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If this happens, do I get benefits on the debt I've already paid off? I would be pretty pissed if I didn't. I worked my ass off to pay my loans.
My wife and I worked and sacrificed to pay our student loans off. Struggle builds character, appreciation, and gratitude.
* I say supposed to be because the rule was swallowed by an exception during the regulatory process and now only plays a minor role.
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Part of the problem is that the last few generations have been told the same thing: blue collar jobs aren't "good" jobs. You need to go to college so you can get a "good" job sitting at a desk because those other jobs are below you. If you take one of those blue collar jobs then you've failed and aren't "achieving your potential". The grand irony in all of this is that the people who did go on to become plumbers, ele…
>> Part of the problem is that the last few generations have been told the same thing: blue collar jobs aren't "good" jobs. You need to go to college so you can get a "good" job sitting at a desk because those other jobs are below you. If you take one of those blue collar jobs then you've failed and aren't "achieving your potential". I think another part of it is that even low level office jobs now require some sort…
I majored in music. It's pretty easy to tell who will have a reasonable career after college. The people who are well prepared succeed. The people who aren't usually flounder and subsequently go on to flounder after school.
Should we be telling people who are likely to succeed in their field that they can't get loans to study something they will probably do well at because of all the asshats that apply to these programs with little preparation?
Earlier quoted context omitted.
It got put into place because they are high risk loans given out to people that have nothing to secure them with. If you could discharge them in bankruptcy, no one would offer them because huge percentages of people would go ahead and do so.
Thereby naturally solving the problem. Schools won't be able to raise their prices to pay for non academic garbage like stadiums and fancy buildings, they won't have to compete with other schools accepting as many kids as possible to make as much money as possible to keep up with the Joneses with their newest toys. And society can have a discussion again on how much it values educating its populace.
Earlier quoted context omitted.
Paying off your debt early also builds really good financial habits which will help in the future. You learn to live below your means, make a budget, etc
If they're Federal loans with a often below-inflation interest rate, the actual good financial habit is often to not pay it off, and instead amass a) an emergency fund and b) sock the rest into retirement via an index fund or something similar.
If this happens, do I get benefits on the debt I've already paid off? I would be pretty pissed if I didn't. I worked my ass off to pay my loans.
As you are paying off your loans remember the high price of your education helped pay for not just a fancy diploma but also: Shiny new buildings, Hotel-like dorms, Professors making 400k, Administrators making 700k, a moped for every football player ...
Also our dorms are pretty shit.
IMO, a large chunk of this would be resolved if federal loans where limited based on tuition not just need. If a school charges more than ~20k/year then students can't apply for federal loans and private loans become dischargeable. Note: Some schools still charage less than 10k/year. http://www.usnews.com/education/best-colleges/the-short-list... Instead, schools have a huge incentive to raise tuition endlessly and f…
Situation: Government guarantees student loans and forbids issuing of loans based on likelihood they'll be bad back. Problem: Schools charge max loan value. Students can't pay them back. Solution: Give away free money. All the government has to do is nothing. Just stop doing things. Stop being involved. The problem will fix itself overnight if they did literally nothing. Le sigh.