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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: zappaisgod]
    #20876037 -

zappaisgod said:
Huh?  What does that have to do with letting deadbeats skip on loans?


They aren't deadbeats, there's just no jobs available, blame the people who make their employees live on less than $30,000 a year.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: zappaisgod]
    #20876047 -

My sister had a bunch of debt from college and her credit rating was bad. It wasn't student loans though. After 10+ years it all went away and her rating went back up. She just bought a 600,000 dollar home. So I think that after a certain amount of time past debts don't effect your credit rating.

I agree with you though. If you get yourself in debt you should work yourself out of it. If for nothing more than pride. There is nothing free in this world.

EDIT: BUT I was told that student loans are the only loans that don't eventually go away if ignored. I could be wrong.

Edited by Magicman69 (11/22/14 08:16 PM)

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G]
    #20876065 -

Crystal G said:
zappaisgod said:
Huh?  What does that have to do with letting deadbeats skip on loans?


They aren't deadbeats, there's just no jobs available, blame the people who make their employees live on less than $30,000 a year.


The landscaping jobs around here pay more than that.  Sadly they are mostly filled by illegal immigrants


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: zappaisgod]
    #20876066 -

zappaisgod said:
Magicman69 said:
The loans disappear after 10 years? So if you just avoid them and don't pay shit it's gone in 10 years? Or will they sue you and garnish your wages? Luckily for me I've never had student loans. Only grants.


I don't think that is correct for all loans.  The ones from the government disappear if you prove that you are a complete failure but I believe the private ones can still be pursued.  Kiss your credit rating goodbye forever.


I don't believe that is true for the government loans. The loans are with you forever. Just you can file for income-based repayment so you only have to pay for part of it. But when your income goes up, you end up paying for the rest eventually.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G]
    #20876079 -

I think the OP said that after ten years they can get discharged and that kind of gibed with what I seemed to recall form the newspaper.  There is some forgiveness.  It used to be they were utterly vicious and could not be discharged at all.


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: zappaisgod]
    #20876143 -

That was my assumption. I know people in their 50s still paying off student debt.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: I_was_the_walrus]
    #20876160 -

I_was_the_walrus said:
That was my assumption. I know people in their 50s still paying off student debt.


I know somebody in their 50's who finally finished paying off his debt. Granted he was a doctor and went to USC, which even 30 years ago was a $50,000 per year school.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G]
    #20876292 -

You can not default on student loans. [this isn't a response to CG, just a statement directed at the last ~10 replies]

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20876324 -

http://www.forbes.com/sites/jeffreydorfman/2014/06/19/here-comes-the-student-loan-forgiveness/

Quote:
Under the latest version of President Obama’s giveaway to former college students, people with student loans that meet certain income eligibility standards will only need to pay 10 percent of their discretionary income for a maximum of 20 years. Discretionary income is the amount you earn above the poverty line for your family size. If a borrower works for a government or in a job defined as public service, they only have to pay for 10 years. After that, the remaining balance is forgiven.


I seem to recall this having been done.  Maybe not.  If not, good.


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: zappaisgod]
    #20876356 -

Awesome. All I have to do now is work at mcdonalds for 20 years just to save 200 bucks a month :tongue:

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: I_was_the_walrus]
    #20876364 -

^ pretty much the point of my OP.  people almost strive towards this meager pay in order to avoid loans they shouldn't have taken in the first place.  it's a scary gameplan.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20876870 -

Saw this on my Facebook feed the other day.


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: my3rdeye]
    #20876889 -

uhhhhhhhhhhhhhhhhhhhhhhhhhhhh #showmethemath

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20876897 -

her loan must've been racking up interest for decades before she started paying it back.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20876917 -

I gotta say though, I'm not too keen on people borrowing money and not paying it back. Whether its from the government or not. Zappa has some points there


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Ezuma Art:

http://ezumaart.weebly.com/

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Ezuma]
    #20877017 -

Thank God I only borrowed 14k

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: morrowasted]
    #20877022 -

I'm lucky in that I don't have to borrow anything. Such a lucky break actually.


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Ezuma Art:

http://ezumaart.weebly.com/

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Ezuma]
    #20877653 -

If I loan someone 20 bucks I usually expect him to give me 20 dollars back, though I've never lived in the outside world.


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http://bunkpolice.com/basic-test-kit/
Vienna Declaration
Salvia Divinorum The Docudrahma

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20877823 -

memes said:
her loan must've been racking up interest for decades before she started paying it back.


Most likely while paying it back. You generally don't pay back at once and all the time, interest keeps building on the remainder. 23 years is a long time. These figures correspond to an average yearly interest of about 5.45% (which seems very mild indeed) and an average yearly payback of about $1425. At this rate, she will obviously never pay back the entire loan. Then again, a monthly payment of just over $100 a month shouldn't be a significant problem provided she got a halfway usable degree.

Capping a loan by forgiving the remainder after X years is basically just a way to partly subsidize education, while at the same time putting some of the financial responsibility with the individual student. I live in a country where this system has been in place for over 20 years and it works like a charm. Sure, every student complaints about the fact that he'll have to pay stuff back, but then again, payment is made income-dependent so nobody will go bankrupt because of it, the state generally recoups the major share of the investment (but at a time when the 'student' is capable of paying it) and overall, higher education is made accessible this way for anyone in society regardless of socioeconomic status. Despite what people like ZIG preach, this is an excellent system that at the same time maximizes the chances of individual career success and economic growth based on high value-added labour. However, to protect this, I do feel that there should be a control measure built into the system so that people overall opt for a usable field of work. This can easily be done by imposing a 'numerus fixus' (i.e. a maximum number of students admitted each year) on educations that are too popular in relation to the anticipated demand in the market.

Sure, the system has its drawbacks, but it is *vastly* preferable to limiting higher education for those who have the cash to pay for it, which only results in (1) talented but relatively poor people being limited in the value they constitute for themselves and the economy and (2) educational institutes lowering their intellectual requirements so that everybody who is rich enough can study with them and contribute to the finances of these institutes. In short, a system of regulated loans as pointed out earlier in this thread enables that public funds are used only to the extent that they are really needed, while optimizing the human capital that exists within society. Unless, of course, you really believe that people with the capacity to become successful engineers or lawyers make a better contribution to society and the economy by doing landscaping jobs.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: zappaisgod]
    #20877824 -

zappaisgod said:
http://www.forbes.com/sites/jeffreydorfman/2014/06/19/here-comes-the-student-loan-forgiveness/

Quote:
Under the latest version of President Obama’s giveaway to former college students, people with student loans that meet certain income eligibility standards will only need to pay 10 percent of their discretionary income for a maximum of 20 years. Discretionary income is the amount you earn above the poverty line for your family size. If a borrower works for a government or in a job defined as public service, they only have to pay for 10 years. After that, the remaining balance is forgiven.


I seem to recall this having been done.  Maybe not.  If not, good.


Wow. If only I had known this, I would have gotten my PhD straight after my bachelors. I could have had $200,000 of student loan debt forgiven after 10 years. Man I am really fucking stupid.

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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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