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...so when does the student loan crisis hit?

mandown

Poopdeck Repost
Jun 1, 2004
20,127
7,678
Transylvania 90210
This is exactly true. I know a few people for whom it was more fiscally advantageous to not get a job and go back to school while unemployed. However, they were smart enough to get degrees in technical topics.
Lucky it worked out for them when it did. With the rising price of education (I've heard of 33% tuition hikes each year) it seems less likely to be a successful strategy. It also seems to fuel the student loan debt crisis issue.
 

X3pilot

Texans fan - LOL
Aug 13, 2007
5,860
1
SoMD
So.... where can we find the open bid process that the government used to pick your company? I'm assuming that it's out there since the US Government would have had to put out an RFP, define the guidelines and minimum qualifications for it, and then choose your company from all of the companies that submitted bids, right?
Unless his company is minority/woman/veteran owned. Called Small Business Set Asides. No compete if total of contract is under certain dollar figures.

Me, I suck my money right from 2 gubmint teats...Navy GS pay and military retirement.
 

TheMontashu

Pourly Tatteued Jeu
Mar 15, 2004
5,549
0
I'm homeless
Who held the gun to these students’ heads and forced them to take out these loans?
Shouldn't you be off replacing the blown head studs on that new power joke of yours? Or do you have a 6 liter and need help removing the cab? Your ignorance would be laughable if stupid white white trash didn't actually vote.

You really think its feasible for a kid to come out of school with over 100K just in tuition debt, that's IF they only have a job and had to take loans out just for tuition. My cousin just bought a house in your town for less than that not 3 months ago.
 

SkaredShtles

Michael Bolton
Sep 21, 2003
65,375
12,529
In a van.... down by the river
<snip>
You really think its feasible for a kid to come out of school with over 100K just in tuition debt, that's IF they only have a job and had to take loans out just for tuition. My cousin just bought a house in your town for less than that not 3 months ago.
I just did the math at our local college. 5 years of 15 credit/term 3 terms/year. That will get you way more than enough credits to graduate with a Bachelor's. Total tuition: $25,200.

4 years tuition at the *premiere* engineering school in the state: $50,340.

I have no doubt you COULD spend $100K in tuition somewhere... but that's your problem.
 

stevew

resident influencer
Sep 21, 2001
40,494
9,525
I just did the math at our local college. 5 years of 15 credit/term 3 terms/year. That will get you way more than enough credits to graduate with a Bachelor's. Total tuition: $25,200.

4 years tuition at the *premiere* engineering school in the state: $50,340.

I have no doubt you COULD spend $100K in tuition somewhere... but that's your problem.
but he would be made fun of on mountainbiking sites......
 

dante

Unabomber
Feb 13, 2004
8,807
9
looking for classic NE singletrack
I just did the math at our local college. 5 years of 15 credit/term 3 terms/year. That will get you way more than enough credits to graduate with a Bachelor's. Total tuition: $25,200.

4 years tuition at the *premiere* engineering school in the state: $50,340.

I have no doubt you COULD spend $100K in tuition somewhere... but that's your problem.
You mean a local, taxpayer supported, socialist college? Why do you hate Freedom®?
 

ohio

The Fresno Kid
Nov 26, 2001
6,649
23
SF, CA
I have to say, the new college loan program from Obama is a HUGE mistake. It basically removes ANY price elasticity from the college selection process and virtually ensures that college rates will skyrocket at the expense of the taxpayer, wealthy students, and students who pick careers that cover the costs of their education. If you're a women's studies major, you may as well pick the most expensive college you can get into because it has zero effect on what you will end up paying out of pocket. If you're a university, you may as well jack up your rates because no one is going to bother looking at them anymore. Now you can enjoy spiraling costs not just in healthcare but in education as well!

The correct move would have been a push to reverse the legislation that made student loans ineligible for bankruptcy. That was the right tool, with the right penalties, for those that couldn't afford to pay back student loans.
 

dante

Unabomber
Feb 13, 2004
8,807
9
looking for classic NE singletrack
Do you have *any* idea what Obama actually did?

The program will do three things.

It will allow students to combine all federal loan payments onto one monthly bill rather than a bill for each federal loan.

It will also decrease the maximum required payment on student loans from 15 percent of discretionary income annually to 10 percent.

Also, the remaining debt from student loans will be forgiven after 20 years instead 25 years, as well.
Care to explain how this is going to *drastically* impact the student loan market (and therefore college pricing)? Assuming that woman's studies major ends up with a baseline $30k/year job, she'll owe $3k/year for 20 years ($60k total) before any additional amount is forgiven. That's assuming that she only makes $30k/year for 20 years with no raises, no promotions, no.... anything.
 

TheMontashu

Pourly Tatteued Jeu
Mar 15, 2004
5,549
0
I'm homeless
I just did the math at our local college. 5 years of 15 credit/term 3 terms/year. That will get you way more than enough credits to graduate with a Bachelor's. Total tuition: $25,200.

4 years tuition at the *premiere* engineering school in the state: $50,340.

I have no doubt you COULD spend $100K in tuition somewhere... but that's your problem.
I'm not planning on going to an expensive school, or spending 4 years there when I transfer.

Cal is 15k a year, the number I pulled out my ass was off yes, but 60K will still get you a house somewhere
 

TheMontashu

Pourly Tatteued Jeu
Mar 15, 2004
5,549
0
I'm homeless
$60K for an education isn't too terribly bad, IMO. And not hard to pay off, either. So STFU.
That's tuition, I would have had to spend close to 800$ on books this semester alone (had I not pirated all of them online) and then there is that whole cost of living thing. With cost of living the way it is here, that's your 100 grand.

Oh, and who payed for your education out of curiosity?
 

ohio

The Fresno Kid
Nov 26, 2001
6,649
23
SF, CA
Do you have *any* idea what Obama actually did?
No idea, but I hear he's Kenyan, so you know this plan has to be some ****ed up terrorist Muslim plot.

Care to explain how this is going to *drastically* impact the student loan market (and therefore college pricing)?
The program will do three things.

It will allow students to combine all federal loan payments onto one monthly bill rather than a bill for each federal loan.

Great.

It will also decrease the maximum required payment on student loans from 15 percent of discretionary income annually to 10 percent.
Okay, that's nice.

Also, the remaining debt from student loans will be forgiven after 20 years instead 25 years, as well.

You know how compound interest works right? You also know that earning power generally increases with age, right? So you can probably guess how much less of ones loan one would pay off, by reducing payments by 33% and lopping off those five years off the end.

And at 10% of discretionary income you're feeling even less pain from your choice of education - again reduced price elasticity in the decision making process. The cost of that is being passed back to taxpayers instead of the debtors and creditors that are the ones signing the contracts. That is wrong, not because of some stupid right wing moral stance, but because it ****s up the economics and has nasty unintended consequences. We're already feeling that spiral to a degree, tuition rates vastly outpace inflation. Part of that is a function of the increased wealth gap, but part of it is from price insensitivity at both high and low ends, while the middle class gets ****ed.

I wholeheartedly believe that we need to make the best education available to the poorest members of society if they have the aptitude, but there needs to be some kind of bargain there that encourages them to pay that back. Like I said, this could have been accomplished very simply by fixing the bankruptcy law, but that would have passed these costs back to the creditors. Obama pussed out and decided to pass the costs to taxpayers. To me, it's one more strike against him for caving to private industry at the expense of the public when there is a clear right answer.
 

Hello Kitty

Monkey
Nov 25, 2004
432
0
Houston
So let me see if I have this right&#8230;.

You take out a $20K a year loan for a worthless degree graduate with $80K in debt wonder why no will hire you with a classical studies degree and are too lazy to find a real job so you protest and demand socialism for your stupidity?

Fill me in on what I&#8217;m missing??
 

zdubyadubya

Turbo Monkey
Apr 13, 2008
1,273
96
Ellicott City, MD
So let me see if I have this right….

You take out a $20K a year loan for a worthless degree graduate with $80K in debt wonder why no will hire you with a classical studies degree and are too lazy to find a real job so you protest and demand socialism for your stupidity?

Fill me in on what I’m missing??
No. You are born in the bass ackwards middle of nowhere in Idaho, work like a slave through high school, get a full ride to a top ranked university, get another full-ride fellowship for two more advanced degrees, go on to work for the military industrial complex making a $hit ton of money (is it safe to assume that I followed the path you feel is "appropriate"?) and yet retain the wherewithal to recognize that not everyone has the same life experience as you and understand that the higher educational system in this country is fvcked and that education (whether classical or not) is something that should be made available to any who want it at a rate that they can afford.
 

dante

Unabomber
Feb 13, 2004
8,807
9
looking for classic NE singletrack
You know, I've met thousands of people who were either in college at the time I met them or have been to college, and I can't remember a single one who said "gee, I'm going to go to an expensive college so that if I pay 15% of my salary every year towards my student loans for 25 years, I get to walk away SCOTT FREE from the remainder of the loans!!!" I could be wrong, but I'd guess that that number isn't going to increase just by adjusting the numbers from 15 to 10%, and from 25 years down to 20...
 

dante

Unabomber
Feb 13, 2004
8,807
9
looking for classic NE singletrack
No. You are born in the bass ackwards middle of nowhere in Idaho, work like a slave through high school, get a full ride to a top ranked university, get another full-ride fellowship for two more advanced degrees, go on to work for the military industrial complex making a $hit ton of money (is it safe to assume that I followed the path you feel is "appropriate"?) and yet retain the wherewithal to recognize that not everyone has the same life experience as you and understand that the higher educational system in this country is fvcked and that education (whether classical or not) is something that should be made available to any who want it at a rate that they can afford.
Why are you still responding to it?
 

SkaredShtles

Michael Bolton
Sep 21, 2003
65,375
12,529
In a van.... down by the river
Just remember you had help.

BTW, I've worked 30 hours a week since I was 16, I know what a JOB is
Then you should Suck it Up, Princess. Nobody wants to hear you whining about how much it costs. Nobody was interested in hearing me complain about $$ either. It's a really boring topic to *other* people. If you can't afford college don't fvcking go. If you want an education go read some books. They're free at the library.
 

jonKranked

Detective Dookie
Nov 10, 2005
85,559
24,182
media blackout
Then you should Suck it Up, Princess. Nobody wants to hear you whining about how much it costs. Nobody was interested in hearing me complain about $$ either. It's a really boring topic to *other* people. If you can't afford college don't fvcking go. If you want an education go read some books. They're free at the library.
SOCIALISM!!!!! :tinfoil:
 

TheMontashu

Pourly Tatteued Jeu
Mar 15, 2004
5,549
0
I'm homeless
Then you should Suck it Up, Princess. Nobody wants to hear you whining about how much it costs. Nobody was interested in hearing me complain about $$ either. It's a really boring topic to *other* people. If you can't afford college don't fvcking go. If you want an education go read some books. They're free at the library.
Few things
Drop the "I had to pay, so so do you" thing, your logic is based of bitter emotions. Princess

And some simple math figures for you college degree is said to be worth 1 million over a life time, at 30% tax rate that's something like 300K, even if they go to an expensive school, that's still what a 300% return on tax payer investment. Not to mention another BMX sold, and those new counter tops, and that vacation to Hawaii, 700K buys allot of goods to help the economy.
 

SkaredShtles

Michael Bolton
Sep 21, 2003
65,375
12,529
In a van.... down by the river
Few things
Drop the "I had to pay, so so do you" thing, your logic is based of bitter emotions. Princess
Bitter emotions? Bitter about what? Paying my own way through college? :confused:

And some simple math figures for you college degree is said to be worth 1 million over a life time, at 30% tax rate that's something like 300K, even if they go to an expensive school, that's still what a 300% return on tax payer investment. Not to mention another BMX sold, and those new counter tops, and that vacation to Hawaii, 700K buys allot of goods to help the economy.
:rofl:

 

TheMontashu

Pourly Tatteued Jeu
Mar 15, 2004
5,549
0
I'm homeless
Bitter emotions? Bitter about what? Paying my own way through college? :confused:


:rofl:

Math to complicated for you???

Let me break it down
College is nets and increase of about 1 million dollars of a lifetime in added income Is a college degree worthless? - 1 - education value - MSN Money
So when a person makes an extra million dollars in their lifetime, that is a million extra TAXABLE dollars, so here are the numbers with all the little times symbols and such
1,000,000$ x 0.30 (that's 30% if you are still not following) = 300,000$ over a life time in taxes
Now if we take the increase in income and divide bye the cost of college we get this
300,000$/100,000$ we get 3, or 300% return on investment

Then there is this matter of the other 700,00$ you have sitting in said persons lifetime bank account, that's a few new cars, and new this and that for the house, then that gets taxed, and demand goes up, and the economy does well.

This simple math should be easy for a college educated lad like yourself, BTW, I was doing harder math in middle school
 

TheMontashu

Pourly Tatteued Jeu
Mar 15, 2004
5,549
0
I'm homeless
So you're saying we should pay for your college 'cause the tax receipts will be worth it over your lifetime? :rofl:
I'm saying 10 out of 10 economists will tell you the best way to grow an economy long term is through education.

So yes I am, and if you want to argue with accepted economic theory, then go for it. Seriously though, ever take an econ class???
 

norbar

KESSLER PROBLEM. Just cause
Jun 7, 2007
11,346
1,587
Warsaw :/
Who held the gun to these students&#8217; heads and forced them to take out these loans?
So if you can't afford a good school you shouldn't go to one? That's financial segregation( and racial if you consider most minorities are in the lower paying job). No cash for a good school = small chance for a good job = No cash for a good school for your children = small chance for a good job. Do you notice a trend?
 

norbar

KESSLER PROBLEM. Just cause
Jun 7, 2007
11,346
1,587
Warsaw :/
Who lied to you folks that just having a college diploma was a guarantee to a well paying job?
Who claims it is? But with 99% of the jobs it helps A LOT. Try to get a good paying job in a nice "job creating" corporation with a crappy local community college. Not to mention good colleges/unis have connections with companies and a lot more than just a diploma.

In short - it's not that the diploma guarantees you a job but having a bad one you almost guarantees you won't get one or will have a worse paying one.
 

$tinkle

Expert on blowing
Feb 12, 2003
14,591
6
So if you can't afford a good school you shouldn't go to one?
it's not black & white like that. there are options, like:
- intern for credit
- serve military for credit
- take CLEPs for credit
- go to community college
- get a scholarship/grant

the only reason why i suggest those is b/c i did it, but i understand everyone can't be like me. you could be a whingy little entitled bitch & try to say high quality free education followed by a guaranteed job in that field upon guaranteed graduation is a human right
But with 99% of the jobs it helps A LOT. Try to get a good paying job in a nice "job creating" corporation with a crappy local community college.

In short - it's not that the diploma guarantees you a job but having a bad one you almost guarantees you won't get one or will have a worse paying one.
before i got my undergrad, i was making 6 figures as a contractor, and didn't even have to go to a war zone to get it. but you know what i knew? my craft. and a guy. of course, it is more about who you know than what you know, so part of the leg work is networking & making a name for yourself through hard work.

ridiculously hard work (or in my case, the appearance of ridiculously hard work). given the choice of being an unoriginal lemming, or paving the road ahead, wouldn't you like to set yourself apart through ambition?

i guess that sets me apart from the 99%.