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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

#261

Post by indentured »

SlowRobotAhead wrote: post #153
rubyn00bie wrote: post #138

Let it burn down. No one should pay back their student loan debt. Seriously, just stop. This is a scheme in which they've fucked over a large portion of the population with the skyrocketing prices of education. Further, this education is the regularly accepted means of increasing your production. Society says you have to do this, and then continuously increases the price, without reason. The gist of this is; some shi…

>No one should pay back their student loan debt. Seriously, just stop. Sorry. But you took a debt, you pay it back. Integrity isn’t outdated. I agree that the idea and industry behind “13th grade” is dumb. Obviously not every kid should be encouraged to take on debt to go to college. But “stop paying your debts” is a bad message imo.

You should look up usury. “Sorry, you sold yourself into slavery. Integrity isn’t outdated.” Some forms of lending are predatory, and most developed nations have rightly outlawed them. Somehow, though, loaning tens of thousands at 14% (yes, I took on a loan like that at the ripe old age of 18) isn’t seen as an issue.

People should absolutely refuse to pay unsustainable debts they can’t afford (but I have news for you: there are already people not paying... because they can’t).

I’m glad you’re secure enough to dispense such wisdom like this, but I fail to see how it’s going to help anyone pay their rent or buy a house, because at the end of the day, people simply cannot afford these loans. And if you’re going to suggest that people just shouldn’t borrow, them prepare to have a steadily diminishing college-educated population as only the increasingly wealthy can afford to actually get an education.

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

#262

Post by indentured »

grawprog wrote: post #145
rubyn00bie wrote: post #138

Let it burn down. No one should pay back their student loan debt. Seriously, just stop. This is a scheme in which they've fucked over a large portion of the population with the skyrocketing prices of education. Further, this education is the regularly accepted means of increasing your production. Society says you have to do this, and then continuously increases the price, without reason. The gist of this is; some shi…

Yeah...honestly student loans make the future feel bleak and pointless anyway. The amount of interest that gets put on every month makes paying it back fucking pointless as it is. Unless I like starving and not paying rent so I can do more than just stop the loan from getting bigger while paying it. Meh...I figure maybe society will just collapse at some point and it won't matter anyway. Either that or a bunch of peo…

You’re being downvoted for some reason, but you’re saying what I and other Millennials are feeling. Don’t feel bad. I too have an insane amount of debt. I can’t buy a house until my late 30s, if ever (why would I want another money sink, though?) We were just doing what everyone told us to do to be successful, and we got fucked.

At least we’ll all go down together.

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

#263

Post by will4274 »

indentured wrote: post #260
will4274 wrote: post #257

Earlier quoted context omitted.

> When companies can't pay back a loan they [...] face little societal judgment for doing so Citation needed. At least where I'm from, the stereotype of the corner grocery store that declares bankruptcy every 7 years is still shared as a negative

If the worst I could do is get a bad reputation I would gladly discharge the $100,000 I owe... Because at the end of the day, maybe that store is viewed negatively, but guess what? They’re still not in debt anymore.

That's a different topic than the thread you replied to, but the answer is that you could never have gotten the loan if you could have gotten it discharged for free on graduation day.

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

#264

Post by 2snakes »

iguy wrote: post #60
jumelles wrote: post #46

Earlier quoted context omitted.

Universities waste money in a lot of ways - library funding is not one of them.

Well, paying for journals more expensive than sci-hub is largely a waste. And I've seen lots of renovations of libraries which add a lot of pretty luxurious study space... although I'm not sure that was on the library budget.

Consider that if noone paid for their journals then Sci-Hub would not exist. Because noone would be able to share their accounts to log in to the content.

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

#265

Post by pbiggar »

cc439 wrote: post #245
pbiggar wrote: post #194

Earlier quoted context omitted.

> But, from a non-European perspective, Europe doesn’t seem to be doing well? It seems the EU is slowly disintegrating, and the monetary union isn’t working. Also the political landscape seems to be in turmoil as well. The purpose of the EU is to prevent war. The EU hasn't had a war in 75 years. That is the longest that Europe hasn't been at war in its recorded history.

Are the balkans not part of what has traditionally been considered Europe? I seem to recall a little conflict involving ethnic cleansing back in the late 90's... Also, I understand that Russia is considered less and less "European" with each passing year but the Ukraine and Russia (or at least all of its centers of power) are located within the European continent by definition. There's also the issue of the IRA's war…

Balkans were not part of the EU when that conflict happened in the 90s.

The EU was a necessary prerequisite of the peace process in northern Ireland, as is being brought into sharp focus now With Brexit.

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

#266

Post by pbiggar »

toasterlovin wrote: post #236
pbiggar wrote: post #194

Earlier quoted context omitted.

> But, from a non-European perspective, Europe doesn’t seem to be doing well? It seems the EU is slowly disintegrating, and the monetary union isn’t working. Also the political landscape seems to be in turmoil as well. The purpose of the EU is to prevent war. The EU hasn't had a war in 75 years. That is the longest that Europe hasn't been at war in its recorded history.

Is your take that the EU, and not nuclear weapons, is the driving force behind the European peace since 1945?

Porque no los dos?

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

#267

Post by Sir_Vival »

wrong_variable wrote: post #162
SlowRobotAhead wrote: post #153

Earlier quoted context omitted.

>No one should pay back their student loan debt. Seriously, just stop. Sorry. But you took a debt, you pay it back. Integrity isn’t outdated. I agree that the idea and industry behind “13th grade” is dumb. Obviously not every kid should be encouraged to take on debt to go to college. But “stop paying your debts” is a bad message imo.

> But “stop paying your debts” is a bad message imo. Not really. - Do you own a debt to your parents with a interest rate of 25% because they gave birth to you ? - Do you own rent to planet earth for living in it ? Debt can be unreasonable, just like wealth can be unreasonable. Its why governments intervene to destroy large amount of concentrated wealth and Egyptian pharaohs used to periodically clear everybody's deb…

You don't choose to be born. You choose to take out the loan. You sign forms telling you exactly how much it will cost you in the end. It's a decision. I can't imagine anyone saying "Let's all stop paying our Auto loans! They were unfair and predatory."

You made the decision. Own up to it. If you can't do the math at 18 years old you shouldn't be going to university anyways.

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

#268

Post by kevindong »

The trend in American high schools is to push everyone to go to a college; regardless of what each student's interests are, how useful a college education would be in attaining the jobs that the major is applicable towards, the student's academic aptitude, etc.

My high school was thankfully somewhat resistant to this trend in that there was a very large vocational program that was somewhat popular amongst my graduating class.

I don't mean to offend people when I say this, but there are certain majors that very, VERY few people (if any) should actually pick as a matter of practicality (likelihood of getting a livable-wage job related to the major vs. getting saddled with debt for a degree that you won't use during your lifetime).

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

#269

Post by Kephael »

wtvanhest wrote: post #248
Kephael wrote: post #195

Earlier quoted context omitted.

It's irresponsible to borrow when you will not have the means to pay back the debt. Most college graduates end up underemployed or unemployed after earning a degree in a non-rigorous major from a mediocre school. With only a BS degree and ~$30k debt, a professional job can easily pay this off. If the market could price the loans properly, perhaps they'd be discouraged from taking out the loans. Realistically, a loan…

There are not enough 'professional jobs' in the United States to pay the total debt service created by the cost structure. If everyone switched to business and engineering, there would still not be enough jobs to support the educational cost structure.

This is obvious, but people and loan issuers do not respond to this reality because the government guarantees the loans. Hence, the current situation continues.

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

#270

Post by iguy »

2snakes wrote: post #264
iguy wrote: post #60

Earlier quoted context omitted.

Well, paying for journals more expensive than sci-hub is largely a waste. And I've seen lots of renovations of libraries which add a lot of pretty luxurious study space... although I'm not sure that was on the library budget.

Consider that if noone paid for their journals then Sci-Hub would not exist. Because noone would be able to share their accounts to log in to the content.

Sure, I don't mean that too literally. But the current system seems to syphon huge amounts of money to a few owners, and may well be replaced in the not-too-distant future. Websites do not cost $30/article to run.
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