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Obama's student loan program.


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#16 pstall

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Posted 13 June 2014 - 10:28 PM

What's the alternative? Eat Ramen until the debt is paid? How about working 80 hours a week while in college?

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Why yes.

 

- Previous generations



#17 Awesomeness!

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Posted 13 June 2014 - 10:58 PM

Why yes.

 

- Previous generations

 

Because tuition hasn't gone up 6000% since the previous generation. Also income is up and the cost of living is dirt cheap.



#18 SmokinwithWilly

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Posted 14 June 2014 - 12:21 AM

What's the alternative? Eat Ramen until the debt is paid? How about working 80 hours a week while in college?

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It's all a matter of priority. If you want to get out of debt in a hurry you minimize all your expenses, and put everything towards paying off debt. Get clothes from the discount rack, coupon shop for groceries, drive an old car that gets great milage, etc.

I worked 45 hours a week in college with a full load and used any extra money after expenses to pay on my loan. I paid off all my college loans 12 months after graduation by living bare minimum and working as much OT as I could get. I ended up exhausted but I was debt free. It can be done, you just have to be willing to overlook the short term pain for long term gain.

#19 Panthro

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Posted 14 June 2014 - 07:12 AM

Psssst

Those countries where they have solved the gun issue .... They've solved this too

#20 pstall

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Posted 14 June 2014 - 08:09 AM

Psst. We are 4x as large as most those countries.
Refinancing is perfectly fine.
Forgiving debt at a certain point im not so sure of. The Prez did say you may have to take a job you dont want to pay debt so thev work ethic is still on the table.

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#21 Happy Panther

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Posted 14 June 2014 - 08:10 AM

In previous Obama budgets, the White House has predicted that making the plan retroactive would cost the federal government billions of dollars in the early years. Asked about the costs Monday, Education Secretary Arne Duncan said the administration won’t know how much it will cost until they go through the rule-making process to put the expansion in place.
 
‘‘We actually don’t know the costs yet,’’ Duncan said. ‘‘We'll figure that out on the back end.’’

 

 

No surprise there



#22 pstall

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Posted 14 June 2014 - 08:11 AM

Because tuition hasn't gone up 6000% since the previous generation. Also income is up and the cost of living is dirt cheap.

Everything is relative. No remote or online classes so you had to drive or horrors of horrors walk/bike to school.
Plus more info online and access to grants which also has gone up.
Dont be an idiot with student debt and get a weak major or not find ample work to pay down the debt.

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#23 pstall

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Posted 14 June 2014 - 08:27 AM

yes, lets take even more money over the long run away from people that are already struggling brilliant that will help them get out of the hole

Exactly. Similar to loan modification for home. Sure its mild relief in the present but long term significantly more expensive.
Its a kick the can down the road mindset. Instead of saving for the bill we just want to swipe the card so we can have now.
I say multiple courses in budgeting and saving should be required if you refinance.

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#24 Awesomeness!

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Posted 15 June 2014 - 12:10 AM

Everything is relative. No remote or online classes so you had to drive or horrors of horrors walk/bike to school.
Plus more info online and access to grants which also has gone up.
Dont be an idiot with student debt and get a weak major or not find ample work to pay down the debt.

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Well sure but people that have taken out, say 30,000 for four years can have a decent paying job that involves their major and still by stuck paying 500 bucks or so a month. That is a car payment, or even the rent in some places (half of the rent in other places).

We're asking people to pay enormous amounts of money when its not feasible in most cases. Even doctors complain about student loan debt repayment

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#25 Anybodyhome

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Posted 15 June 2014 - 05:19 AM

Amazing how the Huddlers complaining about this are those who barely got thru their GED classes, let alone even considered college.



#26 pstall

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Posted 15 June 2014 - 06:09 AM

Well sure but people that have taken out, say 30,000 for four years can have a decent paying job that involves their major and still by stuck paying 500 bucks or so a month. That is a car payment, or even the rent in some places (half of the rent in other places).

We're asking people to pay enormous amounts of money when its not feasible in most cases. Even doctors complain about student loan debt repayment

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Choices. Its all about choices.
Dont bite off more than you can chew.
At the rate we are going just make it free and you start off making 35 an hour.
Things have costs and value sets for a reason.
Some reasonable fixes can happen but more and more our collective society wants something for nothing.

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#27 carpantherfan84

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Posted 15 June 2014 - 09:34 AM

Amazing how the Huddlers complaining about this are those who barely got thru their GED classes, let alone even considered college.

 

I would pie this double if I could. I personally don't have any student loans (joined the military a month after high school) but I have seen many young men and women obviously not cut out for the military willing to join up and fight in a war just to pay off student loans. That is saying something.



#28 carpantherfan84

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Posted 15 June 2014 - 09:34 AM

Choices. Its all about choices.
Dont bite off more than you can chew.
At the rate we are going just make it free and you start off making 35 an hour.
Things have costs and value sets for a reason.
Some reasonable fixes can happen but more and more our collective society wants something for nothing.

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were you single? or were you married with kids?



#29 carpantherfan84

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Posted 15 June 2014 - 10:18 AM

for comparison

 

average income of 1970 was about 10,000 annually.

tuition costs were somewhere around 2,350.

 

that is 23.5% of annual income. Sizeable but not insurmountable.

 

 

 

average income of 2014 was about 47,000 annually

tuition costs are around 40,594.

 

that is 86% of expected annual income. A daunting task at best.

 

 

One guy said he paid off his student loan in 12 months. That would be an impressive feat. hard to imagine paying for rent, a car, basic utilities and food from 14% of income. I would love to see a financial breakdown of that one.



#30 Porn Shop Clerk

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Posted 15 June 2014 - 10:38 AM

maybe people should stop spending 40k to become art majors




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