$1.6 Trillion in Student Loan Debt

GreekOrthodox

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What about the many people who are using student loans to pay for the kind of trade and vocational training you describe?

That's what I mean. We've had a couple of rough bumps in the economy in the last 20 years. First the dot-com bust of 2000-2002, then the recession of 2007-2010, now the issues of 2020. Lets say you chose culinary school, which cost up to $40,000 at Le Cordon Bleu per year (FYI Le Cordon Bleu lawsuit resulted in February of 2018 when the university agreed on terms to repay 44 percent of the student's tuition fees that paid to them over time. ) and graduated in 2018 with $50,000 in debt. Just what kind of restaurant jobs can you get right now to pay off that remaining debt?

But, our politicians bailed out AIG and other institutions in the Great Recession without blinking. Would it have been better if we had simply let them crumble? Oh and let's not discuss executive bonuses from the bailouts...
 
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GreekOrthodox

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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).

And Im with you on that as well. One thing I've heard bandied about is a baby bond that you receive at birth and then get as a trust when you turn 18.

Thinking more broadly is that "jobs" are changing at an ever increasing pace. I've been in IT for 20 years now and some premier certification programs that were around in 2000, the companies that ran them are no longer in business. So it is very possible that something you train for wont exist or be useful a few years after you finish a program. Would something along the lines of FDR's Works Progress Administration be useful, where the government helps pay for education for infrastructure projects? And in todays world that does not just mean bridges and roads but cellular, fiber, and technological infrastructure.
 
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Sophrosyne

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And Im with you on that as well. One thing I've heard bandied about is a baby bond that you receive at birth and then get as a trust when you turn 18.

Thinking more broadly is that "jobs" are changing at an ever increasing pace. I've been in IT for 20 years now and some premier certification programs that were around in 2000, the companies that ran them are no longer in business. So it is very possible that something you train for wont exist or be useful a few years after you finish a program. Would something along the lines of FDR's Works Progress Administration be useful, where the government helps pay for education for infrastructure projects? And in todays world that does not just mean bridges and roads but cellular, fiber, and technological infrastructure.
When I was a kid people talked about working at jobs for 25 to 30 years and these days if you make it 10 at the same job in industry it is almost a miracle as tech is changing at a furious rate often greatly obsoleting tech less than 10 years old and requiring support for brand new tech almost instantly often faster than it can be supported regardless of training only those who are involved in the research and manufacturing processes have enough knowledge to support it. I think the government would have similar issues they would always have training behind the curve they would be best to administer funding and deal with those issues while industry should be the ones who are involved in training programs. I think perhaps temporary subsidizing of people while they are being trained may be a solution as until they are "caught up" with the tech they aren't profitable and very useful to their employers and since there is no way to pretrain these people well enough to jump into the fire so to speak they need a boost. The program would have to limit the length of the subsidy as this could encourage corruption and have people continuing to be employed that may never become profitable/useful on a sort of welfare type position.
 
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hislegacy

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Know what you're getting into before signing on the line. Pay back what you owe.

QFT -

Part of being an adult is budgeting. There are a multitude of roads to get a degree - Personally I paid for my Bachelors and Masters by working and going to school at the same time. The debt that was left over was paid by working two jobs.

My Daughter (super proud), finished with her bachelors in Nursing with no debt - she went to school full time and worked full time - her husband worked a full time and part time job to make it happen. It was several years of hard work and not a whole lot of personal time, but they are reaping the benefits of their investment.

Four of six of my children attended their first two years of college for basically free after grants and going to a community college for their studies.

Hard work always pays great dividends.

It amazes me that people do not sit down and develop a plan for paying a major expense like college.
 
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hislegacy

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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.

Just a snip of your post to express a specific opinion.

I have 6 children.

three of whom have college educations - one dropped out and two never went.

Of the three who did not go to college:

One is 24 years old making approximately 100K a year as a manager in Quick Trip
One is a mechanic at an airbase making $45 and hour - with mandatory overtime 95k last year.
One is a firefighter/paramedic working for a city and then part time in clinics - he will make 120K this year.

You don't need a college education to make good wages.
 
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Sophrosyne

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Just a snip of your post to express a specific opinion.

I have 6 children.

three of whom have college educations - one dropped out and two never went.

Of the three who did not go to college:

One is 24 years old making approximately 100K a year as a manager in Quick Trip
One is a mechanic at an airbase making $45 and hour - with mandatory overtime 95k last year.
One is a firefighter/paramedic working for a city and then part time in clinics - he will make 120K this year.

You don't need a college education to make good wages.
I totally agree. In many fields you can make a lot more than a lot of college degrees can these days. I know someone with an engineering degree that made over $150k a year in the oil industry in the past some college degrees are well worth it. There are a lot of people that aren't making even $25 an hour these days as only certain fields tend to pay much more than that. College is no guarantee of a good income that is why people that choose foolishly the degree they are pursuing should not be bailed out. Imagine how many firefighters and paramedics can be trained for the money of some of these rather outrageously expensive degrees.
 
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hislegacy

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What about programs that require a degree but do not pay well such as social workers, which typically requires a masters?

What about it?

If you can afford the school and it is in your budget to pay it back - run with it - if not, find a more budget friendly school, or perhaps a different field of study. I lean more towards personal choices and accountability.
 
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GreekOrthodox

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... The program would have to limit the length of the subsidy as this could encourage corruption and have people continuing to be employed that may never become profitable/useful on a sort of welfare type position.

What about something similar like the GI bill, where you do get funding for federal service? Plenty of people are not eligible for military, I am virtually blind in one eye, my son has an enlarged heart and stands 7'4", my daughter had to have her gall bladder out. I'd even be open for something similiar at a state level.
 
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Sophrosyne

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What about programs that require a degree but do not pay well such as social workers, which typically requires a masters?
If people cannot afford to be a social worker then those places needing them will have to figure out the situation perhaps take entry level ones in and subsidize their studies to get a masters degree.
 
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GreekOrthodox

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If people cannot afford to be a social worker then those places needing them will have to figure out the situation perhaps take entry level ones in and subsidize their studies to get a masters degree.

That's another piece of the puzzle. A lot of employers dont pay for education, especially non-profit
 
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hislegacy

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Just curious - what year(s) was this?

Mine was 1981 (SUNY) - with my masters in 1995. (ORU)

My Daughter went through OSU for her Bachelors graduating last year. She graduated from the Nursing program debt free. Spent four years working full time, going to school full time, no vacations etc. Her husband worked a second job also.

They made their budget and worked it.

She makes great money and is student loan debt free.
 
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hislegacy

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That's another piece of the puzzle. A lot of employers dont pay for education, especially non-profit

Quite a few for profit do not either. Why should they?
 
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