$1.6 Trillion in Student Loan Debt

GreekOrthodox

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I've got a mixed bag on this as I paid off my bachelors years ago but now I have a unfinished Masters of Divinity degree that cannot be completed. Even after 15 years, I still have $20K left. The big thing is that the cost of a degree has gone up WAY over the cost of inflation partly due to the feds getting involved in loans. Back in the late 80s, my college tuition was going up 15-20% PER YEAR! These ridiculous increases need to be brought back down while we tackle the student debt. The other problem is that the debt load can be detrimental to those degrees that do not pay well but benefit society in general, such as social workers or teaching. However, what I would like to know more about is how vocational programs are paid for.
 
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Basil the Great

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The problem is a very sad one, but I do not see a solution coming in he near future. If the Dems win both GA Senate seats on Jan 5 and win control of the Senate, then the Biden Administration might try and tinker with the problem in a minor way.
 
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dqhall

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I've got a mixed bag on this as I paid off my bachelors years ago but now I have a unfinished Masters of Divinity degree that cannot be completed. Even after 15 years, I still have $20K left. The big thing is that the cost of a degree has gone up WAY over the cost of inflation partly due to the feds getting involved in loans. Back in the late 80s, my college tuition was going up 15-20% PER YEAR! These ridiculous increases need to be brought back down while we tackle the student debt. The other problem is that the debt load can be detrimental to those degrees that do not pay well but benefit society in general, such as social workers or teaching. However, what I would like to know more about is how vocational programs are paid for.
About 1981 I saw a TV news report about a PhD history graduate shoveling snow in a pro football stadium in Massachusetts to try to earn a day’s wages. During the Great Recession half of law school graduates who passed their bar exams were not finding work as lawyers. Recently I read about a college graduate who got a $130,000/yr job and was paying down her college loan.

When I was in my 20’s I got a two year degree in business at a community college. I was accepted at a state university and then dropped out of a geology curriculum. Later in life I transferred credits and finished a degree in computer information systems when I was 41. I worked almost three years as a computer applications engineer during the dot com boom. I was laid off during the tech crash and returned to building repairs. I wanted to study the Bible more than use my time learning programming skills. I used my accounting knowledge to study investing in stocks. I paid off my college loan.

My youngest brother is a school principal. His wife is an associate dean. He was ROTC. They paid off their debts. They have a daughter in nursing school.
 
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Speedwell

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"For the love of money is a root of all kinds of evil."—1 Tim. 6:10

A simple explanation for the corruption found in "education".
It's a seller's market, is what. In most of the rest of the world, completion of secondary education is considered sufficient preparation for entry-level necktie jobs--management trainee, OCS and other genteel employments--that we require a Bachelor's degree for., and too many people are out to get one for only that reason. Of course, it doesn't help matters that our secondary education is so wretched.
 
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GreekOrthodox

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About 1981 I saw a TV news report about a PhD history graduate shoveling snow in a pro football stadium in Massachusetts to try to earn a day’s wages. During the Great Recession half of law school graduates who passed their bar exams were not finding work as lawyers. Recently I read about a college graduate who got a $130,000/yr job and was paying down her college loan.

When I was in my 20’s I got a two year degree in business at a community college. I was accepted at a state university and then dropped out of a geology curriculum. Later in life I transferred credits and finished a degree in computer information systems when I was 41. I worked almost three years as a computer applications engineer during the dot com boom. I was laid off during the tech crash and returned to building repairs. I wanted to study the Bible more than use my time learning programming skills. I used my accounting knowledge to study investing in stocks. I paid off my college loan.

My youngest brother is a school principal. His wife is an associate dean. He was ROTC. They paid off their debts. They have a daughter in nursing school.

I had to leave seminary just as the Great Recession hit. I had sold my home in 2006 to help pay for it, and only 2 years ago was I able to afford to buy a new one. I've been able to make decent headway on my loans. Like I said, I have mixed feelings about things as I had paid off my $40K for my bachelors in chemical engineering. My daughter is paying for college out of pocket while living at home and working full time as well. BTW, I'm blind in one eye so the military didn't want me so don't assume that everyone can join the military. I'd love for the collective "us" to come up with a better plan for young adults get a higher education or vocational schooling. It benefits all of us.
 
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Sophrosyne

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If you are going to "give" people $50K then to be fair you need to give everyone that much because a lot of people could really use that much money many that are struggling to pay for a course here and there at community colleges, working several jobs to pay for training for a trade like auto mechanic or maybe wanting just enough fora down payment on a house or for tools to start a small business but since these people didn't go to college and get degrees that don't pay well they are not to be "blessed" with a ton of money. People think because it goes to pay school debts these people are not "getting" money but in reality if someone gave them the same amount and they paid the debts the results would be identical other than the source of the money (tax payers mostly who don't get their college debts paid off).
 
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Sophrosyne

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Up until earlier this year, if a student defaulted on their loan, all kinds of nasty things happened. In addition to negatively affecting credit scores, there were wage garnishments, tax offsets, and revocation of professional licenses.
Life sucks doesn't it? I do think some of the ways to handle student loan debt needs to be changed, but I'm still not for paying off loans limiting them to students because a lot of people have gone into debt that were unable to get low interest loans and suffer likewise that don't end up with essentially a "free degree" as these people will if they get their loans paid off.
 
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Sophrosyne

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What? :scratch:

Mine was just a statement of facts and information, with zero emotional attachment. I don't have any student loan debt. Mine were paid off decades ago.
Mine was not an emotional reply but sort of an I agree the person mentioned has it hard type comment.
I too paid off my GSL over 25 years ago. It ended up (for me) being a waste of time with the exception of a credit boost which I have put to use over the years.
 
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disciple Clint

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With that kind of money, I could easily OWN a few universities. :D
You could buy them but would they allow you to speak on them, if you are truly non woked you know the answer to that question.
 
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KarateCowboy

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The problem is a very sad one, but I do not see a solution coming in he near future. If the Dems win both GA Senate seats on Jan 5 and win control of the Senate, then the Biden Administration might try and tinker with the problem in a minor way.
The solution is for privileged university students to work and pay off their loans. Sterling from others via Congress is evil
 
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GreekOrthodox

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Would anyone disagree that in order to make it to the American middle class, you need either vocational training or a college degree of some sorts? We do require that everyone graduated with a 12th grade education, which it typically funded by taxes. Yes yes, I know that you can drop out of school or attend a private school. FYI, I was very blessed that my parents could afford to send me to an elite private high school (I have classmates who are from Billionaire families, yes Billionaire). So believe me, I KNOW the benefits that the wealthy have. Should that post high-school education, in whatever form it takes, be funded by the general public as well?
 
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Speedwell

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If you are going to "give" people $50K then to be fair you need to give everyone that much because a lot of people could really use that much money many that are struggling to pay for a course here and there at community colleges, working several jobs to pay for training for a trade like auto mechanic or maybe wanting just enough fora down payment on a house or for tools to start a small business but since these people didn't go to college and get degrees that don't pay well they are not to be "blessed" with a ton of money. People think because it goes to pay school debts these people are not "getting" money but in reality if someone gave them the same amount and they paid the debts the results would be identical other than the source of the money (tax payers mostly who don't get their college debts paid off).
What about the many people who are using student loans to pay for the kind of trade and vocational training you describe?
 
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