student loan relief

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Hi:
I see the feds are waiving many student loans. I assume this is to help students who owe money for schools (i.e. ITT, Corinthian)that went dead before the student got the degree. Wonder about details. I know relative who went to Indiana Business College, a for profit school, never got a job in field, may NOT have gotten degree, has been paying back for 15 years, probably not eligible for breaks, but would like to help out, so I am researching the data. Anybody up to date on this? Thanks!
 
I wish I could advise. But i can't.

I paid tens of thousands of four year college fees by working as I went to school and after to get a teaching job in a state where benefits were taken in leu of pay increases. Now thats all gone from one dope governor. And unbeknownst to me, I am not only the root of all budgetary woes as I make $45k after 16 years but alsoI am somehow damaging society because I teach kids how to read and do math.
 
I wish it should be true because many students are going into depression with these loan amounts and it's not really easy to pick a job after a degree. Also, students should take participate in scholarship programs for more relief.
 
I'm in my mid 30's and still paying mine.
I can't complain though, I paid my Student Loans down to the point where they are manageable.

I have friends who got Masters of Music Performance, and Masters of Theology degrees from big name Ivy League, or the next best thing, schools.
They never had a chance. Their Professors lied their rears off until the door hit the kid on the wy out.
Sure... you'll get a job...And you still wont make enough to cover the interest payment.

Want to get married?
Want to buy a house?
Want to have kids?

Well...it's either have 3 jobs (hopefully one pays more than minimum wage) and put life events off. Or stop caring.

And guess which route they took.
One of them has a panic attack every time they start speaking about the subject.
Interest alone is well over $1000 a month is what they've shared.

Yes, they did it to themselves.
But should a kid be allowed to?

I'm in favor in ridding all federal coverage of any loans.
Make them tougher to get.

I know a fool and his money are easily parted, but these kids don't have a chance and it's these institutions milking the federal government.

You can declare bankruptcy all you like, student loans are unforgiveable. They follow you until death, and that includes co-signers.
Co-sign for your kid and they get in a car accident at 30 and pass away guess who now owes tens of thousands in Student Loans?

Higher education past some point is a joke.
There is a lot to be said to get an education in a trade.

I know a few guys who own a business in a separate field after receiving their engineering degree and getting tired of that grind.
I know lawyers who have 2 jobs as their 80+ hour work week doesn't pay enough to cover loans.

The saddes thing is I know a few girls who wish they never set foot in college and wish they did something else, anything else, than blow more money than they'll make in the next 30 years as a mother.

The whole system stinks.
And the school administration laughs all the way to the bank.

Forgiveness is also a joke.
I'll believe it when I see it. Even for those schools that folded.
I expect it to be run by eleventy billion layers of Bureaucracy and run out of money before it gets started.

Pardon me if I have a bad attitude towards the entire system..

More people should be allowed to fail.
That includes banks, automobile manufacturers, and educational facilities.
 
Originally Posted By: bmwjohn
Hi:
I see the feds are waiving many student loans. I assume this is to help students who owe money for schools (i.e. ITT, Corinthian)that went dead before the student got the degree. Wonder about details. I know relative who went to Indiana Business College, a for profit school, never got a job in field, may NOT have gotten degree, has been paying back for 15 years, probably not eligible for breaks, but would like to help out, so I am researching the data. Anybody up to date on this? Thanks!


I think this loan relief is only for all the 'For Profit' schools that recently went out of business.
 
The problem with college is: Everyone thinks its their right to go and that it's the best option. Oh, and they go wherever they want, without consideration of costs.

I'm 40 years old. When I was a senior in high school, I had a brother who was a junior, and one who was a sophomore. We were raised by a single Mother. I could have went anywhere: Notre Dame, Dartmouth, Duke, etc. I was visited all these schools and had acceptance letter from them all. But even playing Football at Dartmouth, I would have been on the hook for $40k/year, and Notre Dame and Duke was even more!!!

So I went to a different school: DePauw University. I could go there for $4500/year. It is an incredible school. They have a HUGE endowment (especially for a very small liberal arts college), and their stance is simple: If you get accepted, we'll crunch some numbers and decide what you and your parents can afford to pay for school, we'll take care of the rest. It was a No-Brainer for this kid!!! Especially with 2 younger brothers wanting to go to school too.

I was a double major in Chemistry and Religious Studies (just for fun) and by the time I was 26 years old, I was making $80k/year at a Pharmaceutical company doing R&D. You have to shop around. You have to go where it makes sense. You need to utilize powerful alumni for internships and jobs once you graduate.
 
Higher ED is a scam to some extent. Art history, sociology, history, ecology, environmental science, music, the humanities etc. I've been told that there are even too many lawyers. These are all very important fields, but they simply aren't good businesses and people with those skills aren't in demand in the workplace. There are some jobs, but not very many. The departments don't keep the placement data and aren't honestly forthcoming to the prospective students about what they can expect employment wise. If they were, they wouldn't have a program or a department and the professors would be looking for jobs themselves. The parents aren't realistic either and how much does a high school kid know about the realities of making a mortgage payment. Hopes and dreams simply don't pay the bills. I know quite a few people who are very bitter about this.

My dad sent me to trade school in 1980. 2 years, $2000/year which covered room, board, and tuition. I got a pretty good job paying $20K after graduation back then. My advice: Send them up to the IBEW union hall and get them started in an apprenticeship program for inside wireman or lineman. They only have to pay for books as far as I know and if they show initiative they'll start them working with a local electrical firm. Can't outsource those jobs to china either.
 
College kids need:

- A useful relevant degree / training / education for the real world
- Apply for internship(s) last year of school
- Network , network, network, network
- Join associations in your career field for job offers, more networking...
- Be willing to start at very bottom doing grunt work (proving yourself)
- Get a job that has tuition reimbursement to further your education and skills


I sometimes post entery level jobs on BITOG for people looking for work.

https://bobistheoilguy.com/forums/ubbthr...ion#Post4254490
 
'Government Guaranteed Student Loans' have guaranteed one thing...these schools can keep raising tuition without consequences.

PS: In my area the big schools like Columbia University and NYU have been buying up real estate like crazy....I guess their enormous tuitions cover more than their expenses.

PS: Our universities no longer encourage differing points of view but rather have become echo chambers for one point of view....my kids know that if they express their conservative view point their grades will suffer.
 
I'm still in college and wow. The outlook is bleak if one doesn't succeed here and now. I go to an in state public university so tuition is a lot less than other schools, but when I go for something like an MD/PhD, how long will it take to pay back those schools?

Most of the people here are right about high school students knowing nothing. I didn't, and had to transfer many times and jump through a lot of hoops to get to where I am. Even now the amount of [censored] they put kids through to make them graduate late is crazy. Some classes I need for my major are only offered in fall/spring sequences so I have to wait a year before I can even take them because I haven't completed the prereqs. From someone who's still in the system, yes it is rigged and yes they set you up to fail.
 
Most of the successful and happy people I know skipped college and just did what the love. My view of college now is to study business so you can successfully make a living doing what you love. Secondarily study what you love only if it will help you. The world needs less workers everyday, the future for employees is grim, business ownership is where it's at.
 
It's simple. Student loans are a money laundering scheme. Loan available, tuition goes up, no problem. More students into the system, more schools into the system. What's not to like.

You're entitled to an education, right? And it's like a credit card. Run the card, pay later. The school told me I'd get a good job, right again?

The government and the schools wouldn't mislead me, would they? And just because the only debt relief is for the financial industry to write off when times are difficult. Oh, and a minuscule amount of relief for students that takes a government selected job. And what's this, a student is the only one that can't bankrupt out of the debt? Oh, my!

And what's this, the schools have to qualify and their curriculum must meet some standard determined by a politician or an appointed person, friend, donor or wife. There won't be any problems here, will there?

And worse than all that, the students could have elected Bernie and had all these debts forgiven with magic federal funds. Oops, again.
 
Originally Posted By: pbm
'Government Guaranteed Student Loans' have guaranteed one thing...these schools can keep raising tuition without consequences.

PS: In my area the big schools like Columbia University and NYU have been buying up real estate like crazy....I guess their enormous tuitions cover more than their expenses.

PS: Our universities no longer encourage differing points of view but rather have become echo chambers for one point of view....my kids know that if they express their conservative view point their grades will suffer.
All true.
 
Originally Posted By: Mr Nice
College kids need:

- A useful relevant degree / training / education for the real world
- Apply for internship(s) last year of school
- Network , network, network, network
- Join associations in your career field for job offers, more networking...
- Be willing to start at very bottom doing grunt work (proving yourself)
- Get a job that has tuition reimbursement to further your education and skills


I sometimes post entery level jobs on BITOG for people looking for work.

https://bobistheoilguy.com/forums/ubbthr...ion#Post4254490

Don't expect to make a lot of dough with an "Art History" degree unless your family owns a museum.
 
Student loan relief? Is this for real? I keep seeing emails in my spam box about it, or in those stupid clickbait ads, and just thought it was junk.

I was incredibly lucky. Went to a "reasonably" priced state school, got my degree in a normal amount of time, got a good job and got the bill paid off in 10 year's time. In hindsight I was a fool! Everyone said I needed to go to college, and I just went, not knowing better. I don't think the people advising me had gone to college nor had much of an idea of budgeting nor how it would be paid for.

Now I'm glad I went, I think it was good for me (full time engineering student, no outside job, so I focused on my "job" as a student--and did well enough) but I have every intention of closely watching and guiding my kids when we hit that stage.
 
Originally Posted By: supton
Student loan relief? Is this for real? I keep seeing emails in my spam box about it, or in those stupid clickbait ads, and just thought it was junk.

I was incredibly lucky. Went to a "reasonably" priced state school, got my degree in a normal amount of time, got a good job and got the bill paid off in 10 year's time. In hindsight I was a fool! Everyone said I needed to go to college, and I just went, not knowing better. I don't think the people advising me had gone to college nor had much of an idea of budgeting nor how it would be paid for.

Now I'm glad I went, I think it was good for me (full time engineering student, no outside job, so I focused on my "job" as a student--and did well enough) but I have every intention of closely watching and guiding my kids when we hit that stage.

Are you some sort of body snatcher?
02.gif
That is my story! Although I am still a bit in the middle of it; 7 years so far with expectations of pay off around 10ish.

Once my kids get around to it they are going to get very different advice than what I got though.
 
Originally Posted By: supton
... but I have every intention of closely watching and guiding my kids when we hit that stage.

[off-topic]
Supton, since we are both fathers, can you elaborate on that?
anything i can teach my kids better will help them not make my mistakes...
[/off-topic]
 
Well, I plan to work much more on the whole budgeting thing. "Ok, your degree is going to pay what? x dollars per year? ok, how much do you think you'll spend on food per month? rent? college loan payments? is this y dollar education to get x dollar job going to work out?"

I plan to work on the retirement thing--when I was 16 I had no intention of ever retiring, thought it an anathema to the idea of being a hard worker. Save save save!

I also plan to voice my opinion as to whatever field they start pursuing. Advanced basket weaving? Um... let's keep looking.

Also, I want them to spend some time exploring options. Maybe working part time and doing community college for base credits. Maybe working for a couple of years first. Maybe full time is best. It's really hard at this time, as it's several years away, but I'm hoping that I'll still be "close" to my kids and that I will still be able to give input and guidance. So right now I'm trying to get involved in the things they do, and plan to stay involved as we hit the teenage years. If I can transition into a peer relationship with them perhaps I can help steer them for life, or at least until they feel good and comfortable on their own feet.
 
There's an entire class of people in our country who believe you are incapable of successfully wiping your rear end without having 3 masters and a PhD. These people generally do not exist out of higher education. In their mind, it's okay to charge ridiculous amounts and squander tuition money - because there's a steady loan supply. And they genuinely believe they are making the world a better place by wasting tuition money on incredibly worthless endeavors.

But whatever.
 
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