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Hilarious: what to do now that you have to pay your debts...

test
Swiper

Swiper

VIP Member
Jan 8, 2011
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Why is the federal government in the business of student loans?

They have no authority to do that.

Why is there a department of education?
 
tommyguns2

tommyguns2

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Staff Member
Dec 25, 2010
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How can kids get approved for these monster loans when they don't even have the credit to get a used car?
You just identified one of the primary sources of tuition inflation for college over the past 40 years. Shocking, it was gov't involvement that dislocated the market.

Once the gov't got involved to subsidize and guarantee student loans, the banks had no incentive to "vet" applicants, like they would a business loan or a car loan. In those instances, they actually worry about getting paid back.

So all of a sudden, all these prospective students, many of them not true college material, are flush with cash (not theirs, gov't money). When there are extra dollars chasing a limiting amount of inventory (seats in the freshman classes of colleges across the US), what happens? Inflation.

If I'm a state school, and I'm trying to obtain a certain amount of selectively (e.g., Ohio State), maybe I can achieve that if 2 students apply for every 1 seat in the freshman class. That means, if OSU has 8,000 seats, if they get 16,000 applicants, they obtain the selectively they want. If they can increase tuition 15% every year and still get 16,000 applicants to apply, they'll do so, as the flood of gov't money made the demand for those limited seats relatively inelastic.

If the gov't wasn't involved, and you sat down with a bank for a student loan, and you asked for $10,000/yr to go to OSU. He'd ask you what were your grades, and what will be your major. If you are a mediocre student, and tell the bank you're going into ethnic studies, or some other BS major, the bank would not give you the 10K, but instead might give you a lesser amount. That would cause the demand for college seats to be responsive to cost.

The two biggest areas in the US with runaway costs is education and medicine. And guess what, gov't is knee deep in both of them, completely dislocating both markets. Gov't sucks!
 
Rider

Rider

TID Board Of Directors
Aug 27, 2010
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It’s a welcome relief to finally get that student debt repayment ruling.

Over 3+ years of kids buying expensive fancy materialistic fashion items, vacationing multiple times a year, and buying those deluxe cars, they finally need to own up to their student debt. Lmfao about time!
 
tommyguns2

tommyguns2

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Dec 25, 2010
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I've seen several articles lament the court ruling as disproportionately affecting people of color. I'm not so sure about that. I bet if we looks at the stats on student debt, the majority of it is being held by upper class whites that decided going to a private school rather than a state school would give them more prestige, and better networking.

After all, if you're upper middle class (daddy belongs to the country club, but isn't a true high roller) would you rather have a degree from Lehigh U or Penn State? One will cost you 120K, the other will cost you 250K. On top of that, these morons go into majors that are worthless (NOT accounting, engineering, computer science), and now they're working a job that pays 40-50K and they owe 200 K. There are more of these people that are white kids than black kids, I bet.

So a gov't bailout would be a massive transfer of money from blue collar taxpayers to upper middle class white kids.
 
1bigun11

1bigun11

MuscleHead
Oct 23, 2010
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Yeah but at some point you have to admit that these kids did EXACTLY what their teachers, their schools, society, colleges, parents, and their government told them was the best way of getting ahead. And if you want to use the the US government as an example, that is an entity that hasn’t paid its debts in seventy five years.

These students were blank slates who were pre-programmed from the time they were born to self destruct. Fuck America and fuck society for doing that to them, and then behaving like they weren’t primary causal factor all along.
 
tommyguns2

tommyguns2

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Dec 25, 2010
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Yeah but at some point you have to admit that these kids did EXACTLY what their teachers, their schools, society, colleges, parents, and their government told them was the best way of getting ahead. And if you want to use the the US government as an example, that is an entity that hasn’t paid its debts in seventy five years.

These students were blank slates who were pre-programmed from the time they were born to self destruct. Fuck America and fuck society for doing that to them, and then behaving like they weren’t primary causal factor all along.
I agree with every single word of this.
And yet..
 
Swiper

Swiper

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Jan 8, 2011
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He speaks truth.



I know most of u are not going to even bother to clicking on these links, but if you do the second one is the best, it just proves a college degree is almost worthless, unless you’re a medical doctor, or in that kind of highly educated needed profession
 
Swiper

Swiper

VIP Member
Jan 8, 2011
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Yeah but at some point you have to admit that these kids did EXACTLY what their teachers, their schools, society, colleges, parents, and their government told them was the best way of getting ahead. And if you want to use the the US government as an example, that is an entity that hasn’t paid its debts in seventy five years.

These students were blank slates who were pre-programmed from the time they were born to self destruct. Fuck America and fuck society for doing that to them, and then behaving like they weren’t primary causal factor all along.

Basically what you’re saying is when government gets involved in peoples personal finances it fucks everything up?

I agree

This country is so fucked I feel so bad for my 21-year-old daughter, who has to live in a fucked up country with the most corrupt government in the world

Like testBoner said you have to disassociate yourself with the government. I wish he would get into more specifics about that but he is 100% correct .


TestBoner: if you have any recommendations on how to disassociate yourself with government that you could post publicly, that would be greatly appreciated

Also, if there’s things you don’t wanna post publicly a PM would also be greatly appreciated
 
JackD

JackD

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Sep 16, 2010
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I’m glad they struck it down. I took out loans and paid them back in 10 years. I wasn’t dumb going to a university that costs 50k a year either like some of these kids are. I did the cheap route. Jr college, then finished out 2 years. It’s not hard, the Jobs care that you put effort in to attending and doing work towards a degree. Similar to a job. Places want to see effort. They don’t care much about what school you went to anymore. But these kids feel it’s beneath them to go to a Jr college to take a class.

It does piss me off thinking they are entitled to everything and they shouldn’t have to pay for it. Such a big shift from how I grew up. If I wanted something, I worked for it. No one gave it to me. You take money out, pay the dang loan back.

Alright, my tangent for the day. Now time to write a paper for my Masters that I didn’t take loans out for.
 
trentracks

trentracks

TID Board Of Directors
Apr 23, 2011
1,527
704
Sounds like I need to go back to school. Use the money to buy a dodge demon 170.
 
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