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"student loans are one of the most toxic debts" - Page 2

post #31 of 51
2/20/10 at 7:54pm
>>If Shakespeare's line about killing all the lawyers came to pass the halls of Washington would have only cockroaches and lobbyists, which would probably interbreed.<<

Not necessarily. A number of prominent politicians would be spared.

Ronald Reagan (Economics)
George W. Bush (MBA)
George H. W. Bush (Economics)
Dick Cheney (M.A., Political Science, Doctoral Candidate)
Al Gore (B.A. in Government; studied Divinity and Law but never graduated)
Howard Dean (M.D.)
Nancy Pelosi (M.A., Political Science)
John Boehner (B.A., Business)

I'm sure there are a number of others.
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post #32 of 51
2/20/10 at 8:04pm
Back in the late '70's/early '80's, I took out a student loan to go to surgical tech school. I graduated with honors, and landed a good job. I religiously paid off my student loan, like the good girl I was. 10 years later, I went back to school to get my BSN,and borrowed against my Tax Sheltered Annuity (TSA) to finance my education. It's all paid back now too. Sometimes I feel like people just aren't responsible enough to handle money. I thank my parents for instilling a sense of responsibility and honor in me. If I decide to go back for my Masters, I will probably borrow from my TSA again, as there are fewer hoops to jump through, and I can pay it back by payroll deduction!
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post #33 of 51
2/21/10 at 2:12am
Quote:
Originally Posted by mrblanche View Post
>>If Shakespeare's line about killing all the lawyers came to pass the halls of Washington would have only cockroaches and lobbyists, which would probably interbreed.<<

Not necessarily. A number of prominent politicians would be spared.

Ronald Reagan (Economics)
George W. Bush (MBA)
George H. W. Bush (Economics)
Dick Cheney (M.A., Political Science, Doctoral Candidate)
Al Gore (B.A. in Government; studied Divinity and Law but never graduated)
Howard Dean (M.D.)
Nancy Pelosi (M.A., Political Science)
John Boehner (B.A., Business)

I'm sure there are a number of others.
I'd rather deal with the cockroaches than an idiot like Pelosi but I digress.

I'm using student loans to pay for my education but I knew going in that I may have a large amount of debt to pay back when it's all said and done. I'm hoping I can get some scholarship money when I move on to work on my BA next year (at the latest).
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post #34 of 51
2/21/10 at 7:45am
Quote:
Originally Posted by WELDRWOMN View Post
I don't think that so many kids should be going to college in the first place. I grew up being taught by family and the school district that college is necessary in order to have a good life.

I don't understand why so many jobs require college degrees. Why can't nursing, x-ray tech, or many computer type careers be treated as a trade?

As many of you know, I ended up going to a trade school and then working my way up to a good welding job that I love. I make more just being 5yrs out of school than a lot of college grads do and I spent less time in school- just 10 months.
I'm with you on this. Although I think everyone should get all the education they want, I think we put way too much emphasis on a college education. To some extent, getting a college degree only proves that you CAN learn. It often doesn't teach you what you need to know to get a job or do the job well. That's why, in order to get into the military OCS programs, all you need is a degree. What the degree is in doesn't make any difference.

We can have good workers in many fields without the expense of a college education.

That said, I watched my niece walk away from a private scholarship that would have paid for 50% of her college expenses, including housing expenses. And I passed up a full scholarship to the University of Arkansas in Fayetteville.
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post #35 of 51
2/21/10 at 9:58am
Quote:
Originally Posted by mrblanche View Post
I'm with you on this. Although I think everyone should get all the education they want, I think we put way too much emphasis on a college education. To some extent, getting a college degree only proves that you CAN learn. It often doesn't teach you what you need to know to get a job or do the job well. That's why, in order to get into the military OCS programs, all you need is a degree. What the degree is in doesn't make any difference.

We can have good workers in many fields without the expense of a college education.

That said, I watched my niece walk away from a private scholarship that would have paid for 50% of her college expenses, including housing expenses. And I passed up a full scholarship to the University of Arkansas in Fayetteville.
I have a friend that graduated with a BA. She could not get a job in her field. (Don't remember what she studied) She now works on an airforce base in a well paying job that she could have gotten without her degree.

I have an AA in accounting. It did not help me get my job and I don't even use what I learned. What I learned is obsolete too.
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post #36 of 51
2/21/10 at 10:23am
I think less than 10% of Americans with college degrees are actually working in the field they studied for.
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post #37 of 51
2/21/10 at 10:34am
Quote:
Originally Posted by mrblanche View Post
I think less than 10% of Americans with college degrees are actually working in the field they studied for.
That's not surprising, considering that most majors aren't based on a job field, they're based on a subject. Regardless of the economy, there just aren't that many Art - Ceramics Emphasis jobs out there, or even (of the more solid majors) English Lit or History jobs. (For the moment, the supply of graduates in math and most of the sciences is pretty low, so once the economy straightens out there should be a fair degree of demand there again.) Reframing a degree as a marketable skillset is a skill that's not on the curriculum.
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post #38 of 51
2/21/10 at 6:20pm
Quote:
Originally Posted by ebrillblaiddes View Post
That's not surprising, considering that most majors aren't based on a job field, they're based on a subject. Regardless of the economy, there just aren't that many Art - Ceramics Emphasis jobs out there, or even (of the more solid majors) English Lit or History jobs. (For the moment, the supply of graduates in math and most of the sciences is pretty low, so once the economy straightens out there should be a fair degree of demand there again.) Reframing a degree as a marketable skillset is a skill that's not on the curriculum.
I wish someone had asked me a few times, "Just how do you plan on making a living after you graduate?" Majors in English and French don't prepare you to do all that much. Oh, I had a plan--automotive journalism--but there were no jobs by the time I graduated in 1974.

I actually got the best advice from my mom's cousin's husband.

"Mike," he said, "a man who knows how to repair automatic transmissions will always have a job."

If I'd taken that advice, I'd have my own shop and everything by now!
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post #39 of 51
2/22/10 at 9:14pm
Quote:
Originally Posted by mrblanche View Post
"Mike," he said, "a man who knows how to repair automatic transmissions will always have a job."
That's so true. My parents' car has run through more rounds of major transmission work than I can even think of. I'm holding my breath for mine (same manufacturer, different model, later year) to hopefully not have that problem.
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post #40 of 51
3/6/10 at 11:08am
"I believe members of the military do their service BEFORE they reap the benefits of college money. It, also, does not cover 100% of college tuition. My son received college money from serving three years in the Army, FIRST, but he worked, he had a job, while attending college."

I copied this from something you said CKBLV. That statement is not nessecarily true. My sister is currently enlisted in the army and going to school. She joined her 2nd or 3rd yr of college and goes to training for about 2 mths out of the year doesnt have to go to basic and once out of college (which there is no limit as to how long she can go if she keeps changing her major) she will walk into the Army as an officer with her pick of where she goes and not having to go over seas. She has been in school for 5 yrs now and still has 2 more I believe to go with the Army footing the bill for her school, books, housing, food, etc. Not that I have anything against the Army or any other military branch but I think its a bunch of crap that taxpayers are floating the bill for someone who IMO is mooching the system. She SHOULD have had to serve before getting all this money and perks and crap from the Army to do whatever it is she is doing. Mind you my sister does not work and has NEVER held a job she has always had everything handed to her because she feels she deserves it
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post #41 of 51
3/11/10 at 5:43pm
Thread Starter 
Quote:
Originally Posted by 3CatsN1Dog View Post
Mind you my sister does not work and has NEVER held a job she has always had everything handed to her because she feels she deserves it
Deserves everything handed to her based on what? When she gets a job, she needs to drop that mindset like a hot rock --otherwise her co-workers will hate her.
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post #42 of 51
3/12/10 at 5:34am
I know your supposed to "Love" your family but my mother and my sisters father brought her up with that whole good child get whatever you want mindset and shes a complete jerk because of it. She thinks shes entitled to everything on a silver platter and its horrible. I hope that the Army kicks some sense into her because she needs it. She actually got mad at me and my BF because he wouldnt get his dad to buy an auction car that she wanted and sell it to her at a low price. I told her to get off her butt and go buy a piece of crap car like most people get when they cant get a loan. Her reply was oh I can get the loan I just dont feel like it I want a brand new car but I dont want to pay for it. My sister is a ! It makes me happy I only see her twice a year!
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post #43 of 51
3/15/10 at 11:07pm
Definately a big problem!

For the record I pay my student loan payment on time each month(automatic payroll deduction)and will do so until it is completely paid off.
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post #44 of 51
3/24/10 at 9:15am
Thread Starter 
Interesting-- but I was reading up on the new Obamacare (health care) and came across the below. Why would a bill about health care include language on student loan reform? Totally confuuuuusing. Am I misreading?

Quote:
The reconciliation package also includes major student loan reform provisions previously
passed by the House. These measures would eliminate federally insured private loans given through the Federal Family Education Loan Program. Instead direct student assistance from the government -- such as Pell grants -- would be expanded.
Source: Center for Responsive Politics
(closer to the bottom of the page)
(date: March 22, 2010)
I am totally, utterly confused
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post #45 of 51
3/24/10 at 11:07am
Quote:
Originally Posted by c1atsite View Post
Interesting-- but I was reading up on the new Obamacare (health care) and came across the below. Why would a bill about health care include language on student loan reform? Totally confuuuuusing. Am I misreading?



Source: Center for Responsive Politics
(closer to the bottom of the page)
(date: March 22, 2010)
I am totally, utterly confused
I was wondering if anyone would realize that and bring it up.
Obamacare required more $$$ so it would pass CBO projections to lower () the deficit. In order to get there, Congress is cutting funds for student loans.

I'm sure they will borrow from another source to get the funds for student loans, like from the social security slush fund, oh I forgot, that is broke.
Hmmmmm, I don't know what to tell you.
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post #46 of 51
3/24/10 at 3:49pm
Quote:
Originally Posted by ckblv View Post
I was wondering if anyone would realize that and bring it up.
Obamacare required more $$$ so it would pass CBO projections to lower () the deficit. In order to get there, Congress is cutting funds for student loans.
Can you provide a link about congress cutting funds for student loans? The changes as Ive read them are as follows:

A transition to 100% federal student loan funding directly from the government – while eliminating banks and private lenders as the middle man.
- no cuts to actual amount of $ awarded, but govt will save $$$ administering loans directly vs. having banks do it, allowing an increase to this funding program, increasing the value and number of Pell grants for example
- reduced interest rates, and increased approval rates for loans (as the middle men banks have profit-driven standards for loans)

Also specifies changes to repayment so plans are based on your income not on your debt load.

These are all *good* changes to the student loan program, and were tacked onto the health care bill as an ammendment simply to get the changes passed through quickly (All loan funding from govt for next academic year, otherwise would have had to put it back by an entire year, which would ultimately cost students and the govt more money)

some easy to read articles:
http://www.politicsdaily.com/2010/03...h-care-reform/

http://www.smartmoney.com/personal-f...student-loans/

http://www.philly.com/philly/busines...loan_bill.html
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post #47 of 51
3/24/10 at 4:06pm
Quote:
Originally Posted by Februa View Post
Can you provide a link about congress cutting funds for student loans? The changes as Ive read them are as follows:

A transition to 100% federal student loan funding directly from the government – while eliminating banks and private lenders as the middle man.
- no cuts to actual amount of $ awarded, but govt will save $$$ administering loans directly vs. having banks do it, allowing an increase to this funding program, increasing the value and number of Pell grants for example
- reduced interest rates, and increased approval rates for loans (as the middle men banks have profit-driven standards for loans)

Also specifies changes to repayment so plans are based on your income not on your debt load.

These are all *good* changes to the student loan program, and were tacked onto the health care bill as an ammendment simply to get the changes passed through quickly (All loan funding from govt for next academic year, otherwise would have had to put it back by an entire year, which would ultimately cost students and the govt more money)

some easy to read articles:
http://www.politicsdaily.com/2010/03...h-care-reform/

http://www.smartmoney.com/personal-f...student-loans/

http://www.philly.com/philly/busines...loan_bill.html
It is in the health care bill just passed. They will borrow from Peter to pay Paul.

http://www.opensecrets.org/news/2010...-to-healt.html
Quote:
The reconciliation package also includes major student loan reform provisions previously
passed by the House. These measures would eliminate federally insured private loans given through the Federal Family Education Loan Program. Instead direct student assistance from the government -- such as Pell grants -- would be expanded.
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post #48 of 51
3/24/10 at 5:46pm
Getting rid of "federally insured private loans" won't matter on a practical level, to the students--the colleges will just switch to using the Direct Loans program instead of FFELP. I imagine there'll be an extra round of paperwork for anyone who had already signed a master promissory note with a FFELP lender and hasn't finished taking loans out yet, but what's one more form to a college student?
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post #49 of 51
3/24/10 at 6:27pm
Quote:
Originally Posted by ckblv View Post
It is in the health care bill just passed. They will borrow from Peter to pay Paul.

http://www.opensecrets.org/news/2010...-to-healt.html
I read that article, and still could find no indication of student loan funds being cut, only that instead of paying banks 10 billion a year to administer them, the govt will directly administer (this happened in Canada in 2001 I think, and has saved our loan program loads of $), using the saved money to expand the current program...wheres the cut?
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post #50 of 51
3/25/10 at 7:23pm
Quote:
Originally Posted by ckblv View Post
It is in the health care bill just passed. They will borrow from Peter to pay Paul.

http://www.opensecrets.org/news/2010...-to-healt.html
Quote:
The reconciliation package also includes major student loan reform provisions previously
passed by the House. These measures would eliminate federally insured private loans given through the Federal Family Education Loan Program. Instead direct student assistance from the government -- such as Pell grants -- would be expanded.
That is what I read in the link provided.
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post #51 of 51
3/27/10 at 2:45pm
Quote:
Originally Posted by ebrillblaiddes View Post
Getting rid of "federally insured private loans" won't matter on a practical level, to the students--the colleges will just switch to using the Direct Loans program instead of FFELP. I imagine there'll be an extra round of paperwork for anyone who had already signed a master promissory note with a FFELP lender and hasn't finished taking loans out yet, but what's one more form to a college student?
Since I work for Direct Loans, this means more job security for me. For the record, student loan reform started when Bush was in office. The College Cost Reduction Act was signed by Bush in 2007. Some of the benefits went into effect July 2009, such as the IBR repayment plan. So, Student Loan reform has been going on for years.
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