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Thread: Student Loans... Can the Pubs be This Stupid?

  1. #21
    Quote Originally Posted by southparkcpa View Post
    Partially disagree. The rising cost is driven by the availability to pay the loans. I have so many clients, friends, associates who borrowed upwards of 30 to 50K to get an MBA from Strayer, Phoenix etc. These degrees are worthless.

    Theu would never have gone if they couldn't borrow and now all they have is debt and a $hitty paper on the wall. Forget rates for a moment. At 2 to 3 percent, paying back 50K in 10 years is burdensome for someone silly enough to get a Phoenix MBA.
    Agreed. The problem is that raising rates won't change that.

    Tying loan rates to majors, on the other hand, likely would

  2. #22
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    Quote Originally Posted by southparkcpa View Post
    yeah...its only about $600 a year. Albany is correct. The principal is the issue MORE than the rate. But clearly 8.5 is too high.

    Lending blindly is the problem here.
    For sure.

    Not all majors are equal. Kids majoring in music and dance eating up money that could be going to kids studying engineering, science, medicine or law.

    Who is more likely going to be able to pay back their loans?

  3. #23
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    Quote Originally Posted by doggin94it View Post
    Agreed. The problem is that raising rates won't change that.

    Tying loan rates to majors, on the other hand, likely would
    Completely agree. But how do they avoid discrimination issues?

  4. #24
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    Quote Originally Posted by DDNYjets View Post
    For sure.

    Not all majors are equal. Kids majoring in music and dance eating up money that could be going to kids studying engineering, science, medicine or law.

    Who is more likely going to be able to pay back their loans?
    My buddys daughter has a degree in anthropology from a top public school. Cant find a job so to follow her boyfriend whose going to law school, she is moving and will get a masters in anthropology. Really? another 50K for a major that has fewer openings than professional sports????

  5. #25
    You guys crack me up, telling everyone what majors are worthwhile and what aren't.

  6. #26
    Quote Originally Posted by doggin94it View Post
    Agreed. The problem is that raising rates won't change that.

    Tying loan rates to majors, on the other hand, likely would
    Actually the solution is tying the total allowable loan amount to the cost of state school tuition in the particular home state of the student is the solution. There is no reason a student should be taking loans to go to private institutions that charge 2 or 3 times as much as comparable state schools.

  7. #27
    Kinda thought about it along these lines...want tuition/costs to drop? Turn off the flood of near free money.

    I remember crack downs on credit cards being shilled on college campus to young kids...but one could argue student loans are worse.

  8. #28
    "An educated consumer is our best customer"
    Sy Simms


    In an economy where 70% of it is based on consumer spending, and educated consumer is good for the economy. Keep those diploma's coming.

  9. #29
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    Quote Originally Posted by FF2 View Post
    You guys crack me up, telling everyone what majors are worthwhile and what aren't.
    Sure. Go major in throwing paint at a wall. No worries. If you can't find a job your gov't will house you, feed you, give you health insurance and a cell phone.

    Might not be long before they give you a car.

    And all they ask for in return is a vote.
    Last edited by DDNYjets; 06-07-2013 at 12:42 PM.

  10. #30
    Quote Originally Posted by sg3 View Post
    Economic collapses and idiotic military invasions, the GOP way, is much better
    Economic collapses because DEMS wanted to give money for mortgages to LOSERS.
    And you would sit out the Afghan invasion after 9/11? "Please Mr. Moslem don't do it again. I'll be so fraidy scared". Typical frightened lib.

  11. #31
    Quote Originally Posted by FF2 View Post
    You guys crack me up, telling everyone what majors are worthwhile and what aren't.
    Oh look, another content free critical-without-saying-why one-liner from FF.

    Since you don't bother to explain, I guess we can extraoplate that you feel eveyone should be able to exlore whatever interests them, and then get paid equally for it afterwards, eh?

    Because that would be the only system where there would be no "majors that are worthwhile and some that aren't" in the context of paying back one's student debt.

  12. #32
    Quote Originally Posted by southparkcpa View Post
    Again..unless you are going to medical school etc...their is little need for student loans in excess of say 30 to 40K.

    Planning, state schools, etc. So many kids go to small private colleges like CW Post, Hartwick etc and get a degree no more valuable than Farmingdale or Oneonta.

    If rates were capped at 4 percent, the problem would still be massive.

    We've been on this before. Agree x 1000. All these silly small schools overcharge. They are worthless. State schools are fairly priced. In SC, the two biggies are 12K and 10.5K respectively and they are (well one anyway) good. Your kids did the state thing. Mine too. And me. All great jobs.
    If you choose to incur a huge debt burden then you are stupid. And so are your parents. No different than buying a $600,000 house on a $70,000 salary. Or a Corvette at 23. DUMB. Kids need direction. Are there guidance counselors anymore?

  13. #33
    Quote Originally Posted by FF2 View Post
    You guys crack me up, telling everyone what majors are worthwhile and what aren't.

    Math. Chemistry. Biology. Accounting. Nursing. Engineering. Marketing.
    In no particular order and there are others. These are winners.
    Art is a loser. Music too. Architecture - no. Black studies and Women's studies - LOL. And most other touchy feely majors.

  14. #34
    Quote Originally Posted by FF2 View Post
    You guys crack me up, telling everyone what majors are worthwhile and what aren't.
    I don't think any major is not worthwhile, but there is something to be said for common sense. Certain majors - art, music, etc. - are vital but realistically don't lead to high paying careers, so taking on huge amounts of debt to get there doesn't make sense.

    Tying loans to majors does make sense, although I don't know how you get around the chem major who has an epiphany and switches to art history, or the issues with not having to declare a major until after a yr or two.

    Common sense ruling the day would be nice, but for most of America, that's a lost cause.

  15. #35
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    Quote Originally Posted by chiefst2000 View Post
    Actually the solution is tying the total allowable loan amount to the cost of state school tuition in the particular home state of the student is the solution. There is no reason a student should be taking loans to go to private institutions that charge 2 or 3 times as much as comparable state schools.
    As a general matter, most students and parents are very cost conscious when it comes to college choice. Private Schools usually offer larger scholarships to compensate the competition with State Schools, so it's often a marginal cost differential, not major. When it's major, it's usually because the parents are well to do and expected to contribute at a much higher rate... it's not about student loans.

    Even the Republican leadership involved in keeping current rates for 2 years were shocked that the extension didn't pass the Senate. It wasn't just Dems complaining. All the slipping and sliding here about how valuable college degrees are and how ideally they could be steered etc. don't address the fundamental current issue: how should the loan burden be dealt with -- raise rates and put the burden on the students? continue federal subsidy of the loans at lower rates to maintain a lowered burden on students? Anybody who thinks that raising rates will cause colleges to lower their costs is frankly naive. The principal will be the same regardless of the rate paid down the line. There is no sticker shock effect here. And schools have been raising rates through a ferocious recession. So much for supply and demand or linkage to markets. It's a different animal.

    From today's USA Today:

    WASHINGTON — The Senate on Thursday failed to pass two bills that would have blocked increases in federal student loan rates, which are set to double July 1.
    The Democrats' bill would have kept interest rates where they are for the next two years to give Congress more time to negotiate student loans. Total student loan debt in the U.S. is about $1 trillion.
    "What we put forward today was a perfectly sensible solution to help address the problem," said Sen. Patty Murray, D-Wash. According to Murray, the Democratic bill would have protected 7 million college students from rate increases. "It seems like a no-brainer to me, but apparently not to Republicans."
    "I cannot understand why we're having a problem with this," Senate Majority Leader Harry Reid told reporters after the vote.
    The top Republican on the Senate education panel seemed to share that frustration. "If we can't agree on this, we can't agree on anything," said Sen. Lamar Alexander, R-Tenn. "This is a manufactured crisis."
    The Republican proposal would have stopped the doubling of loan interest rates and tied future rate hikes to market-based rates. Reid said the GOP measure would increase the burden on students by $13 billion or $14 billion.
    Last edited by long island leprechaun; 06-07-2013 at 01:16 PM.

  16. #36
    Quote Originally Posted by chiefst2000 View Post
    Actually the solution is tying the total allowable loan amount to the cost of state school tuition in the particular home state of the student is the solution. There is no reason a student should be taking loans to go to private institutions that charge 2 or 3 times as much as comparable state schools.
    As if State college tuitions are based on the market rather than taxpayer subsidy. If the argument that subsidizing loans are driving costs up why encourage subsidizing schools at the State level to drive costs down?

  17. #37
    Quote Originally Posted by palmetto defender View Post
    Math. Chemistry. Biology. Accounting. Nursing. Engineering. Marketing.
    In no particular order and there are others. These are winners.
    Art is a loser. Music too. Architecture - no. Black studies and Women's studies - LOL. And most other touchy feely majors.
    LOLz... Architecture is a waste, Good to know.

    BTW I went to art school and make in excess of $100,000 a year.

  18. #38
    Quote Originally Posted by Churchill View Post
    Oh look, another content free critical-without-saying-why one-liner from FF.

    Since you don't bother to explain, I guess we can extraoplate that you feel eveyone should be able to exlore whatever interests them, and then get paid equally for it afterwards, eh?

    Because that would be the only system where there would be no "majors that are worthwhile and some that aren't" in the context of paying back one's student debt.
    I believe that people should study what they want. And if they want to take out loans to do so thats their choice. Kinda thought you would be down with the whole freedom thing.

    The joke is that some people think some careers are automatic money makers and some aren't.

    I know out of work software engineers and millionaire photographers. Do what you love and do it well and you'll be successful.

  19. #39
    Quote Originally Posted by FF2 View Post
    LOLz... Architecture is a waste, Good to know.

    BTW I went to art school and make in excess of $100,000 a year.
    You can make 6 figures as a professional troll? Nice.

  20. #40
    Quote Originally Posted by chiefst2000 View Post
    Actually the solution is tying the total allowable loan amount to the cost of state school tuition in the particular home state of the student is the solution. There is no reason a student should be taking loans to go to private institutions that charge 2 or 3 times as much as comparable state schools.
    So if they cant get into the state school they just dont go?

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