Page 2 of 9 FirstFirst 1234 ... LastLast
Results 11 to 20 of 83

Thread: Student loan forgiveness

  1. #11
    Senior Member jp1's Avatar
    Join Date
    Dec 2010
    Location
    San Francisco
    Posts
    9,717
    I actually find myself agreeing with yppej! At least as one part of the solution. My employer’s former parent company, a London based insurance company, had a ceo for a dedade or so until recently, successful and well respected in the industry, who did not have a college degree. He had started at the bottom of the insurance underwriting ladder out of high school and worked his way up starting in a very junior training program. He, and I, don’t need a college degree to do this job. Except that I DO because in the US a degree is required for most office jobs. No one has ever asked me for details about my degree. Nothing about whether it was relevant to the job I was applying for or how I did. Just whether I have a diploma, any diploma.

    But I also agree that the cost of education has gotten way out of hand. Partially because colleges have ‘fancified’ campuses to attract more students/customers. But also because government funding has dramatically decreased. There is zero logical reason that we fully fund education through high school and then largely stop funding anything beyond that. Unless the goal is to push young people into feeling that their only choice to make it in this world is to get a degree and join the rat race to pay off that degree. Sort of in the same way that getting a good job is by far the easiest way to get reliable, affordable health insurance. Society would probably be a better place if people could afford to pursue education for reasons beyond viewing a college degree as a necessity to a good (read decent paying) job.

    I say all this to say that Ldahl does in fact know someone (me) in favor of loan forgiveness even though I think a bigger solution also needs to happen. I never had a student loan because I was lucky enough to attend a private university which, at the time, was spending a lot of money on scholarships in an effort to up their reputation as a decent academic institution and also to improve the music school’s reputation beyond jazz music. I randomly happened to be able to benefit from both of those things by getting a half tuition music scholarship and a half tuition academic scholarship. I could have gone to the university of Colorado and paid full in state tuition plus room and board for about 25% more total cost than just the room and board my parents paid to the private university I went to. The education would have been equally valuable but I decided, and my parents supported the decision, to go to the private school because the weather in Miami is a lot better than it is in Boulder.

  2. #12
    Senior Member Teacher Terry's Avatar
    Join Date
    Dec 2013
    Location
    Nevada
    Posts
    12,889
    I graduated in 1972 and most of my friends had parents that could afford to send them away to college and live in the dorms. None had student loans. None were blue collar workers. My parents let us all live at home for free, loaned us the money for college with no interest or pay back schedules and a part time job was expected to pay for car insurance and miscellaneous expenses.

    My parents were blue collar and their coworkers thought they were crazy and made their kids move out. My parents valued education. I was the only one that didn’t take them up on their offer and got married young. We paid cash as we went for my degrees.,

  3. #13
    Senior Member Rogar's Avatar
    Join Date
    Jan 2011
    Location
    Colorado
    Posts
    5,184
    I lived at home and attended the local college for my first two years, during which time I was able to save enough to go to university, with a small amount of help from the folks. Of course higher education cost much less then, but I liked the idea one of the politicians proposed to pay tuition for local community colleges. Seems like a better use of money than loan forgiveness, although that's something of a mute issue right now. There are alternatives to expensive out of town universities.

    I don't know how common it is for young people to work while in college, but it was pretty much a given for me and friends to work summers and then occasional part time while in school.

  4. #14
    Senior Member catherine's Avatar
    Join Date
    Jan 2011
    Location
    Vermont
    Posts
    14,588
    When my grandfather died, he stipulated that his inheritance to his grandchildren was to be spent on health or education only until we turned 30. We were the recipients of enough money to get us though college at the time (Room & board $4k/year). So I was so lucky to be able to just enjoy college life.

    My DD went to a private liberal university and her tuition/R&B was 10 times that. We cash-flowed 2 years for her and then took loans out for the other 2 years. I was surprised that a) it was SO EASY to get a loan. b) the terms were terrible when it comes to paying it down/off. Interest-only for years. That alone will keep you a slave to debt for a decade or more.

    It probably comes down to financial literacy. Are children/parents responsible for the debt they signed up for? Absolutely. But, as jp said, things have to change, and borrowers need to be educated as to the ramifications of taking on these big loans. Many monthly payments are as big or bigger than a mortgage payment. The total price tag does not match up with earning potential in many cases, and it discourages people from getting a liberal, well-rounded education (high-paying job in Russian literature, anyone?) which I think has so much value but it's questionable as to whether or not the price of education these days is worth it.

    I agree with bobby: Debtor's Prison without Walls is what people wind up in.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  5. #15
    Senior Member
    Join Date
    Jan 2011
    Posts
    3,734
    Our state is going to require financial literacy classes for graduation. Only big issue is the time they are giving to even start.

    https://fox59.com/indiana-news/india...%20right%20now.

  6. #16
    Senior Member Tradd's Avatar
    Join Date
    Dec 2010
    Location
    The Suburban Midwest
    Posts
    7,353
    I think there should be other stipulations on loans, like what your future earnings will be like. Going to an expensive private school for something like teaching or social work? State university for you!

  7. #17
    Senior Member JaneV2.0's Avatar
    Join Date
    Jan 2011
    Posts
    15,489
    People attend expensive, prestigious colleges for the lifelong contacts they make that translate into $$$. Just ask JD Vance.

  8. #18
    Senior Member Rogar's Avatar
    Join Date
    Jan 2011
    Location
    Colorado
    Posts
    5,184
    I could see earning tuition and books credits by doing some sort of public service, maybe like the old CCC or education under the GI bill. That makes more sense to me than a loan forgiveness give away. It seems like some liberal politician has suggested that, but can't remember who. These days it would probably get caught up in some sort of political theater.

  9. #19
    Senior Member Tradd's Avatar
    Join Date
    Dec 2010
    Location
    The Suburban Midwest
    Posts
    7,353
    Quote Originally Posted by JaneV2.0 View Post
    People attend expensive, prestigious colleges for the lifelong contacts they make that translate into $$$. Just ask JD Vance.
    Why do teachers and social workers need those kind of contacts?

  10. #20
    Senior Member JaneV2.0's Avatar
    Join Date
    Jan 2011
    Posts
    15,489
    Quote Originally Posted by Tradd View Post
    Why do teachers and social workers need those kind of contacts?
    Do a high percentage of teachers and social workers emerge from ivy league schools? To be honest, I've had no personal experience with rich and influential friends, myself.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •