Sen Elizabeth Warren introduces bill to eliminate college loan debt - Page 2
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  1. #14
    BamaNation Hall of Fame Bodhisattva's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    In this plan is there the provision to stop the source of this madness: government control of student loans? If not this is just typical government stupidity, where they create a problem and "fix" things by compounding the problem. I've talked before about the daughter of a friend who racked up $160k on a sociology degree and parlayed that into a career as a waitress and office assistant. Would a private lender have approved of such a loan? Highly doubtful. Yet, the government can't wait to shovel money out the door to people clueless about their educational/career choices. The result is crushing the future of a lot of young people and inflating the cost of higher education for everyone. Dumb. Dumb. Dumb. Big government is awesome; we should have more of it.
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  2. #15
    BamaNation Hall of Fame DzynKingRTR's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by Bodhisattva View Post
    In this plan is there the provision to stop the source of this madness: government control of student loans? If not this is just typical government stupidity, where they create a problem and "fix" things by compounding the problem. I've talked before about the daughter of a friend who racked up $160k on a sociology degree and parlayed that into a career as a waitress and office assistant. Would a private lender have approved of such a loan? Highly doubtful. Yet, the government can't wait to shovel money out the door to people clueless about their educational/career choices. The result is crushing the future of a lot of young people and inflating the cost of higher education for everyone. Dumb. Dumb. Dumb. Big government is awesome; we should have more of it.
    It is going to be awesome. Everyone going to college for free to get degrees in undecided or better yet go to college for free where they party all night, have loads of sex, flunk out and become a burden on society. Yea government!
    Architects do it with models.

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  3. #16
    BamaNation Hall of Fame Bodhisattva's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by DzynKingRTR View Post
    It is going to be awesome. Everyone going to college for free to get degrees in undecided or better yet go to college for free where they party all night, have loads of sex, flunk out and become a burden on society. Yea government!
    Well, when you're a politician/panderer, there's no time for half-measures.*




    *I wish this could be in blue
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  4. #17
    BamaNation Hall of Fame seebell's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Good stats for student loans.
    https://studentloanhero.com/student-...bt-statistics/

    More good info. Looks like the problem is only going to get worse.
    https://www.investopedia.com/article...-loan-debt.asp

    Prior to the administration of Bill Clinton, the federal government owned zero student loans, although it had been in the business of guaranteeing loans since at least 1965. Between the first year of the Clinton presidency and the last year of George W. Bush's administration, the government slowly accumulated about $140 billion in student debt. Those figures have exploded since 2009. In February 2016, the U.S. Treasury Department revealed in its annual report that student loans account for 31% of all U.S. government assets.

    If you rely on the fair value estimate, the government loses approximately $100 billion to $250 billion per year, including $40+ billion in administrative costs. In other words, the government does not recoup the value of the loans, putting present and future taxpayers in the position of guarantor.
    Pretty good deal for the money lenders, Uncle Sam guarantees the loans. What a mess.






  5. #18

    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by NationalTitles17 View Post
    I remember 2008.
    One could suggest 2008 was necessary for all of us. I don't necessarily agree, but the argument has merit.

    This one does not.
    Oderint dum metuant - Lucius Accius

  6. #19
    Super Moderator NationalTitles17's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by crimsonaudio View Post
    One could suggest 2008 was necessary for all of us. I don't necessarily agree, but the argument has merit.

    This one does not.
    That made be so, but my argument as a counterargument to the original argument questioning the act of borrowing to pay off loans is still valid. IOW, we've done it before.

    I do see a future where the student loan problem rises to near that same level. It is a huge problem now and one that is growing. I hope we find a different way before this one blows up in our faces.
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  7. #20

    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by NationalTitles17 View Post
    That made be so, but my argument as a counterargument to the original argument questioning the act of borrowing to pay off loans is still valid. IOW, we've done it before.

    I do see a future where the student loan problem rises to near that same level. It is a huge problem now and one that is growing. I hope we find a different way before this one blows up in our faces.
    And like the home loan debacle that created the 2008 collapse, we're doing that same thing with higher education - loaning money that we know can likely never be paid back because "everyone deserves a home" and "everyone deserves a college education"...
    Oderint dum metuant - Lucius Accius

  8. #21
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by crimsonaudio View Post
    And like the home loan debacle that created the 2008 collapse, we're doing that same thing with higher education - loaning money that we know can likely never be paid back because "everyone deserves a home" and "everyone deserves a college education"...
    Except this time bankruptcy doesn’t get rid of the debt. I think the market has to have planned in ways to estimate the potential for crazy high returns, with the same amount of risk that some of these loans will never get repaid. Especially when you consider its the government holding all the actual debt, the servicers are getting their fees, and interest, often making it difficult for people to actually pay down the principal of the loan.
    Quote Originally Posted by Trump
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    If you like your doctor, you can keep your doctor. If you like your health care plan, you can keep your health care plan. Source
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  9. #22
    BamaNation Hall of Fame Go Bama's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    I still think the best place to start is by dismissing the interest on these loans. Some of these students have overwhelming debt. 30% of dental school graduates owe over $300,000 at 6-7%. Recent graduates don’t make a whole lot of money and the debt can spiral out of control.

    In no way do I support free college, but picking up the tab on the interest would be an investment in the future. I’d rather invest in education than a wall.

    I also think there needs to be a potential job attached to the curriculum before the loan is granted. Please don’t loan money to interior design majors.

  10. #23
    BamaNation Hall of Fame DzynKingRTR's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by Go Bama View Post
    I still think the best place to start is by dismissing the interest on these loans. Some of these students have overwhelming debt. 30% of dental school graduates owe over $300,000 at 6-7%. Recent graduates don’t make a whole lot of money and the debt can spiral out of control.

    In no way do I support free college, but picking up the tab on the interest would be an investment in the future. I’d rather invest in education than a wall.

    I also think there needs to be a potential job attached to the curriculum before the loan is granted. Please don’t loan money to interior design majors.
    I get what you are saying but interior design is a job and architects use them because it keeps us from dealing with picking colors, carpet, tile, etc.
    Architects do it with models.

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  11. #24
    Super Moderator NationalTitles17's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by Go Bama View Post
    I still think the best place to start is by dismissing the interest on these loans. Some of these students have overwhelming debt. 30% of dental school graduates owe over $300,000 at 6-7%. Recent graduates don’t make a whole lot of money and the debt can spiral out of control.

    In no way do I support free college, but picking up the tab on the interest would be an investment in the future. I’d rather invest in education than a wall.

    I also think there needs to be a potential job attached to the curriculum before the loan is granted. Please don’t loan money to interior design majors.
    Amen.

    I have no opposition to college being "free". That would, however, require stricter standards on admission and/or to receive funding for that education.The current system is set up so nearly anyone can gain admission. That would have to change given that a large % never graduate and a fair number of those were likely in the beginning to never graduate. To be more clear, the funding would need to be restricted while people paying with private funds could still do so until proving themselves. The problems here are fairly obvious though, as how to determine these things are flawed and the origin of the funds is an issue.
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  12. #25
    BamaNation Hall of Fame Go Bama's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    Quote Originally Posted by DzynKingRTR View Post
    I get what you are saying but interior design is a job and architects use them because it keeps us from dealing with picking colors, carpet, tile, etc.
    Sorry, DK. I picked one off the top of my head.

    I have a deceased friend who majored in forestry at UTK. He worked in a seed store the rest of his life.

    I have an employee who owes $50,000. It was money invested for a job which doesn’t earn enough to pay the loan back.

    I have a patient with an MBA who left his job managing a Dollar Store to be a liquor store clerk. Our church financial secretary has an MBA and makes $11 an hour working three days a week.

    I could site numerous people who have student debt, a degree, and a low income or no job. Many of these are highly intelligent people.

  13. #26
    FB Moderator Bamabuzzard's Avatar
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    Re: Sen Elizabeth Warren introduces bill to eliminate college loan debt

    I tell you what needs to be supported more by our society, if for nothing more than to curb ever rising cost of the services to the consumer, and that's trade schools. I'm not sure if anyone has had to pay for a plumber, A/C technician, etc. But they can basically charge what they want now days. I've got several friends in the plumbing and heating/air conditioning business and they say all the time. There's simply not enough people entering the field to properly service the demand. Which leads to an increase in wages for those in it, but it also means an overload of work for them to. The buddy in the A/C business said he was still at work installing an a/c at 8:45 the other night.
    Last edited by Bamabuzzard; July 24th, 2019 at 11:07 AM.
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