by Zak ➕follow (0) 💰tip ignore
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FuckTheMainstreamMedia says
The reason loans balloon to enormous amounts is people go to private schools and use the loans to live on. Stupid people don’t deserve degrees at tax payer expense.
Not only that many party and live beyond their means with the loans. I knew plenty of people that traveled, had a nice apartment, car, ate out all the time and then cry about having 100+k loan.
State university costs about $10k a year all in.
Wait, you can pay for a CAR using student loan?
FuckTheMainstreamMedia says
State university costs about $10k a year all in.
That is a good deal, I suppose California has low college cots. Putting my daughter through 4 year college cost me $120k.
FuckTheMainstreamMedia says
State university costs about $10k a year all in.
That is a good deal, I suppose California has low college cots. Putting my daughter through 4 year college cost me $120k.
Junior College is gone. California Community Colleges now charges about $50 (for residents and illegal aliens. Out of state students pay $350) per unit. Still a bargain.
Sadly, many community colleges are wrapping up what used to be vocational certificates into "Associate Degrees"
I can see them having to take liberal arts classes in order to keep the liberal arts departments from shutting down.
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If the argument is that 100k is a ridiculous amount for school to cost, then how is paying for it with taxes or debt forgiveness going to fix that in any way ever? At least with a direct responsibility for a high tuition, people will be choosing to get cheaper and equal or nearly equal alternatives via price substitution...
Here is my take on the solution to this problem:
1) Reinstate the ability to declare bankruptcy to discharge student loan debt BUT make there be a 10 year discharge period, with a 10% income repayment cap. This allows people to get out of their debt in the event of life events, but doesn't let them off the hook entirely. It also returns responsibility to the lenders to lend less money if the student doesn't have a good prospect of finding a job with the degree they intend to pursue (or have other means of paying).
2) If the student applies for bankruptcy after completing a degree, the school becomes liable for 30% of the debt remaining after the 10 year payoff period is over for the student. This gives schools some incentive to not steer students into majors that won't let them pay the bills.
What do you guys think?