Not paying off U.S. student loans

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Re: Not paying off U.S. student loans

Postby Abacus » 15 Jun 2012, 22:31

Teddoman wrote:Here's an interesting proposal for a private sector solution to the quandary of educational loans that can bankrupt young people. Instead of government guaranteed educational loans, create a market for private sector financing of education based on the future incomes of students. So higher earners pay more than low earners. Apparently a variant of this system is in place in Australia. The idea is basically private venture capital-like financing for students.

The College Graduate as Collateral


That is the exact opposite approach that they should be taking with loans. That just encourages more liberal arts degrees that have very little real world usage. someone getting an engineering degree shouldn't be subsidizing someone that will spend their college years drinking and won't have any real world skills. If they want to associate loans with earning power then allow larger loans to higher paying majors and cap loans for lower paying majors. If the loan amounts are impossible to pay back as many are claiming then they shouldn't have been loaned the money in the first place.
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Re: Not paying off U.S. student loans

Postby finley » 15 Jun 2012, 22:40

I spent my college years drinking and still managed to get an engineering degree. My real world skills are debatable, I guess.

It seems to me that, if it's true that degree-holders earn more compared to the rest of the population, they will (on average) pay more tax; most likely, a great deal more, over their lifetime. They therefore pay for their education even if it's "free". The UK grant-funded system provided everyone with an equal opportunity to spend three years drinking, which I think is eminently fair. It doesn't diminish the quality of education because there is still a cost involved: you must still attain the grades necessary to attend. Now that the cost is purely monetary, universities are slowly eroding that particular requirement so they can make more profit.

And incidentally: even though everyone takes the piss out of arts students because they're not studying a "real" subject like engineering, I'm personally in awe of people who can actually critique a piece of artwork or compose music, mainly because I can't do it. At all. Never mind if it doesn't bring in any tax revenue - can you imagine a world populated entirely by engineers? If you need some inspiration with that one, go to China.
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Re: Not paying off U.S. student loans

Postby Confuzius » 15 Jun 2012, 22:53

http://www.propublica.org/article/grieving-father-struggles-to-pay-dead-sons-student-loans?utm_medium=referral&utm_source=pulsenews

Yah, still say fuck 'em...people spouting anything about morals here are seriously delusional.
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Re: Not paying off U.S. student loans

Postby Abacus » 15 Jun 2012, 23:01

I don't disagree that the arts are great to study but I get pretty sick of hearing all of these astonished grads say that can't a decent job. This shouldn't have been a surprise when you started. I'm not against ways to subsidize or reduce college costs but just shifting those costs to those that major in higher paying professions is shortsighted. It practically encourages students to stay out of those professions because they will have to pay back more money.
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Re: Not paying off U.S. student loans

Postby CraigTPE » 16 Jun 2012, 06:02

What's with all the liberal-arts-bashing?

My degree was liberal arts: International Studies (Poli-sci, econ, language). It was perfectly suitable for my chosen career in travel management. It gave me a well-rounded global perspective and the ability to communicate with a wide variety of people on a wide variety of subjects.

I got a student loan to go on an overseas study program to France. My parents were willing to pay my basic tuition at school, and I paid for my own books, activities and this overseas study program. Changed my life and it was worth every penny.

The job market sucks, maybe for graduates of just about any degree. The banks and governments do have an interest in restructuring, or postponing payback of the loans. But I just don't get choosing to walk away from a financial obligation when you have the means to pay, but just don't feel like it. And you still have the means to fly across the globe and set up shop in a foreign country. I just don't get that.
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Re: Not paying off U.S. student loans

Postby Abacus » 16 Jun 2012, 09:32

CraigTPE wrote:What's with all the liberal-arts-bashing?


I'm bashing liberal arts majors that took out giant loans and then they were surprised that they couldn't repay them. I'm also bashing those that drank their way thru college and gained no marketable skills. These are the people that expect sympathy with their gigantic loans that they can't repay. It doesn't sound like you fit in either category. There isn't anything wrong with getting a liberal arts degree if you have a plan and you can keep your debts under control. This is what you did but many don't have a plan other than going to college because it's the thing you do after HS.
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Re: Not paying off U.S. student loans

Postby ChewDawg » 17 Jun 2012, 06:30

Confuzius wrote:http://www.propublica.org/article/grieving-father-struggles-to-pay-dead-sons-student-loans?utm_medium=referral&utm_source=pulsenews

Yah, still say fuck 'em...people spouting anything about morals here are seriously delusional.


Interesting link. I don´t trust any website that professes to be journalism in the public interest! :lol: :lol: Sounds like Pravda-type of big brother statism to me. :lol: :lol:

I don´t want to sound mean, but certainly the family knew that a degree from a prestigious music college means "dick all" in the real world and that co-signing was his [the father's] financial choice. Certainly, a death is a painful thing for anyone to face, especially when it is a son or daughter, but does that negate financial responsibility? I say "hell no." Or next time a relative dies should I email/phone my mortgage provider and starting telling them a sob story? :roll: :roll:

I took a liberals arts degree but then I woke up and took a science one! :lol: :D :cool: People should be looking at their finances and the programs they enter and whether it is a wise investment. People need to do their due diligence.

For a website such a propublica to profess to be about public interest is hugely entertaining. :lol: They would rather all debts be forgiven, education be free for everyone, and tax payers being obligated to pay even higher rates. It is robbing Peter to pay for Paul's bad decisions. :thumbsdown:

And unless you come from a really rich family or are a child prodigy in classical music, you really shouldn't be thinking about going to such a school. The family made a mistake.
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Not paying off U.S. student loans

Postby headhonchoII » 17 Jun 2012, 12:17

I think chewy stretches the meanIng of science degree too much, please don't claim to be something you are not.
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Not paying off U.S. student loans

Postby headhonchoII » 17 Jun 2012, 12:24

The problem is not doing a liberal arts degree but rather education cost inflation fueled by a partnership between 3rd level institutes and credit providing organizations. That's the real problem. That and the lack of investment in America and the constant austerity programs which cause more harm than good.
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This post was recommended by CraigTPE (17 Jun 2012, 13:46)
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Re: Not paying off U.S. student loans

Postby Confuzius » 17 Jun 2012, 14:27

ChewDawg wrote:
Confuzius wrote:http://www.propublica.org/article/grieving-father-struggles-to-pay-dead-sons-student-loans?utm_medium=referral&utm_source=pulsenews

Yah, still say fuck 'em...people spouting anything about morals here are seriously delusional.


Interesting link. I don´t trust any website that professes to be journalism in the public interest! :lol: :lol: Sounds like Pravda-type of big brother statism to me. :lol: :lol:

I don´t want to sound mean, but certainly the family knew that a degree from a prestigious music college means "dick all" in the real world and that co-signing was his [the father's] financial choice. Certainly, a death is a painful thing for anyone to face, especially when it is a son or daughter, but does that negate financial responsibility? I say "hell no." Or next time a relative dies should I email/phone my mortgage provider and starting telling them a sob story? :roll: :roll:

I took a liberals arts degree but then I woke up and took a science one! :lol: :D :cool: People should be looking at their finances and the programs they enter and whether it is a wise investment. People need to do their due diligence.

For a website such a propublica to profess to be about public interest is hugely entertaining. :lol: They would rather all debts be forgiven, education be free for everyone, and tax payers being obligated to pay even higher rates. It is robbing Peter to pay for Paul's bad decisions. :thumbsdown:

And unless you come from a really rich family or are a child prodigy in classical music, you really shouldn't be thinking about going to such a school. The family made a mistake.


Had the student majored in computer science, the family would still be in the EXACT same situation, so all your liberal arts bashing is totally irrelevant to this article. Though, evidently you have memorized that trope, so its the easiest response for you to pull outta your pocket.
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