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59% of Americans worry student loan forgiveness will make inflation worse

cnbc.com

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Re: 59% of Americans worry student loan forgiveness will make inflation worse

#131

Post by lapcat »

ryathal wrote: post #128
MollyRealized wrote: post #111

Earlier quoted context omitted.

> I am going to assume they ended up that way because they made poor decisions That's a fairly flawed assumption.

Everything I've ever seen seems to back up that people with the most debt that aren't doctors did so due to bad decisions. In most cases some or all of the following are true: never got a degree, went to out of state or private school, took 5+ years to get a bachelors degree, or signed for as many loans as possible each semester.

> went to out of state or private school

Funny how going to the best school that you're talented enough to get admitted to is considered a bad decision. That's fine though, just don't try to tell me that society is a "meritocracy", as opposed to an aristocracy.

The worst decision I ever made was being born to parents who couldn't afford to pay for an expensive education. I'll always regret that.

When I was 18, I had to pass up the opportunity to go to an Ivy League school. I went to a state school instead. Some people might claim that was the "responsible" choice, but it wasn't even my choice, it was my parents' choice. I don't think I was directly eligible for loans at the time; if I was, I might have taken them.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#132

Post by rory »

edmcnulty101 wrote: post #129
rory wrote: post #108

Earlier quoted context omitted.

No, it's not at all actually: https://fred.stlouisfed.org/graph/?g=T1OA

2008 had one of the top 5 or 6 peaks of inflation over the past century! So not sure how you're deducing there was no inflation. The deflationary spiral happened AFTER the bank bailout.

> 2008 had one of the top 5 or 6 peaks of inflation over the past century!

More like the 9th or 10th, but nonetheless I see what you're talking about with the summer 2008 oil spike. The problem with this analysis is that a deflationary spiral is really more about price jerk than inflation itself. In other words, the rate at which inflation is changing is the bigger concern than the inflation rate itself.

> So not sure how you're deducing there was no inflation.

This is a strawman you've entirely made up, so I won't respond to this portion.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#133

Post by polski-g »

dktokyo wrote: post #65
Yahivin wrote: post #15

Just make student loans easier to eliminate in bankruptcy. Problem solved.

Though result would just be a lot less people able to go to college.

There are millions of people attending university who do not belong there, enrolled in programs that should not exist, in order to study theories that are wrong.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#134

Post by youor »

lapcat wrote: post #7

The entire student loan debt issue has been framed badly, because hardly anyone understands the real problem: "As of March 2021, 54% of borrowers with outstanding education debt owed less than $20,000; 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more." https://research.collegeboard.org/media/pdf/trends-college-p... Forgiving $10K across the board is dumb and mi…

No post body was provided.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#135

Post by l30n4da5 »

immigrantheart wrote: post #105
l30n4da5 wrote: post #61

Earlier quoted context omitted.

> Student debt is a personal responsibility. It is a personal choice. While I agree with you, to an extent, you cannot ignore than many young people were pressured into going to college, and going to a 'good school' by the authority figures in their life at the time (be it parents or school counselors). they were sold the lie that college would pay for itself, and for many it has not. I got lucky, personally, and don…

I went to get my CompSci master in a public college somewhere in NYC, total cost $20k. Now I earn more than $250k/yr. You can get into college without spending insane amount of money. You can also choose a more marketable major.

then you also have to realize that you are in the minority, even within your field. the vast majority of software engineers dont make nearly that much.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#136

Post by nradov »

solardev wrote: post #124
nradov wrote: post #120

Earlier quoted context omitted.

We should move towards a model where the availability and interest rate of student loans is based on actual risk as determined from the default rate of previous students who attended the same school with the same declared major. Students will then be able to make informed decisions about which major to select and how much debt to take on.

That seems pretty reductionist. An education shouldn't just be dollars in, dollars out for future job training. We don't merely need good workers, we need better citizens.

Please provide evidence to show that a college education reliably makes people into better citizens. In my experience there is very little correlation.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#137

Post by immigrantheart »

l30n4da5 wrote: post #135
immigrantheart wrote: post #105

Earlier quoted context omitted.

I went to get my CompSci master in a public college somewhere in NYC, total cost $20k. Now I earn more than $250k/yr. You can get into college without spending insane amount of money. You can also choose a more marketable major.

then you also have to realize that you are in the minority, even within your field. the vast majority of software engineers dont make nearly that much.

But going to my college with just $20k is not a privilege that only a minority can do. Its public college, anyone can get in.

I show my income only to state that people should major in a more marketable major.

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#138

Post by 1letterunixname »

Let this sink in: there are people today who owe over a million dollars in student loan debt who may never be able to pay it off. (Dr. Evil Pinky finger included)

The "requirement" of "more $$ education always = good" lowered academic standards, increased costs to individual workers, and made university endowments extremely rich.

Edit:

https://www.businessinsider.com/how-you-get-to-1-million-in-...

https://www.businessinsider.com/debt-vs-cost-vs-salary-medic...

https://usdebtclock.org

Re: 59% of Americans worry student loan forgiveness will make inflation worse

#140

Post by 1letterunixname »

lapcat wrote: post #7

The entire student loan debt issue has been framed badly, because hardly anyone understands the real problem: "As of March 2021, 54% of borrowers with outstanding education debt owed less than $20,000; 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more." https://research.collegeboard.org/media/pdf/trends-college-p... Forgiving $10K across the board is dumb and mi…

I think you're talking about debt restructuring on a massive scale rather than untargeted "UBI" "grants".

The problem is universities are for-profit factories motivated by monetary extraction to squeeze their customers for every dime they don't have in the future.

Until students stop paying insane amounts of money they don't have like a credit card and HR departments don't absolutely "require" a college degree for decent jobs, universities will keep finding ways of spending money on lavish buildings ever year or two and keep raising the prices.

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