Student debt out of control???

[BOBO]

According to the link below, American students in debt to educational loans has reached a trillion dollars...

Paul would ax five agencies, hits focus on Romney's lawn - Washington Times

Worse, they can't get jobs due to the miserable state of the American economy. The interest alone on these educational debts must be substantial. Is it time to bring back the smokestack industry of manufacturing to get real jobs back in country instead of tax funded government pencil pushing jobs???

 

[The Rabbi]

Average student debt is about $25,000, which is a new car note.

 

[auditor0007]

Average student debt is about $25,000, which is a new car note.

The worst thing about the student loan debt is that it is keeping younger workers from moving forward. Many are finding it difficult to buy homes or even new cars due to having too much debt from school loans, along with other things. It's just another drag on the economy.

We really need to look at our educational system, especially post high school. Kids are wasting money going to college in many cases. We need schools that teach specific skills that can actually be used in the workplace and that employers are looking for. Why not let major employers structure educational programs to fit their own hiring needs? This could be done by having them work directly with universities or by setting up their own schools.

 

[The Rabbi]

Average student debt is about $25,000, which is a new car note.

The worst thing about the student loan debt is that it is keeping younger workers from moving forward. Many are finding it difficult to buy homes or even new cars due to having too much debt from school loans, along with other things. It's just another drag on the economy.

We really need to look at our educational system, especially post high school. Kids are wasting money going to college in many cases. We need schools that teach specific skills that can actually be used in the workplace and that employers are looking for. Why not let major employers structure educational programs to fit their own hiring needs? This could be done by having them work directly with universities or by setting up their own schools.

Geez, we agree.
But that is not an argument for reducing student debt.

 

[idb]

A few years ago our government decided that a 'Knowledge Economy' was the future of our great country.
They scrapped subsidies for trade training and actively encouraged kids to go into tertiary education with funding of said institutions and a student loan scheme that meant all you had to do was enrol in a tertiary teaching institution then rack up as big a debt as you like.

The consequence is that we have a severe shortage of tradespeople and an oversupply of accountants, lawyers and people with diplomas in massage and flower arranging.

The smart ones buggered off overseas so that they won't have to pay it back.

 

[Cammmpbell]

According to the link below, American students in debt to educational loans has reached a trillion dollars...

Paul would ax five agencies, hits focus on Romney's lawn - Washington Times

Worse, they can't get jobs due to the miserable state of the American economy. The interest alone on these educational debts must be substantial. Is it time to bring back the smokestack industry of manufacturing to get real jobs back in country instead of tax funded government pencil pushing jobs???

The graduates don't owe debts to public schools. Universities have become corporations. Students pay for salaries, maintenance, research, bonuses, pensions etc. It's the same damn thing that wrong from one end of this country to the other. GREED. We're slowly dividing into a society made up of the haves and the have nots.

 

[candycorn]

Average student debt is about $25,000, which is a new car note.

The worst thing about the student loan debt is that it is keeping younger workers from moving forward. Many are finding it difficult to buy homes or even new cars due to having too much debt from school loans, along with other things. It's just another drag on the economy.

We really need to look at our educational system, especially post high school. Kids are wasting money going to college in many cases. We need schools that teach specific skills that can actually be used in the workplace and that employers are looking for. Why not let major employers structure educational programs to fit their own hiring needs? This could be done by having them work directly with universities or by setting up their own schools.

College Education needs to be 100% tax deductible IF we're going to have deductions; this is the thing to give a break on; not on capital gains, windfall profits, if you happen to have 5 kids instead of four, etc...

That is step one. Step II is to allow a deduction from the payroll check much like we have for FICA so payment of federally guaranteed loans is done pre-tax to lessen the tax bill of the students.

Lastly, and most importantly, I think if the student is getting a federally guaranteed student loan, perhaps they could pay it off in sweat equity of joining the armed services if they are in a field that the services require, working in distressed areas, etc...

 

[editec]

If anything college costs and interest paid on debts, too ought to be 100% deductable.

Additionally the deductions ought to be useable when the citizen DECIDES he or she wants to take those deductions.

For most kids just leaving college won't need tax deductions for quite a while because their incomes won't be large enough to offset the deductions.

When those college grads start to make enough money to have to pay taxes, THEN they ought to be able to deduct their college costs.

 

[Big Black Dog]

And just who's fault is this? If a student has debt, they should be the one's responsible for paying it off. I have two college degrees and I paid for each of them myself. Ever hear that you could work while you go to college?

 

[The Rabbi]

Average student debt is about $25,000, which is a new car note.

The worst thing about the student loan debt is that it is keeping younger workers from moving forward. Many are finding it difficult to buy homes or even new cars due to having too much debt from school loans, along with other things. It's just another drag on the economy.

We really need to look at our educational system, especially post high school. Kids are wasting money going to college in many cases. We need schools that teach specific skills that can actually be used in the workplace and that employers are looking for. Why not let major employers structure educational programs to fit their own hiring needs? This could be done by having them work directly with universities or by setting up their own schools.

College Education needs to be 100% tax deductible IF we're going to have deductions; this is the thing to give a break on; not on capital gains, windfall profits, if you happen to have 5 kids instead of four, etc...

That is step one. Step II is to allow a deduction from the payroll check much like we have for FICA so payment of federally guaranteed loans is done pre-tax to lessen the tax bill of the students.

Lastly, and most importantly, I think if the student is getting a federally guaranteed student loan, perhaps they could pay it off in sweat equity of joining the armed services if they are in a field that the services require, working in distressed areas, etc...

College education is a poorer return than invested capital. Why would we want to encourage poor investments? Most people have no business going to college.
If ex students are employed, they can pay back their loans. As I recall repayment is based on salary. Why should ths get a tax break?
Finally, you want the gov't to pay your tax bill? Join ROTC. We need to pressure those Ivies that don't have ROTC programs to let them in.

 

[Cammmpbell]

And just who's fault is this? If a student has debt, they should be the one's responsible for paying it off. I have two college degrees and I paid for each of them myself. Ever hear that you could work while you go to college?

You know what...you're the exact reason the Chinese and Japanese are aceing us on everything from manufacturing to research. As long as an idiot like Cain can be considered by the right as a possible president of this country our problems with 90% of the wealth being held by 1% of the people will just continue to punish the ordinary working people in this country. The wealthy have moved our manufacturing overseas, used "derivitives" algorhythms which they can't even explain themselves to multiply their wealth, laid off so many employees that they have three people doing the work of five, continue to try and do away with any form of collective bargaining, etc. They won't be satisfied until 50% of Americans are being paid the same proportionate salary as a Maylasian.

In the 40's and 50's companies felt an obligation to share profits with the government and the people. Sometimes three generations of a family were working for the same company. Unions negotiated and gained benefits for ordinary Americans and a corporate executive earned about 10-15 times what an assembly line worker earned. By the 1970's that multiplier had grown to 50 times as much. Guess what it was last year. The average CEO in America made 550 times what an ordinary worker like a carpenter or plumber earned. Just keep it up...it will break. The reason...we're the 99%.

 

[Ame®icano]

 

[Mad Scientist]

According to the link below, American students in debt to educational loans has reached a trillion dollars...

Paul would ax five agencies, hits focus on Romney's lawn - Washington Times

Worse, they can't get jobs due to the miserable state of the American economy. The interest alone on these educational debts must be substantial. Is it time to bring back the smokestack industry of manufacturing to get real jobs back in country instead of tax funded government pencil pushing jobs???

Too bad for them because America is the land of Bank Bailouts not Student Loan Bailouts.

 

[Skull Pilot]

Nobody forced these would be dead beats to take a loan.

It is possible to get a college degree without taking out loans you know.

 

[iamwhatiseem]

Of course it is out of control.
Education debt is quickly becoming the next mortgage crisis.
The government is giving absolutely ANYONE a student loan - even if they failed High School...they can STILL get a student loan.
Just how the hell are these people supposed to buy homes in the next 10 years when they already have a "mortgage?"

 

[syrenn]

According to the link below, American students in debt to educational loans has reached a trillion dollars...

Paul would ax five agencies, hits focus on Romney's lawn - Washington Times

Worse, they can't get jobs due to the miserable state of the American economy. The interest alone on these educational debts must be substantial. Is it time to bring back the smokestack industry of manufacturing to get real jobs back in country instead of tax funded government pencil pushing jobs???

How about we say it the way it really is.


Students taking out loans that they cant pay for is out of control.

 

[Mad Scientist]

Nobody forced these would be dead beats to take a loan.

It is possible to get a college degree without taking out loans you know.

But they were led to believe that there would be jobs waiting for them after they graduated. The vast majority of them were unaware that their own gov't was busy shipping those jobs overseas.

Banks Bailouts are at least 12 Trillion, Student Loans are only 1 Trillion:

The true cost of the bank bailout | Need to Know | PBS

Banks fuck us through derivitives, we bail them out. Students spend a lot to get an education, we fuck them.

You ok with that?

 

[Dragon]

Nobody forced these would be dead beats to take a loan.

True. They could have ditched the idea of college and just gone to work for McDonalds.

It is possible to get a college degree without taking out loans you know.

Sure, if you have rich, generous parents, or are brilliant enough to get a full scholarship, or have no need to sleep.

 

[Skull Pilot]

Nobody forced these would be dead beats to take a loan.

It is possible to get a college degree without taking out loans you know.

But they were led to believe that there would be jobs waiting for them after they graduated. The vast majority of them were unaware that their own gov't was busy shipping those jobs overseas.

Banks Bailouts are at least 12 Trillion, Student Loans are only 1 Trillion:

The true cost of the bank bailout | Need to Know | PBS

Banks fuck us through derivitives, we bail them out. Students spend a lot to get an education, we fuck them.

You ok with that?

I have never been OK with bank bailouts. I am not OK with any bailout for that matter and as the old saying goes : Two wrongs don't make a right.

The whole "They were led to believe argument" is specious at best. If you actually believed that a useless degree in liberal arts was going to guarantee you a job then you were too stupid to go to college in the first place.

 

[Skull Pilot]

Nobody forced these would be dead beats to take a loan.

True. They could have ditched the idea of college and just gone to work for McDonalds.

Or they could have learned a trade or started their own business. It's a false dichotomy to posit that one must get a degree or work at MacDonald's.

It is possible to get a college degree without taking out loans you know.

Sure, if you have rich, generous parents, or are brilliant enough to get a full scholarship, or have no need to sleep.

No you can work and take one or two courses at a time. I got one of my bachelor's that very way.

I got my first Bachelors while working a full time third shift job. No loans, no debt.

So why can't someone else do the same and stop whining?.