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DeVos Appoints CEO Of A Student Loan Company To Head Federal Aid Agency

Josie said:
Yes, I know it was in the news. I just don't much about it.
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Awkward, multimillion dollar lawsuit going on where Trump himself is being called out for making fabricated statements about hand picking out professors for an unaccredited university, and you think that the problem is people going to get the same degrees you got to be a teacher? Corinthians just closed 28 colleges with tens of thousands of students and you think the problem is really our universities charging people too much money? How many campuses has NYU had to shut down because it's too expensive to live in a city that runs 24/7?

Really?
 
ThoughtEx. said:
If only you were the judge for my lawsuits I wouldn't be so bitter...

Have you read your student loan agreements, mine was bs, after I stopped paying because I thought I had it payed off my interest rate shot through the roof. I think I ended up around 26 percent interest, up from 7 percent. That's how it kept snowballing on me.

If I had to do it all over again, I would've gotten a job delivering pizzas to pay for my books.
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That is far and away the correct answer.

I wanted to go to a private school, like Josie... so my happy butt joined the military.

Now working on my 4th degree. 0 Student debt.
 
Northern Light said:
But just like health care, the price of education has become overvalued and college campuses are becoming amusement parks.
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Gosh.


You mean the two sectors of our economy in which government interference has stripped away price sensitivity, and government subsidies have juiced purchase, are both experiencing rapid cost inflation without commensurate increases in quality?



Man. If only there was some kind of identifiable common factor....
 
Hatuey said:
Awkward, multimillion dollar lawsuit going on where Trump himself is being called out for making fabricated statements about hand picking out professors for an unaccredited university, and you think that the problem is people going to get the same degrees you got to be a teacher? Corinthians just closed 28 colleges with tens of thousands of students and you think the problem is really our universities charging people too much money? How many campuses has NYU had to shut down because it's too expensive to live in a city that runs 24/7?

Really?
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Surely you're not claiming that attending college is affordable? It's incredibly expensive almost anywhere you go. Is it the loan companies fault that college is expensive? Is it the loan companies fault that a college grad chooses to live in an area where the cost of living is too high for them to pay their bills? Is it the loan companies fault that some students choose STUPID degrees for which they cannot find a job?

Explain how loan companies are at fault for the student loan debt throughout the country.
 
cpwill said:
That is far and away the correct answer.

I wanted to go to a private school, like Josie... so my happy butt joined the military.

Now working on my 4th degree. 0 Student debt.
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I wanted to go to a specific private school -- so I did and came out with over $60K in student loan debt. I worked my ass off to pay it all back 20 years before the consolidation company predicted.
 
Josie said:
I wanted to go to a specific private school -- so I did and came out with over $60K in student loan debt. I worked my ass off to pay it all back 20 years before the consolidation company predicted.
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I had my eye on one private college to the expense of others as well. I don't think, however, that I could recommend the same to my kids, unless they could figure out a way to pay for whatever I hadn't saved for them.
 
ThoughtEx. said:
DeVos Appoints CEO Of A Student Loan Company To Head Federal Aid Agency : NPR Ed : NPR

I don't know anything about the guy, but my first thought is, why would we want the fox running the hen house? Student debt is already out of control, how does it make sense to put one of the guys driving the machine that is making it out of control in charge of protecting our kids from himself.

Article then goes on to talk about students being denied their rights regarding the Public Service Loan Forgiveness because of "servicing breakdowns". And then about a probe launched by the US Commission on Civil Rights, a watchdog group authorized by Congress, naming Devos because of her failure to commit to enforce federal civil rights laws and how student civil rights will be affected once the administrations education cuts take hold.

Meanwhile everyone is arguing over what Jonny Depp said. Who cares about some hipster actor and his fantasies. We're getting screwed over, while everyone is bickering over nonsense.
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Really, this is an excellent point. Not just here, but everywhere people gloss over the mundane stuff that actually does affect us on a base level and get all riled up by relatively insignificant drama.
 
Josie said:
Student loans are out of control because of loan companies? Why not because of colleges and universities charging an arm and a leg to step foot on their campus?
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They work in parallel. But you're right, colleges and universities are out-of-control, also.
 
Northern Light said:
All it would take to remedy the student loan situation would be to undo the Reagan era policy adjustments. Prior to that, colleges were beholden to tuition freezes and schools were actually affordable.

But just like health care, the price of education has become overvalued and college campuses are becoming amusement parks.

The student loan bubble is a huge liability in our polity, permitted by financial policy that enables greed and price hikes. Student borrowers aren't allowed to declare bankruptcy, so their lives are forever ruined if they can't pay back the loans... which means college degrees have become a volatile market.

If the incoming head of the Federal Aid Agency does not create more sensible policy, we could have a real mess on our hands.
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Thing is, even if those policies were undone, prices might stabilize, but they wouldn't drop back.

Anyway, I believe it is precisely the ease of obtaining large student loans that drove the massive increase in college cost. Students and their families stopped being discerning because 1) it didn't feel like real money when just signing on the dotted line, and 2) they didn't want little Johnny or Suzie to fall behind. They have to have a good education, too.

It used to be common for kids to work their way through college, and maybe that wasn't such a bad thing.

It was many years ago, and I don't recall who it was, but I heard a then-retired college president admit in an interview that the mindset of colleges was "Don't leave money on the table." Meaning, if someone else is willing to offer twice what you're charging for an education, and students/parents are willing to pay twice what you've been charging for an education... take it. Raise your tuition accordingly. And it was almost entirely artificial and due to the ease of obtaining student loans.
 
Back during the Obama era, didn't the government take over the student loan business?
 
digsbe said:
Here's the student loan situation:

1. Universities can raise tuition beyond inflation year after year to where college now is exponentially more expensive than when past generations went.
2. The government gives pretty much enough in loans to cover tuition + living expenses.
3. Many students who graduate do not get the entry level "middle class blue collar jobs" previous generations got. Many intern or start at the bottom doing jobs that don't utilize their degree due to a poor employment market/obtaining a degree not in demand.
4. Student loan interest is insanely high. The government/lenders reap profits on this and it's one of the few loans you cannot bankrupt on.

Even with repayment plans the government will come out profiting, the universities will come out charging more, and students are left screwed carrying the bill. Even with income based repayment any leftover amount is taxed. In nearly all cases the government is still making a big profit. Students don't care enough/aren't vocal enough about the student loan debt crisis and spend their college years being irresponsible and their young adult years complaining without much action.
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I was lucky to graduate at the perfect time --- locked in interest rate at 2.875%.
 
cuban smokes said:
I read somewhere that the potential amount for unpaid student loans totals ~$1 TRILLION :shock: ..........

then I read some other articles that said many want to 'forgive' the payments for these loans

then I was asking myself, "why the **** didn't I get a student loan?"
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Sure, in the sense that the potential amount for unpaid mortgages is 8.48 trillion.

If you assume literally 100% of the loans stop getting payments immediately, yeah, that's the number you get. Is it meaningful?
 
Deuce said:
Sure, in the sense that the potential amount for unpaid mortgages is 8.48 trillion.

If you assume literally 100% of the loans stop getting payments immediately, yeah, that's the number you get. Is it meaningful?
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well, I suppose if the 'student loan forgiveness' crowd had their way, it could become meaningful ............. you think? ............
 
radcen said:
Thing is, even if those policies were undone, prices might stabilize, but they wouldn't drop back.

Anyway, I believe it is precisely the ease of obtaining large student loans that drove the massive increase in college cost. Students and their families stopped being discerning because 1) it didn't feel like real money when just signing on the dotted line, and 2) they didn't want little Johnny or Suzie to fall behind. They have to have a good education, too.

It used to be common for kids to work their way through college, and maybe that wasn't such a bad thing.

It was many years ago, and I don't recall who it was, but I heard a then-retired college president admit in an interview that the mindset of colleges was "Don't leave money on the table." Meaning, if someone else is willing to offer twice what you're charging for an education, and students/parents are willing to pay twice what you've been charging for an education... take it. Raise your tuition accordingly. And it was almost entirely artificial and due to the ease of obtaining student loans.
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You used to be able to work your way through college when tuition wasn't $40-50,000 per year. That's more than some people get at full time jobs now, and that's a conservative estimate.
 
cpwill said:
Gosh.


You mean the two sectors of our economy in which government interference has stripped away price sensitivity, and government subsidies have juiced purchase, are both experiencing rapid cost inflation without commensurate increases in quality?



Man. If only there was some kind of identifiable common factor....
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Government didn't cause price of health care to rise. The HMOs did that, along with big pharma. It's lack of government regulation in the health sector that has caused the "free market" mentality to run amok.
 
Northern Light said:
Government didn't cause price of health care to rise. The HMOs did that, along with big pharma. It's lack of government regulation in the health sector that has caused the "free market" mentality to run amok.
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Actually, quite the opposite. It is the overabundance of regulation that has created a protectionist market and encouraged prices to rise without fear of competition. There hasn't been anything resembling a free market in decades.
 
radcen said:
Actually, quite the opposite. It is the overabundance of regulation that has created a protectionist market and encouraged prices to rise without fear of competition. There hasn't been anything resembling a free market in decades.
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Your economic system has never been a free market, that's always been rubbish, by design.
 
ThoughtEx. said:
DeVos Appoints CEO Of A Student Loan Company To Head Federal Aid Agency : NPR Ed : NPR

I don't know anything about the guy, but my first thought is, why would we want the fox running the hen house? Student debt is already out of control, how does it make sense to put one of the guys driving the machine that is making it out of control in charge of protecting our kids from himself.

Article then goes on to talk about students being denied their rights regarding the Public Service Loan Forgiveness because of "servicing breakdowns". And then about a probe launched by the US Commission on Civil Rights, a watchdog group authorized by Congress, naming Devos because of her failure to commit to enforce federal civil rights laws and how student civil rights will be affected once the administrations education cuts take hold.

Meanwhile everyone is arguing over what Jonny Depp said. Who cares about some hipster actor and his fantasies. We're getting screwed over, while everyone is bickering over nonsense.
Click to expand...

My first thought was "Why wouldn't you want someone who knows the whole student loan process inside out running this agency?" We've fought through 8 years of having partisan advocates running bureaus and agencies and now we're getting people put in place who are actually knowledgeable about what it is they are running. But liberals can only see the absolute worst in ANY decision made by the Trump admin., so they will see an expert in a field with extensive executive experience as being a problem.
 
faithful_servant said:
My first thought was "Why wouldn't you want someone who knows the whole student loan process inside out running this agency?" We've fought through 8 years of having partisan advocates running bureaus and agencies and now we're getting people put in place who are actually knowledgeable about what it is they are running. But liberals can only see the absolute worst in ANY decision made by the Trump admin., so they will see an expert in a field with extensive executive experience as being a problem.
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Not a bad standard. It has merit. Does it apply to President, too? Why wouldn't you want someone who knows the whole governing process inside out running the country? Wouldn't it be wise to have someone who is actually knowledgeable about what they're doing? But yeah, maybe conservatives are so suckered by the rhetoric that they feel the need to mindlessly defend anything the Trump administration does or says.
 
radcen said:
Not a bad standard. It has merit. Does it apply to President, too? Why wouldn't you want someone who knows the whole governing process inside out running the country? Wouldn't it be wise to have someone who is actually knowledgeable about what they're doing? But yeah, maybe conservatives are so suckered by the rhetoric that they feel the need to mindlessly defend anything the Trump administration does or says.
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:roll:

"I can't really make a argument about your point, so I'll concede it and then take the opportunity to attack Pres. Trump and insult anyone who doesn't blindly attack him as well."
 
faithful_servant said:
My first thought was "Why wouldn't you want someone who knows the whole student loan process inside out running this agency?" We've fought through 8 years of having partisan advocates running bureaus and agencies and now we're getting people put in place who are actually knowledgeable about what it is they are running. But liberals can only see the absolute worst in ANY decision made by the Trump admin., so they will see an expert in a field with extensive executive experience as being a problem.
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It of course is not any problem for the corporatists.
 
cpwill said:
Gosh.


You mean the two sectors of our economy in which government interference has stripped away price sensitivity, and government subsidies have juiced purchase, are both experiencing rapid cost inflation without commensurate increases in quality?

Man. If only there was some kind of identifiable common factor....
Click to expand...

Northern Light said:
Government didn't cause price of health care to rise. The HMOs did that, along with big pharma. It's lack of government regulation in the health sector that has caused the "free market" mentality to run amok.
Click to expand...

Before 1973 ( the year Nixon signed the Act allowing *HMOs) it was against the law for health insurance companies to make a profit.


*The Health Maintenance Organization Act of 1973 (Pub. L. 93-222 codified as 42 U.S.C. §300e) is a United States statute enacted on December 29, 1973.
 
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