President Joe Biden - Kamala Harris Administration

#20,477
#20,477
Rasputin_Vol said:
Financial illiteracy is already low. But when you have the govt, media and these universities encouraging young people to pile on this debt for worthless degrees, it becomes a special situation in my mind. I'm seeing this from a different lens than most of you all do, also. I wasn't surrounded by a bunch of people that provided good financial advice or wisdom. And there were plenty of others that would have seen no issue with me piling on thousands of dollars in debt had the situation come.

A lot of you take it for granted that most young people are provided these important life lessons. But at the same time, I can't understand you same people not having this same level of blood thirst for the adults in government and lenders that helped to create this system.

None of you have even bothered to comment on what we need to do with the govt and lenders. You all have all focused on the borrowers...
Click to expand...

My lens is similar to yours.

I grew up in a modest setting, single parent. Pay check to pay check.

It doesn’t take a genius to question if someone handing me 25k is something to worry about or not.
 
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#20,479
#20,479
allvol123 said:
My lens is similar to yours.

I grew up in a modest setting, single parent. Pay check to pay check.

It doesn’t take a genius to question if someone handing me 25k is something to worry about or not.
Click to expand...
The rhetoric/propaganda doesn't revolve around getting the $25k. The propaganda comes in with regards to 1) the ability to pay it off once you get out of school and get that job and 2) the peer pressure or assumption that everyone gets into debt going to school and it's just a necessary evil.
 
#20,480
#20,480
Rasputin_Vol said:
The rhetoric/propaganda doesn't revolve around getting the $25k. The propaganda comes in with regards to 1) the ability to pay it off once you get out of school and get that job and 2) the peer pressure or assumption that everyone gets into debt going to school and it's just a necessary evil.
Click to expand...

This isn’t complicated. Sorry if I expect people to use their brains.

At 18 I was uncomfortable with the amounts I was getting. Thus I chose a grueling work schedule to limit the amount I was going to owe.

I expect others to have the same mentality.

My debt was going to be less than one year’s average starting salary. If you aren’t focused on some type of goal like that, then too bad.
 
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#20,482
#20,482
Rasputin_Vol said:
How much inflation over the last 25+ years since you graduated has occurred due to all of this nonsensical lending to liberal arts majors?

The sole burden of this shouldn't just rest on shoulders of the students. The lenders and govt need to get their share of the pain.
Click to expand...
Wrong again.
 
#20,483
#20,483
Rasputin_Vol said:
Most of them were 18-21 years old making these decisions. Most people don't have people around them that are able to advise them of the commitment they are signing on to at that time. And the universities, media and govt doesn't make matters better by encouraging these kids to shoulder these debts. I'm sure most of you had people around you advising you wisely. Me personally, I did not have that... and I am very lucky to not have been in the situation that some of these people are in. Now the people with over $50k in debts for liberal arts degrees... at what point do we start to focus on the lending institutions and government with regards to the decisions they made by throwing more money at these people?

I love how you guys have no issue holding these people fully accountable for decisions they made early in life, but let these Boomers and older Gen-Xers get away without any consequences for their lending practices.
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They signed for the loans. They (plus any co-signers) owe the money. It's pretty simple. It's a concept known as personal accountability.
 
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#20,486
#20,486
Vol423 said:
Did they sign a loan document and receive money in return?
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Any other loan can be defaulted on, so the lender has some risk too.

In the case of student loans you cant declare bankruptcy and get out. So its guarenteed money for the lender. No risk, which is why every degree gets a loan.

At least remove that protection for the lenders. Let them deal with the consquences of them signing that form too.
 
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#20,487
#20,487
Rasputin_Vol said:
Well first off, I've clearly said that they need to hold some accountability for their debt.

But secondly, we have people all over the place that make bad decisions and get bailed out. It pizzas me off just as much as you... believe me (or not).

Again, two groups of people created this problem and should be held accountable: the borrowers and the lenders. I don't think I can make it more simpler than that. Both groups need to share in the pain in solving this problem.

I get it... you paid off your loans or maybe didn't have any and you think its unfair that they get debt relief. I get it. You are in your feelings about that. But the amount of money we are talking about in the grand scheme of things pales in comparison to the money thrown away everyday in other ways. But because a lot of you have an emotional tie to this issue, you get triggered.
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1. Never had a student loan.
2. I agree with everything you have said other than inflating our currency to pay for it.
 
#20,488
#20,488
NEO said:
I don’t know how it is now or was at other schools but in the 90s when I was at Ohio State they basically stuck you in a line and told you how much you qualified for and then handed you a big pile of cash to go live on after your books and classes were paid. You are somewhere between 18 and early 20s and your decision making skills are not the best yet.

Once you got that first check at 18 you wanted the next so every quarter (we were still in quarters then) you would take that money again.

I believe the loans should be repaid but I also believe all student loans should be zero interest.
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I would be willing to consider the zero interest suggestion. Just realize that by doing so, you are fully eliminating ALL non-governmental student loans, as no business is going to sign up for risk without potential profit.
 
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#20,489
#20,489
Rasputin_Vol said:
Financial illiteracy is already low. But when you have the govt, media and these universities encouraging young people to pile on this debt for worthless degrees, it becomes a special situation in my mind. I'm seeing this from a different lens than most of you all do, also. I wasn't surrounded by a bunch of people that provided good financial advice or wisdom. And there were plenty of others that would have seen no issue with me piling on thousands of dollars in debt had the situation come.

A lot of you take it for granted that most young people are provided these important life lessons. But at the same time, I can't understand you same people not having this same level of blood thirst for the adults in government and lenders that helped to create this system.

None of you have even bothered to comment on what we need to do with the govt and lenders. You all have all focused on the borrowers...
Click to expand...
I think you meant financial literacy is already low. Financial illiteracy is sky high.
 
#20,490
#20,490
LouderVol said:
Any other loan can be defaulted on, so the lender has some risk too.

In the case of student loans you cant declare bankruptcy and get out. So its guarenteed money for the lender. No risk, which is why every degree gets a loan.

At least remove that protection for the lenders. Let them deal with the consquences of them signing that form too.
Click to expand...
I don't have any issue with that. I'm not bailing out other people's poor decisions though.
 
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#20,491
#20,491
Vol423 said:
I would be willing to consider the zero interest suggestion. Just realize that by doing so, your are fully eliminating ALL non-governmental student loans, as no business is going to sign up for risk without potential profit.
Click to expand...

My thoughts on education are way out there so I am in a box by myself.

I think 1-12 should be year round and any student should have to go during the summer who did not earn a B or higher during the normal school year. This would push students to do better to get their summers free and help those who need extra time to master the class.

I think all tutoring should be free and be available at school by hired licensed school staff.

I think the first two years of all community college should be free along with trade schools paid for by local sales tax and lottery or marijuana tax sales.

I think all students should be forced to take a strengths weaknesses test at HS graduation and again at the end of the sophomore year in college that helps show them what field best suits their personal traits and skills and they should also have to be told the average yearly income and lifetime income for each field and must acknowledge an understanding of this before ever taking out a loan. They must also be able to present an example of repayment plans so they both understand how the debt will income their future net earnings and how they will repay it.

I think trade schools should be heavily promoted in HS and shop class should be expanded to where a senior can be an apprentice their senior year a few days a week to learn more about specific trades and if they fit them.

That’s some of my thoughts but not all. Basically, I think we need a complete overhaul.
 
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#20,492
#20,492
Thanks Slo Jo and Ho!

Impact of Inflation by Household Income — Penn Wharton Budget Model

Summary: We estimate that inflation in 2021 will require the average U.S. household to spend around $3,500 more in 2021 to achieve the same level of consumption of goods and services as in recent previous years (2019 or 2020). Moreover, we estimate that lower-income households spend more of their budget on goods and services that have been more impacted by inflation. Lower-income households will have to spend about 7 percent more while higher-income households will have to spend about 6 percent more.
 
#20,493
#20,493
NEO said:
My thoughts on education are way out there so I am in a box by myself.

I think 1-12 should be year round and any student should have to go during the summer who did not earn a B or higher during the normal school year. This would push students to do better to get their summers free and help those who need extra time to master the class.

I think all tutoring should be free and be available at school by hired licensed school staff.

I think the first two years of all community college should be free along with trade schools paid for by local sales tax and lottery or marijuana tax sales.

I think all students should be forced to take a strengths weaknesses test at HS graduation and again at the end of the sophomore year in college that helps show them what field best suits their personal traits and skills and they should also have to be told the average yearly income and lifetime income for each field and must acknowledge an understanding of this before ever taking out a loan. They must also be able to present an example of repayment plans so they both understand how the debt will income their future net earnings and how they will repay it.

I think trade schools should be heavily promoted in HS and shop class should be expanded to where a senior can be an apprentice their senior year a few days a week to learn more about specific trades and if they fit them.

That’s some of my thoughts but not all. Basically, I think we need a complete overhaul.
Click to expand...
I agree with all of these ideas. You should run for political office.
 
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#20,494
#20,494
NEO said:
My thoughts on education are way out there so I am in a box by myself.

I think 1-12 should be year round and any student should have to go during the summer who did not earn a B or higher during the normal school year. This would push students to do better to get their summers free and help those who need extra time to master the class.

I think all tutoring should be free and be available at school by hired licensed school staff.

I think the first two years of all community college should be free along with trade schools paid for by local sales tax and lottery or marijuana tax sales.

I think all students should be forced to take a strengths weaknesses test at HS graduation and again at the end of the sophomore year in college that helps show them what field best suits their personal traits and skills and they should also have to be told the average yearly income and lifetime income for each field and must acknowledge an understanding of this before ever taking out a loan. They must also be able to present an example of repayment plans so they both understand how the debt will income their future net earnings and how they will repay it.

I think trade schools should be heavily promoted in HS and shop class should be expanded to where a senior can be an apprentice their senior year a few days a week to learn more about specific trades and if they fit them.

That’s some of my thoughts but not all. Basically, I think we need a complete overhaul.
Click to expand...

I would go even further and have starting in 9th or 10th grade kids choosing between trade school or college prep and have actual trades being taught that culminate with internships for their senior year. No kid should be graduating HS that is unemployable or ready for college.
 
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#20,495
#20,495
allvol123 said:
This isn’t complicated. Sorry if I expect people to use their brains.

At 18 I was uncomfortable with the amounts I was getting. Thus I chose a grueling work schedule to limit the amount I was going to owe.

I expect others to have the same mentality.

My debt was going to be less than one year’s average starting salary. If you aren’t focused on some type of goal like that, then too bad.
Click to expand...
Keep that same energy for the politicians and lenders that created this problem.

And expect the same level of accountability for the lenders that you do the borrowers.
 
#20,497
#20,497
Vol423 said:
I would be willing to consider the zero interest suggestion. Just realize that by doing so, you are fully eliminating ALL non-governmental student loans, as no business is going to sign up for risk without potential profit.
Click to expand...

But wait... they created a system right now that allows no risk with the potential for profit. WTF?
 
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