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Awesome infographic on how the gov't created student loan scam
Poast new message in this thread
Date: September 2nd, 2010 9:16 PM Author: cerebral den http://consumerist.com/2010/09/student-loans-gateway-drug-to-debt-slavery.html (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951185) |
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Date: September 2nd, 2010 9:16 PM Author: Jet Ticket Booth Trust Fund thanks repubs! (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951190) |
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Date: September 2nd, 2010 9:20 PM Author: cerebral den ya u mad (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951211) |
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Date: September 2nd, 2010 9:41 PM Author: amber vibrant locale *doesn't read the link*
*makes political quip* |
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Date: September 2nd, 2010 9:18 PM Author: honey-headed home IBR makes federal student loan debt woes obsolete. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951198) |
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Date: September 2nd, 2010 9:20 PM Author: cerebral den Live like a poor for a decade = profit? (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951209) |
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Date: September 2nd, 2010 9:44 PM Author: honey-headed home work your way up. as your salary increases, so do your payments. they grow with you so you're never overwhelmed. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951480) |
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Date: September 3rd, 2010 12:44 AM Author: startled twinkling codepig rehab you are a consistently dumb poster. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15953491) |
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Date: September 2nd, 2010 9:41 PM Author: amber vibrant locale LOL fucking idiot (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951447) |
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Date: September 2nd, 2010 9:44 PM Author: honey-headed home Yeah man, no job = $0 payment, which is pretty affordable. $50k job? Pay $150/mo payment.
$150k salary? Don't have to worry about loans anyways.
Fed student loan woes = obsolete. |
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Date: September 2nd, 2010 10:03 PM Author: amber vibrant locale To get 10 yr forgiveness, you need to work in "public service" the whole time. So basically whatever Lord Obama deems a worthier use of your time than other things. But yes, if you want to do something like this then IBR could work out well for you.
Otherwise you get 25 yr forgiveness. 25 fucking years -- only the majority of your working life! LOL!
But all of that just goes to why it's not always a great deal for the student. A totally separate issue is whether it's good policy. The policy is fucking stupid as hell. And the better deal it becomes for IBR users, the stupider it is as policy. |
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Date: September 2nd, 2010 10:36 PM Author: charismatic pit *works for the Heritage Foundation for 10 years*
*gets loans forgiven*
*makes millions as a ghostwriter for Sarah Palin*
Thanks, Lord Obama! |
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Date: September 2nd, 2010 9:49 PM Author: amber vibrant locale Good link. The recommendations made to individuals are particularly excellent.
However, in terms of public policy, I'd be pretty unsatisfied with merely instituting consumer protections and leaving everything else untouched. Allowing consumer protections, especially bankruptcy, just raises the risk and the cost of supplying these loans. Who absorbs that cost? No way in hell should the taxpayers just start funding higher education writ large--but that is what is going to happen. It's already happening with IBR. This way tuition will just keep going up, making it harder for people who are actually looking to pay a reasonable price for their education (meaning that it will get them a good salary).
Instead, the cost of tuition must be made more commensurate with the tangible value that it adds to a person's career. The best way to do that would be to simply get the government out of higher education and let the free market take over. Short of that, there are certainly other solutions in that same direction. Cap student loans, deny those that don't seem like a good investment, etc. |
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Date: September 2nd, 2010 9:51 PM Author: honey-headed home I took out the max in students and lives pretty lavishly during LS (even bought a $22k car during LS w/ loans) and now I'm on IBR and basically paying student loan interest only and will likely never pay a cent on the principal before they are all discharged in 10 yrs. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951559) |
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Date: September 2nd, 2010 10:07 PM Author: amber vibrant locale Gee, I sure am glad I could buy all that stuff for you, you piece of shit. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951749) |
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Date: September 2nd, 2010 11:45 PM Author: honey-headed home Lucked out, man. Had IBR not come along, I'd be having to actually pay back all my money. Thanks, Obama! I am actually a republican, but I would be up shit's creek without Obama's handouts. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15952696) |
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Date: September 3rd, 2010 1:23 AM Author: Green cruel-hearted institution so youre gonna vote for that commie now? (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15953928) |
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Date: September 3rd, 2010 1:32 AM Author: bronze boyish hissy fit dragon Bush signed IBR into law with heavy Dem support (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15954032) |
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Date: September 2nd, 2010 11:42 PM Author: Green cruel-hearted institution god i hope you die. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15952656) |
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Date: September 2nd, 2010 11:44 PM Author: honey-headed home I'm contributing to society though by working GS-13 at DOJ!! (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15952680) |
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Date: September 3rd, 2010 1:25 AM Author: stirring psychic mexican how did you pay for school? (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15953952) |
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Date: September 3rd, 2010 12:36 AM Author: supple boistinker jap Generally credited, though I do not agree that the government should get out of higher education entirely. It seems unwise to allow bad credit to completely kill a person's chance of attending college full time. For this reason, I think it would be best to provide access to modest guaranteed loans to undergraduate students that are enough to pay for tuition at a public school. On the other hand, there's no obvious justification for providing guaranteed loans to graduate students. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15953362) |
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Date: September 3rd, 2010 12:51 AM Author: amber vibrant locale Well high school kids aren't going to have bad credit really, basically every high school kid who needs loans just has no credit. But "credit" shouldn't really matter anyway, that's just a proxy for the quality of the investment.
I can see where you're coming from when you say that you want kids to be able to go to college full time though. It just seems like a nice thing to do.
But, on the other hand, I think why do we really need to do this? Just seems like a fun 4 year party more than anything else. Like we just want our kids to have this fun and probably enriching experience for 4 years but there is no real economic reason for it. All that seems nice but in the spirit of progress, maybe we should be rethinking all of that, especially the public funding of it. |
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Date: September 3rd, 2010 12:53 AM Author: Zombie-like Bawdyhouse Wagecucks But, on the other hand, I think why do we really need to do this? Just seems like a fun 4 year party more than anything else. Like we just want our kids to have this fun and probably enriching experience for 4 years but there is no real economic reason for it. All that seems nice but in the spirit of progress, maybe we should be rethinking all of that, especially the public funding of it.
pretty much spot on
hey, if you have parents who can afford your 4 year quasi-vacation, fine
i'm not cool with having the taxpayer fund it, however
at the very least, i think college should be shortened by at least one year. |
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Date: September 3rd, 2010 12:54 AM Author: amber vibrant locale Higher ed is a major economic drain right now. Are you seeing all these hundred-million dollar facilities? Seems like they are going up on every campus. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15953615) |
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Date: September 3rd, 2010 12:57 AM Author: Zombie-like Bawdyhouse Wagecucks well to be fair, a lot of that comes from endowment $$, which is donated by alumni. from what i understand about colleges, they mostly use tuition $$ to pay down daily operating expenses (electricity, professor salaries, etc.) (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15953645) |
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Date: September 3rd, 2010 1:04 AM Author: supple boistinker jap I was assuming that if the gov't got out of the student loan business, lenders would require parents to cosign.
I don't think it's simply nice. It's a matter of efficiency. You do not want to relegate students who are capable of leveraging UG degrees to greatly increase their economic productivity to less productive jobs simply because they happen to not qualify for private loans.
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Date: September 3rd, 2010 1:23 PM Author: amber vibrant locale Good point about the parents. However, the problem lies in the idea that UG degrees actually add much economic value. When they do add economic value, that same value could be obtained for a tiny fraction of the current cost. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15956233) |
Date: September 2nd, 2010 9:34 PM Author: Adulterous talented nowag I love the people who say this shit: "The bottom line is this: the student loan program is a giant trap. Avoid it at all costs. If that means you have to work full-time and go to school part time, then so be it. If it means you have to work 2 jobs over the summer, then so be it. If it means living at home and going to community college for 2 years, then so be it. If it means putting off college for a few years till you've saved up enough money, then so be it. If you can't find a way to pay for college without student loans *then you don't go to college until you can*." (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951356) |
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Date: September 2nd, 2010 9:43 PM Author: amber vibrant locale I love them too. That is just what this country needs to hear. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951462) |
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Date: September 2nd, 2010 9:48 PM Author: cerebral den Reality. (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15951525) |
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Date: September 2nd, 2010 11:42 PM Author: Green cruel-hearted institution You love people who speak the truth? (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15952661) |
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Date: September 2nd, 2010 11:21 PM Author: amber vibrant locale (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15952419) |
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Date: September 2nd, 2010 11:41 PM Author: Green cruel-hearted institution tldr (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15952637) |
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Date: September 3rd, 2010 1:14 AM Author: mind-boggling striped hyena summary: we're fucked.
what now man. |
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Date: September 3rd, 2010 8:53 AM Author: cerebral den (http://www.autoadmit.com/thread.php?thread_id=1412935&forum_id=2#15955037) |
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Date: September 3rd, 2010 1:30 PM Author: flatulent weed whacker Great Graph. It really exposed the big lie of lawyers/doctors declaring bankruptcy immediately after graduation used by lenders and their conservative/libertarian defenders to prevent student loans from being discharged in bankruptcy.
The lenders are scam artists and conservative/libertariantards are just opposed to bankruptcy. Fucking faggots want to live in the 19th Century. |
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Date: September 3rd, 2010 2:03 PM Author: amber vibrant locale The loans being made are shit. That is not a lie. There would be tons of bankruptcies if they were allowed. The law against bankruptcy was necessary to keep the capital flowing.
As a conservative/libertarian, I'm not against bankruptcy (lol you moron). I say allow bankruptcy but have the government stop making all these shit loans. |