http://www.cnn.com/2009/US/06/24/college.loans/index.html?iref=mpstoryview So all of those arts majors who rack up massive school bills will have 85% of them dropped if they can't find mythical high-paying jobs that could pay down these loans. $800,000 loan? No problem. Become a novelist. Debt gone. Meanwhile, lax credit rules will continue to pump up the tuition of useless majors, leading to further debt reduction when students with useless knowledge can't find good jobs. Have we learned nothing from Fannie / Freddie?
A while ago, there was a post in this forum about some dolt who racked up 160K in loans to get a masters in music. He thought he'd only have to pay a couple benjies a month on it, lol. But, it's the dawn of a new age. We're "all in this together", so we need to give money to the irresponsible idiots that can't think straight, and take it from the suckers who work for a living, pay their bills and live within their means.
So all you idiots who saved and did whAt you were told lose in the end. I call this poetic justice! Morons
Another buffoon here recently told me that racking up huge credit card debt then walking away from the responsibility to repay was "the new paradigm". This kind of stupidity, entitlement mentality as well as career politicians is why we are doomed.
GOOD. I love Education. As Confucius said "Differences in society disappear when everyone is fully educated" Education gentlemen is what makes us use our brain, is what makes us different from animals. The more educated, the more human The less educated, the more animal.
Of course. Who doesn't like education. The problem is that legislation like this causes: a) Unsustainable bubbles in tuition fees and sky-rocketing loan amounts. b) Incentives for students and schools to go into non-productive and sometimes non-thinking endeavours. In normal times, policies like this can be somewhat tolerated, but not in this credit and recessionary environment.
I like this quote... "Then, if she completes 10 years of public service, her loans would be dropped completely" Now even back in the times of indentured servitude, a slave only had to work 7 years, then he was supposed to be set free. Now looks like 10 years until these kids are free.
What exactly is a "public service" job? I know lots of people who work for the government....many of them call their jobs "public service". So is this just another scheme to add yet one more fabulous tax payer subsidized benefit for government employees?
This is un fu**ing real. I feel cheated by my government and my fellow man (or woman). I have 40k in student loan debt. I also have two degrees a BS in a hard science and an MS in engineering which earns me an above average income. So now I have to work ten times as hard as these pukes in school to get a economically viable degree and then 10 times as hard out of school to pay for their dumb ass economic decisions. That's on top of paying for the chumps who just decide to mooch off the system instead of being productive. When is enough enough and the productive end up saying no more free ride. I am all for helping a person out through a tough time but not for subsidizing a standard of living because someone made a choice to study and pay for an economically unviable career field.