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"The fact of the matter is, young professionals are making more money than they ever have in history," said Bryan M. Kuderna, financial advisor and author of Millennial Millionaire. "So,I think they need to embrace that and say alright I have enough ammunition to kind of take on some of these challenges."
You borrowed money so pay it back assholes. It's that simple.
ReplyDeleteAnd they won't, and can't, so...have a nice day! Just remember, if I owe you 1k, I have a problem. If I owe you 1trillion+ you have a problem. And I hope you enjoy knowing that part of the reason Social Security is going to fail is that the people who should be paying into it are instead having their wages garnished to pay off the interest (and only the interest, they basically never touch the principal) on a loan they were convinced they had to take to have a successful future....when they were too young to drink, rent a car, or get a business loan. Just saying. Everything is simple to a simpleton. And no I have no college loan debt. I'm a structural and pipeline certified stick jockey aka welder. I just also read Vox Day.
DeletePS: they *are* paying back the loan. The only way to not pay is to get the courts to rule you're incapable of paying for some reason, and that's very difficult. What they're not doing is *successfully paying off the loan*. They're paying off the interest. And they will be until the day they die, as things stand. In plain English, they will never make enough money to pay off the entire principal, or even part of it, because they first have to pay the interest. By the time they die they'll have paid several times what they were first loaned. Because that's how usury works. It's a mortal sin btw.
I know several people that have paid off their student loans, so I'm calling bullshit.
DeleteThe plural of anecdote is not data. And the people collecting the money are the ones bitching about everyone only barely paying the interest. I know people who survived lung cancer. So I call bullshit on it being lethal. See how smart that sounds? Do some actual research on the subject before running your mouth.
DeleteNumbers don't lie. Our economy is fucked, for everyone but the very richest. Because our money is debt currency, which means the richest people own all the debt. Which means everyone is a slave to them. There's a reason God damns usurers to eternal hellfire.
The only difference between a mortgage and a college loan is the interest rate, the fact that you can only get the one with the insane, obscene interest rate when you're 18 (good luck getting a mortgage at 18), and the fact that only one of them is dischargeable through bankruptcy. The other one still fucks your credit though, because you're only paying off the interest.
The education delivered should pay for itself in value.
ReplyDeleteYou just described the problem in a nutshell. "The education SHOULD pay it back." The part that's not so simple is that We the People (aka, our elected representatives), decided that ANY degree qualified for a government subsidized and guaranteed loan. Gender studies, basket weaving, etc. degrees left students with tens and hundreds of thousands of dollars of debt. The program should have never been that open ended.
DeleteAt best, only STEM curriculum should have been covered. At worst, if a candidate didn't have a career plan to pay back the loan, it should have been denied a government guarantee.
But equity, diversity, and inclusion are our strengths. That crap needs to be written on a few tombstones and put to rest with the associated residents.
Either start paying it back, or pay the IRS taxes on the free money you received.
ReplyDeleteIf you think you are smart enough to go through post-secondary, then you should be smart enough to figure this out on your own.
I remember my parents, who paid the equivalent of the price of a brand new car every year for the 4 years of my older brother's college degree, telling me that they would do whatever they could to help me with college. This after my brother turned down full ride scholarships to several out of state universities to play football, since he was a high school All American football player. He had a girlfriend that he didn't want to leave the state for. So he instead went to Olivet, a private school that was one of the more expensive ones in the state.
ReplyDeleteThere was no way that I would take a dime from them for college after what they went through paying for my brother. My oldest son graduated high school and asked me to cosign for him to attend a university in Michigan, while I was still paying child support for his 2 siblings. I told him no, which was hard to do. But I could not risk his defaulting on the student loans and my having to pay them. I believe his mom and step dad did sign for the loans. And son of a gun, my son defaulted on the student loans to the tune of some 18,000$. I believe my ex wife and her husband eventually paid the entire bill.
If I did not want to pay my sons student loans, I damn sure don't want to pay them for strangers that I don't know, don't like, and who often refuse to get a job, instead sitting home getting free money from the Covid fund, which I still had to pay for.
Some how the colleges need to be liable for these worthless degrees they are handing out. The degree is as worthless as the needle in the homeless guys arm. But the college has collected its pay at the cost of the student or the taxpayer. The colleges dont care. Why sit in your parents basement when you can sit in our dorm for free with meals. And if you are in our dorm, maybe you can bring your relatives to share the room. Colleges dont care. You dont have to pay the student loan back. It is very expensive glorified welfare at the cost of the taxpayer.
ReplyDeleteThis right here. Make the colleges suffer. The student defaults because the degree is worthless, the govt. sues the school and gets a full refund, plus penalties, and all money goes to taxpayer relief - i.e. distributed back to anyone who actually had a job and paid taxes.
DeleteMost big name colleges have enormous endowments. So much so they could never charge tuition and still stay in business. However they charge because a) they can get away with it, and b) it will cull out poor people. Attack the endowments.
How do I convert my F350 truck payment into a student loan?
ReplyDeleteBTW: I used the Montgomery GI Bill and worked part time to pay for my 4 year degree. After I got married I paid for 2 masters in education, a Specialist in education degree, 2 BS's, and a MS in Biology. Why the F**k should I pay for any more college degrees for dipshits that took a loan and want it forgiven?
When you had real companies making the student loans they would kind of assess the likelihood of repayment, and refuse big loans for degrees leading to low paying occupations.
ReplyDeleteBut Obama pulled that all into the government’s hands, and they have no qualms about big tuition loans for African studies or whatever. They seem to like doing that.
Yep! And make them dischargeable through bankruptcy, and watch the problem vanish, and the insane college tuition prices drop.
DeleteThe government, not kids whose parents and guidance counselors told them they'd be failures without a useless 4 year degree, created this problem. Equality is a lie, and a damnable one at that.