Student Loan Debt?

[ultrarunner]

Exactly. Too many of the younger generation these days are unwilling to put in the effort. I notice this most in the new doctors I see practicing around here. Mostly Asian and Indian plus a few other nationalities. But higher education is valued much more in their culture than it is currently here in the USA - it is their road out of poverty. So they bust their butts to get that medical degree...and the whole extended family sacrifices to make sure that student can afford the education. You don't see that kind of commitment with much of the younger generation in the USA....what we call "poverty" in this country would be unimaginable luxury in third-world countries.

It’s the same with RN’s

In my tenure it went from a single RN to over 50% Asian with almost all trace back to the Philippines where a child as a RN is very highly valued.

Contrast to moms white neighbor upset her grand daughter was accepted into BSN program.

She said what a waste for such a bright girl… she should go for MBA in the corporate world and make something of herself..

Post Script… Grandma outlook changed when she was hospitalized in the same hospital where Grand Daughter is charge nurse…

 

[5030]

Sad our population is so dumbed down that they don’t know how destructive all this debt were amassing (37 trillion and a new 1 trillion every 100 days and all of it is borrowed or printed).

This empire crushing debt will either be the end of our nation, OR many years of high taxes and extreme austerity to bring it to heel.

You think the bridges, highways, airports and railroads are bad now, just wait until DEEP budget cuts are deployed to save us from bankruptcy.

Sure hope the solar panels, windmills and student loan payoffs to get in favor with constituents was worth all the debt cause we’re paying it all back one way or another.

All debts must and will be repaid, how it works and this student loan debt thing is really only a transfer of wealth from those that are unwilling to pay it back to those who can, whether in fact they want to or not is irrevelant because you don't get to decide, the gummit decides for you. What really scares me presently is Speaker Johnson's willingness to endorse the Democrat' desire to provide ballistic missiles so Ukraine can target sites withing the Soviet Union. That to me is a precursor to WW3 and is totally insane. Anyone who thinks that the USSR won't retaliate for that is looney. People tend to forget that The Soviet Union has the capability of launching their own ICBM's and striking this country directly, like a direct hit on the Whitehouse for instance.

Crazy times we live in and it appears to me that politicians today lack even a little common sense.

There is no free lunch, ever.

 

[5030]

Life s you know it and have come to enjoy it, could end in a matter of seconds and never return to the 'way it once was', ever.

 

[ultrarunner]

Somewhat related..

A friends mom who is African American served in WWII in the Navy Hospital commissary and decided she wanted to be a nurse.

She applied to nursing school using her earned benefits and was accepted and arrived overjoyed.

At first there was a problem because the school had never had a black nursing student but her grades and service could not be denied,”.

At that time nurses had oral exam as a graduation requirement and she did not pass… she spoke with Dean and asked for direction.

The Dean said the board believed she was not ready and acknowledge her exam scores were consistently high.

She said I am afraid I will lose the nursing position I have accepted.

The Dean was intrigued and asked for details and she said Indian Reservation Health Clinic in Oklahoma.

Dean said he would review with the board and came back with congratulations… you are now a graduate.

 

[WM75Guy]

The forgiveness is for existing loans, so that money has already been collected from us and spent. The loan amount will be written off as uncollected debt. People taking new loans will be subject to the rules in place for repayment. Forgiveness programs have always been in place for loan forgiven, such if you worked for a not-for-profit company. Make 10 years worth of income-based payments and the remaining balance would be forgiven. What changed was the percentage of income required for the payment. It went from 10% to 5%.

 

[paulsharvey]

Unless it’s 9 scholarships to the same school or cash scholarships he’s not getting all nine.
My daughter had $140k in scholarships last year but only $32k to the school she attended.

Cash scholarships; from 2 minority groups, a power plant, a power co-op, a local classic car group, a couple private family 'in honor of' type scholarship; ranging from $500-3000 each.

 

[Torvy]

The forgiveness is for existing loans, so that money has already been collected from us and spent. The loan amount will be written off as uncollected debt. People taking new loans will be subject to the rules in place for repayment. Forgiveness programs have always been in place for loan forgiven, such if you worked for a not-for-profit company. Make 10 years worth of income-based payments and the remaining balance would be forgiven. What changed was the percentage of income required for the payment. It went from 10% to 5%.

That would be how it would work if a private organization was lending the money. These are government loans. The accounts receivable are assets, the loans themselves are liabilities. They stay in balance as they are paid off. A company has to set aside some of the assets as potential bad debt. When it is written off, the business takes a loss. When a government entity takes a loss, it adds to the national debt. We all pay that.

 

[Hay Dude]

The Greek politicians spent their economy to oblivion and destruction. Never stopped spending, always blamed excessive debt on the predecessors. And kept voluntarily spending until the laws of international economics forced austerity upon them. I presume our politicians will do the same.

So, if you believe our excess spending will never be cured, the question becomes how to insulate your finances and your family as best as you can for the coming financial difficulties. And the associated social unrest when some of the checks and benefits stop flowing.

Might be a good test for Warren Buffet's theory that "real men don't own gold." But, he's no Genghis Khan!! I'm sure good 'ol Genghis had a bit of gold and plenty of weapons ....

Hahahaha

All those paper stocks and fiat currency might get shaved back a bit in value

 

[goeduck]

Just looked, and todays same in state tuition is 20K a year which doesn't sound so bad, but room and board and meals are another 13K, which puts the total cost for 4 years around 33K per year.

I never consider room and board to be part of the cost of education. They have room and board costs regardless of going to school or working.

 

[ultrarunner]

My thoughts align.

I had the opportunity to attend out of state but the cost made the option a non starter.

I worked my same job started in High School all through college.

Working my way through School meant no time for extra circular campus activities but I graduated with almost zero debt.

My nephew's IVY league is 100k each of the last two years from what I was told.

University demands family financials from what I was told and then came back offering student loans?

What would happen if family financials not turned over?

On the flip side several nieces had multiple scholarships lined upped based on High School achievements both academic and sports.