(Closed) The Great Debate–Student Loans! What is your stance?

posted 6 years ago in The Lounge
  • poll: Where do you stand?

    I am all for universal student loan forgiveness!!

    I only support select student loan forgiveness (i.e., medical/teacher programs).

    I don't support any loan forgiveness programs. You borrow, you pay.

  • Post # 2
    Member
    712 posts
    Busy bee
    • Wedding: October 2013

    My stance is that student loans are fine (Dh had over $100,000 after law school), but high interest rates are not ok. The government should not be making money off of you choosing to get an education and having to slowly pay those loans off. Our school loan interest rates are higher than our mortgage, and that’s obsurd. 

    Post # 3
    Member
    5217 posts
    Bee Keeper

    View original reply
    annonbee857:  I think there needs to be better education about what a certain degrees will do and what they won’t. I think a lot of kids go straight to 4 year schools and just pick something, having no idea what they want to do. That is how you end up $60,000 in the hole with a degree that is useless. There is nothing wrong with putting off college for awhile so you can get a chance to figure it out. 

    I also think the cost of the degree should be directy related to how employable it makes you.

    Post # 4
    Member
    1663 posts
    Bumble bee
    • Wedding: September 2012

    I don’t think there should be any forgiveness programs. People know going into it that they have to pay back what they borrow. It’s kind of like a mortgage, we took out a loan to buy our house and it’s our responsibility to pay it back, nobody else’s. 

    Post # 6
    Member
    2842 posts
    Sugar bee
    • Wedding: November 2015 - City, State

    I think public universities are run like a business and there’s something very wrong with that. Private universities should be able to charge as much as they want to since they are not relying on government funding. But I think public universities should have to answer for their tuition increases and justify them. There needs to be some transparency.

    There’s no reason for tuition rates to increase as much as they do and as fast as they do. An education should not necessarily cost nothing, but it shouldn’t be an albatross around your neck either. I went to a state school and in my last year alone, tuition increased by 30%. There is NO good reason for that other than greed. Meanwhile my classes only got fuller and fuller, quality of education did not improve… but there were new flat screen TVs all around the gym and in random hallways of the buildings where student tours were always conducted.

    I also don’t agree with the high interest rates on educational government loans. Why don’t we tax something like junk food or soda instead of education…

    Post # 7
    Member
    1117 posts
    Bumble bee
    • Wedding: August 2013

    DH and I attend the least expensive university in our area and halfway through our degrees already have about $40,000 in student loan debt. There’s nothing we can do though, as our parents don’t have money to help us And despite working as much as we can and living frugally we still need extra money to afford to live here and pay tuition. We’ve applied for lots of scholarships and gotten a few small ones but none that are large enough to really make a difference. We’re both working towards teaching degrees, so we will never make much money. Paying these off is not going to be fun, and I would love to have some or all of my loans forgiven. 

    Post # 8
    Member
    1117 posts
    Bumble bee
    • Wedding: August 2013

    View original reply
    GirlyGirl24:  The schools here just got permission to change tuition prices according to market modifiers. For all science programs (including stupid introductory science classes that have to be taken by everyone) tuition is going up 45% next year. Last semester one of the buildings was painted. The walls were just fine, until the painters smeared white paint all over them for seemingly no reason. It made everyone mad. 

    Post # 9
    Member
    14492 posts
    Honey Beekeeper
    • Wedding: June 2011

    I don’t believe in loan forgiveness. I also don’t believe that going to college is the end all be all. I’m more in favor of taking many professions and working with private employers to develop more apprenticeship programs. I’ll never understand why people think it’s a great idea to spend 100k+ to get a job that will pay maybe 30k. IMO, it’s legal fraud. 

    Post # 10
    Member
    619 posts
    Busy bee

    I think there needs to be way more education on the long term effects of borrowing money for school and the debt vs. job potential and income the 5 years post graduation. I don’t remember ever having anyone, in my personal life or high school career, talk to me about student loans. signing up for these atrocious loans before/when you are reaching adulthood seems  to be a terrible idea… But that’s just me. 

    I want to say a number of European countries offer free undergrad or apprenticeship programs Right out of high school. Educated people with little to no student debt? However some of their economies aren’t doing so well. But that’s a story for another day. 

    Also, your very highly educated coworker should know better than to make those silly remarks about your spending habits. Something to be said about growing up gracefully…

    Post # 11
    Member
    1992 posts
    Buzzing bee

    I think student loan forgiveness should be practiced case-by-case and that student loans should not be charged interest. Also, I think the federal government should allocate more funds to public higher education versus bazillions of dollars spent on defense.

    Post # 12
    Member
    15278 posts
    Honey Beekeeper
    • Wedding: June 2011

    I’m not for loan forgiveness either.  If you agree to take on a loan, then you should understand that you need to pay it back.  I also believe that high schoolers should be more educated on these loans and what paying them back really means for their life, as well as true counseling on job opportunities for their degree and income potential though since it seems many kids dont truely grasp what they are getting into.  I just don’t understand though, at 18, if you really don’t know waht you are doing yet, why would you sign for a 25k+ loan/year to go to a private school to just twidle around?  I know you may not know much at 18, but surely you know that’s a crap ton of money to owe.

    Post # 13
    Member
    268 posts
    Helper bee
    • Wedding: December 2025

    I think people are just really dependent on information fed to them, and they lack the initiative to find things out for themselves. There are many student loan calculators out there, and within minutes, they can find out how much they would be paying in the future. Also, they should be figuring out how much they can make (realistically) right out of college. None of that “I’m going to make 100K after I graduate!”

    The increasing costs of education – we’ve had inflation since the 1930s so it makes sense that the costs are increasing every year. In SF, universities have been charging an extra “fee” for business and nursing students, both highly impacted areas of study around here. Just FYI, business and nursing degrees aren’t lucrative – without experience or connections, lots of recent graduates are earning $12/hr as a teller at a bank/office admin (business) or they go for months trying to find a job (nursing). 

    If your loans are at 6.8%, can you take out a home equity to pay it off? It probably varies by location, but home equity should be less than 6.8%. Only difference is student loan interest is a tax deductible and interest on home equity used to pay off student loans aren’t. 

    I went to a public state university, and I did my research before attending. Ivy league school does not guarantee Ivy league pay. When I graduated, I had a whopping total of $1,500 in loans. I pay $50/month, and I’m able to buy a house and go on vacations every year. Yes, it is nice 🙂

    Post # 14
    Member
    2453 posts
    Buzzing bee
    • Wedding: June 2017

    I definitely think there should be some kind of incentive for some positions (ie teaching in a poverty district, social work, etc), whether that’s reduced cost or forgiveness.  When you think about a basic four-year degree, in-state tuition where I’m at is around $10k/year.  So that’s $40k, not to mention you need somewhere to eat and live (even if it’s off campus), and most of the people I know on the teaching track took an extra semester because they needed to student teach (which they also paid full tuition for).

    I think financial aid from the get-go should be restructured.  It’s absolute crap that your parental income plays into your aid regardless of whether they plan to help or not.  Plus the “middle class” gets absolutely screwed over.  If your parents are super rich and paying, you can go wherever you want if you have the grades.  If your parents are super poor, you can go wherever you want if you have the grades.  If your parents are in the middle, congratulations, you get the whole bill.  (This is true of my region and experience.)

    It would be nice to hold colleges accountable for their rising tuition costs but sending out people who are underemployed.  There’s some tiny college somewhere in the midwest, I believe, that’s doing some form of tuition reimbursement for students who graduate and secure a full time job, but make under something like $35k a year.  I think it would be preferable to not place students in debt, but that’s something, and maybe it’s a step in the right direction.

     

    ETA: Oh, and before someone asks… I have no student loan payments, so it’s not like my judgement is clouded from my own overwhelming debt.

    • This reply was modified 5 years, 11 months ago by  .
    Post # 15
    Member
    209 posts
    Helper bee
    • Wedding: June 2015

    i am extremely fortunate that my dad paid for 100% of everything for both me and my brother.  (6 yrs for each of us) He and my mother saved and sacrificed for years to be able to do this.  He also paid for his education completely by working every odd job he could.  So it makes it seem like a waste of all my family’s years of living on ramen noodles so they could put their children through university, if others are getting their loans forgiven,   I might feel different if I had huge loans though.  

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