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almost 1 trillion in outstanding student loan debt
Poast new message in this thread
Date: September 1st, 2010 3:53 PM Author: Ungodly selfie Subject: thanks gov't / new york law school http://www.finaid.org/loans/studentloandebtclock.phtml (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940145) |
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Date: September 1st, 2010 3:55 PM Author: federal boistinker Everyone needs a college degree!!!!! (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940159) |
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Date: September 1st, 2010 7:52 PM Author: wonderful flirting site ladyboy tbf, about 75% of that is from NYLS (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15942004) |
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Date: September 2nd, 2010 3:00 AM Author: disturbing feces At least. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15945811) |
Date: September 1st, 2010 3:58 PM Author: territorial twinkling reading party "Do not borrow more for your entire education than your expected starting salary after you graduate. Otherwise you will find it difficult to repay the debt and will be at higher risk of default."
LOLOLOLOLOLOLOL |
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Date: September 1st, 2010 4:01 PM Author: Amethyst disrespectful partner *borrows 160k*
*assumes biglaw*
*gets debtpwnd* |
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Date: September 1st, 2010 4:33 PM Author: galvanic milk candlestick maker *borrows 200k*
*never considers that its not a good investment* |
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Date: September 1st, 2010 4:38 PM Author: floppy mint whorehouse right, but we weren't having this conversation pre ITE. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940405) |
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Date: September 1st, 2010 4:40 PM Author: galvanic milk candlestick maker who wasn't? i was. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940427) |
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Date: September 1st, 2010 4:44 PM Author: floppy mint whorehouse no one else on this board was. everyone (T6) got biglaw preite, so no one cared, it just didn't matter. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940458) |
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Date: September 1st, 2010 4:53 PM Author: primrose know-it-all psychic We were ordering bottles of champagne from room service just to pour them down the sink, wrecking ferraris in the Mojave, and wiping our asses with $100 bills (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940537) |
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Date: September 1st, 2010 4:04 PM Author: lascivious sanctuary ape I know, right?
Don't borrow too much or you might not pay it back... but we'll lend it to you anyway and you won't be able to discharge it! |
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Date: September 1st, 2010 4:06 PM Author: territorial twinkling reading party but but but my law school told me that starting salaries average around $110k so I should be fine! (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940205) |
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Date: September 1st, 2010 4:11 PM Author: lascivious sanctuary ape The 14 people who responded to the graduate employment survey are all the proof I need! (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940232) |
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Date: September 1st, 2010 4:09 PM Author: federal boistinker The irrational lending policies are due to government interference in the market (the same cause of irrational lending practices in the housing market pre-2008) (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940224) |
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Date: September 1st, 2010 4:21 PM Author: lascivious sanctuary ape Seems pretty rational to not let people off the hook for federally guaranteed funds. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940285) |
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Date: September 1st, 2010 4:23 PM Author: heady coiffed house i believe the policy he was referring to was guaranteed loans for anyone admitted to any college. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940301) |
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Date: September 1st, 2010 4:24 PM Author: lascivious sanctuary ape Yeah... (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940313) |
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Date: September 1st, 2010 4:37 PM Author: floppy mint whorehouse a policy which allows access to education for many who otherwise would be shut out. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940395) |
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Date: September 1st, 2010 4:41 PM Author: galvanic milk candlestick maker no, everyone could still get education. they'd just have to opt for something less expensive. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940435) |
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Date: September 1st, 2010 4:48 PM Author: floppy mint whorehouse that's just not true man. lots would be shut out completely.
don't get me wrong - i'm not saying there aren't huge problems with the current implementation, and that real schools as well as for-profit shit holes aren't taking incredible advantage of the system right now. |
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Date: September 1st, 2010 4:50 PM Author: galvanic milk candlestick maker it is true, actually. almost all education could be provided at a cost that would allow people to easily cash flow their expenses. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940503) |
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Date: September 1st, 2010 4:33 PM Author: Brass Piazza well, yeah.
but what's a realistic solution? both parties are thoroughly bought off by the SL industry. |
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Date: September 1st, 2010 4:34 PM Author: galvanic milk candlestick maker revolution, followed by free market for higher education. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940383) |
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Date: September 1st, 2010 4:39 PM Author: lascivious sanctuary ape That's not what happens after a revolution. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940417) |
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Date: September 1st, 2010 4:40 PM Author: galvanic milk candlestick maker revolution figuratively. vote out all incumbents (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940420) |
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Date: September 1st, 2010 4:43 PM Author: Brass Piazza that only works if you replace them with non-dems and non-repubs.
anything else would just be jostling the same old bucket of shit around. |
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Date: September 1st, 2010 4:52 PM Author: galvanic milk candlestick maker if a majority or even a significant minority of the general population was on board with something like free market higher ed, it would happen. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940518) |
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Date: September 1st, 2010 5:16 PM Author: lascivious sanctuary ape They aren't. We have collectively made a different policy decision.
And making loans rather than grants or direct tax support to schools is an important feature of this policy. The whole premise actually was to make students pay more for their own educations. If they borrowed more they would indeed have to pay more or choose another school or program. |
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Date: September 1st, 2010 4:46 PM Author: lascivious sanctuary ape You are currently as able to pay cash for any school that accepts you as you would be under a new government. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940467) |
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Date: September 1st, 2010 4:55 PM Author: galvanic milk candlestick maker the issue is that we do not want the govt making shit loans to every moron that would never be made in a free market.
this also effects good decisionmakers because it raises costs generally. in the current reality it may really be a good decision to pay a large sum for some education. for example, 45k for law school. but without all the messed up policies we could be paying a lot less for the same benefit. |
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Date: September 1st, 2010 5:26 PM Author: lascivious sanctuary ape Those loans are not shit. They are repaid no matter what. That's the policy decision freely made by the people. If borrowers want to pay less, they choose a different educational path as is. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940779) |
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Date: September 1st, 2010 4:43 PM Author: federal boistinker We got a freer market after the American Revolution. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940453) |
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Date: September 1st, 2010 4:45 PM Author: Brass Piazza are you sure about that? didn't george washington actually put down a rebellion against taxes on whiskey and other goods in the 1790's? (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940463) |
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Date: September 1st, 2010 5:06 PM Author: federal boistinker Yes, I'm sure about that. Do you not understand that claims of more or less are judged on a net basis and that GW did one think bad doesn't cancel out everything good? (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940656) |
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Date: September 1st, 2010 5:40 PM Author: unhinged people who are hurt toilet seat same cause as pre-2008 housing? Pre-2008 housing market wasn't caused by greed? Sure as hell looked like GS and others were having fun repackaging mortgages and changing the ratings. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940846) |
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Date: September 1st, 2010 7:25 PM Author: sepia cowardly shrine Distinguish between securitization and origination fail. Banks were able to be greedy because originators were willing to give anyone a mortgage with any terms because the government guaranteed them. The fact that a mortgage is securitized has no effect on the borrower's ability to pay or not pay.
Credit cards receivables are securitized daily. You want to know why this isn't a problem? Because credit card companies pay attention to who and how much credit they extend because it isn't backstopped by the government. |
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Date: September 1st, 2010 5:34 PM Author: alcoholic massive parlour *has $250k in debt*
*decides not to work in NYC*
*makes $160k*
*1/3 to debt*
*debt free in a little more than 5 years* |
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Date: September 1st, 2010 4:44 PM Author: territorial twinkling reading party "Housing for everyone!" = CRASH
"Education for everyone!" = ????? |
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Date: September 1st, 2010 4:46 PM Author: Pearly jewess Why can't we charge interest rates on the loans based on projected default rates and make the loans dischargeable?
If you want to major in psychology at local TTT private school for $100k, that's fine. But you're going to have to pay 12% interest or whatever on the loans to cover for all the other TTT psych majors who default. |
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Date: September 1st, 2010 4:59 PM Author: fragrant erotic location The point of our commodity education system is not to maximize your earning power but to minimize the cost of labor for employers. The more TTT psych majors pushing wages down the better from the perspective of those who employ them. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940586) |
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Date: September 1st, 2010 5:36 PM Author: Appetizing slate property factory reset button stfu (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940827) |
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Date: September 1st, 2010 7:30 PM Author: Excitant geriatric temple so our education system is designed to drive down the wages of starbucks baristas? (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15941801) |
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Date: September 1st, 2010 5:03 PM Author: heady coiffed house i agree with this. i don't have such a problem with govt guaranteed loans as i do with the govt's complete disregard of risk differences. an HLS student pays the same rate as a u of phoenix visual arts management student.
something easier to implement than a school-by-school/major-by-major comparison might be a system whereby your interest rate correlates with the total amount borrowed. this would suck for law schools and med schools, but i think it would bring the undergrad market back to reality. |
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Date: September 1st, 2010 7:35 PM Author: sepia cowardly shrine You hit the main issue (but personally I just want to government to stay out of it). But reform in this manner is so politically infeasible. "This bill is racist, a student at Morehouse (majoring in African American Art) has to pay a higher rate than a guy at MIT (majoring in chemE)." (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15941849) |
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Date: September 1st, 2010 7:51 PM Author: Cyan insane resort stock car At the very least, every person who gets a govt-backed loan should be required to fill out an employment survey, updated periodically (tie it to an interest rate reduction or something) and the govt should publish an annual report on the numbers for each school and each program. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15942001) |
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Date: September 2nd, 2010 3:02 AM Author: disturbing feces "something easier to implement than a school-by-school/major-by-major comparison might be..."
...letting the market work it out. |
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Date: September 1st, 2010 4:46 PM Author: Salmon Beady-eyed Business Firm One trillion debt in student loans.
One bazillion changes in venue.
One renegade bankruptcy judge.
One renegade bankruptcy clerk.
One trillion dollars of debt discharged!
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Date: September 1st, 2010 5:36 PM Author: Appetizing slate property factory reset button tcr (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940830) |
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Date: September 1st, 2010 11:05 PM Author: Fighting Box Office lol (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15943863) |
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Date: September 1st, 2010 4:57 PM Author: fragrant erotic location The best day of my life was the day my daughter was born and the second best was the day I paid off my student loans.
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Date: September 1st, 2010 5:24 PM Author: unhinged people who are hurt toilet seat Shit.. how do I benefit and create a CDO for this? (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15940765) |
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Date: September 1st, 2010 7:32 PM Author: sepia cowardly shrine Uhh, student loans are already one of the core assets securitized. I already responded to your post above. Now I'm certain you know shit about this area. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15941820) |
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Date: September 1st, 2010 10:48 PM Author: unhinged people who are hurt toilet seat WTF. did you just learn 'securitized' in your finance class and decided to drop it all over the board? Go read, young lad, go read. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15943721) |
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Date: September 1st, 2010 10:59 PM Author: sepia cowardly shrine Part of my practice fool, although not a large part. I like how you didn't actually respond substantively. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15943814) |
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Date: September 1st, 2010 6:30 PM Author: peach base dysfunction Banks are like trojan horses. We'are all being skimmed of our livelihoods so a few FABULOUS FABS can live the super high life. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15941244) |
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Date: September 1st, 2010 6:37 PM Author: Ungodly selfie the pax americana is over. I wish I was was Swedish (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15941311) |
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Date: September 2nd, 2010 3:18 AM Author: Appetizing slate property factory reset button tcr (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15945876) |
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Date: September 1st, 2010 6:35 PM Author: charismatic background story Flame...I've never heard of anyone being able to take out more than 500k in really extreme cases. I don't believe that you ended up with $1 trillion in debt. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15941288) |
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Date: September 1st, 2010 7:54 PM Author: French institution wagecucks funny, but you've really heard of someone with $500k in education loans???? (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15942031) |
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Date: September 1st, 2010 7:58 PM Author: Ungodly selfie Over half of my med school class will be taking out over 500K. It is not all that rare (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15942072) |
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Date: September 1st, 2010 7:58 PM Author: Cyan insane resort stock car $250k seems to be the upper bound in the sob stories I've seen, but considering you can easily take out $200k for undergrad, plus another $200k for a grad program, there may be some poor freshman out there who will end up with half a million in debt. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15942078) |
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Date: September 1st, 2010 8:01 PM Author: French institution wagecucks the poor SOB never had a chance, did he? (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15942091) |
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Date: September 2nd, 2010 3:02 AM Author: charismatic background story It happens with med school + some UG debt sometimes. Like I said, that's a really extreme scenario. (I have a relative who is a med school prof. I heard about this from them, not directly) (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15945818) |
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Date: September 1st, 2010 10:41 PM Author: Fighting Box Office holy. shit. how to profit off of this? (besides borrowing a shitload and waiting for the inevitable bailout, already did that) (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15943625) |
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Date: September 1st, 2010 11:27 PM Author: Cyan insane resort stock car It's possible loans will eventually become dischargeable either in part or for some larger class of students, like perhaps the hardship test will be relaxed. Become a bk shitlaw steve and you'll have a line around the block. |
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Date: September 2nd, 2010 3:17 AM Author: wonderful flirting site ladyboy how about writing a software program to process all their cut and paste student loan bankruptcies? that should allow him to handle a ton of cases and reap $$$$. (http://www.autoadmit.com/thread.php?thread_id=1411632&forum_id=2#15945873) |