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(Business Insider)   You want to fix America's out-of-control student loan crisis? Listen to this finance professor   (businessinsider.com) divider line
    More: Interesting, Debt, Generation Student Debt, student loan debt impacts, loan defaults skyrocket, college enrollment of high school graduates, total student-loan debt, long-term financial harm, tuition costs  
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2580 clicks; posted to Politics » on 15 Mar 2019 at 7:07 PM (5 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



107 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest


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5 days ago  
Outlaw federal guarantees on school loans, make all student loans dischargeable through bankruptcy again.

Sick of private industry trying to outsource all risk assessments then reap all profits and, what, 20%-30% of the entire sum of the loan in bulllshiat "collection costs."  If they don't want to fund student loans, fine. A year without student loans will fix that problem as the walls are burned down and we all get free college the next year. Sure we pay higher taxes, but it beats building a fleet of F-35s and the constant shelling out fear to keep the local systems in line.

Enough. Just. farking. Enough.
 
5 days ago  
Only loan to students pursuing a marketable degree?
 
5 days ago  
First, ask the right questions such as among industrialized nations is the problem of high student debt something unique to the US?  If so, why?  What can the US do about this issue that other nations are already doping?  For example, the UK bases the repayment of student loans on a % of someone's income. What can we do to reduce the cost of higher education?
 
5 days ago  
Fun fact: Nearly every employer out there will refuse to offer a job to anyone with student loans that are in default or who have a credit rating below 500. "Gee, you're in debt? We can't hire you, it's too risky!"

Good luck finding a place to live too.
 
5 days ago  
It's too late for "ten easy steps." Either a giant forgiveness occurs, or it becomes a choice between revolution or slavery.

I'm about to come into enough money to pay off my 50k, and tbh I'm having a tough time deciding whether to do it or to see what the left correction offers me. I could buy a house instead. I could contribute to the economy. But they need to get an awful lot of ducks in a row somewhat efficiently.
 
5 days ago  
If almost no one applied to college for a year, I bet that you'd see some changes
 
5 days ago  

JDAT: Only loan to students pursuing a marketable degree?


How do we know now what will be marketable in 5, 10 or 15 years?
 
5 days ago  
Well, we do.

The people who have the power to help, not so much.

/yes, I voted
 
5 days ago  

JDAT: Only loan to students pursuing a marketable degree?


Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.
 
5 days ago  
How about increasing tax incentives for employers who help fund education for their employees? The $5k a year my employer kicked in for tuition while continuing my studies was a drop in the bucket back then and I hate to think of how little it would help now. If you really want to be popular propose allowing employers to get tax breaks for helping employees pay down their student loans with yearly service awards.
 
5 days ago  
Or, we do it in one simple step:

Make all community college, public colleges, and trade schools free to students, provide private schools the option to become public schools, and have no more student debt.
 
5 days ago  
You want to fix America's out-of-control student loan crisis?

Yes. Free tuition paid by a fund from taxes on Wall Street.
 
5 days ago  
We should bribe the president like foreign countries do. Introduce a bill to forgive all federal loans and give trump a billion dollars.  it'd be passed and signed within a week.

Then Medicare for all and a billion for trump bill can get introduced the following week.
 
5 days ago  

Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.


Psychology is one of the most popular majors in America.
B.A. in Psychology in America = "Welcome to Walgreens!"
 
5 days ago  
Schools charging less seems to be absent
 
5 days ago  

Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.


Said nothing of eliminating degrees.
 
5 days ago  

JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.


No customers, no product.

I'll bet you're one of those guys that goes down the public library to walk around the stacks looking for Communists, which would likely be anyone perusing said shelves.
 
5 days ago  

feltrider: Or, we do it in one simple step:

Make all community college, public colleges, and trade schools free to students, provide private schools the option to become public schools, and have no more student debt.


I think something like that is probably the way to go. Federal government just pays CC or trade school tuition in full. If you want a four year state college degree the last two years are steeply subsidized. If you want to go to Harvard, go to Harvard - but on your own dime.
 
5 days ago  

JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.


No you're just advocating for De Facto elimination. Not to mention that with this stupid idea there will be huge waves of degrees that become useless as most people can only get money for those degress and suddenly there is so much more supply than demand. And we're right back where we started. If not even worse.
 
5 days ago  

Deathfrogg: JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.

No customers, no product.

I'll bet you're one of those guys that goes down the public library to walk around the stacks looking for Communists, which would likely be anyone perusing said shelves.


There are other ways to pay for your education than by going into debt you know.
 
5 days ago  

JDAT: Deathfrogg: JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.

No customers, no product.

I'll bet you're one of those guys that goes down the public library to walk around the stacks looking for Communists, which would likely be anyone perusing said shelves.

There are other ways to pay for your education than by going into debt you know.


Name one.
 
5 days ago  
Get a student loan and move out of the US. Between the loan defaults that can't be collected on and potential brain drain they will figure something out
 
4 days ago  

thatboyoverthere: JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.

No you're just advocating for De Facto elimination. Not to mention that with this stupid idea there will be huge waves of degrees that become useless as most people can only get money for those degress and suddenly there is so much more supply than demand. And we're right back where we started. If not even worse.


I am not.  And why would you consider some degrees useless?
 
4 days ago  

Deathfrogg: JDAT: Deathfrogg: JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.

No customers, no product.

I'll bet you're one of those guys that goes down the public library to walk around the stacks looking for Communists, which would likely be anyone perusing said shelves.

There are other ways to pay for your education than by going into debt you know.

Name one.



How about 3 off the top of my head.  Of which I have done all 3.
1.  Work your way through college
2.  Join the military for a few years to take advantage of the GI Bill (Which is pretty damn good for those serving post 9/11)
3.  Work first and save up then go to school later.
 
4 days ago  

Deathfrogg: JDAT: Deathfrogg: JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.

No customers, no product.

I'll bet you're one of those guys that goes down the public library to walk around the stacks looking for Communists, which would likely be anyone perusing said shelves.

There are other ways to pay for your education than by going into debt you know.

Name one.


1. Be wealthy
 
4 days ago  

Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.


If you think an undergraduate degree in business administration is a good way to get a job...
 
4 days ago  
JDAT:

There really aren't for most people in the US.

That's why there's a trillion dollar crisis
 
Ant
4 days ago  

JDAT: Only loan to students pursuing a marketable degree?


Turn every university into a Vo-Tech!
 
4 days ago  
Total cost per year for my PhD at McGill (ranked about 20 in the world, better for neuroscience), in 2012: $4500.

Total. Cost.
 
4 days ago  

doglover: JDAT:

There really aren't for most people in the US.

That's why there's a trillion dollar crisis


Or we have a love affair with debt here in the US.
 
4 days ago  

JDAT: And why would you consider some degrees useless?


He's saying that your model shifts everyone in majors like Psychology and Home Ec into Finance and Business (due to the loan incentive), causing an overabundance in the labor force of people with those degree qualifications. Meaning that the average degree in those fields would not really be marketable.
 
4 days ago  

JDAT: Deathfrogg: JDAT: Deathfrogg: JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.

No customers, no product.

I'll bet you're one of those guys that goes down the public library to walk around the stacks looking for Communists, which would likely be anyone perusing said shelves.

There are other ways to pay for your education than by going into debt you know.

Name one.


How about 3 off the top of my head.  Of which I have done all 3.
1.  Work your way through college
2.  Join the military for a few years to take advantage of the GI Bill (Which is pretty damn good for those serving post 9/11)
3.  Work first and save up then go to school later.


1. No student friendly job pays enough for modern college prices.

2. No one should be forced to join the military just to get an education. F that.

3. All the jobs you'd be looking for are already being snapped up by people with degrees and debts to pay off.

Thrice refuted are you.
 
4 days ago  
The only real solution is mass forgiveness and/or at least making the bankruptcy options way more feasible. It's a total no brainer that it's a huge mistake for a society to literally mortgage it's whole future. We need to spend the money on that a hell of a lot more than we need to spend it on endless war or next generation bombers or thousands of advanced fighter aircraft. It's just going to have to get worse before a lot of Americans are willing to admit this.

If we wanted to do something less drastic/compassionate, I'd say that courts should at least have the power to force lenders into agreements that include things like large reductions in outstanding balances and interest rates in order to make the loan payments reasonably manageable for people, and give them a hope of getting them paid off. If the lenders were smart they'd actually be lobbying for that because the alternative is that people just stop paying.

Also, I was somewhat shocked to learn that Social Security can be seized to repay student loans. Totally ridiculous. I feel very fortunate to have been able to pay off my loans, but I was only able to do it because of my family financing much of my education.
 
4 days ago  

JDAT: doglover: JDAT:

There really aren't for most people in the US.

That's why there's a trillion dollar crisis

Or we have a love affair with debt here in the US.


i.kym-cdn.comView Full Size
 
4 days ago  

koder: Outlaw federal guarantees on school loans, make all student loans dischargeable through bankruptcy again.

Sick of private industry trying to outsource all risk assessments then reap all profits and, what, 20%-30% of the entire sum of the loan in bulllshiat "collection costs."  If they don't want to fund student loans, fine. A year without student loans will fix that problem as the walls are burned down and we all get free college the next year. Sure we pay higher taxes, but it beats building a fleet of F-35s and the constant shelling out fear to keep the local systems in line.

Enough. Just. farking. Enough.


The problem is the systematic under funding of state institutions.  Federal and state dollars for universities decrease but costs per student increase.  So tuition goes up.  Since tuition increases students have a higher debt burden.

The solutions are targeting the loans, which are owned by various corperations...   why funnel money to business when you could say give the money to the universities so they can lower tuitions?
 
4 days ago  

Deathfrogg: JDAT: Deathfrogg: JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.

No customers, no product.

I'll bet you're one of those guys that goes down the public library to walk around the stacks looking for Communists, which would likely be anyone perusing said shelves.

There are other ways to pay for your education than by going into debt you know.

Name one.


Sugar daddy
 
4 days ago  

Ashelth: koder: Outlaw federal guarantees on school loans, make all student loans dischargeable through bankruptcy again.

Sick of private industry trying to outsource all risk assessments then reap all profits and, what, 20%-30% of the entire sum of the loan in bulllshiat "collection costs."  If they don't want to fund student loans, fine. A year without student loans will fix that problem as the walls are burned down and we all get free college the next year. Sure we pay higher taxes, but it beats building a fleet of F-35s and the constant shelling out fear to keep the local systems in line.

Enough. Just. farking. Enough.

The problem is the systematic under funding of state institutions.  Federal and state dollars for universities decrease but costs per student increase.  So tuition goes up.  Since tuition increases students have a higher debt burden.

The solutions are targeting the loans, which are owned by various corperations...   why funnel money to business when you could say give the money to the universities so they can lower tuitions?


Because businesses give better kickbacks to politicians.
 
4 days ago  

JDAT: doglover: JDAT:

There really aren't for most people in the US.

That's why there's a trillion dollar crisis

Or we have a love affair with debt here in the US.


The debt would still exist by your initial solution proposed at the start of this thread; people would major in Finance or Accounting or whatever else. The degrees do not immediately confer jobs or even well-paying jobs for that matter.
 
4 days ago  
The video of the Aston Martin Lagonda  was cool. Not exactly well placed in an article about student debt, but I think I've found my next car.
 
4 days ago  
Not that it'll fix the current situation, but how's about we get the poisonous "college = real job" idea out of the next generation's head. (That said, maybe hit up a community college for the gen ed stuff if you can down the line just for your own betterment. The world likes smartasses, and trig sneaks into everything.)

I'm willing to bet that tuition would be a lot cheaper if parents and students didn't approach college like some sort of general life goal to immediately sling kids into before either party knows what the hell the kid wants to do. It could turn out that a votech program for a hundredth the cost would work better to get that kid into enjoyable work that pays well enough.
 
4 days ago  
Also, add this to the pile of issues caused by the U.S. collapsing into its own utterly rotten, morally bankrupt, corrupt to the heart, core. Weeks like this one really make it clear how totally boned we are. I unfortunately think it's all over but the crying for us. The ultra rich own the planet and there isn't anything we can do about it.

I don't see any of this ending well. Our problems are mounting and yet we aren't making the correct choices to do anything about it, because the people who benefit from the status quo have already won. There's probably no way out except for very unpleasant paths.
 
4 days ago  

Nullav: Not that it'll fix the current situation, but how's about we get the poisonous "college = real job" idea out of the next generation's head.


We'd have to get that out of corporations' heads first, and that will never happen. As long as we're competing with outsourcers and off-shorers earning next-to-nothing overseas and state-of-the-art technology, the qualifications threshold will be increasingly insurmountably-high for most Americans. Degrees are seen as the key to upward mobility because almost nothing else works to get your ass quickly through the door for most well-paying jobs.
 
4 days ago  

JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.


There is a lot of value in some degrees that have little marketable value for a student graduating in it. For example, archeology, anthropology, paleontology, and other -ology fields are great scholarship fields, but there's no market for more than a handful of such people. Those fields should actually be marketed to those who have went into the workforce, did reasonably well, and now have some money and would like to retire early. There are plenty of such people. They're smart, inquisitive, good, hard workers. If they like doing field work in archeology and get to travel to Pompeii to help at digs, or the Mayan ruins to do soil analyses, then that's the type of people to market those majors to. Maybe in a few years, they get their second bachelors in those fields, maybe a masters or a PhD and actually become a professor in those fields. Some people have a passion for such things later in life, and their passion could be tapped into and they can pay their own way earning that degree.
 
4 days ago  
Good to see that 10. made the bottom of the list, since it's the only reasonable solution to this FSM-forsaken clusterfark.
 
4 days ago  
JDAT:
How about 3 off the top of my head.  Of which I have done all 3.
1.  Work your way through college

Tried that, rents being what they are, and the fact that doing 8-10 hours a day in a machine shop tends to exhaust a person pretty quickly, then need a $1500 car repair or $3000 to move to a different place, and gee, looky, no money.


2.  Join the military for a few years to take advantage of the GI Bill (Which is pretty damn good for those serving post 9/11)

Not an option for someone now in their mid-50s. Grampa was a combat vet from the Pacific theater in WW2. He told me in no uncertain terms to stay the hell out of the military when I was a kid. You want to know why? He spent the last year of his service, rebuilding and repairing gun turrets on the B-17s, B-24s and B-25s after they'd come back from whatever mission they'd been on. That means he spent that time cleaning little chunks of his friends out of them with a firehose and shop rags and putting them into buckets. That messes a mans mind up pretty bad and he wasn't a very nice guy in a lot of ways.

3.  Work first and save up then go to school later.

Spent 30 years working in the same career. Nothing to show for it except a sore back, sore hips, sore knuckles, and a bad (machinist) attitude. When every cent goes out to pay the bills, there isn't much left over to do anything else. I've never even once had a paid vacation.
 
4 days ago  

Bowen: feltrider: Or, we do it in one simple step:

Make all community college, public colleges, and trade schools free to students, provide private schools the option to become public schools, and have no more student debt.

I think something like that is probably the way to go. Federal government just pays CC or trade school tuition in full. If you want a four year state college degree the last two years are steeply subsidized. If you want to go to Harvard, go to Harvard - but on your own dime.


So one system for the poor and one system for the monied?
 
4 days ago  

Deathfrogg: JDAT:
How about 3 off the top of my head.  Of which I have done all 3.
1.  Work your way through college

Tried that, rents being what they are, and the fact that doing 8-10 hours a day in a machine shop tends to exhaust a person pretty quickly, then need a $1500 car repair or $3000 to move to a different place, and gee, looky, no money.


2.  Join the military for a few years to take advantage of the GI Bill (Which is pretty damn good for those serving post 9/11)

Not an option for someone now in their mid-50s. Grampa was a combat vet from the Pacific theater in WW2. He told me in no uncertain terms to stay the hell out of the military when I was a kid. You want to know why? He spent the last year of his service, rebuilding and repairing gun turrets on the B-17s, B-24s and B-25s after they'd come back from whatever mission they'd been on. That means he spent that time cleaning little chunks of his friends out of them with a firehose and shop rags and putting them into buckets. That messes a mans mind up pretty bad and he wasn't a very nice guy in a lot of ways.

3.  Work first and save up then go to school later.

Spent 30 years working in the same career. Nothing to show for it except a sore back, sore hips, sore knuckles, and a bad (machinist) attitude. When every cent goes out to pay the bills, there isn't much left over to do anything else. I've never even once had a paid vacation.


Rawwrr, here's how college was paid for back when it cost half as much, why doesn't that work now?

Maybe we should make teaching more marketable again, because if we follow your great plan of only giving loans to marketable degrees, we won't have any left.
 
4 days ago  

Deathfrogg: Fun fact: Nearly every employer out there will refuse to offer a job to anyone with student loans that are in default or who have a credit rating below 500. "Gee, you're in debt? We can't hire you, it's too risky!"

Good luck finding a place to live too.


That happens right now
 
4 days ago  

Rhymes With Silver: JDAT: Only loan to students pursuing a marketable degree?

How do we know now what will be marketable in 5, 10 or 15 years?


Started my engineering degree in 1969. 1971 - OMG engineers can't find jobs!  1974 - OMG we have engineering jobs going begging!

One thing we do know, a degree in Fine Arts is okay only if your parents own the company.
 
4 days ago  

dericwater: JDAT: Deathfrogg: JDAT: Only loan to students pursuing a marketable degree?

Yeah, lets eliminate every "soft" science degree that exists. You want a job after graduation? get a degree in business administration or network administration. Leave the thinking to the people who bought their way into University. They earned it.

Said nothing of eliminating degrees.

There is a lot of value in some degrees that have little marketable value for a student graduating in it. For example, archeology, anthropology, paleontology, and other -ology fields are great scholarship fields, but there's no market for more than a handful of such people. Those fields should actually be marketed to those who have went into the workforce, did reasonably well, and now have some money and would like to retire early. There are plenty of such people. They're smart, inquisitive, good, hard workers. If they like doing field work in archeology and get to travel to Pompeii to help at digs, or the Mayan ruins to do soil analyses, then that's the type of people to market those majors to. Maybe in a few years, they get their second bachelors in those fields, maybe a masters or a PhD and actually become a professor in those fields. Some people have a passion for such things later in life, and their passion could be tapped into and they can pay their own way earning that degree.


Did you sneak into my brain?

Kidding.

I only found out I had a passion for ancient history well after I'd saddled myself with decades of debt for a job that's not worth the stress even at double the pay, so I content myself with stuff like this:

https://belowthesurface.amsterdam/en
 
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