The Stock Market Is Not The Economy Thread II

[Yabby]

Wow dude, you really have this life thing figured out. Good for you, you are doing amazing.

[Yabby]

We gonna cancel credit card debt next cause people made poor decisions? A school loan is just a different credit card.

This right here... shows you don't have a fucking clue what you are talking about.

[Buffy]

How so?

[Lyltia]

It seems to me that true reform would involve three planks:

-Systemic reform on both ends (schools and government). College prices skyrocketed in large part due to the availability of easy federal money.
-Interest holiday to allow solvent borrowers to pay off their loans within their lifetime. This should be immediate and permanent for all borrowers.
-Loan forgiveness to help borrowers whose balances have only grown despite paying on them.

Personally, I think it's absurd that we charge interest on student loans at all. Make them interest-free, peg the amount borrowable to inflation, force schools to control costs by making federal loans contingent on attending schools that follow federal guidelines on tuition. The current system is predatory, teenagers shouldn't be forced to make these kinds of financial decisions that will follow them for the rest of their life.

[archibaldcrane]

https://twitter.com/byHeatherLong/st...DGK3TpwPQ&s=19

[Boyiee]

What they need to do is cap loans to a ridiculously low amount.

Only give out maybe $5,000 or $10,000 max for student loans a year, or even in total over a lifetime. If students can't take out huge loans for classes then schools will be forced to stop being for profit and reduce the cost of classes. Classes being cheaper means more people will be able to afford them. Mark Cuban has a good take on this actually.

[Zealot]

I disagree. A borrower shouldn’t take out a loan they don’t have a way to pay back. Why did they take a loan that allowed that repayment schedule? They are not financially sound and don’t understand the terms of he loan. They are allowing themselves to be taken advantage of. Be financially literate. Again, personal responsibility for the commitments you make.

I waited until my early 30s and then I went to college and worked full time. I did 126 credits in 3 years and had 5k in debt when I graduated with my bachelors cause I saved and paid as I went. Then I did my masters in the next two years.

If you can’t afford to go to college out of high school then work. Go to trade school. And save to put your kids through college (like I’m doing with my 2 year old daughters 529 account so they can go right away if they want.

Don’t take out a loan you can’t afford. Why is this controversial? School, car, house, credit card….it’s all the same thing. We gonna cancel credit card debt next cause people made poor decisions? A school loan is just a different credit card.

Are you not American.

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[Zealot]

Like I've rarely seen a post about this topic that runs so completely against the entirety of this country's society and messaging.

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[Yabby]

How so?

The biggest difference? One can be discharged with bankruptcy it if gets out of control. Then other will follow you for life.

[synistar]

I remember when California public college/university undergraduate tuition at half of the current prices. Fuck those banks with the subprime mortgage meltdown crippling all future generations.

We wouldn't be having this conversation if public education (and lesser an extent, vocational schools) were funded instead of placed on the chopping block when property and capital gain taxes dried up due to greed.

Sorry got no solutions. But the biggest piece of the puzzle is lowering public college fees.

[thetruepandagod]

Personally, I think it's absurd that we charge interest on student loans at all.

useless majors should still keep interest on their loans

[Zealot]

I would say a bigger difference is that there isn't an entire system with compulsory attendance telling you for 12 years straight to work towards this goal, that the rest of your life may be dependent upon it, and that you would make decisions around it years before the age when we've judged your brain is developed enough to handle a beer. "Be financially literate," ok guy who didn't attend college until he was working full time in his 30s, you go retroactively add that to the national high school curriculum starting in the 80s, and while you're preaching personal responsibility you should also go back and prevent three generations worth of students being told going to college is the most important decision they can make to be responsible for their futures.

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[archibaldcrane]

Stop crying about student loans on jobs report day

We have BIDEN BOOM to discuss

https://twitter.com/byHeatherLong/st...lmHXwjwMA&s=19

[Day]

time travel would be dope along w my interest free loans

[Kaslo]

https://twitter.com/JustinWolfers/st...6LhGFqFCoaeCsw

[NynJa]

useless majors should still keep interest on their loans

Flagged for being sexist. All useless majors are taken mostly by women.

[thetruepandagod]

I would say a bigger difference is that there isn't an entire system with compulsory attendance telling you for 12 years straight to work towards this goal, that the rest of your life may be dependent upon it, and that you would make decisions around it years before the age when we've judged your brain is developed enough to handle a beer. "Be financially literate," ok guy who didn't attend college until he was working full time in his 30s, you go retroactively add that to the national high school curriculum starting in the 80s, and while you're preaching personal responsibility you should also go back and prevent three generations worth of students being told going to college is the most important decision they can make to be responsible for their futures.

have we considered blaming the schools, parents and society?

[thetruepandagod]

ur jobs mean nothing in the face of recession

[Mrbeansman]

Yes just go work jobs that can't put a roof over your head because we made going to college a requirement to make a living wage.

[Bardicrune]

I think there should be an interest rate on student loans, but it should instead be tied to inflation rates. Otherwise, an interest free loan would instead make the student more money the longer they waited to pay it back.

Edit for clarification: No compound interest rate, just tie the loan amount to the inflation rate.