2 ms·

"I didn't have it good so the next generation shouldn't either." Student loans in the US are very predatory. This is a good step towards student loan reform, h

"I didn't have it good so the next generation shouldn't either." Student loans in the US are very predatory. This is a good step towards student loan reform, hopefully, and definitely a welcome boom for many struggling americans. Much better than tax cuts for people who have high incomes, for sure!

willcipriano 3y ago
> This is a good step towards student loan reform I'd argue quite the opposite. By "fixing" the problem with half measures like this ensures the problem will continue.
- brewdad 3y ago
  Right. Until the schools start losing money, there is zero incentive for them to reign in costs. That doesn't mean I want to see people suffer under the burden of their loans but this program isn't solving the right problem.
  - willcipriano 3y ago
    My solution? Investigate the schools. What claims were made in the advertising? What did they know about the economic realities of graduates and when? Some of this was probably fraud. If you are telling kids "come have a bright future at my college" and statistically, that isn't happening, you probably should have to give the money back.
rhelz 3y ago
> Student loans in the US are very predatory. Do you mean the loans are predatory, or the people who sell them? Like any financial product, they have at times been sold fraudulently--but this is already illegal and you can get remedy through the courts. I've heard the loans being called predatory because they are interest-only loans. But, if you have the discipline, interest-only loans are an excellent tool for managing risk. For example, I got an interest-only mortgage on my house when I moved to the valley. I felt better about joining a startup, because I knew I could ratchet down my monthly spend if I had to do an extended job search. Of course, this means that you have to have the discipline to pay more than the minimum each month when you are getting a paycheck. Ideally, you should pay until it hurts, because the faster you pay down the principle the sooner you are free. Yes, this means you'll have to buy fewer SUV's, or no SUVs at all and take the bus. Yes, you won't be able to eat out every meal--or perhaps any meal. I feel for you, I've been there, but that's life. Welcome to the wonderful world of being an adult. If, after graduating from high school, you can't do enough math to compare the monthly student loan payments with the monthly income of your chosen major, well, that's on you. You should have payed more attention in school. If, after graduating from college, you don't have the critical thinking skills to know that you need to pay down the principle on your loan--or it will eventually explode, well, that's on you too. In either case, if you don't have the self-discipline to manage your money effectively, it doesn't matter how much money the government gives you.

willcipriano 3y ago

> This is a good step towards student loan reform I'd argue quite the opposite. By "fixing" the problem with half measures like this ensures the problem will continue.

brewdad 3y ago
Right. Until the schools start losing money, there is zero incentive for them to reign in costs. That doesn't mean I want to see people suffer under the burden of their loans but this program isn't solving the right problem.
- willcipriano 3y ago
  My solution? Investigate the schools. What claims were made in the advertising? What did they know about the economic realities of graduates and when? Some of this was probably fraud. If you are telling kids "come have a bright future at my college" and statistically, that isn't happening, you probably should have to give the money back.

rhelz 3y ago

> Student loans in the US are very predatory. Do you mean the loans are predatory, or the people who sell them? Like any financial product, they have at times been sold fraudulently--but this is already illegal and you can get remedy through the courts. I've heard the loans being called predatory because they are interest-only loans. But, if you have the discipline, interest-only loans are an excellent tool for managing risk. For example, I got an interest-only mortgage on my house when I moved to the valley. I felt better about joining a startup, because I knew I could ratchet down my monthly spend if I had to do an extended job search. Of course, this means that you have to have the discipline to pay more than the minimum each month when you are getting a paycheck. Ideally, you should pay until it hurts, because the faster you pay down the principle the sooner you are free. Yes, this means you'll have to buy fewer SUV's, or no SUVs at all and take the bus. Yes, you won't be able to eat out every meal--or perhaps any meal. I feel for you, I've been there, but that's life. Welcome to the wonderful world of being an adult. If, after graduating from high school, you can't do enough math to compare the monthly student loan payments with the monthly income of your chosen major, well, that's on you. You should have payed more attention in school. If, after graduating from college, you don't have the critical thinking skills to know that you need to pay down the principle on your loan--or it will eventually explode, well, that's on you too. In either case, if you don't have the self-discipline to manage your money effectively, it doesn't matter how much money the government gives you.