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Thread: Should taxpayer money be used to pay for student loans?

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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by Rocketman View Post
    you can't, but you can declare 13 to get out of other bills
    As long as they are not private student loans or PLUS loans I am not sure why someone would have trouble. With income based repayment options you may never be able to pay them off, but you can keep them at bay.
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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by molten_dragon View Post
    I think some federal loan and/or grant money should be available, but only to students who are unable to get traditional private college loans and whose financial situation would mean they were otherwise unable to go to college.

    And I think all college loans should become more like small business loans. To get one, you have to submit a plan on what exactly you intend to do at college. What degree you plan to get, and what your employment plans are after college. And if you aren't sticking to it (or you're getting bad grades because of too much drunken partying) the money gets cut off. It would cut down a lot on the people who take out tens of thousands of dollars in loans to go to college and end up with crappy jobs because they got useless degrees.

    And I do think you should be able to get out of student loans by filing for bankruptcy. I see no reason why they should be treated differently than other types of loans.
    I agree with everything but the last sentence. You borrow it, you pay it back. Now everyone has to go to the most expensive schools.

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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by Rocketman View Post
    it did not come up
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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by Rocketman View Post
    I agree with everything but the last sentence. You borrow it, you pay it back. Now everyone has to go to the most expensive schools.
    Are you saying that should be the case for all debt, or just student loans? Because the former is just not realistic. You can always get out of paying your debts if you're desperate enough to do so. There has to be some provision for people that can't afford to pay back their outstanding debts.

    And if it's the latter, then again, why should student loans be special?
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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by molten_dragon View Post
    Are you saying that should be the case for all debt, or just student loans? Because the former is just not realistic. You can always get out of paying your debts if you're desperate enough to do so. There has to be some provision for people that can't afford to pay back their outstanding debts.

    And if it's the latter, then again, why should student loans be special?
    Because you don't have to borrow grossly large amounts of money to attend college. Most people have a local college they can attend. All of my kids went to an OVC school, NONE have debt, and we are lower middle class. It is stupid to borrow these large amounts when it is not necessary.

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    Re: Should taxpayer money be used to pay for student loans?

    There is definitely a benefit to society in having an educated populace. An employer will have an easier time hiring educated people for jobs that require it like engineers, doctors, and so forth. While an employer could hire someone without the education and train them, there's a risk you put all this money and time into someone and that someone then quits and gets a job somewhere else that pays him more (likely because they didn't have to pay for his training). Students don't usually have the money to pay for their education (they want the education so they can get the money after all). Companies won't provide that level of training to employees (as the employee can easily quit once they're trained.) So in the free market system education is underutilized and we're less efficient.

    So it does make sense for the government to help with that. Student loans, grants, and so forth are forms of that help.

    That said, the system is currently broken in that it pushes far too many people through degree programs and the jobs don't exist. Even if the economy was perfect, we're educating too many people, the jobs still wouldn't be there. Most students have a belief that they will all end up doing nice high paid jobs after graduating so they take on the debt. They then graduate and get a real education by not having tons of offers for six figure jobs showering them. And then they complain about their loans. The system is as guilty as anything in encouraging everyone to attend college. When I was in highschool if you weren't planning to go to college after you were stupid. And yet, a figure far short of 100% of jobs require college degrees, and they're not all bad jobs either (though we do need people to do the ones that are perceived as bad jobs all the same.) The system has lots of room for improvement. Make it harder to get the college education and try to encourage degree choices such fill needed vacancies.

    As far as the students going bankrupt for existing debt, the interesting thing on all the proposals I've seen from politicians is none of them would help this kid. Lots of proposals to pay more of the schooling, to reduce interest rates on new debt, and so on. Nothing I've seen that covers existing debt. If they passed a law making college free tomorrow I don't see them forgiving existing student loan debt.

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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by Rocketman View Post
    I read a USA Today article this week where a former student was whining because his student loan had a balance of $58,000 forcing him to file chapter 13 but interest on this loan would keep climbing. Are we supposed to feel sorry for him? He spent it, he should pay it back.
    You can't claim bankruptcy on student loans. They never go away. He may have claimed bankruptcy on his other debts but not his student loan.

    Why Bankruptcy Won't Erase Student Loan Debt | TIME.com

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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by TurtleDude View Post
    fortunately, declaring bankruptcy to get out of student loans, I believe, has become a lot harder
    Actually, student loan debt cannot be discharged under current bankruptcy laws. Once you accept the federal loan you're stuck with it for the next 25 years (avg. time it takes to pay off most federal student loans over $25K). However, there are repayment options available to most students carrying federal student loan debt.

    While I agree with the OP comment that if you accept the loan you should do everything you can to pay it back, it is disturbing that so many people w/college degrees still carry so much student loan debt years after obtaining their degree.
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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by ChrisL View Post
    You can't claim bankruptcy on student loans. They never go away. He may have claimed bankruptcy on his other debts but not his student loan.

    Why Bankruptcy Won't Erase Student Loan Debt | TIME.com
    If you read the whole thread you would realize that was never stated, however you can file chapter 13 so you can avoid paying other bills.

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    Re: Should taxpayer money be used to pay for student loans?

    Quote Originally Posted by Rocketman View Post
    If you read the whole thread you would realize that was never stated, however you can file chapter 13 so you can avoid paying other bills.
    Isn't that what I said?

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