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LTC Multifunctional Logistician
16
16
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How is this bad? The Federal Govt has no Constitutional authority to provide Student Loans. Students can still go to a bank for funding their education.
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LTC Multifunctional Logistician
LTC (Join to see)
>1 y
First, you would have to define "they". I recall that higher institutions are dominated by one main private political corporation. That private corporation has also incorporated the professional teaching Unions. So, one could conclude that there is a economic/ political issue as to why prices are high.
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Cpl Jeff N.
Cpl Jeff N.
>1 y
SP5 Christine Conley - The tuition is the issue (the principal of the loan) not the interest rate on the loan. You have to be smart about borrowing money and you have to make sure there is a return on your investment.

If you get a degree in French Renaissance poetry and it costs you $100,000 to get it (4 years at $25k per year) then you probably made a mistake. If you spend that same $100,000 on a degree in a STEM field then you will probably be in pretty good shape. You still have to have the right work ethic, behaviors, drive, motivation etc but you have a degree that you can get a return on your investment in.

I was just talking with a good friend of mine the other day. His daughter, who paid her own way, and took out loans got a degree in Creative Writing. She is learning how little that sort of degree will pay. She was told that going in (by her father) but it was what she wanted. An investment in education has to have a return or it is not an investment it is flushing money down a toilet.
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LTC Laborer
LTC (Join to see)
>1 y
SP5 Christine C. - Don't look to me to defend Trump's financials, just the policies of his administration and at that, only some of them.
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MCPO Roger Collins
MCPO Roger Collins
>1 y
What does President Trump's activies have to do with this ongoing national problem? Some people are so infected with Trump Derangement Syndrome, they probably blame him for the apple problem in the Harden of Eden.
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CSM Richard StCyr
11
11
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Why should there be any difference in a student loan and any other type? Can't get my car or home loan forgiven and have to shop for the best rates. I think this is good because perhaps folks will seek degrees in areas that actually have a snow balls chance in hell of producing a paying job, and attend colleges that are within their financial means to repay the debt. But hey that's financial responsibility and who has time for such foibles.
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CSM Richard StCyr
CSM Richard StCyr
>1 y
SSgt Ryan Sylvester - There actually is a provision for the disposal of student loans in the bankruptcy process, complicated but available. https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation
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CPO Robert (Mac) McGovern
CPO Robert (Mac) McGovern
>1 y
First, let’s start with a general picture of the student loan debt landscape. The most recent reports indicate there is:

$1.41 trillion in total U.S. student loan debt
44.2 million Americans with student loan debt
Student loan delinquency rate of 11.2% (90+ days delinquent or in default)
Average monthly student loan payment (for borrower aged 20 to 30 years): $351
Median monthly student loan payment (for borrower aged 20 to 30 years): $203

Student debt statistics by loan status (Direct Loan Program)
Loans in repayment $478.6 billion 15.7 million borrowers
Loans in deferment $107.3 billion 3.5 million borrowers
Loans in forbearance $96.2 billion 2.6 million borrowers
Loans in default $67.5 billion 4.0 million borrowers
Loans in grace period $50.1 billion 2.0 million borrowers

This is a system that must be reformed. It is a debt owed and enforcement for payment must be enforced as with any type of loan. It is not free money...it is a nightmare to manage and it is the governments responsibility to protect our tax payments invested in this program.
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CSM Richard StCyr
CSM Richard StCyr
>1 y
CPO Robert (Mac) McGovern - Yep hence "seek degrees in areas that actually have a snow balls chance in hell of producing a paying job, and attend colleges that are within their financial means to repay the debt".
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CPO Robert (Mac) McGovern
CPO Robert (Mac) McGovern
>1 y
CSM Richard StCyr - Not my preference but their has to be some control over this program. Over a trillion in student debt is hard to swallow. Congress needs to regulate the cost of tuition, books, housing and the large amount paid to professors who fail to teach their curriculum, who instead impose their personal views. these simple actions could greatly reduce the cost. Other student incentives could be used to entice students to study areas of expertise need in all specialties of business. Thanks for the response Richard.
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SSgt Gary Andrews
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4
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I'm no expert on this.....but as I understand it, an entire industry sprang up that preyed on students who needed money to go to college. Students were being charged higher interest rates than the going rate, and they took the loans because it was the only way they could attend college. Massive amounts of debt piled up, and after graduation many had trouble keeping up the payments, even if they had found gainful employment. This caused a lot of defaults, ruining people's credit for years to come. Protections were put in place to ensure the students were paying the same rate as anyone else, and not being taken advantage of. If these are the protections she just did away with.....then this is not a positive development.
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