Post # 77
A large percentage of student loan debt needs to be forgiven. The private loan sector is as bad as banks with sub-prime mortgages, and they are crippling young people. Enrolling in college is a gamble — not only are you banking on whether or not you will be able to get a job and pay off your debt, you are also banking on the fact that the institution won’t dramatically raise tuition on you while enrolled. If you’re a junior, do you drop out when it goes too high for your fed loans and scholarships to cover? Do you try to transfer elsewhere? What happens when you can’t? Colleges and universities have to be held acountable for their own tuition practices, hand in hand with having to be accountable for how they fund actual classes as opposed to sports and student luxuries on campus. Adjuncts should be paid out of that rising tuition bill, not forced to live on food stamps while teaching Writing 101 at that Prestigeous Liberal Arts College that costs $38,000 a year. Administration staff needs to stop ballooning out of control, and their salaries with it. Coaches should not be making over a million dollars. If we tamped back on some of this bullshit at the institutional level, paid instructors to teach and valued student learning and retention, we might have a functional, affordable educational system. And I say that as someone in academia. The US is out of control. And we know it.
I don’t expect all of my loans to be forgiven. But if the US values an educated workforce and wants to continue to have it, we have to really consider why tuition is inflating far beyond price of living, and where tuition is going. And we need to look very critically at low income and first generation kids who are suckered into high interest private loans and high tuition schools without being given enough information. The student loan industry is the culprit here, as well as the bloating in the academy in areas other than actual teaching and research, and both need to be held accountable, too. Not just the kid who can’t pay back $900 a month working at Kohls because they picked the “wrong degree” at 18.
Post # 78
I’m a 22 year old recently graduated Bachelors student with a disability that graduated with a 3.8 GPA.
My student loans for 3 years at a University of California is $85,000
I went with my passion and got my degree in sociology. I currently have a government job in community development specifically focusing on antipovery and finances. I don’t make worth crap and ironically apply for services that my office offers.
Mmm 8% interest.
This really isn’t fair. I think it’s important that I pay for my education but I could buy a house outright with the money I owe (and then that interest!!!!). When I first started attending, tutition was much cheaper and I had to choose between throwing money away and spending a shit-ton more. Instead of getting a minimum wage job to cover it I worked damn hard and graduated a year early (saved quite a bit).
However I missed out on my senior year of UC college which is really essential for the connections one makes with professors and the intern opportunities availible. I could have double majored and diversified my field into natural sciences (therefore giving me more opportunities and occupational flexibility). I really lost out from those tuition increases in order to balance the California budget. Now I’m underwater and on government assistance trying to help other people get out from under government assistance. Irony.
Post # 79
Btw in response to scholarships and grants:
I did research these options but as I was still a dependant under my parents I did not qualify for most of these financial help programs. My parents are older (past retirement) and therefore had just over the threshold of assets to disqualify us for the scholarships. This threshold was also set when middle class families could actually afford tuition costs as was NOT adjusted when tuition went up. They ended up having to mortgage the house and come out of retirement.
They planned too. 20 years ago they added pleanty of money in a college fund. Back when college loans ended up totaling $20,000
There was no money in the other programs I applied for. Even state disability couldn’t help me out as their funding was cut and they weren’t even covering expenses for the folks they already supported.
Post # 80
I personally do not think that student loan debt should be wiped out, but SOMETHING needs to be done about the rising cost of school.. I go to an actually afffordable public university (about 5k a semester) and I started off going to CC with a scholarship and didnt have to take loans out until my 3rd year of school. Unfortunately even with my loans tuition keeps rising and my loans dont even cover it all. I am working my ass off to go to school and while I understand what the people who keep saying “college is a luxury not everyone is meant to go to college” I dont know if yall are older or what but I know for people my age (early 20’s) its been put in our heads from a young age that if you ever want to get a job, live semi comfortably, eventually retire you MUST go to college, I never even considered not going to school because in my mind according to everyone else I would be a bum and never get a good job. And I even saw this first hand as my mom never finished school and had to work ten times harder to FINALLY get the job she deserved after 20 years in the workforce.
I am happy for those of you who were able to go to school loan free (as you can see I was pretty fortunate myself as i will not end up with over 20K in loans) but for me it was just not plausible. My father went to school and became a highschool teacher, this is where I will support loan forgiveness. My family was never able to save for my college education because they barely finished paying off his student loans my junior year in highschool. To me this is ridiculous, if there is anything we need here in the US are educators who themselves are highly educated, yet we make it hard on these people who are helping to raise America’s youth and are making crap for a living!
Post # 81
Has anyone else seen this? https://www.nationaled.net/loan_forgive.asp
I really hope that this does happen in 2017 because I qualify and work in public service and have since I graduated in 2007… this would take about 18k off my 30k+ student loan which would really help out. At this point I won’t pay it off until I’m 55 which seriously makes me sick to my stomach.
Post # 82
As much as I’d love my $70k in loans to be forgiven, I don’t think it should be. I made the decision to take the loans (and knew the interest rates) so I should have to pay it back. I am all for lowering the interest rates because they are pretty ridiculous (Mine are 7 and 8%). Students need to take it upon themselves to research and educate themselves about borrowing before taking out loans so they know what they’re getting themselves into.
Loan forgiveness will just contribute to the already ridiculous problem of lack of personal responsibility among today’s youth.
Post # 83
@bmo88: No, I don’t think student loan debt should be forgiven. I agree some tuition fees are ridiculous, but higher education is a privilege.. not a right.
Getting an ivy league education without being on scholarship isn’t a guarantee that you’ll get a high paying job, just like going to a less expensive university isn’t a guarantee that you won’t get hired.
Just like with anything else in life, do what you can afford to do.
I took on around 10K worth of debt for my degree, and paid it off a few years after I finished. Would I have taken on any more than that? Hell no. I wasn’t sure if my BA would get me a job period… so I wasn’t going to sink myself. Luckily it worked out.
I have to wonder about the people who take on $200K+ thinking that they’ll get a fabulous job after graduating and pay it off quickly. That amount of money is a mortgage in some places. It isn’t just going to disappear over night.
Just because it’s education doesn’t mean it’s good or smart debt. Most people wouldn’t forgive a $200,000 credit card bill, why forgive a $200,000 student loan?
Post # 85
I think that the entire education system needs to be redone…this includes elementary, secondary/high school education, and college education. If we had something that looked more like the German school system for secondary education (obviously it’s not perfect), I think we would be much better off. Not everyone needs to go to college and take out loans for the jobs that they are going for or going to be working as. That’s just the reality of it.
For reference: http://en.wikipedia.org/wiki/Education_in_Germany#Secondary_education