I knew student debt was bad but didn't realize it became very bad after the 2008 - 2010 financial crisis. Yet, the student loan debt is so large...the only thing they really could do was put a PAUSE on the payments. Simply, the government couldn't pay off some of the debt during the Pandemic when millions are out of work. Then again...that would be unfair. wrbtrader ------------------------------ https://finance.yahoo.com/news/student-loan-pause-trump-executive-memo-215849366.html Education Secretary Betsy DeVos announced that her agency’s Office of Federal Student Aid (FSA) has enacted the payment suspension by setting interest rates on “all federally held student loans” to 0% through the “end of the calendar year.” Public Service Loan Forgiveness (PSLF) program should still be counted towards their 120 payments." data-reactid="22">The FSA is also suspending collections on defaulted federally-held student debt and pausing wage garnishment. At the same time, non-payments for those on the Public Service Loan Forgiveness (PSLF) program should still be counted towards their 120 payments. WASHINGTON, DC - MAY 2: Secretary of Education Betsy DeVos listens as President Donald J. Trump gives remarks at the National Teacher of the Year reception in the East Room of the White House on Wednesday, May 02, 2018 in Washington, DC. (Photo by Jabin Botsford/The Washington Post via Getty) Not all consumer advocates were satisfied, particularly given that private student loans are not affected by this action. “There are 9 million borrowers who haven’t received any help and it looks like they’ll be left behind,” Seth Frotman at the Student Borrower Protection Center told Yahoo Finance. “What we’re doing here is kicking the can down the road.” Frotman emphasized that “we still have tremendous number of Americans out of work, millions more struggling financially,” adding: “It’s not as if all our problems will be solved on January 1.” Mayotte echoed that sentiment, noting that “my fear is that Congress is going to feel like, well, we don't have anything left to do because the executive order did it, and that's not true.” She added that Congress should first consider extending this action to other borrowers, and also loosen bankruptcy protections. cancelling $10,000 in student loan debt for all 43 million federal student loan borrowers. " data-reactid="70">Presidential candidate Joe Biden’s proposal may offer more relief to borrowers come January, if he were to be elected president. The former vice president’s plan reportedly involves cancelling $10,000 in student loan debt for all 43 million federal student loan borrowers. “Young people and other student debt holders bore the brunt of the last crisis,” Biden tweeted in March, as the pandemic began its brutal assault on the country. “It shouldn't happen again.” — Aarthi is a reporter for Yahoo Finance covering education. Follow her on Twitter @aarthiswami. If you are a student loan borrower who is struggling with your debt and would like to share your experience, reach out to her at aarthi@yahoofinance.com
Maybe if employers stopped requiring college degrees to get the most basic of jobs, we would not be in this mess.
We have to get out of these University certs requirements. I have seen many who have a lower University degree or a diploma perform better in their jobs as compared to those who have higher education. Companies should start emphasizing in their interviews on who can do the job, not who has the qualifications. Once the companies start to hire in such a way, people will concentrate on actually learning the skills and not wasting time on college degrees. Virtually anything can be learned online now.
Not true...many laboratory classes can not and classes that require group / teamwork in real application can not. Yet, the basic course requirements to qualify for the laboratory classes typically can be learn online. Also, they're now discovering that students that's been educated the traditional way for many years and suddenly switch to online education... There learning performance suffers greatly in comparison to students that had online education as a critical part of their education since grade school...very few schools fit that category. In addition, the parents play a key role. For example, home school children that had online education as a key part of their curriculum with a stay at home parent out perform students that had traditional in person education but taking a few classes that were online. The current Pandemic has exposed the problems with online education especially for students below the university level. One example out of many problems...remember why you had to take PE classes in high school or why there's a recess in grade school ? Physical exercise or movement is a critical part for the brain while getting an education. Yeah, most can go a summer of one academic year without it in emergency situations. Anything beyond that you'll have suicides 5 - 10x higher according to the mental health officials and you'll have a larger part of society with growing physical health problems. Yet, getting back to the University level education...economically most cities that are dependent upon the income generated by the Universities...many will go bankrupt because students do in fact spend a ton of money while at a typical in person University. In fact, many Universities themselves will go bankrupt because they're dependent upon that income that's typically generated from in person education. Last of all, there's more social disparities in online education in comparison to the social disparities to in person education even on the University education level. wrbtrader
college co %% That; and all the gov loans goofed up/inflated college costs.No wonder bill gates/m zukerberg quit college...……………………………………………………………………………………………………………….
Reality, they didn't quit college because of the costs considering it was something their parents easily afforded the schools. Most of them are brilliant and way ahead of the curve with their innovations and needed to leave school to put in the needed time to create their innovations. I think they now have honorary degrees. wrbtrader
%% I see your points/quit college [ MSFT/FB founders]; but maybe not costs in big bucks/ but costs in time= amen to your time comment...………………………………………………………………………………………………………………………..
%% That pattern may repeat; Bernie went ballistic when Pres Trump called him a commie. WHY?? Sounds like he is an angry/ red faced commie,