It seems like college is a scam for the most part anyway. How about not paying them back at all. Let the banks eat the loss 🤷♂️ idk I'm not a biologist.
I would guess 50% IS absolutely a complete fuking scam. Admission standards DO NOT EXIST for almost all minorities. Guranteed access, guaranteed student loans backed by the Federal Govt. It wasn't always this way. I was a 15 year veteran before I got accepted into graduate school … and that shit was a brutal assault on the neurons. Now they have soft standards, safe spaces, and equity grading. 🤬🤬🤬
In 2002 I was in my second year of my MBA program. Had trouble with a stats class. Went to the professor WHO WAS A GOLF BUDDY. What did he say: “McDonalds is hiring”. Back then a Masters program was for people who wanted to MASTER a course of study. Figure it out … or find another life path. Made me grow up even more. Best thing he could have ever done for me.
I'm amazed at how few people know this. The banks wanted out and got out years ago. Students are borrowing money from the government to pay for government funded colleges to get government mandated licenses to earn a living, a living the government gets a third of. Government all the way down.
The banks don't take a loss because it's the Department of Education loaning the money.
Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education (the Department) at participating schools.
The Universities do not provide student loans, banks do. The Universities have already gotten the money. It's the banks who carry the note, or the Federal Government through it's student loan programs.
I paid off my student loan a month ago. I made my first payment in June of 2006 and never missed a payment. Even when I was furloughed from my job during covid hysteria and they tried to defer my payments I said no and still paid on, every time. If I had it to do over again I would have never gone to a 4 year school and just learned a trade instead.
Is this mess America is in partially caused by people walking away from their responsibility's?
We all make bad decisions sometimes, but you lessen yourself if you don’t own them or blame someone else for them.
The schools need to be held responsible for overcharging and providing, in the majority of cases, degrees which do not provide sufficient value (putting it nicely). It really pisses me off to see kids being irresponsible and taking out loans they can’t afford and having a nice leisurely time getting through school, if at all in ~six years, at least for the 40% of kids that graduate. Most of the schools already receive government funding - so this is total BS.
I didn’t graduate until I was 29 because I had to work a full time job to support myself and get classes at night when they were available. Obviously, that’s easier now with online classes. We’ve saved up for my kids since they were born. Luckily my daughter is finishing in three years so that’s saving us some dough.
As usual, the irresponsible slackers/losers get off the hook so the rest of us can pay. Meanwhile, we will have to cover the costs for all of the illegals, their medical, food, housing, and higher education costs.
I just put 3 kids through college. We paid for them, so they would graduate with no debt. Told them they get 4 years of free ride, anything extra was on them. Only had to pay for 1 extra class. The degrees were all business-related and from right of center schools (both state schools). 2 semesters left and they've been paid for. We planned for this and it wasn't a hit.
Now do the idiot who spent 200k to get a degree in pre-Columbian gender studies...
We had to refi our first mortgage and do a cash out and then take a second mortgage on our house and take out personal loans to send our children to university to get their degrees.
The local in-state University cost $27k each year + books, housing, food, laptop, printer, cell phone data plan, medical coverage, insurance, auto loan & insurance + extra curricular fees, = approx $40k per year, per kid.
We are down to the last $50k in expenses that we and the kids have been trying to pay off over the last 10 years.
No one is going to pay us back for that $400k +? That we've paid in/or took out in personal loans now are they??
You shouldn’t have taken money from a source that didn’t actually HAVE the money. Your house isn’t a money tender and you shouldn’t have used it like one. Taking a personal loan for ANOTHER PERSON is a terrible idea. It’s all through the book of Proverbs how lending for another will get YOU stuck in debt.
Our house most certainly was a 'money tender' and it served its purpose well. Millions of people refinance or utilize a home equity line for things as unimportant as a new boat, a swimming pool or a kitchen remodel.
And, taking a loan 'for another person' is not terrible if it is for your child's education that will benefit them their entire lives.
If you want to see it that way. We birthed them by choice, and we took care of them until they were fully launched and productive members of society. It was our burden, not society's. Better to give them their 'inheritance' when it was most urgent and useful, rather than having them languish for years at low wages and not be able to afford nor complete their educations.
It was a financial sacrifice, but we chose to do it. And, we won't be on the streets. We are currently 20 months away from having all of our debts retired. Mortgage, cars, revolving credit - all will be paid off.
And, due to our hard work and our kids hard work, they are now earning incredible salaries in their chosen fields and have told us they will make sure we are well taken care of in our declining years. Both are demonstrating generosity to us with their actions and funds to show their appreciation already. I don't regret it.
I went to Johns Hopkins for undergrad. My final year there, Bloomberg donated something like $100 million to "beautify" the campus because his niece was thinking about going there. He has donated a total of $3 billion to the school. I remind them of this every time they have the audacity to call me asking for money, and also remind them they already got nearly $200,000 out of me and my parents.
I luckily didn't have too much in student loans from there (still took me 10 years to pay off), but I will be paying off my grad school loans for many years to come.
Yeah, I was there in the late 90s/early 2000s, Homewood campus. They were starting to expand as I was leaving. If I could go back in time and do things differently, I wouldn't choose to go there again.
I know this is going to be controversial, but I believe all student loans should be wiped out completely. However, I don't think the taxpayer should pay for this. It should be paid for by the financial institutions. And" educational institutions" that scammed everyone.
It should 100% absolutely be the SCHOOLS that take the majority of the financial burden.
As of 2020 they COLLECTIVELY had over $690,000,000,000 in endowment assets. That fumes my fuking ass … 90% of them manufacture marxists and communists that hate us and hate America. That is 100% a fact. AND NOW WE ARE GONNA GET THE FUCKING BILL!!!!!!
This one may be my personal Rubicon event. *** breathe … goozfaba … serenity now “ ***
this is the only fair and equitable solution to the problem: clawback all of the endowments and pay down the student loans
It will financially unshackle those who were bilked into debt slavery pursuing worthless, inflated degrees; will utterly destroy the higher education liberal breeding grounds; and won’t cost the taxpayers a dime.
I don’t give a rip about “but it’s not fair”. Not even a little bit. If destroying these university endowments in order to free these people from their debt slavery can drive a stake in the heart of academia, I’m all for it.
Obviously I do not condone passing the burden on to the taxpayers; I simply wish to destroy academia by draining all of the funds and turboing the debt.
Just think of the jubilation as all of those professors learn a trade.
Methinks, that instead of giving Iran, Israel and Ukraine, that money, they could've forgiven student loans. I get the frustration with forgiving others loans but I'm thinking that same amount might've already been pledged to those other countries. I really think the intention is to drive the us dollar into nothingness.
I specifically took out some loans for college because I figured at some point the stupid democrats would do this. They are just trying to buy votes. Don't get so bent out of shape about it.
It seems like college is a scam for the most part anyway. How about not paying them back at all. Let the banks eat the loss 🤷♂️ idk I'm not a biologist.
I would guess 50% IS absolutely a complete fuking scam. Admission standards DO NOT EXIST for almost all minorities. Guranteed access, guaranteed student loans backed by the Federal Govt. It wasn't always this way. I was a 15 year veteran before I got accepted into graduate school … and that shit was a brutal assault on the neurons. Now they have soft standards, safe spaces, and equity grading. 🤬🤬🤬
In 2002 I was in my second year of my MBA program. Had trouble with a stats class. Went to the professor WHO WAS A GOLF BUDDY. What did he say: “McDonalds is hiring”. Back then a Masters program was for people who wanted to MASTER a course of study. Figure it out … or find another life path. Made me grow up even more. Best thing he could have ever done for me.
I'm amazed at how few people know this. The banks wanted out and got out years ago. Students are borrowing money from the government to pay for government funded colleges to get government mandated licenses to earn a living, a living the government gets a third of. Government all the way down.
^^^ fact ^^^
Almost all student loans are guaranteed by the taxpayers.
The banks don't take a loss because it's the Department of Education loaning the money.
https://www.benefits.gov/benefit/4370
These loans can't be discharged in bankruptcy for that very reason.
The Universities do not provide student loans, banks do. The Universities have already gotten the money. It's the banks who carry the note, or the Federal Government through it's student loan programs.
I paid off my student loan a month ago. I made my first payment in June of 2006 and never missed a payment. Even when I was furloughed from my job during covid hysteria and they tried to defer my payments I said no and still paid on, every time. If I had it to do over again I would have never gone to a 4 year school and just learned a trade instead.
You are a fuking rockstar. Seriously. Good for you Fren. That is outstanding.
it took me 14 years to pay off my student loans and ill be damned
My wife and I paid off $95K. This is some BULLSHIT!!!
it is! biden is destroying us so fast
Is this mess America is in partially caused by people walking away from their responsibility's? We all make bad decisions sometimes, but you lessen yourself if you don’t own them or blame someone else for them.
^^^ THIS ^^^
The schools need to be held responsible for overcharging and providing, in the majority of cases, degrees which do not provide sufficient value (putting it nicely). It really pisses me off to see kids being irresponsible and taking out loans they can’t afford and having a nice leisurely time getting through school, if at all in ~six years, at least for the 40% of kids that graduate. Most of the schools already receive government funding - so this is total BS.
I didn’t graduate until I was 29 because I had to work a full time job to support myself and get classes at night when they were available. Obviously, that’s easier now with online classes. We’ve saved up for my kids since they were born. Luckily my daughter is finishing in three years so that’s saving us some dough.
As usual, the irresponsible slackers/losers get off the hook so the rest of us can pay. Meanwhile, we will have to cover the costs for all of the illegals, their medical, food, housing, and higher education costs.
I just put 3 kids through college. We paid for them, so they would graduate with no debt. Told them they get 4 years of free ride, anything extra was on them. Only had to pay for 1 extra class. The degrees were all business-related and from right of center schools (both state schools). 2 semesters left and they've been paid for. We planned for this and it wasn't a hit.
Now do the idiot who spent 200k to get a degree in pre-Columbian gender studies...
They were just hired by a Fortune 500's inclusivity department. Kek.
If OPs could sticky comments within posts … I would sticky this one.
I know why. It’s because the government hates Americans and wants us dead.
CORRECTION CORRECTION
THAT IS IN THOUSANDS … FROM 2020!
IT WAS SUPPOSED TO SAY $691,019,781,000
$691 BILLION!!!!!!! 🤬🤬🤬🤬🤬🤬🤬🤬
We had to refi our first mortgage and do a cash out and then take a second mortgage on our house and take out personal loans to send our children to university to get their degrees.
The local in-state University cost $27k each year + books, housing, food, laptop, printer, cell phone data plan, medical coverage, insurance, auto loan & insurance + extra curricular fees, = approx $40k per year, per kid.
We are down to the last $50k in expenses that we and the kids have been trying to pay off over the last 10 years.
No one is going to pay us back for that $400k +? That we've paid in/or took out in personal loans now are they??
You shouldn’t have taken money from a source that didn’t actually HAVE the money. Your house isn’t a money tender and you shouldn’t have used it like one. Taking a personal loan for ANOTHER PERSON is a terrible idea. It’s all through the book of Proverbs how lending for another will get YOU stuck in debt.
Our house most certainly was a 'money tender' and it served its purpose well. Millions of people refinance or utilize a home equity line for things as unimportant as a new boat, a swimming pool or a kitchen remodel.
And, taking a loan 'for another person' is not terrible if it is for your child's education that will benefit them their entire lives.
Because that was an incredibly stupid financial decision on your part. Have fun retiring on the streets!
If you want to see it that way. We birthed them by choice, and we took care of them until they were fully launched and productive members of society. It was our burden, not society's. Better to give them their 'inheritance' when it was most urgent and useful, rather than having them languish for years at low wages and not be able to afford nor complete their educations.
It was a financial sacrifice, but we chose to do it. And, we won't be on the streets. We are currently 20 months away from having all of our debts retired. Mortgage, cars, revolving credit - all will be paid off.
And, due to our hard work and our kids hard work, they are now earning incredible salaries in their chosen fields and have told us they will make sure we are well taken care of in our declining years. Both are demonstrating generosity to us with their actions and funds to show their appreciation already. I don't regret it.
Those of us who paid the money back need to demand reparations.
All but 1 of my kids learned trades, instead of going to college. All but 1 of my kids is unemployed right now...go figure...
So the college one is employed and the trades are unemployed? Or you only have two kids and the college one is unemployed?
4 kids, college one still hunting for a career that matches schooling and that pays well.
I went to Johns Hopkins for undergrad. My final year there, Bloomberg donated something like $100 million to "beautify" the campus because his niece was thinking about going there. He has donated a total of $3 billion to the school. I remind them of this every time they have the audacity to call me asking for money, and also remind them they already got nearly $200,000 out of me and my parents. I luckily didn't have too much in student loans from there (still took me 10 years to pay off), but I will be paying off my grad school loans for many years to come.
JH is the scourge of Baltimore City. They cause more harm than they cure.
Yeah, I was there in the late 90s/early 2000s, Homewood campus. They were starting to expand as I was leaving. If I could go back in time and do things differently, I wouldn't choose to go there again.
I know this is going to be controversial, but I believe all student loans should be wiped out completely. However, I don't think the taxpayer should pay for this. It should be paid for by the financial institutions. And" educational institutions" that scammed everyone.
It should 100% absolutely be the SCHOOLS that take the majority of the financial burden.
As of 2020 they COLLECTIVELY had over $690,000,000,000 in endowment assets. That fumes my fuking ass … 90% of them manufacture marxists and communists that hate us and hate America. That is 100% a fact. AND NOW WE ARE GONNA GET THE FUCKING BILL!!!!!!
This one may be my personal Rubicon event. *** breathe … goozfaba … serenity now “ ***
this is the only fair and equitable solution to the problem: clawback all of the endowments and pay down the student loans
It will financially unshackle those who were bilked into debt slavery pursuing worthless, inflated degrees; will utterly destroy the higher education liberal breeding grounds; and won’t cost the taxpayers a dime.
I don’t give a rip about “but it’s not fair”. Not even a little bit. If destroying these university endowments in order to free these people from their debt slavery can drive a stake in the heart of academia, I’m all for it.
Obviously I do not condone passing the burden on to the taxpayers; I simply wish to destroy academia by draining all of the funds and turboing the debt.
Just think of the jubilation as all of those professors learn a trade.
This could accelerate decentralized on line education that started under covid.
$691MM? Harvard alone has $50B+ in endowment.
Yes. I f’d up and posted the correction in a comment below.
It is actually $691 BILLION
Cover the loans for useless education out of the endowments.
Exactly
this is an attempt to buy votes. Trying to win back hearts and minds of the people they've pissed off the last year and a half.
Wonder if that's the dem's get out of jail card. Null student loans, get the votes from students.
Methinks, that instead of giving Iran, Israel and Ukraine, that money, they could've forgiven student loans. I get the frustration with forgiving others loans but I'm thinking that same amount might've already been pledged to those other countries. I really think the intention is to drive the us dollar into nothingness.
If you borrow money you should pay it back.
I specifically took out some loans for college because I figured at some point the stupid democrats would do this. They are just trying to buy votes. Don't get so bent out of shape about it.
You took out loans because u “figured” this would happen???
You borrowed money hoping the communists would make someone else pay them off?
You are part of the problem.
Millions of job opportunities in skill trades.
On that … you and I agree 100%