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(NPR)   I know everyone's excited about resuming their student loan payments in May, but if you just take a deep breath and try to calm down about it, here are 7 tips to ensure you get as much out of the experience as possible   (npr.org) divider line
    More: Interesting, Debt, federal student loan borrowers, loan payments, Loan, student loan payments, much time, founder of the Institute of Student Loan Advisors, Betsy Mayotte  
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1274 clicks; posted to Main » on 21 Jan 2022 at 7:30 PM (17 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-01-21 6:22:38 PM  
Pro tip I got from my mom: Go to an affordable college, she was pretty insistent on the whole matter.

/ education is the quality of your mind not where you go to school.
 
2022-01-21 7:01:15 PM  
"Forgive all student loan debt" isn't going to work. They need to come up with some limits so we aren't handing out money to rich people who made shiat life decisions.

They need a max ceiling for how much debt that can be canceled, like $30-40K, but they also need an income limit, too. If you borrowed $200K for law school but you're pulling in $250K a year that debt doesn't need to be canceled.
 
2022-01-21 7:33:48 PM  
They need to fix the damn problem as well. Government backed loans handed out to 18 year olds is farking stupid. All it's done is raise the price of college and make college administrators rich.
 
2022-01-21 7:34:10 PM  
I'm starting payments again this month. I'm not counting on th government to give any relief and I just want the debt cleared asap
 
2022-01-21 7:36:17 PM  

pastramithemosterotic: I'm starting payments again this month. I'm not counting on th government to give any relief and I just want the debt cleared asap


Smart. I don't know why I was stupid enough to think Biden would actually fulfill this promise.
 
2022-01-21 7:38:45 PM  

markhwt: They need to fix the damn problem as well. Government backed loans handed out to 18 year olds is farking stupid. All it's done is raise the price of college and make college administrators rich.


Well, the government could pay for education directly and use the massive bargaining power of 300+ million people and the ability to pass legislation to ensure costs stay down, and then recover that money through a progressive taxation structure that ensures that people who couldn't afford it don't find their lives chained to ruinous loan repayments for their entire working life, but that would be socialism.
 
2022-01-21 7:40:26 PM  

The Madd Mann: markhwt: They need to fix the damn problem as well. Government backed loans handed out to 18 year olds is farking stupid. All it's done is raise the price of college and make college administrators rich.

Well, the government could pay for education directly and use the massive bargaining power of 300+ million people and the ability to pass legislation to ensure costs stay down, and then recover that money through a progressive taxation structure that ensures that people who couldn't afford it don't find their lives chained to ruinous loan repayments for their entire working life, but that would be socialism.


I wish they would. Also, businesses could stop demanding degrees for jobs that pay 15 bucks an hour and don't require a degree.
 
2022-01-21 7:41:26 PM  

The Madd Mann: markhwt: They need to fix the damn problem as well. Government backed loans handed out to 18 year olds is farking stupid. All it's done is raise the price of college and make college administrators rich.

Well, the government could pay for education directly and use the massive bargaining power of 300+ million people and the ability to pass legislation to ensure costs stay down, and then recover that money through a progressive taxation structure that ensures that people who couldn't afford it don't find their lives chained to ruinous loan repayments for their entire working life, but that would be socialism.


You're a mad man!

Oh, I guess user name checks out...
 
2022-01-21 7:42:44 PM  

markhwt: They need to fix the damn problem as well. Government backed loans handed out to 18 year olds is farking stupid. All it's done is raise the price of college and make college administrators rich.


Direct subsidized and unsubsidized loans have pretty reasonable limits. The problem is PLUS loans, which can go as high as the cost of attendance (including living expenses).

Want to make college cheaper? Put a limit on PLUS loans and I guarantee the whole system will collapse within a year, or maybe within a few months. Universities would figure out real quick what a necessary expense is.
 
2022-01-21 7:42:46 PM  

AlgaeRancher: Pro tip I got from my mom: Go to an affordable college, she was pretty insistent on the whole matter.

/ education is the quality of your mind not where you go to school.


Not quite

People need to recognize that while a college degree from Harvard and a 3rd tier private college may cost the same, they are not equal. Paying a lot for a degree from an elite school is worth it; paying a lot from a college that nobody has heard of isn't.
 
2022-01-21 7:43:43 PM  
1) Win the lottery
2) Start an "Only Fans"
3) Join a "Sugar Daddy" site
4) Donate blood
5) Scoop the Oak Island crew
 
2022-01-21 7:46:42 PM  
"Here's the problem: Student loans are not the problem," she explains. "The problem is the cost of higher education. Forgiving student loans is like figuring out how to minimize the bleeding, rather than figuring out how to prevent the wounds in the first place."

This is accidentally a really good metaphor.

Because, you farking moron, in the situation describe the first priority is always to stop the bleeding, to the point of it being the ONLY priority.

Because it doesn't matter if you implement measures to prevent future wounds after the patient is already dead.

Lsherm: "Forgive all student loan debt" isn't going to work. They need to come up with some limits so we aren't handing out money to rich people who made shiat life decisions.

They need a max ceiling for how much debt that can be canceled, like $30-40K, but they also need an income limit, too. If you borrowed $200K for law school but you're pulling in $250K a year that debt doesn't need to be canceled.


I know you're trolling here, but for the people who actually don't know, the reason $10k was the amount proposed by Neoliberal McRightwinger in the oval office back when he was on the campaign trail is that that's the median amount of student debt owed by people who hold student debt.

$10k is the line to make precisely 50% of the problem vanish instantly with no downsides, for a cost that amounts to a rounding error in a purchase order for like one rack of missiles we'd only use to murder civilians at a wedding in Yemen anyhow.
 
2022-01-21 7:48:53 PM  

Jim_Callahan: "Here's the problem: Student loans are not the problem," she explains. "The problem is the cost of higher education. Forgiving student loans is like figuring out how to minimize the bleeding, rather than figuring out how to prevent the wounds in the first place."

This is accidentally a really good metaphor.

Because, you farking moron, in the situation describe the first priority is always to stop the bleeding, to the point of it being the ONLY priority.

Because it doesn't matter if you implement measures to prevent future wounds after the patient is already dead.

Lsherm: "Forgive all student loan debt" isn't going to work. They need to come up with some limits so we aren't handing out money to rich people who made shiat life decisions.

They need a max ceiling for how much debt that can be canceled, like $30-40K, but they also need an income limit, too. If you borrowed $200K for law school but you're pulling in $250K a year that debt doesn't need to be canceled.

I know you're trolling here, but for the people who actually don't know, the reason $10k was the amount proposed by Neoliberal McRightwinger in the oval office back when he was on the campaign trail is that that's the median amount of student debt owed by people who hold student debt.

$10k is the line to make precisely 50% of the problem vanish instantly with no downsides, for a cost that amounts to a rounding error in a purchase order for like one rack of missiles we'd only use to murder civilians at a wedding in Yemen anyhow.


What would you forgive up to?
 
2022-01-21 7:49:37 PM  
I guess I'm a sucker for paying mine off.

/or following any of society's rules
 
2022-01-21 7:55:44 PM  

Jim_Callahan: $10k is the line to make precisely 50% of the problem vanish instantly with no downsides,


$10K is even lower than I would go. I figure $15K would provide relief for most community college students, who probably really need it. It wouldn't be that helpful to Francesca, my imaginary rich college student/influencer who majored in equestrian studies and owes $150K.
 
2022-01-21 7:57:16 PM  

The Madd Mann: the massive bargaining power of 300+ million people


You know 300 million united people?
 
2022-01-21 7:57:43 PM  

pastramithemosterotic: I'm starting payments again this month. I'm not counting on th government to give any relief and I just want the debt cleared asap


Sir, Sir?  Do you know what site you are on Sir??

Married for the first time (myself) when we were both over 50 and paid off her 25K of student loans while she survived breast cancer.
Thanks for keeping your word and for choosing, in my opinion, the Honorable path.
 
2022-01-21 7:59:19 PM  
Collectors know exactly how many suicides happened among their clients and the higher their number the more respect they get among other collectors.
 
2022-01-21 8:05:48 PM  

Lsherm: Jim_Callahan: $10k is the line to make precisely 50% of the problem vanish instantly with no downsides,

$10K is even lower than I would go. I figure $15K would provide relief for most community college students, who probably really need it. It wouldn't be that helpful to Francesca, my imaginary rich college student/influencer who majored in equestrian studies and owes $150K.


I really wish I knew why people repeat those old canards. The vast majority of students that I have counseled who hold large amounts of debt don't have "equestrian studies"-type degrees. They typically have education, business, social work, or non-engineering non-medical STEM degrees. I'm sure there are students out there with $150k in undergrad debt from whatever the new "Princess Precious" degree is that people like to denigrate, but that's definitely not the usual experience. I am generally talking to people who started out with $50k in debt, then couldn't find a job that paid more than $40k a year and had to go on IBR, and now their student debt is far more than $50k and their pay is stagnant.

I know the point of Fark is for people to be complete sociopaths in the most fun way possible, but there are a lot of people out in the world who did what they were told to do - go to a decent (not super-expensive) school, get a degree that leads to career - and they did those things, and they are screwed regardless. And they don't get un-screwed easily, if ever. And as someone who actually gives a shiat about these people and tries to help, it gets really old to see a bunch of the same ignorant nonsense from a bunch of people who don't know shiat about higher education and financial aid.
 
2022-01-21 8:14:20 PM  
We'll see in May if they kick the can again. Honestly I expect a recession as all the supports get taken off. The only reason the economy is not completely farked is because of huge pandemic supports, and all of them are gradually being pulled out.

It's a sort of Jenga economy where they want the tower to wobble enough that people scramble but not so much it falls.
 
2022-01-21 8:18:00 PM  

Lsherm: "Forgive all student loan debt" isn't going to work. They need to come up with some limits so we aren't handing out money to rich people who made shiat life decisions.

They need a max ceiling for how much debt that can be canceled, like $30-40K, but they also need an income limit, too. If you borrowed $200K for law school but you're pulling in $250K a year that debt doesn't need to be canceled.


Honestly, if we give some money to rich people who made bad decisions, I'm okay with it. The truly wealthy don't bother with student loans. So at worst, we're helping the well-off 10-20 percent sorts, not the 1%.

And that's alright sometimes.
 
2022-01-21 8:21:18 PM  

RubyOffTheRails: Lsherm: Jim_Callahan: $10k is the line to make precisely 50% of the problem vanish instantly with no downsides,

$10K is even lower than I would go. I figure $15K would provide relief for most community college students, who probably really need it. It wouldn't be that helpful to Francesca, my imaginary rich college student/influencer who majored in equestrian studies and owes $150K.

I really wish I knew why people repeat those old canards. The vast majority of students that I have counseled who hold large amounts of debt don't have "equestrian studies"-type degrees. They typically have education, business, social work, or non-engineering non-medical STEM degrees. I'm sure there are students out there with $150k in undergrad debt from whatever the new "Princess Precious" degree is that people like to denigrate, but that's definitely not the usual experience. I am generally talking to people who started out with $50k in debt, then couldn't find a job that paid more than $40k a year and had to go on IBR, and now their student debt is far more than $50k and their pay is stagnant.

I know the point of Fark is for people to be complete sociopaths in the most fun way possible, but there are a lot of people out in the world who did what they were told to do - go to a decent (not super-expensive) school, get a degree that leads to career - and they did those things, and they are screwed regardless. And they don't get un-screwed easily, if ever. And as someone who actually gives a shiat about these people and tries to help, it gets really old to see a bunch of the same ignorant nonsense from a bunch of people who don't know shiat about higher education and financial aid.


Thank you!! This is the category I fall into.
 
2022-01-21 8:22:38 PM  
get residency, then go to community college for the first two years for core classes if the credits transfer. switch to a real college for the last two years. the name on the diploma is the real college and your debt is very reduced. this is not rocket surgery.
college is a means to an income, don't go if you don't have a job plan. if it is a simple plan to move out on your own and be social you are wasting money. I love reading but would never, ever major in English. I don't need a diploma to say I like books, I do that on my own. get a STEM degree because employers pay for that. seriously.
 
2022-01-21 8:23:50 PM  
Sucks to be ya'll.
 
2022-01-21 8:25:18 PM  
At the end of my college years I owed about... a buttload. My first career job netted me a tidy 27K gross. That was about 2005 for relevance. I paid off the debt last year. So... 15 or so years of payments of... lemme get the calculator... about 40 grand worth. Principal was about 2/3 of that. Some stories aren't like that. People, people I know get farked on the regular, one guy, best example, got an athletic scholarship to ivy league that was rescinded when he ruined his leg on the field. He is paying for rich boy college on poor white trash family money. Wound up going to my humble state school to finish his degree where he would have been better off starting out. Poor fark even had to my old mentor loan him for the last semester. I don't know what my point is, but we should probably be hunting rich people. That, or the poor should be ground into a fine paste to feed livestock. One of the two.
 
2022-01-21 8:26:02 PM  

chucknasty: get residency, then go to community college for the first two years for core classes if the credits transfer. switch to a real college for the last two years. the name on the diploma is the real college and your debt is very reduced. this is not rocket surgery.
college is a means to an income, don't go if you don't have a job plan. if it is a simple plan to move out on your own and be social you are wasting money. I love reading but would never, ever major in English. I don't need a diploma to say I like books, I do that on my own. get a STEM degree because employers pay for that. seriously.


That's cool and all. But an 18 year old who has been told all his life by teachers and parents that "any degree gets you a job. What's important is that you go. Just take out loans. It's what every does." Isn't going to be as rational and logical as you are being. It's indoctrination and I don't think we should be blaming kids who don't even have a fully formed brain yet for a faulty and farked it system.
 
2022-01-21 8:28:22 PM  

RubyOffTheRails: I really wish I knew why people repeat those old canards.


Honestly, I could have made up any degree, that's why I deliberately called her imaginary. I suppose people repeat these canards because every month or so when journalists are writing about the student loan debt problem they don't use middle of the road examples, they tend to find the most ridiculously in debt person they can find.

I wish - WISH! - I could find an article I read a few years ago about exploding PhD debt. One of their featured students was a woman in West Virginia who had racked up like $200K in debt to get a PhD in Medieval Poetry or something similar. I remember the Medieval part, not sure which aspect of the time she was specializing in. Understandably, she couldn't find a job, so just like you said she kept deferring her loans hoping something would come along, and every time something didn't she had screwed herself over more.

I wasn't a financial aid counselor, but I did work for an extremely expensive private university for over two decades, so I got to watch the student debt explosion happen in slow motion. Our office employed a lot of work-study students over the years who I've kept up with, and most of them are the middle of the road types you mentioned. These days, even middle of the road is a lot of money; I'd venture a guess their average debt on graduation was around $80K and these were students who had to borrow because they were poor. Rich students don't need to do work-study.

But this is Fark, and we don't deal in averages. We deal ridiculous edge situations. Apologies if I've offended you, I didn't really think equestrian studies was an actual major, in the old days it would be taken for the absurdity that it is.
 
2022-01-21 8:31:32 PM  

chucknasty: get residency, then go to community college for the first two years for core classes if the credits transfer. switch to a real college for the last two years. the name on the diploma is the real college and your debt is very reduced. this is not rocket surgery.
college is a means to an income, don't go if you don't have a job plan. if it is a simple plan to move out on your own and be social you are wasting money. I love reading but would never, ever major in English. I don't need a diploma to say I like books, I do that on my own. get a STEM degree because employers pay for that. seriously.


See, this sounds like a great idea, doesn't it? My alma-mater let students do that in the 90's. Then they realized that meant they were leaving money on the table, so they changed their degree requirements so you can't get a four-year undergrad degree with more than 9 transfer credits (AP credits don't count towards the limit).

Private universities will screw over the poor every chance they get.
 
2022-01-21 8:31:52 PM  

Lsherm: RubyOffTheRails: I really wish I knew why people repeat those old canards.

Honestly, I could have made up any degree, that's why I deliberately called her imaginary. I suppose people repeat these canards because every month or so when journalists are writing about the student loan debt problem they don't use middle of the road examples, they tend to find the most ridiculously in debt person they can find.

I wish - WISH! - I could find an article I read a few years ago about exploding PhD debt. One of their featured students was a woman in West Virginia who had racked up like $200K in debt to get a PhD in Medieval Poetry or something similar. I remember the Medieval part, not sure which aspect of the time she was specializing in. Understandably, she couldn't find a job, so just like you said she kept deferring her loans hoping something would come along, and every time something didn't she had screwed herself over more.

I wasn't a financial aid counselor, but I did work for an extremely expensive private university for over two decades, so I got to watch the student debt explosion happen in slow motion. Our office employed a lot of work-study students over the years who I've kept up with, and most of them are the middle of the road types you mentioned. These days, even middle of the road is a lot of money; I'd venture a guess their average debt on graduation was around $80K and these were students who had to borrow because they were poor. Rich students don't need to do work-study.

But this is Fark, and we don't deal in averages. We deal ridiculous edge situations. Apologies if I've offended you, I didn't really think equestrian studies was an actual major, in the old days it would be taken for the absurdity that it is.


I have to ask, why are we allowing state schools to offer degrees with zero job potential in the first place. I appreciate academia. I really do. But, with fewer and fewer schools hiring full time professors and more and more students getting PhDs, something has to give.
 
2022-01-21 8:33:26 PM  

chucknasty: get residency, then go to community college for the first two years for core classes if the credits transfer. switch to a real college for the last two years. the name on the diploma is the real college and your debt is very reduced. this is not rocket surgery.
college is a means to an income, don't go if you don't have a job plan. if it is a simple plan to move out on your own and be social you are wasting money. I love reading but would never, ever major in English. I don't need a diploma to say I like books, I do that on my own. get a STEM degree because employers pay for that. seriously.


STEM is such a farking cliche. Just go into the trades if money is your goal. 99% of those STEM majors are just cut and paste tools to be replaced by the 1% actaullay designing software to replace you.
 
2022-01-21 8:34:43 PM  

markhwt: chucknasty: get residency, then go to community college for the first two years for core classes if the credits transfer. switch to a real college for the last two years. the name on the diploma is the real college and your debt is very reduced. this is not rocket surgery.
college is a means to an income, don't go if you don't have a job plan. if it is a simple plan to move out on your own and be social you are wasting money. I love reading but would never, ever major in English. I don't need a diploma to say I like books, I do that on my own. get a STEM degree because employers pay for that. seriously.

That's cool and all. But an 18 year old who has been told all his life by teachers and parents that "any degree gets you a job. What's important is that you go. Just take out loans. It's what every does." Isn't going to be as rational and logical as you are being. It's indoctrination and I don't think we should be blaming kids who don't even have a fully formed brain yet for a faulty and farked it system.


This is all well and good, but please keep in mind half of the kids who were told this shiat didn't go on to have student loans.
 
2022-01-21 8:37:05 PM  

Lsherm: RubyOffTheRails: I really wish I knew why people repeat those old canards.

Honestly, I could have made up any degree, that's why I deliberately called her imaginary. I suppose people repeat these canards because every month or so when journalists are writing about the student loan debt problem they don't use middle of the road examples, they tend to find the most ridiculously in debt person they can find.

I wish - WISH! - I could find an article I read a few years ago about exploding PhD debt. One of their featured students was a woman in West Virginia who had racked up like $200K in debt to get a PhD in Medieval Poetry or something similar. I remember the Medieval part, not sure which aspect of the time she was specializing in. Understandably, she couldn't find a job, so just like you said she kept deferring her loans hoping something would come along, and every time something didn't she had screwed herself over more.

I wasn't a financial aid counselor, but I did work for an extremely expensive private university for over two decades, so I got to watch the student debt explosion happen in slow motion. Our office employed a lot of work-study students over the years who I've kept up with, and most of them are the middle of the road types you mentioned. These days, even middle of the road is a lot of money; I'd venture a guess their average debt on graduation was around $80K and these were students who had to borrow because they were poor. Rich students don't need to do work-study.

But this is Fark, and we don't deal in averages. We deal ridiculous edge situations. Apologies if I've offended you, I didn't really think equestrian studies was an actual major, in the old days it would be taken for the absurdity that it is.


A PhD in that boat should be signing up for income based repayment.
 
2022-01-21 8:38:24 PM  

synithium: markhwt: chucknasty: get residency, then go to community college for the first two years for core classes if the credits transfer. switch to a real college for the last two years. the name on the diploma is the real college and your debt is very reduced. this is not rocket surgery.
college is a means to an income, don't go if you don't have a job plan. if it is a simple plan to move out on your own and be social you are wasting money. I love reading but would never, ever major in English. I don't need a diploma to say I like books, I do that on my own. get a STEM degree because employers pay for that. seriously.

That's cool and all. But an 18 year old who has been told all his life by teachers and parents that "any degree gets you a job. What's important is that you go. Just take out loans. It's what every does." Isn't going to be as rational and logical as you are being. It's indoctrination and I don't think we should be blaming kids who don't even have a fully formed brain yet for a faulty and farked it system.

This is all well and good, but please keep in mind half of the kids who were told this shiat didn't go on to have student loans.


Well 69% of those that did go to college in 2019 are in debt. At least that's what I could find.
 
2022-01-21 8:39:47 PM  
I didn't pay anything for my degree. I even got paid every month for going to class. Free healthcare for life also.
 
2022-01-21 8:41:01 PM  

RandyJohnson: I didn't pay anything for my degree. I even got paid every month for going to class. Free healthcare for life also.


Well most of us can't throw hard enough to make a farkin bird explode.
 
2022-01-21 8:44:08 PM  

Lsherm: "Forgive all student loan debt" isn't going to work. They need to come up with some limits so we aren't handing out money to rich people who made shiat life decisions.

They need a max ceiling for how much debt that can be canceled, like $30-40K, but they also need an income limit, too. If you borrowed $200K for law school but you're pulling in $250K a year that debt doesn't need to be canceled.


I've been proposing just changing the interest rate to be the same that banks pay the government.

I'm not opposed to forgiveness for folks who need it and I actually like(d) the Biden approach to doing it by category. My law school loans don't need to be forgiven. But the fact that my interest rate is nearly triple my mortgage rate is insane.
 
2022-01-21 8:45:19 PM  

RandyJohnson: I didn't pay anything for my degree. I even got paid every month for going to class. Free healthcare for life also.


And yet here you are...the great equalizer.
 
2022-01-21 8:45:37 PM  

markhwt: I have to ask, why are we allowing state schools to offer degrees with zero job potential in the first place. I appreciate academia. I really do. But, with fewer and fewer schools hiring full time professors and more and more students getting PhDs, something has to give.


PhD's are good for more than just university faculty. I'm working at a company now where over 50% of the staff have PhD's and it's a pretty large company. For quite a lot of people, getting a PhD will be financially rewarding, but you can't expect you will become a professor. If that's your game plan - rethink it. Instead, look at the PhD as something that gives you transferable research skills. Plenty of companies need those.

I just finished an AI project and one of the team members had a doctorate in literature. She helped us shape language analysis. In the meantime, I'm podunking around without a PhD building the systems the smart people use.
 
2022-01-21 8:47:57 PM  

RandyJohnson: I didn't pay anything for my degree. I even got paid every month for going to class. Free healthcare for life also.


If you're military, doesn't that also mean you had to sign away a significant portion of your life? I'm not knocking it, my father did it, but "we will pay for college but reserve the right to throw you into the line of fire" kinda ruined the pitch for me.

Yes, I'm a coward.
 
2022-01-21 8:48:17 PM  

Lsherm: "Forgive all student loan debt" isn't going to work. They need to come up with some limits so we aren't handing out money to rich people who made shiat life decisions.

They need a max ceiling for how much debt that can be canceled, like $30-40K, but they also need an income limit, too. If you borrowed $200K for law school but you're pulling in $250K a year that debt doesn't need to be canceled.


The number of independently wealthy 22 year olds with any student debt is zero.  The number of wealthy families who have kids loaded up with student debt is zero.
Do you mean working parents with college degrees?  If you work and are not in the C-suite, you are not wealthy.
So who do you think these mystical wealthy types with student debt are?
 
2022-01-21 8:52:13 PM  

peterquince: I've been proposing just changing the interest rate to be the same that banks pay the government.


This is the best solution. Take the profiteers out of the equation. Access to education is too critical at a time when more than three people give QAnon more than disinterested eyeroll.

Having said that: borrowed money should be repaid, full stop.
 
2022-01-21 8:57:10 PM  

Lsherm: markhwt: I have to ask, why are we allowing state schools to offer degrees with zero job potential in the first place. I appreciate academia. I really do. But, with fewer and fewer schools hiring full time professors and more and more students getting PhDs, something has to give.

PhD's are good for more than just university faculty. I'm working at a company now where over 50% of the staff have PhD's and it's a pretty large company. For quite a lot of people, getting a PhD will be financially rewarding, but you can't expect you will become a professor. If that's your game plan - rethink it. Instead, look at the PhD as something that gives you transferable research skills. Plenty of companies need those.

I just finished an AI project and one of the team members had a doctorate in literature. She helped us shape language analysis. In the meantime, I'm podunking around without a PhD building the systems the smart people use.


I should have been more specific. Doesn't it matter what the PhD is in and where it is from? I was talking about the PhD in poetry of a specific time period.
 
2022-01-21 8:59:11 PM  

chucknasty: get residency, then go to community college for the first two years for core classes if the credits transfer. switch to a real college for the last two years. the name on the diploma is the real college and your debt is very reduced. this is not rocket surgery.
college is a means to an income, don't go if you don't have a job plan. if it is a simple plan to move out on your own and be social you are wasting money. I love reading but would never, ever major in English. I don't need a diploma to say I like books, I do that on my own. get a STEM degree because employers pay for that. seriously.


How is any of that helpful or even relevant to people who have to start paying their student loans again in May?
 
2022-01-21 9:02:17 PM  

Northern: So who do you think these mystical wealthy types with student debt are?


Some grad students (which make up the bulk of student loan debt), people with professional degrees (doctors, lawyers, etc.), and lucky undergrads in STEM fields like mine that pay a lot of money. I didn't say students that were already wealthy, I said students who are on their way to be wealthy.

If you're a software engineer making $120K right out of school? Maybe you don't need your debts forgiven. A teacher making $38K right out of school? Yeah, you should be on the list.
 
2022-01-21 9:05:13 PM  

H31N0US: peterquince: I've been proposing just changing the interest rate to be the same that banks pay the government.

This is the best solution. Take the profiteers out of the equation. Access to education is too critical at a time when more than three people give QAnon more than disinterested eyeroll.

Having said that: borrowed money should be repaid, full stop.


Interest forgiveness that's retroactive to those that paid loans over the last X years and then a 0% rate from then on. Current borrows get a little now and a lot later. Former borrowers get some back.
 
2022-01-21 9:05:32 PM  

Moose out front: How is any of that helpful or even relevant to people who have to start paying their student loans again in May?


Not at all.

But it's not like the job market sucks...
 
2022-01-21 9:08:02 PM  

markhwt: I should have been more specific. Doesn't it matter what the PhD is in and where it is from? I was talking about the PhD in poetry of a specific time period.


Oh, yeah, I don't know what her school or that woman in particular were thinking at the time, except that she was certainly taken advantage of. But I spent the bulk of my adult life working at a university, and the mere suggestion that classes be offered or even charged by eventual monetary reward is frowned upon. Colleges teach students "how to think" is the common refrain.

Naturally, even colleges and universities think this is all nonsense, because colleges and universities pay STEM professors way more than they pay humanities professors, but they charge students the same rate across the board.
 
2022-01-21 9:10:23 PM  

Moose out front: chucknasty: get residency, then go to community college for the first two years for core classes if the credits transfer. switch to a real college for the last two years. the name on the diploma is the real college and your debt is very reduced. this is not rocket surgery.
college is a means to an income, don't go if you don't have a job plan. if it is a simple plan to move out on your own and be social you are wasting money. I love reading but would never, ever major in English. I don't need a diploma to say I like books, I do that on my own. get a STEM degree because employers pay for that. seriously.


How is any of that helpful or even relevant to people who have to start paying their student loans again in May?


Honestly? It does not matter nor is it meant to be helpful or relevant.  t is to show you again that Red Forman was and is and shall continue to be right.
Forever
 
2022-01-21 9:10:40 PM  
Lsherm:

All American does is subsidize rich people who make poor life choices.

Canceling all the debt without any caveats would at least help people who need it. Letting lawmakers take time to decide byzantine rules will just ensure only the wealthy get anything as the debts will remain until the next round of corporate bailouts.
 
2022-01-21 9:11:25 PM  

drewsclues: H31N0US: peterquince: I've been proposing just changing the interest rate to be the same that banks pay the government.

This is the best solution. Take the profiteers out of the equation. Access to education is too critical at a time when more than three people give QAnon more than disinterested eyeroll.

Having said that: borrowed money should be repaid, full stop.

Interest forgiveness that's retroactive to those that paid loans over the last X years and then a 0% rate from then on. Current borrows get a little now and a lot later. Former borrowers get some back.


You have to set a floor at the risk free rate, not 0%. Otherwise, it represents an arbitrage opportunity for someone. I can think of a couple ways hedge funds could exploit that.

While I am an advocate of low cost education, one plain economic fact is if it is cheap to borrow for education, the price of education will go up. It is what happened to the housing market when mortgage rates and lending standards dropped. More people waving money around makes the shopkeepers raise their prices.

There needs to be some other gating factor.
 
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