Had to post this - Student loan fugitives

Quote from clacy:

If these things weren't backed by the US government, nobody would qualify for a $160k loan for a music degree. When goverments make guarantees, you get lose with your money.
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the lifetime limit for stafford loans is $20ish thousand, and for perkins it's $40k. and you have to be freaking way below the poverty line to get the max. my family was poor and i remember getting nowhere near the max.

that means most of this guy's $160k debt was not backed by the govnt.
 
Quote from drsteph:

Chris (who doesn't want his last name used) graduated with about $160,000 in student loan debt with a master's degree in music.

"At the time I thought I could handle it. I thought the most I'd be paying was $600 a month," he says.
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600 a month?!? On 160 grand!?! $600 wouldn't pay off 160 grand with zero interest in 20 years.

This from sombody in a master's program? Dude, put down the bong, change from whatever loser liberal major you currently have (journalism, political studies, psychcology, library studies, woman studies, etc.) to something with some science and pick up a math book.

Unless you have a masters in Econ. In which case, expecting to pay $600 a month on a debt of 160k is prefectly understandable and even expected. Call up Congress, they'll want your advice.

Edit: Ahhh, I see his major was music. Why am I not surprised?
 
Quote from TGregg:

600 a month?!? On 160 grand!?! $600 wouldn't pay off 160 grand with zero interest in 20 years.

This from sombody in a master's program? Dude, put down the bong, change from whatever loser liberal major you currently have (journalism, political studies, psychcology, library studies, woman studies, etc.) to something with some science and pick up a math book.

Unless you have a masters in Econ. In which case, expecting to pay $600 a month on a debt of 160k is prefectly understandable and even expected. Call up Congress, they'll want your advice.

Edit: Ahhh, I see his major was music. Why am I not surprised?
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His understanding of finances is just about right... for a job in CONGRESS!

Another example of "getting through school" without ever having a course in financial anything.

Have you ever wondered... Why at least one course in basic personal finance is not required to graduate from HS or to get a degree? What class could you take which would ever be more important in your real life? (Hell, I had Public Speaking as a requirement for a BS.)

So, why are finances not required study? It's because the Gummint prefers that we remain ingnorant so that we don't bitch and hold their feet to the fire for the shenanigans they pull... :mad:
 
A person with a "loser liberal arts major" should get used to a life of subdued earnings - not a life under an stifling debt burden that even a very solid living will not help him or her to get out from under.

This is a matter of keeping America *competitive.* I shudder to think what will happen once scores of Russian and Indian and Chinese and god-forbid Scandinavian competitors with *no student debt* and a thirst to succeed in business step right over the carcass of what once was a great American commitment to business and take over the world.

American college diplomas are really no better than leveraged debt securities collateralized by nothing but youth, inexperience and idealism. A pathetic state of affairs.
 
Quote from jeangenie:

A person with a "loser liberal arts major" should get used to a life of subdued earnings - not a life under an stifling debt burden that even a very solid living will not help him or her to get out from under.

This is a matter of keeping America *competitive.* I shudder to think what will happen once scores of Russian and Indian and Chinese and god-forbid Scandinavian competitors with *no student debt* and a thirst to succeed in business step right over the carcass of what once was a great American commitment to business and take over the world.

American college diplomas are really no better than leveraged debt securities collateralized by nothing but youth, inexperience and idealism. A pathetic state of affairs.
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Case in point.... my cousin's daughter came to Denver to enroll in a nursing program at Regis University...but she couldn't get in because she didn't have her "basic courses"... and she was already a junior at Texas A&M. (No wonder they tell "Aggie" jokes in the longhorn state.)
 
Quote from forsalenyc:

does it make a difference? he's still doomed for life
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I don't see what the issue is, he should just stay out of the country.
If anything though its the kids parents that are more at fault than anyone. If you don't raise your kids to understand that taking out 150k for a music degree is insane then you have failed as a parent.
 
The guy's parents probably didn't give him *any* instruction, that's the problem. He probably just succumbed to the notion that pervades our whole society, that you should "do what you love and find a way to get paid for it," "do what makes you happy," "major in whatever you're good at," etc etc etc ad nauseum.

I think this young man is probably hopelessly misguided and naive, and now in a desperately compromised situation, but I have some sympathy for him (especially given the extent to which we're now apparently socializing far greater evils than this guy ever committed).

I also think that our attitudes toward work and education will change drastically as a result of the economic malaise we are now in. I for one have come around to the idea that self-employment, being one's own boss is absolutely *critical.* There is not a *single* employer out there who gives the first shit about you, the employee. They'll as soon downsize you as shake your hand.
 
Quote from scriabinop23:

Lets take it further: Why not create an agenda to give scholarships for degrees we need (engineering, geology, science, medicine, etc) on a national level.
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Because then politicians get involved. Senator Pond Scumsucker has a school in his district that offers the only masters program in Burger and Bird Flipping. Guess which discipline he wants to add to the list of ones that can get a big ol student loan?

OTOH, if we get rid of government guarantees and banks take it in the shorts when they loan somebody a quarter mill to learn sheep boffing, then banks will (eventually) notice that sheep boffers can't repay and stop loaning them so much money. Unless they get endless bailouts, that is. :P
 
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