Is this what's coming after healthcare?
by Steven Haninger - 4/4/12 6:09 AM
students chant that education should be free
Hang onto your wallets, folks.
by: Steven Haninger April 4, 2012 6:09 AM PDT
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According to reports
yesterday, and I mentioned this a few months back, the student loan program will be the next financial bubble to burst. Now that the Feds own 90% of the student loans, defaults are occurring more rapidly than before and the taxpayer is on the hook for trillions once again.
Well, this is California
so it's not really part of the US. I believe that CA has had a very generous free education system for a long time that's now catching up to them. I can't have a problem with El-Ed through HS being publicly funded but, once a student begins seriously looking at or making career choices with varying degrees of income potential, they need to begin making their own investment in that. If mom and dad want to help, it's fine with me. We put our two kids through college. Both worked some and one of them got some scholarship money plus room and board for being an RA. I've always believed that one is more responsible with what they've earned than what they've been given.
owned the student loans, the kid and/or the parents were responsible for repayment.....that system worked. The Feds, under BO, took it all over two years ago and there is a stipulation somewhere in there that if the loans weren't repaid, they would be 'forgiven' after ten years. What a gift giver this president is....when it's not HIS money to give.
He's still "managing" the student loan crisis.
Do you think anyone with a student loan AND a tax refund will receive their tax refund?
there wasn't a student loan crisis in these numbers until BO took it over.....pray tell, how is he 'managing' it?
And yes, they will, you can bet BO's bank on that one.
(NT) the same way Bush "managed" 2 wars
So that means
you will begin to publicly criticize BO finally? Do you think that BO will use the money 'saved' from not funding Iraq anymore to pay down our debt or do you think he has already planned to spend the money on some other pet project of his?
By the way....does the Canadian government control student loans or is that still left up to the banks and financial institutions?
Students borrow from banks, banks go down the tubes, gov bails out the banks
Students borrow from gov, students default on loans, gov bails out the students.
JP didn't mean that the two incredibly expensive wars were a high point in the American Presidency, but two examples of George "Dry Hole" Bush's continued lack of talent.
To answer your question it is a shared responsibility between the private and public sectors.
(NT) How is it shared, please?
Both sides should have a vested interest in education
The private sector needs a future supply of qualified workers. Educating them properly is the best way to accomplish this. This won't happen if they simply cannot access higher ed due to cost/lack of available loans. The public sector needs to educate as many of its young citizens as possible to keep them gainfully employed/skilled enough to create small businesses down the road, keep them otherwise away from criminal activities, and off the welfare rolls.
Why are you so myopic on so many topics discussed in speakeasy?
we also need garbage men
by James Denison - 4/5/12 9:28 AM
In Reply to: Both sides should have a vested interest in education by Pepe7
anything wrong with that?
by TONI H - 4/5/12 9:51 AM
In Reply to: Both sides should have a vested interest in education by Pepe7
I asked a question about how is Canadian student loans shared between private and public sectors?
As for having a specific viewpoint regarding liberal vs conservative discussions/debates here in SE, I don't consider myself to be myopic unless the discussion is about BO. I make no bones about how I have felt about him since day one of his campaign.
Insulting people during his responses appear to be a favorite hobby.
You would get their vote...I suggest YOU run
Defaulting on your federal student loan can lead to serious consequences. One consequence is that the U.S. Department of Treasury can seize—or garnish—your federal and potentially your state tax refunds to repay your debt. This is allowed by the Treasury Offset Program (TOP). Some states, including Massachusetts, have an additional program that garnishes state payments directly.
Operative word in that is 'CAN'
Considering that the States would if the student borrowed from the State itself, that's nothing to do with the Feds. In the BO takeover, there is a clause that forgives the loan if not repaid within ten years or so.....so just because the Feds CAN doesn't mean they WILL.
IF it's THAT easy
then anyone you know should not repay their government loans, even people you don't know.
How did those people that you know with 3 free (Government paid for) cellphones make out?
IF you can't beat'em...join'em.
You realize that the other guys will never get in, as long as Obama is giving stuff away...A man would be a darn fool to vote him out of office.
actually have a conversation or debate or discussion that makes sense at your end, lemme know.
so just because the Feds CAN doesn't mean they WILL.
i am working three part-time jobs as a radiologic technologist, barely making ends meet.
I am a single female with no dependents. For the past 2 years my tax return has been taken by the federal government for my student loans. Now, my wages are being garnished at one of my jobs. I am afraid of filing my taxes for this year and last year- I don't want all the funds to be taken away from me...
Because they CAN means They CAN/DID...
You know anyone with a student loan?
Are they being harassed?
Any comment now?
being harrassed; however, those people are actually paying their loans. According to the link you sent, these are people who owed for a number of years and ignored the loan debt. There are more people defaulting under BO's management than ever before and evidently the debts they are going after are ones they acquired from the banks when they took over. Isn't it heart-warming to know this administration is harrassing/garnishing the very people they claim to want to protect? This isn't going to stop NEW student loans from being given by the Feds....and those are the loans that have the clause in them for forgiveness. Another 'pick and choose' situation of 'winners' vs 'losers'.
RE: are people who owed for a number of years
are people who owed for a number of years and ignored the loan debt.
Well, YES...what do you want to happen...the government garnish wages and tax refunds while people are faithfully repaying their loans?
Any of your friends that are repaying have their wages/tax refunds garnished?
I don't think anything Obama could/would/should do would warm your heart.
IF I hated someone that much...I'd stop reading about them.
RE: I'd stop reading about them.
I should have said
I'd stop reading about them, or I'd read about them and take a pill.
Can you find anything that he does or has done in the past repulsive to you even a little bit? And yes, I absolutely detest him and what he represents, I've never hidden that fact. So your answer to anything that bothers you, even if it affects you personally, is to ignore it?
Re: So your answer to anything that bothers you,
So your answer to anything that bothers you, even if it affects you personally, is to ignore it?
NO!!!...MY answer is
God, grant me the serenity to accept the things I cannot change,
Courage to change the things I can,
And wisdom to know the difference.
Don't loose any sleep over anything I read.
How bout you?
Re: So your answer to anything that bothers you
Oh yeah...I forgot
You can't have my drink
oh golly we're so confused now
thanks for asking so many nowhere questions, it really clarifies things.
RE: we're so confused now
I'll try again for the slow learners then
If you can...you might or you will
If you can't...you can't.
That's about as simple as I can/might/will make it.
As I understand it, Toni, the student loan situation
was part and parcel of the Banks liabilities. Obama, advised by a whole bunch of Wall Streeters, bailed out the banks so that we didn't have another Great Depression. Things may not be great, but they're not 1930's bad. And the current situation is based on low tax revenues. The lowest since the 1920's. If revenue, i.e. taxation is not addressed we will crawl through the swamp for another 20 or 30 years. If revenue is addressed even in a small way, that period will be shortened substantially. Re-introduce the tax-rates of America at its peak, the 50's and 60's and it will go away quickly as will a great deal of the poverty. Then figure out a proper progressive taxation scheme that shares liabilities and wealth, not evenly, but fairly, and life will be livable again.
Me, I'd put Paul Krugman and Joseph Stieglitz in charge, and see how it all shakes out. 3 Nobel Prizes between them, they must know something. And if Nobel Prizes are worthless as some here intimate, why does the country pat itself on the back when Americans win them. Or the Fields Medal in Mathematics.