161–170 of 238 posts
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Nah, just require them to disclose the odds for any games of chance. "Visit Golden Palace photo of a roulette wheel for a 46% chance of breaking even!"
Wouldn't help. Lottery tickets have the odds of winning printed right on them, and people still buy them.
It's mind-blowing how the majority of high school students are lied to each year about the ROI of college. The internet has re-written the rules, and high school educators don't know how to teach that. I would have benefited so much more from a program that taught how to be self-sufficient and the major, major benefits of living debt free. Context: $150k in student loans - lucky enough to have an electrical engineeri…
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IMHO, reality paints a sightly more optimistic picture...the average debt per graduate is $30,000--about the price of a new car, but as measured by wages, a degree gains value (this is because since 2009 wages for grads have seen much stronger growth than wages for non-grads) http://greyenlightenment.com/is-college-a-big-waste-of-time-... I read stories on Reddit about grads who have debt but are also making decent 5…
The median student debt is a lot more interesting, it's much lower than $30,000. The median of all outstanding student debt is around $14,000 today (for households that have any student debt). The median debt for individuals that went to public universities is closer to $10,000. The average is massively skewed by the top few percentage of all borrowers that have taken on almost unfathomable loans.
While I appreciate that people are sour about student debt, I don't think Navient, qua big business, should behave in any other way. I personally think public universities should be free and highly selective, rather than the opposite. But I also think taking out loans with no plan to repay them is criminally stupid. If the education product being sold is fraudulent, go after the fraudulent institution (as has been do…
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Not to actually argue for or against, but mortgage holders don't hand 5 or 6 figures of unsecured debt to an 18 year old without any due diligence on if the loan has a chance of being repaid.
Neither does Navient.
> There is no expectation that the servicer will act in the interest of the consumer... Navient says its public statements encouraging borrowers to contact the company didn’t mean it would act in their best interest. So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" and how we'r…
> why the is this OK? From any company? For the same reason that it's always been expected from any company. Do you expect a local car dealer to act in your best interests if you show up as a result of a radio ad? Caveat Emptor is in Latin for a reason - people have been living by the maxim for a really really long time.
> There is no expectation that the servicer will act in the interest of the consumer... Navient says its public statements encouraging borrowers to contact the company didn’t mean it would act in their best interest. So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? I'm getting real damn sick and tired of "what the big print gives, the spidery print takes away" and how we'r…
> So, pardon in advance for the vulgar language, but why the fuck is this OK? From any company? Because that's the default rule when it comes to arm's-length transactions in the economy? Unless there is a special relationship ( e.g. doctor-patient), everyone takes care of their end of the transaction. The government offers very generous loan repayment options for student borrowers. It's Navient's job to collect payme…
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Okay, then... New rule: the primary loan provider for higher education in America - education that is argued in many circles as being a public good and benefit to society - shall be considered to be in a "special relationship" with the student borrower... Let people know what they're getting into. I don't see how this should be any different from the relationship a fiduciary has with his/her client. Can we make this…
> Let people know what they're getting into. Let's say an honest lending start-up rushes to fill this niche and then rejects people's applications based on imperfect academic record, lack of summer jobs or internships (so potential laziness), subpar math skills and very minimal knowledge of foreign languages (so indicative of poor information retention). It also honestly tells you that art history majors have no plac…
However, looks like such practices are not considered discriminatory by law.
> Two federal laws, the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), offer protections against discrimination. The ECOA forbids credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or whether you receive income from a public assistance program.
Why is a student loan servicer any different from a mortgage servicer? I don't go to my mortgage servicer for leniency or charity; why should my student loan servicer be any different? If we want student loan servicer behavior to change, we need to legislate it. Just like we did (or didn't, depending on your point of view) for mortgage servicers.
Not to actually argue for or against, but mortgage holders don't hand 5 or 6 figures of unsecured debt to an 18 year old without any due diligence on if the loan has a chance of being repaid.
That said, Navient is in the business of collecting on debts, and they have every right to do so within the bounds of the law. They don't owe borrowers anything.
It's mind-blowing how the majority of high school students are lied to each year about the ROI of college. The internet has re-written the rules, and high school educators don't know how to teach that. I would have benefited so much more from a program that taught how to be self-sufficient and the major, major benefits of living debt free. Context: $150k in student loans - lucky enough to have an electrical engineeri…
College degrees still mostly have a good ROI. The huge lie is the ROI on pedigree, prestige, whatever you want to call it. Kids are still being told to apply to expensive small private schools and to worry about the financial aid process later. Kids are told to find the right fit. None of that really matters. The big ROI is just getting a degree or the type of degree. There are few elite schools that have a much bett…
But in general yes, it's a good idea to shop around. It also depends on the field you want. CSU Northridge is a pretty marginal school, but it's great at geology.