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U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

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Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#71

Post by blattimwind »

trophycase wrote: post #58
spinach wrote: post #50

Earlier quoted context omitted.

Yet, at the same time, they also provide all those jobs. Is bloating and inefficiency all that bad if it provides good jobs and the jobs have a good work/life balance?

"Creating jobs" is a silly argument. Literally anyone can create jobs if they are useless. Here's a shovel, go dig a hole then fill it back in.

> Here's a shovel, go dig a hole then fill it back in.

That's ... actually how it's done, yes. Besides dam construction the https://en.wikipedia.org/wiki/Maschsee is a nice example of literal hole digging.

Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#72

Post by [deleted] »

temp1928384 wrote: post #41
wtvanhest wrote: post #4

If you add up the total cost of all education institutions in the US, multiply by 4 years, then build a payment structure based on that number, there is simply not enough income left over in the corhort of new grads (first 10 years out of school) to pay the debt service. The problem has nothing to do with liberal art majors, or irresponsible borrowing. The problem is entirely driven by an excessive cost structure of…

Lambda School isn't exactly cheap. 17% of 2 years salary (edit) is capped at $30k. I paid less than that in tuition for 4 years of in-state tuition at a top 10 public school.

[deleted]

Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#73

Post by fnbr »

temp1928384 wrote: post #41
wtvanhest wrote: post #4

If you add up the total cost of all education institutions in the US, multiply by 4 years, then build a payment structure based on that number, there is simply not enough income left over in the corhort of new grads (first 10 years out of school) to pay the debt service. The problem has nothing to do with liberal art majors, or irresponsible borrowing. The problem is entirely driven by an excessive cost structure of…

Lambda School isn't exactly cheap. 17% of 2 years salary (edit) is capped at $30k. I paid less than that in tuition for 4 years of in-state tuition at a top 10 public school.

It is capped, at $30k.

Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#74

Post by ashelmire »

Coding_Cat wrote: post #65
erentz wrote: post #35

Earlier quoted context omitted.

Right. It’s become a government backed bubble. Somehow we need to pop it softly. I’m sympathetic to all the current student debt holders and providing relief to them but if we do that without putting and end to these guaranteed loans we’re just perpetuating (and making worse) the problem. Doing something like making community college and trade school level degrees free and leaving everything else to private loans sor…

There is a rather simple way of stopping the ever growing tuition bubble, one that is employed in the Netherland, but I feel like it won't be popular in the US: Cap the tuition a college is allowed to charge and restrict them from charging additional fees.

Actually, the simplest way to put downward pressure on tuition in the US is to allow the loans to be dischargeable in bankruptcy.

Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#75

Post by fenwick67 »

goodells wrote: post #59
anilshanbhag wrote: post #10

There is so much waste in universities: bloated admin/it staff , libraries filled with journals/magazines that no one reads, tenure system that doesn't allow you to downsize departments that have no students. Tuition can be reduced, however there is no incentive to do it since students can easily get loans.

This is spot on. An anecdote from my undergrad studies and living in Madison, WI: the UW has a division of housing, which provides (shoddy) canvas carts to the students to use for moving in/out of the dorms. My student organization happened to "acquire" some of these carts, and when using one I was confronted by none other than the director of housing, who promptly called the police on me. In the end I was happy to r…

So your org stole carts from the university, then when you got caught, you proceeded to complain about how expensive they are?

Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#76

Post by trikonasana »

sschueller wrote: post #9
alkibiades wrote: post #2

i predict we’re going to have to bail these people out. once a critical mass of americans do something idiotic, it becomes politically expedient to bail them out and blame the companies for greed. this is a direct response of the government providing unlimited loans to anyone

Who are be baling out? The middlemen? Aren't these loans almost all government backed? Meaning if the loan defaults the government pays the creditor?

Not all of them, but a good chunk of them are. A lot of student debt is sold to big banks without the students every really knowing. Banks then package them together and sell them again, allowing themselves to make even more loans. The same people that tanked the economy in 2007-2008, and then got bailed out by the taxpayer, are now the primary debt holders of many student loans. The difference is that people with student loans have no way out. We punish those trying to educate themselves and reward those who exploited uninformed borrowers.

Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#77

Post by dgzl »

erentz wrote: post #35
anilshanbhag wrote: post #10

There is so much waste in universities: bloated admin/it staff , libraries filled with journals/magazines that no one reads, tenure system that doesn't allow you to downsize departments that have no students. Tuition can be reduced, however there is no incentive to do it since students can easily get loans.

Right. It’s become a government backed bubble. Somehow we need to pop it softly. I’m sympathetic to all the current student debt holders and providing relief to them but if we do that without putting and end to these guaranteed loans we’re just perpetuating (and making worse) the problem. Doing something like making community college and trade school level degrees free and leaving everything else to private loans sor…

Here's an idea for 'slowly popping it':

Innovate in trade schools and start convincing high school students to take that path instead of University.

Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#79

Post by joejerryronnie »

tramGG wrote: post #7
alkibiades wrote: post #2

i predict we’re going to have to bail these people out. once a critical mass of americans do something idiotic, it becomes politically expedient to bail them out and blame the companies for greed. this is a direct response of the government providing unlimited loans to anyone

cancel the debt, and move towards free colleges.

Can I add my mortgage debt to this please? I want in on the free stuff too!

Re: U.S. Student Debt in ‘Serious Delinquency’ Tops $166B

#80

Post by goodells »

fenwick67 wrote: post #75
goodells wrote: post #59

Earlier quoted context omitted.

This is spot on. An anecdote from my undergrad studies and living in Madison, WI: the UW has a division of housing, which provides (shoddy) canvas carts to the students to use for moving in/out of the dorms. My student organization happened to "acquire" some of these carts, and when using one I was confronted by none other than the director of housing, who promptly called the police on me. In the end I was happy to r…

So your org stole carts from the university, then when you got caught, you proceeded to complain about how expensive they are?

We were dumb kids, and it's a story. The director was quite nice and we were making conversation on what would otherwise have been a boring walk across campus. He was clearly appalled at how expensive they are as well, but I got the impression even he didn't have much agency to change it.
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