I worked as a student loan officer, back in the early 2000s. The only loans i ever saw in the 100 of thousands were medical professionals. They were never in the desperate situations that others were. They were just deciding how long they wanted to take to pay it back. Whereas the people with low debt were always desperate to find a way to put the payments off.
Very few loans are direct government loans, so the government doesnât get paid. Commercial banks make the loans and make money off them.
Iâd be for the government being the direct lender, then collecting through payroll deductions over the course of many years.
Only partially true.
I know that a good number of student loans prior to 2010 were âfederally guaranteed.â
There are people that are still owing on those.
Iâm not for student loan forgiveness, maybe case by case like ITT Tech or Trump University students. And while weâre at it, we should limit government secured student loans as well. Thatâs the root cause of high tuition we have now.
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Agreed, Jazz. With minimal to no interest.
Nothing to be confused about, just an article about student loan forgiveness
If billionaires can have debt wiped off the books through bankruptcy or forgiveness I donât have a problem with lower income folks getting the same treatment.
Youâre skipping over my question.
PPP loans are a different animal. The govt forced businesses to shutdown and the loans partially refunded their losses so they could keep most of their employees. Student loans are taken out willingly by the borrower.
Can you back that up, or are you pulling a Chris with a made up fact?
I think the amount you can borrow should be limited and based on what you can expect to make with your degree. All colleges put out alot of worthless degrees that have no job prospects
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With only a few exceptions like ITT, Devry and Trump U I am not in support of canceling student debt.
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An option i would propose is to not charge interest a long as you are keeping up with your payments
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A young lady who had worked for me as an electrical drafter had one year at a technical school and was making good money. Her sister had a degree in music from Rice and graduated with honors. Her instrument was her voice. She could not find anything but menial jobs and had a constant mad on against her sister who never graduated from college but was very successful.
Being accepted to Rice meant that she was not stupid, but how did she not know there just isnât a lot of demand for singers with only a decent voice.
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ITT was closed bc costs skyrocketed like with public universities and mainly bc they said they could guarantee jobs and the gov wanted to cut costs by not giving loans for it. They should have left it open but told them to stop saying they can guarantee jobs. I think tech education and job skills in the trades is great, the gov just choose to pick on ITT. We hired 3 or 4 great workers from there.
That and for consistently breaking the law and committing fraud over a 20 or so year period.
What was the fraud etc so I can understand. The univ of phoenix should be closed then.
To say the truth is that most people donât use what they studied so all schools are about is stating a person went there and showed initiative , showing up and following thru and passing classes. Itâs all at least better than high school. I really think the nation and parents need to value the trades more and have more programs in the trades for at least guys. For girls, itâs more limited but you could have more 1 yr or so certificate programs for them. There is a teacher shortage for ex. Just make a 1 yr program to get teachers in the classroom after a bachelors degree.
We need roofers, carpenters etc. Just create programs for trades.
Kind of already is a one-year program for those with a BA or BS who want to teach. Itâs called ACPâalternative certification program. But the problem with the teacher shortage runs deeper than quick solutions to put people in the classroom. Why are opportunities in the trades more limited for girls?