The world needs at least 600M new jobs in the next decade for young people

Post by learc83 » Tue, Oct 13, 2015, 6:03 PM UTC

chimeracoder wrote: post #37

learc83 wrote: post #25

Earlier quoted context omitted.

Student loan debt isn't dischargeable in bankruptcy, but their are income based repayment plans. You can pay back either 10% of your discretionary income, for 20 years and then the remaining balanced is forgiven (if a balance remains). Discretionary income is defined as the difference between your income and 150% of the federal poverty level. If you have 200k in student loans, but only make 30k a year because you can…

> You can pay back either 10% of your discretionary income, for 20 years and then the remaining balanced is forgiven (if a balance remains). For federal subsidized loans, forgiveness of loans means that it comes out of taxpayer money. For people talking about student loans as a bubble and wondering when it will pop and what that will look like, this is the most likely mechanism for that to happen. This is a really se…

Post by learc83 » Tue, Oct 13, 2015, 6:06 PM UTC

lisper wrote: post #47

nostromo wrote: post #23

Earlier quoted context omitted.

I agree that student loan debt seems like an asset bubble -- in that the price of an education greatly exceeds the valuation justified by the fundamentals. But I can't think of a way that the bubble could actually pop. Or what it would look like if it did. Unlike housing, you can't walk away from your education; student loans are designed to prevent debtors from ever escaping their obligations. They're also guarantee…

> But I can't think of a way that the bubble could actually pop. Or what it would look like if it did. It would look like a social movement. It would look like tens of millions of young people realizing that they have fallen under the yoke of life-long indentured servitude to the older generation, and either 1) getting organized enough to get the law changed or, 2) saying "fuck it, I've got nothing left to lose" and…

Post by learc83 » Tue, Oct 13, 2015, 6:11 PM UTC

eastbayjake wrote: post #32

hueving wrote: post #11

Earlier quoted context omitted.

Student debt has been thought to be the next crash, but I'm not sure how unless the laws change. It's not dischargable in bankruptcy so it's not like you can walk away.

Student loan debt won't create a crash, it has just been an enormous brake on the US economy for almost a decade now and we've grown so used to its effects that we don't really notice it anymore. Imagine how many young people would start a company or take a risky-but-educational job except that they need the liquidity and stability to make a student loan payment every month? You could get living expenses close to zer…

Post by itsybitsycoder » Tue, Oct 13, 2015, 6:13 PM UTC

chucky_z wrote: post #35

blakeshall wrote: post #8

Earlier quoted context omitted.

I'd be curious if you are seeing the results of 'shotgun' style job searching. Sending your resume anywhere and everywhere with the hopes of getting a callback. I imagine that would make it difficult to research every possibility.

I was going to mention this exact same thing. The last time I had to go job hunting I submitted my resume to 40-50 companies each week or so, and unless I heard anything back ever, I did zero research outside of seeing if what they were looking for matched what I wanted to apply for.

Post by SixSigma » Tue, Oct 13, 2015, 6:14 PM UTC

nostromo wrote: post #23

maresca wrote: post #3

Student loan debt surpassed credit card and auto loan debt in the US last year. Many college grads graduate with large sums of debt and can't find relevant jobs. Since student loan debt isn't forgivable, it'll be interesting to see the effect of this over the next decade. I have a hunch that the next big market crash will be caused by student loan debt.

I agree that student loan debt seems like an asset bubble -- in that the price of an education greatly exceeds the valuation justified by the fundamentals. But I can't think of a way that the bubble could actually pop. Or what it would look like if it did. Unlike housing, you can't walk away from your education; student loans are designed to prevent debtors from ever escaping their obligations. They're also guarantee…