4 ms·
The only people I've heard of having absurd payments are on private loans and/or have graduate degrees, like a dentist with a payment that looks eye popping unt
by jimmaswell 2y ago
The only people I've heard of having absurd payments are on private loans and/or have graduate degrees, like a dentist with a payment that looks eye popping until you realize he makes 2 million. DoE student loans have very lenient repayment options, including an income-based option with payments as low as $0.
I'm in favor of making higher education free or subsidized just on principle, but I've yet to meet a person in real life actually struggling as a result of federal student loans. Their terms seem more than fair overall.
https://studentaid.gov/manage-loans/repayment/plans/income-driven https://studentaid.gov/manage-loans/repayment/plans/income-d...
And I don't know if it's the norm, but I had to take a written test proving I knew exactly what I was getting into - how long would a typical loan take to repay, what are the terms, who backs the loan, the fact it is a loan I have to repay..
- ta988 2y agoIt is also a possibility that people impacted are not part of your social circle/class.
- macNchz 2y agoThese huge loans for professional degrees are a problem as well, because they create the imperative for those careers to be super-high-earning.
- nemo44x 2y agoThey should be. I want people to be incentivized to become doctors and engineers and to pursue other difficult fields that are of immense value to society.
- thfuran 2y agoYou really want doctors to be in it primarily for the money rather than for delivering effective care?
- nemo44x 2y agoI want them to be competent. This means rigorous training and stringent examination. Competency means effectiveness and we need to incentivize our brightest to do this rather than write code for ads or trade equities and bonds, which require significantly less training effort.
- macNchz 2y agoThe opportunity for it to be lucrative is different than the imperative. Huge debts preclude or at least disincentivize people whose motivations may be more altruistic from taking lower-paying, higher impact roles.
- nemo44x 2y agoIt’s not arbitrarily expensive though. Training doctors is expensive. Regardless I don't know how to square the idea that altruistic people won’t become doctors because of debt with the reality of humans responding to incentives and we want to incentivize the best to become doctors, etc.
- spacemadness 2y agoI would think dentists earning 2 million a year are very rare.
- rickydroll 2y agoA family member was suckered into big student loans for a PTA degree from a mid-tier collage masquerading as a university. The jobs she could get didn't pay enough to cover the loan. Every degree program should come with a statement of how much one can earn on that degree and a loan repayment schedule. However, there needs to figure out to prevent school administrators from lying and distorting the process.