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Student loan bubble gonna go POP?

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posted on Nov, 30 2016 @ 11:48 AM
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a reply to: rickymouse

To be sure if there is a full-disclosure type event and people everywhere know the truth there will likely be calls for blood. We do need to resist those urges and focus on forgiveness. Those responsible are playing a part, either willingly or unwillingly that is a necessary piece in our development as a species.

My dream at this point if all of the debt collapses/goes away is to build a small homestead in a rural location that is off-grid and grow enough food/resources to feed myself and anyone with me.

It would be hard work, but I would love every minute of it.

I belong to a hunting camp that is off grid and uses solar/natural gas and is completely off grid, outside of cell phone range and there is no TV. It is the only place I feel 100% at peace.




posted on Nov, 30 2016 @ 11:58 AM
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a reply to: Tman2135

Agreed, I think that the people at the top won't let go until they are encouraged to. The best scenario is a total work stoppage. They need us more than we need them.

Worse case is an ugly bloody mess.

I believe the student loan bubble will burst becasue all the Millennial have seen their parents get screwed by corp America, and of course the bankers screwing the tax payer with Bush's approval. Why should they pay for a worthless piece of paper when no one else is held accountable?

I also think the medical bubble will burst. Another thread though.



posted on Nov, 30 2016 @ 12:02 PM
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originally posted by: DAVID64
a reply to: rickymouse

Since I am disabled and on a limited income, my son may get a few more grants to go to school, but I have told him again and again and again No Loans!! Even though he's 18 and is pretty good at doing all his college paperwork by himself, I don't trust some college loan officer to slip something in on him. [ I seriously don't trust people ] So, I've told him not to sign anything till I've had a chance to read it. Loans will be a last gasp solution to school, even to the point of using my house. I'd rather get an equity loan, rather than he come out eyeball deep in debt to Uncle Sam.




It leads to a feeling of entitlement when someone pushes a pencil, or now a computer key, and does not have to do physical labor.


He wants to be a Petroleum Engineer and my oldest son and brother in law work in the oilfields of Texas, so I told him he'll be working a Summer job in the oilfields. Getting your hands dirty never hurt anyone and let's you know how it feels to work for your money.


Good idea, my youngest daughter did not have any school loan debt, she went to college for six years and did not even get a two year degree. We had bought a MET college plan when she was real young. We did have to pay some for her stay in the dorms that the scholarships did not cover, but at least she didn't have any debt. My oldest daughter from my first marriage had paid college, she qualified for free tuition because of their income. She took out student loans and blew the money instead of her and her husband working a full time job. She owes a lot more than they borrowed, it ballooned to double the original over the years, because they have five kids they did not have to pay on it but the interest level went up years ago. Now they are paying it back and not gaining ground much, payments just cover the high interest rate.

My granddaughter qualifies for grants and she can get most of the tuition paid but the college pushes living on campus and wants her to take out the max loans. She has to try to reverse it, she planned on staying with us but they pushed the dorm living on her estimate, she now has to go back and change it or she will have to go with it even though she did not sign up for it. Talk about deceivers running things, the college is eight miles away, she does not need to live on campus and ring up debt.

If she gets through the first three years of college without loans, she will do ok, maybe she will need to take out loans for a bachelor degree or something. But we are not going to start paying for her to stay at college, that is stupid, she can live here or at her moms, she can even stay with my other daughter occasionally and work for her at twice what the college jobs pay. I know for a fact that if she works for my daughter she will make way more than she would ever make in college after five years. She could go straight to work for the company my daughter works for that works with medical records. No degree required. Paid travel and car expenses and motel rooms and good pay. But you need to be able to think out of the box for that kind of work, they train you but not everyone can do that kind of work.



posted on Nov, 30 2016 @ 12:07 PM
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a reply to: loam

I sure got screwed. I aced my AS and they cut off my funding to get my BS. The payments were a minimum of $600, despite the fact the 'training' didn't even put me in a position to make an additional $300 than if I didn't have it. AS generally just means you're more likely to get hired than people without it, people with only an 'HS'; BS means you go from making something like $30K with experience (AS), to about $50K to start with BS. So I turned Independent Contractor, for life.
edit on 30-11-2016 by IgnoranceIsntBlisss because: (no reason given)



posted on Nov, 30 2016 @ 12:08 PM
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originally posted by: Tman2135
a reply to: rickymouse

To be sure if there is a full-disclosure type event and people everywhere know the truth there will likely be calls for blood. We do need to resist those urges and focus on forgiveness. Those responsible are playing a part, either willingly or unwillingly that is a necessary piece in our development as a species.

My dream at this point if all of the debt collapses/goes away is to build a small homestead in a rural location that is off-grid and grow enough food/resources to feed myself and anyone with me.

It would be hard work, but I would love every minute of it.

I belong to a hunting camp that is off grid and uses solar/natural gas and is completely off grid, outside of cell phone range and there is no TV. It is the only place I feel 100% at peace.


Actually, Small farmers who have their farms paid for do not really need to work really that much. You can live comfortably working five hours a day average and sell enough to pay bills. You can sell off some of your produce to help pay bills and raise an extra cow or some pigs to sell too. You won't make it if you have to borrow money to buy the farm and are constantly upgrading everything.

Just needed maintenance and essential things.



posted on Nov, 30 2016 @ 12:14 PM
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a reply to: TrueBrit

When everyone is special, nobody is.



posted on Nov, 30 2016 @ 12:17 PM
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I paid for my own college and was lucky enough to land a job in the tech sector right before the dotcom bubble burst, and I've been consistently employed since then, so student debt was never a problem for me.

However, costs continue to go up, and the job market sucks. My wife, on the other hand, went to college to upgrade her skillset in a field that looked like it would still be hiring (HR), and she then looked for a job for 5 years before giving up.

I'm still paying her student loan debt.

Now, I can (and will) pay because I make good money, but there are thousands and thousands of people who's ability to pay evaporated when they couldn't find work.

So yeah, it could very well pop.

You can't squeeze blood out of a turnip.
edit on 30-11-2016 by Greggers because: (no reason given)



posted on Nov, 30 2016 @ 12:20 PM
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a reply to: bknapple32

Bill Clinton owns the responsibility for this debacle. He pushed the bankruptcy reform bill that yanked the rug out from under debtors who were drowning in student loan debt and couldn't find work. The number in 1999 was actually pretty small, BUT few lenders would lend money to students seeking degrees that didn't pay enough to settle those debts. Clinton's elimination of the bankruptcy safety net opened the flood gates to millions of loans which simply can't be paid off with the type of jobs the average arts or general education student can get PLUS it gave colleges carte blanche to jack their tuition rates sky high, knowing the lenders would be more than happy to shove more interest rate earning loan money at dumb 18 year olds.



posted on Nov, 30 2016 @ 12:22 PM
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a reply to: worldstarcountry
25k a year is garbage that's total poverty nobody wants that especially for 2 people.



posted on Nov, 30 2016 @ 12:26 PM
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a reply to: burdman30ott6

That is so true. Essentially, the government created a condition of predatory lending and protected those lenders from any downside. Throw in the educational institutions rising fees, also because of this new protected environment, and you have one of the greatest fleecings in US history, imo.



posted on Nov, 30 2016 @ 12:44 PM
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The cost of education will continue to rise as long as it is subsidized by student loans. The easiest way to reign in costs is to cut off the financing.

Unlike other forms of financing where underwriters have to assess the credit worthiness of the borrower, student loans are available to anyone with a pulse. If student loans operated like a normal credit market, underwriters would be looking at applicants grades, school reputation, major, and other factors before determining if a loan is warranted.

It is one thing to go into debt for $100k as an undergrad to get an engineering degree from MIT versus $100k in criminal justice from U of Phoenix. However, student loans treat both students the same.

Because schools know there is high demand AND financing is readily available, prices of been inflated beyond what is reasonable.



posted on Nov, 30 2016 @ 01:06 PM
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a reply to: burdman30ott6

If I may rebut I think that Nixon was the genesis of this by taking us off of the gold standard. Clinton only exacerbated a problem which was wasn't visible yet to most.



posted on Nov, 30 2016 @ 01:38 PM
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originally posted by: Tman2135
a reply to: burdman30ott6

If I may rebut I think that Nixon was the genesis of this by taking us off of the gold standard. Clinton only exacerbated a problem which was wasn't visible yet to most.


FDR took the US off the gold standard. All Nixon did was unpeg Gold from the dollar. In reality, this idea that Nixon did something wrong is misplaced. The US had artificially controlled not the value of the dollar, but the market price of gold for 30 years and Nixon recognized this artificial manipulation was in direct conflict with free market capitalism.

FDR screwed this nation monumentally in more theaters than just our currency values. Worst president ever, as far as I am concerned.



posted on Nov, 30 2016 @ 01:45 PM
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a reply to: Edumakated
devil's advocate----
You have an adult that is making the decision to go to school, and the school is there to satisfy that need. It is supply and demand, a perfect system. If the students don't want to go they don't have to.

But one has to wonder if they will look back when they finally pay the loan off when they are in their mid 40's if they will think it was worth it.


Because schools know there is high demand AND financing is readily available, prices of been inflated beyond what is reasonable.



posted on Nov, 30 2016 @ 01:59 PM
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originally posted by: seasonal
a reply to: Edumakated
devil's advocate----
You have an adult that is making the decision to go to school, and the school is there to satisfy that need. It is supply and demand, a perfect system. If the students don't want to go they don't have to.

But one has to wonder if they will look back when they finally pay the loan off when they are in their mid 40's if they will think it was worth it.


Because schools know there is high demand AND financing is readily available, prices of been inflated beyond what is reasonable.


For some people, it may be worth it. For others, not so much. It just really depends as to why you are looking to further your education.

A degree could help advancement in careers for some people. Other folks, not so much. Some people just want to feel they accomplished something.

College is not for everyone. I've already started putting money away for my son to pay for college. He is just 2.5 years old. I'm starting to think the money may be better spent helping him start a business of some sort.

IMHO, there are only maybe 30 or so colleges/universities that are really worth going into debt to attend. Unless you are going to one of the top schools, you should try to minimize the cost as much as possible as you are unlikely to see a huge ROI.



posted on Nov, 30 2016 @ 02:15 PM
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originally posted by: burdman30ott6
a reply to: TrueBrit

When everyone is special, nobody is.


Not true. Each person can be special in a different way.



posted on Nov, 30 2016 @ 03:06 PM
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So I have been paying student loans for the last 10-12 years. I borrowed around $20k-$25k and have been paying $250/mo. So just by that math alone I have paid $30k (give or take 5k we'll say).

I feel if anyone should be forgiven it is me. I probably have another 10k to go.



posted on Nov, 30 2016 @ 03:11 PM
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a reply to: HawkeyeNation

The longer you take to pay, the more you pay in interest. This is basic math. This is why you shorten the amortization schedule.

With a 30 year mortgage, you would almost pay as much in interest as the original principle balance. Do a 15 year and you save dramatically on interest paid out. However, most people don't want to do that because it means their payment is higher.



posted on Nov, 30 2016 @ 03:21 PM
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a reply to: Edumakated

In 20 years we'll be in a totally different world.

Invest the money and turn into something that you can pass down.



posted on Nov, 30 2016 @ 03:23 PM
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originally posted by: Edumakated
a reply to: HawkeyeNation

The longer you take to pay, the more you pay in interest. This is basic math. This is why you shorten the amortization schedule.

With a 30 year mortgage, you would almost pay as much in interest as the original principle balance. Do a 15 year and you save dramatically on interest paid out. However, most people don't want to do that because it means their payment is higher.


Well ya, I know that. But if they want people to pay back their loans maybe there system shouldn't be a scam. I only took out that much money because I was young and dumb. My parents never went to college so they had no idea. I'm just saying, if they want to forgive loans maybe they should start with the ones that have at least put forth an effort to pay them back in the first place. I know that it won't work like that but wishful thinking.



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