 10:29:19 AM  
On the bright side: if it's finally starting to bite the AARP, maybe the politicians will finally (be forced to) step in and do something.
 
2014-08-14 10:31:41 AM  
1. BS in biology
2. Got it in 2006
3. Fark you subby
 
2014-08-14 10:31:46 AM  

The Southern Logic Company: Spandau: As the holder of a BA in philosophy, I'm getting a kick....

I was lucky enough to finish without debt, hooray low priced state schools!


Exactly, I worked my way through school and came out debt free.

/53
 
2014-08-14 10:32:31 AM  
So the only knowledge valuable is that which makes money?
 
2014-08-14 10:33:05 AM  
What's the US age distribution? Should give an indication how proportionate the debt is.
 
2014-08-14 10:33:08 AM  

lake_huron: FTFA: The numbers don't distinguish between older Americans who took out loans to finance their education and those who did so to put their children through college.


phaseolus: Otherwise known as 1970s philosophy majors older workers trying to retrain at those for-profit universities that pop up in office parks


These.
 
2014-08-14 10:33:16 AM  
Is this the thread where we brag about having our school loans paid off in 8 months?  It only took me 14 years but whatever.

$300 bucks extra per month in my pocket come May woohoo!  Time for Lasek.
 
2014-08-14 10:33:17 AM  
Sorry, subby, but the cost of one year of college in the 1970's was $1500; $1750 if you went to Florida over spring break.
 
2014-08-14 10:33:51 AM  
Of course, in any other business, a debt that languished for multiple decades without any attempt at collection would be considered void.

Makes you wonder if they have people who go through old loan paperwork to find the ones that they can pretend weren't paid off...
 
2014-08-14 10:35:18 AM  
I thought the entity who held debt was the bank...
 
2014-08-14 10:35:34 AM  
One thing that would help, student loans shouldn't interest until the first few years a kid gets out of college.  That way, they can find a job that allows them to pay their debt, before getting crushed by it, and they can still make some payments as they go, until the interest kicks in.  Since the feds took over student loans, and they are no longer a "for profit" thing, this shouldn't be a big deal to do.
 
2014-08-14 10:35:54 AM  
Philosophize on this - there is no statute of limitations on Federally backed student loans.

The Feds pursue these debts, through collection agencies and attorneys, until they have an executable judgment, then they garnish your wages and arrest your tax returns.

All costs are included in that judgment - interest, penalties, collection costs, legal fees ... It usually winds up being about 200-400% of the original loan, depending on the agreement you signed

It's WORSE than the IRS.  I owed the IRS money for almost twenty years, eventually paid it off, and got squared up with them last year.  They never once gave me a hard time.

I never had a student loan, I paid as I went.  I did, however, work for a collection agency that specialized in student loan recovery.  In 2001, I was talking to one poor schlub who had graduated college in 1969.

1969.  Think about it.   Before you sign those papers.  And I can't say this strongly enough - NEVER ASK YOUR PARENTS FOR A CO-SIGNATURE.

College loans are like herpes.  They never go away, and they keep cropping up at the worst times.   And they're contagious to people close to you.
 
2014-08-14 10:36:59 AM  
Yeah, in the 60s and 70s it was the 'cool' thing to do to just ignore your student loans once you graduated.  Then about 10 or 20 years later the collectors would show up with their hands out and the people would be shocked that they still owed the money.

It's one of the reasons they are so aggressive in collecting them now.
 
2014-08-14 10:37:29 AM  
There are plenty of non-traditional students attending college for the first (or second) time in their mid- to late-forties.

Oh, and reillan, I took out loans for my MA in English, and was able to pay most of them off as a school bus driver before I got my college teaching job. Of course it helped that I didn't go to a school that charged $50,000 a year tuition.

Choices, people. Make more wise ones than stupid ones.
 
2014-08-14 10:37:31 AM  
My loan should kick in September for about $350 a month for the next ten years.  Since mine is a graduate degree I was never qualified for the lower loan rate.  Please please let us be able to refinance these things one day!
 
2014-08-14 10:37:46 AM  

robertus: lake_huron: FTFA: The numbers don't distinguish between older Americans who took out loans to finance their education and those who did so to put their children through college.

phaseolus: Otherwise known as 1970s philosophy majors older workers trying to retrain at those for-profit universities that pop up in office parks

These.


I would guess mostly the first one.

The second would probably still primarily be in their 30s and 40s.
 
2014-08-14 10:37:50 AM  

This text is now purple: I thought the entity who held debt was the bank...


Came here to say this - "held by" isn't interchangeable with "owed by".

//the banks or debt-collection agencies
 
2014-08-14 10:38:12 AM  

ringersol: On the bright side: if it's finally starting to bite the AARP, maybe the politicians will finally (be forced to) step in and do something.


Do what exactly? Just forgive loans? Would be the worst possible thing we can do. Would just encourage schools to jack up rates even more. Government should have no part whatsoever in the college loan business. College should be something you work through, and make responsible choices about. Too easy to get "free" money without thinking things through.

Yes, I have student debt. about 15k. I finished school in my 40s. Would love to have that poof away, but would not be fair.
 
2014-08-14 10:39:16 AM  

This text is now purple: I thought the entity who held debt was the bank...


- which, in turn, got bailed out by taxpayers in 2008/9 thus making citizens the bag holders as it were.
Ah geeze - I just went all philosophically.
 
2014-08-14 10:39:37 AM  

Spandau: As the holder of a BA in philosophy, I'm getting a kick....


Quit kicking and hurry up with those fries.
 
2014-08-14 10:39:55 AM  

Some Coke Drinking Guy: One thing that would help, student loans shouldn't interest until the first few years a kid gets out of college.   That way, they can find a job that allows them to pay their debt, before getting crushed by it, and they can still make some payments as they go, until the interest kicks in.  Since the feds took over student loans, and they are no longer a "for profit" thing, this shouldn't be a big deal to do.


Let me know where these are abundant.

fark ACS Education and their non-english speaking employees.
 
2014-08-14 10:40:59 AM  
We're paying mine off this fall after 20 years and finishing under 40 so I'm feeling very lucky. Mr Hubby, same age, still has a few years to go. Maybe by 40?

/anthropology major. 100x More useful than philo because you can bs through anything as you learn instead of waxing poetic.
 
2014-08-14 10:41:28 AM  

Prophet of Loss: So the only knowledge valuable is that which makes money?


You remind me of my sister. She was extremely good at spending other people's money.
 
2014-08-14 10:41:56 AM  
Student loan debt was bad back then but these days it's one of the greatest scams going.  My son is starting his starting junior year in biology and not only has no debt, but has a plan in place to cover costs through to his degree, but even on through to his Masters.  It can be done.

/70's engineering degree
//Worked my way through with no debt too
////Proud Papa
 
2014-08-14 10:42:56 AM  
I thought federal student loans were forgiven at age 65? Was that an old rule?

Oh well, at least the sweet release of death will forgive my loans...
 
2014-08-14 10:43:45 AM  

Prophet of Loss: So the only knowledge valuable is that which makes money?


That's a question best put to someone who's devoted themselves to studying the human condition.
 
2014-08-14 10:44:16 AM  
Or parents of 20-somethings who couldn't pay off their co-signed loans themselves with the degrees they got from college...
 
2014-08-14 10:45:31 AM  
Phuffff!!! Joke's on you Subby...I didn't even graduate college!
 
2014-08-14 10:47:49 AM  
One think I learned from business school: just go bankrupt. It will be easier. Plus you get to sell your books for a fraction of their value!


/the irony
 
2014-08-14 10:47:57 AM  
Maybe this is the socialist side of me, but it just seems strange that we saddle folks with crippling debt who are eager to learn and contribute to our society by being better people, while we spend 3 trillion dollars farking-up another country like Iraq so our sworn enemies can just swoop in, commandeer our weapons, munitions and vehicles and take over the place while waving their d!cks in our face.

Now were flying airplanes over said country from the sidelines blowing up our own equipment.

We must be gotdamn geniuses.
 .
 
2014-08-14 10:49:18 AM  

Some Coke Drinking Guy: One thing that would help, student loans shouldn't interest until the first few years a kid gets out of college.  That way, they can find a job that allows them to pay their debt, before getting crushed by it, and they can still make some payments as they go, until the interest kicks in.  Since the feds took over student loans, and they are no longer a "for profit" thing, this shouldn't be a big deal to do.


Forget all that. Loan amounts need to be capped at like $5k. Allowing students to borrow themselves into oblivion is what enables colleges to charge outrageous amounts for tuition.
 
2014-08-14 10:50:23 AM  

TomD9938: That's a question best put to someone who's devoted themselves to studying the human condition.


Or you can ask someone who studied air conditioning, probably get a better answer as they won't refer to Spinoza or Hakuseki.
 
2014-08-14 10:51:39 AM  
I graduated about 3 years ago and I've got my loans down from 20k to 9k. It's not that hard as long as you're willing to rent and your wife isn't popping out children
 
2014-08-14 10:52:01 AM  

This text is now purple: I thought the entity who held debt was the bank...


Correct.  I was about to lambaste subby for the headline...and then I read the article by BloombergBusinessweek.  I find it interesting that this business publication (or at least this particular writer) doesn't understand the property terminology when discussing debt.
 
2014-08-14 10:52:05 AM  
They could probably go after any senior who's loan is paid off but can't prove it anymore.
Lesson for the yutes.
 
2014-08-14 10:52:35 AM  
I graduated with a BA in arts (majored in philosophy) and then got an MA (likewise). Been gainfully employed for years in finance and now as a technical writer. No debt, no regret, and actually quite pleased with it. The thing people don't tell you about university is that you also need to develop a vocation, which I did (using my BA as leverage to get into a college program for technical writing) after being fed up selling my soul (and money) in finance. It's almost as if I studied a subject that enable me to figure out what I wanted, and therefore how to get it...
 
2014-08-14 10:52:49 AM  

EdNortonsTwin: Maybe this is the socialist side of me, but it just seems strange that we saddle folks with crippling debt who are eager to  learn and contribute to our society by being better people find an excuse to party for 4-5 years whle taking some obviously useless degree all the while telling themselves that they're too "good" to go to trade school or take a blue-collar job.

 
 .

FTFY
 
2014-08-14 10:55:48 AM  

Spandau: As the holder of a BA in philosophy, I'm getting a kick....


I said a grande breve latte.
 
2014-08-14 10:56:25 AM  
+1 for working through college. This is how I did it: 1) took a year off after high school and worked my butt off. Lived with parents rent free, so saved most everything -- 2) Worked part time through freshman & sophomore year for additional fundage -- 3) Even with that, ran out of money in my Junior year, so took two quarters off, went back to parent's house, and worked the remaining bits of my butt off. Finished college in Year 6, two years later than most of my friends, but completely debt free.

Not saying that's how everyone should do it, but that's how I did it.
 
2014-08-14 10:56:39 AM  

EdNortonsTwin: it just seems strange that we saddle folks with crippling debt who are eager to learn and contribute to our society by being better people


We don't want them to learn and contribute to society.  We want them to have to work.
 
2014-08-14 10:56:41 AM  
Prophet of Loss


So the only knowledge valuable is that which makes money?


Yes, except for the knowledge that keeps you from being run over by a bus.
 
2014-08-14 10:57:20 AM  

baconbeard: EdNortonsTwin: Maybe this is the socialist side of me, but it just seems strange that we saddle folks with crippling debt who are eager to  learn and contribute to our society by being better people find an excuse to party for 4-5 years whle taking some obviously useless degree all the while telling themselves that they're too "good" to go to trade school or take a blue-collar job. 
 .

FTFY


So, you found higher education useless?  oooohhhhkay.
 
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