Jason Toon


quality posts: 19 Private Messages Jason Toon

Solely in the public interest - and not at all because I'm personally burdened with a ridiculous debt now several times larger than the amount I borrowed when I was 18 - I humbly direct your attention to this awesome Consumerist infographic on the evolution of the student loan from social-service program to burdensome rip-off.

I understand now that my mistake was running that debt up in pursuit of something frivolous like an education. If I'd done it by buying big-screen TVs and jet skis and Xboxes on a credit card, I could discharge the debt in bankruptcy and skip away scot-free. Plus I'd have a bunch of awesome stuff.

 

ActorTom


quality posts: 2 Private Messages ActorTom

Too true! We subsidize rich bomb builders and oil companies more than we subsidize poor and middle-class college students.

msgeek703


quality posts: 0 Private Messages msgeek703

The best thing we could possibly do to give a boost to the economy would be to have a Year of Jubilee wrt Student Loans. Totally write them off. Cramdown. Forgiveness. That would be stimulus anyone could believe in.

zollars23


quality posts: 15 Private Messages zollars23

Thanks Woot, now I'm totally depressed when this is combined with the budget cuts and layoffs email that came down this morning from Corporate.

Can I have a Bandolieer of Carrots to make myself feel better? Maybe something I can sell?

(V) (;,,;) (V) <---Zoidberg

{img]https://d3gqasl9vmjfd8.cloudfront.net/712b9375-5487-4897-baf4-2212baf8dbca.png[/img]

413007


quality posts: 4 Private Messages 413007

Ya! Let's overthrow the government! Let's have a coup South America style! When the military dictatorship is in power there will be no need for student loans to be repayed!

now i just need to head on over to deals.woot to find a good deal on a tank...

mjvaughn


quality posts: 6 Private Messages mjvaughn

This is why I use my student loans to buy cool stuff that I can actually use, like cars and booze.

Bazinga!

Stephen1424


quality posts: 2 Private Messages Stephen1424

I feel like the whole gov has been bought out to give big corps our tax money for nothing, and allow them to steal from us legally...

Thats why I love you Woot. I actually enjoy being ripped off when Lol cats and Carrots are involved...

Woots: 43 Monkeys: 7 + 2 Mini
Shirts: 32 Probations: 2
Woot Off's: 30 Woot Lights: 6
Bags of Crup: 11
Almost Bags of Crap: 25

warcoc6


quality posts: 0 Private Messages warcoc6

While I totally agree and I too am being reemed by over 6 figures of student debt, how else would we find lenders willing to take $100k+ risks on 18 year olds with no equity and no work history? Furthermore, an education is not an asset that can be liquidated to pay off creditors in the same way that expensive gadgets are. I agree that tuition, student loan interest rates and the like need to be better regulated, on the other hand, stricter regulations are needed so that students can't simply escape from debt by filing for bankruptcy after reaping the benefits of a first class education.

sjburnt2


quality posts: 0 Private Messages sjburnt2
warcoc6 wrote:...on the other hand, stricter regulations are needed so that students can't simply escape from debt by filing for bankruptcy after reaping the benefits of a first class education.



Wow.


First, you need to read the article.

Second, where on earth do you think that a 'first class' education fits into this picture? If the education were truly 'first class', one might expect available jobs.

For my 'profession' the newspapers have even taken the section of the want ads away.

I will die in debt with no possible hope to ever repay, let alone get health insurance. It is depressing. My income went down by 20K upon graduating.

warcoc6


quality posts: 0 Private Messages warcoc6
sjburnt2 wrote:Wow.


First, you need to read the article.

Second, where on earth do you think that a 'first class' education fits into this picture? If the education were truly 'first class', one might expect available jobs.

For my 'profession' the newspapers have even taken the section of the want ads away.

I will die in debt with no possible hope to ever repay, let alone get health insurance. It is depressing. My income went down by 20K upon graduating.



First, I did look through the infographics and while it was entertaining, it was not remarkably earth shattering. Second, if you waste 100k on a socialogy degree or something that you know will not land you a high paying, if any, job, that's your own choice. You are focusing on your own problems now that the economy has turned sour, and because you have chosen to pursue a financially valueless degree. The real issue here is that school prices are just too damn high. Banks are not going to loan money to students if there is no equity in the loan and the student is able to file bankruptcy out of school. There is good reason for keeping students from defaulting on student loans. However, there is no reason why the cost of a public (and private I suppose) education should be so high.