Earlier quoted context omitted.
Same is true in the US.
So, after the 6 months of "grace period", does only students with and a minimum wage get to pay it? I thought you just had to start paying after 6 months.
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U.S. Stepping Up Enforcement on Delinquent Student Loans
51–60 of 161 posts
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#52Student loans need a TILA box: you're taking $100,000 loan for a $30k/year job. It'll take you 20 years to repay, do you wish to sign?
To pay back a 100k loan at 4.5% interest (reasonable guess) in 20 years, you've got to pay about 7.5k a year or about 25% of that theoretical person's income. That's a heavy lift.
Just doing the math.
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#53Earlier quoted context omitted.
If the executive order signed in March does what it says it will I would not be surprised if that changes as well...IE: shifting some of the liability for non-payment back on the university and requiring them to state what the default rate is for graduate. IE: IF you take on this loan, how likely will you be able to pay it back later on. https://www.foxbusiness.com/economy/trump-pursuing-ways-to-h...
The executive order doesn't actually do anything about debt. It just requests reports from various agencies, which will then be used to help shape policy in 2020 when the Higher Education Act is reauthorized. Similar reports have been requested by previous administrations, to little effect. The EO was largely about free speech at research universities, which is extremely narrow and ignores the really problematic inst…
And wouldn’t make an ounce of difference in the student debt problem, given the small numbers of students at private Christian schools.
It’s also worth pointing out that other private schools, such as Vanderbilt, would also be in a lot of hot water for similar reasons.
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#54Instead of collecting debts, they should figure out how to make education free.
Is this meant to be sarcastic? I suppose it would be possible if you enslaved those with PHDs and unpaid debt, forcing them to teach at universities administrated by those enslaved for their debt, built by those enslaved for their debt.
Pharaoh had a lot of things for “free,” as did the plantation owners in the US, but the cost of free is pretty much the opposite of free for those who end up doing the paying. And the cost to society is something I’m pretty sure most wouldn’t advocate today.
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#55What's incredible is how politicians like Bernie Sandres and Elizabeth warren are sending messages to all these debtors that their debt is illegitimate and they shouldn't pay for it. I bet a beer you can trace delinquency to the politicians speeches
Deliquency can be traced to lies about placement rates and non-dischargeable loans.
Same culprits to both those counts.
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#56Earlier quoted context omitted.
So, after the 6 months of "grace period", does only students with and a minimum wage get to pay it? I thought you just had to start paying after 6 months.
If you enroll in income based repayment, you pay 10% of discretionary income for 20 years. I'm not sure how "discretionary income" is calculated but its probably similar to the UK threshold [0] https://studentaid.ed.gov/sa/repay-loans/understand/plans/in...
Don’t forget that any remaining balance that is forgiven at the end gets counted as income on your taxes.
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#57Student loans need a TILA box: you're taking $100,000 loan for a $30k/year job. It'll take you 20 years to repay, do you wish to sign?
All the check boxes in the world still can't obtain consent from a child. And make no mistake - someone about to graduate high school, herded by their parents and other authorities their entire life, is a child.
It's time to admit the failure of this particular financial engineering scheme, and close it down. Rather than complaining about the money that has already been lost, be diligent in preventing whatever government-handout the industry scammers are cooking up next.
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#58What's incredible is how politicians like Bernie Sandres and Elizabeth warren are sending messages to all these debtors that their debt is illegitimate and they shouldn't pay for it. I bet a beer you can trace delinquency to the politicians speeches
Please don't take HN threads further into partisan flamewar. The more that happens, the more predictable comments become, and the idea here is to avoid the predictable.
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#59I’m convinced you can’t fix the education problem in the US until you can fix the demand side as well. Where I live in Maryland, you can do two years at the local community college (which is excellent) for $8,000 in tuition and fees (total), before finishing up at a four year-college. Very few people take advantage of the opportunity. Why are people clamoring for free college when they’re not using the cheaper option…
Because most people who study are looking to use their qualification to further their careers, and hiring tends to be very reputation based. It's that demand that would need to change.
If you do 2 years at a community college, then 2 years at University of Maryland, your degree just says “University of Maryland”. There’s no reason to break it out on your resume either.
Anecdotally, it seems like the people I know who went the community college route ended up finishing their degrees at more prestigious universities than they would have if they went straight to a 4 year school.
Re: U.S. Stepping Up Enforcement on Delinquent Student Loans
#60Instead of collecting debts, they should figure out how to make education free.
Is this meant to be sarcastic? I suppose it would be possible if you enslaved those with PHDs and unpaid debt, forcing them to teach at universities administrated by those enslaved for their debt, built by those enslaved for their debt. Pharaoh had a lot of things for “free,” as did the plantation owners in the US, but the cost of free is pretty much the opposite of free for those who end up doing the paying. And the…
Not GP but he is serious. Look at Germany, we have essentially free university education as well as government assistance with cost of living (Bafög). Only thing you may need loans for is for cost of living not covered by Bafög (e.g. in high rent areas and you do not want to work aside of university), but that's on the low-end range - think 10k, 20k but no 100-200k like in the US.
Same for single payer healthcare - we have for most people a single payer system and still we're not a socialist country as US republicans regularly whine and cry every time someone dares to propose a fix to your clusterfucks.