111–120 of 125 posts
Earlier quoted context omitted.
Agreed, where does our tax money go? It seems that other nations despite their level or method of taxation are able to provide for free to subsidized secondary education to their citizens.
You spend the highest percentage of your budget on the military. That's where it goes.
This holds for previous years as well.
[1] http://en.wikipedia.org/wiki/2013_United_States_federal_budg...
Earlier quoted context omitted.
You spend the highest percentage of your budget on the military. That's where it goes.
That's not true at all [1]. This holds for previous years as well. [1] http://en.wikipedia.org/wiki/2013_United_States_federal_budg...
I think your interpretation was that I meant that the biggest percentage of the budget is spent on the military as compared to other government departments or military, which is not what I was trying to say.
Earlier quoted context omitted.
Is any money real money, by that logic?
Technically no. Money is only real if 2 or more people believe it to be so. Think about it. We exchange dollars, euros, bits, whatever all day long. Do you ever stop to think, "Why does this hold any value to me?" Its because someone else will accept it in exchange for goods or services. The Onion, as always, captures this perfectly: http://www.theonion.com/articles/us-economy-grinds-to-halt-a...
Earlier quoted context omitted.
There's insurance on your house. Perhaps the same should happen with eduction.
My point is just because the thing you bought with your loan money is now useless/worthless doesn't relieve you of your obligation to the bank.
In this situation, however, I believe those not paying are claiming they were deceived (and there are lawsuits as such). This isn't a matter of not paying your loans because your house burned down, as much as not paying your loans because the builder deceived you on the quality.
Additionally, these aren't typical bank loans usually, but guaranteed by a quasi-government entity. To a certain degree, this means the government is guaranteeing some set of standards (I can't get a government-backed loan to do a code bootcamp, for example), and these students are banking on the idea that the loans will be forgiven without recourse, or at the very least, shining a light on this school with they are contacted, en masse, for failure to repay.
Earlier quoted context omitted.
> "...because the educational program was worthless when you're still seeking a career in the field requiring that degree" That doesn't follow at all. The program could have been deficient. The placement program could have been fraudulent. And yet the student could make up the deficiency with other training and compete, as hopeless as that might be, against others in the same boat. It isn't unusual for schools to def…
So what is the solution here? Make taxpayers foot the bill for the social costs incurred by awful colleges? Once you make that decision, then the line drawn in the sand about what an 'awful college' is and which costs the colleges and students alike can expect taxpayers to be liable for is going to shift over time. You're trading one enormous problem for another one. She should have known that for-profit colleges are…
Earlier quoted context omitted.
You can leave the country. Most of the people deeply in debt with degrees or training that won't pay the debt would find, for example, teaching English in China a relatively comfortable living. If you have the imagination to look beyond Europe, finding a gig that's better than debt slavery isn't too difficult.
The demographics targeted by predatory for-profit colleges could easily teach English in China? That's absurd!
Earlier quoted context omitted.
To pay for someone's education someone else must be taxed. Why is it better to tax a working person for every student's education instead of just having that person pay for the exact education they received?
Because taxing is low on low incomes while high on high incomes. And that you do not know before starting to work which king of income, if any, you will have. that's the big equity advantage of redistribution.
Earlier quoted context omitted.
So what is the solution here? Make taxpayers foot the bill for the social costs incurred by awful colleges? Once you make that decision, then the line drawn in the sand about what an 'awful college' is and which costs the colleges and students alike can expect taxpayers to be liable for is going to shift over time. You're trading one enormous problem for another one. She should have known that for-profit colleges are…
The other parties to the deal, namely the banks and schools, are far more culpable than the students. Let the banks and schools sue each other over the money owed. They are the ones that bought the laws and regulations than enable them to sell duff diplomas and finance those duff diplomas.
I always hear people say things like "we don't have debtors prisons in the U.S.". If enough people start doing this, I have a very strong feeling that that will change. As student loans become more of a crisis, we're sure to see more people simply deciding not to pay. What recourse to lenders have if this happens on a large scale?
They can start garnishing your wages, so unless you never want to hold a job again, creditors will get their money.
> Florida law does provide an exemption which is specific to wage garnishments. This exemption is not automatic and must be claimed by filing an affidavit with the Court when you are notified that the creditor intends to request a wage garnishment. If you properly claim the exemption, your wages cannot be garnished by a judgment creditor if you are head of the family and your wages are $750 per week or less. If you are a head of family and your wages exceed $750 per week, they can only be garnished by a judgment creditor if you have agreed in writing that the creditor can garnish your wages. To qualify as head of family, you must provide more than one half of the support for a child or other dependant.
This, to me, seems extremely high. Does anyone know what the default rate is on other types of loans?