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Thread: Student Loan Debt Bubble?

  1. #1

    Student Loan Debt Bubble?

    http://endoftheamericandream.com/arc...education-scam

    Before I make any comments about the article, I just wanted to get everyone's immediate opinion on the concept that Student Loans are a Loan Bubble in and of themselves, and how dangerous is it to our already precariously unstable economy.

    Thoughts?
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  3. #2
    I'll bite. I agree with absolutely everything that was said there.

    My student loan payments are nearly $600 a month. That's a small apartment where I live. I make less per hour now than I did while I was working my way through college, all in the name of "getting ahead."

    I look back and really regret that nobody told me about the benefits of joining the military when I was in high school. I was always told that's where kids go if they're trouble makers or aren't smart enough to go to college. If I had gone into the military when I graduated, I wouldn't have $60,000 of student loan debt and would have a job that pays well, with great benefits and guaranteed raises for the rest of my career.

    Bankruptcy laws in some states do actually allow student loan debt to be discharged if it can be proven that the payments place an undue financial burden on the student and the student has no means of increasing his/her income in the forseeable future. In other words, a good lawyer can get the debt discharged.

  4. #3
    Quote Originally Posted by Nic View Post
    I'll bite. I agree with absolutely everything that was said there.

    My student loan payments are nearly $600 a month. That's a small apartment where I live. I make less per hour now than I did while I was working my way through college, all in the name of "getting ahead."

    I look back and really regret that nobody told me about the benefits of joining the military when I was in high school. I was always told that's where kids go if they're trouble makers or aren't smart enough to go to college. If I had gone into the military when I graduated, I wouldn't have $60,000 of student loan debt and would have a job that pays well, with great benefits and guaranteed raises for the rest of my career.

    Bankruptcy laws in some states do actually allow student loan debt to be discharged if it can be proven that the payments place an undue financial burden on the student and the student has no means of increasing his/her income in the forseeable future. In other words, a good lawyer can get the debt discharged.
    Perhaps, but you would also be a tool of the American Empire. The benefits and raises you get would not come from real production in any economy, but merely as a transfer of wealth from taxpayers to you. I would discourage anyone from joining until someone, somehow manages to restrain the war machine and tear down the Empire. (and even then, only the National Guard-the rest of the Military is unnecessary and unconstitutional) JMHO
    Last edited by heavenlyboy34; 12-30-2010 at 06:56 PM.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  5. #4
    As far as the OP, I would agree that most higher education is vastly overpriced and a waste of money. However, there are some good schools that teach valuable skills. I would also agree that student loans are their own bubble. When I started in 2000, it was easy to get a loan, and everyone I know who went on to school got a loan. Not many really understood how overpriced education was/is or that the collapse was coming. (I didn't-I was young and ignorant at the time)
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  6. #5
    Quote Originally Posted by Nic View Post
    I'll bite. I agree with absolutely everything that was said there.

    My student loan payments are nearly $600 a month. That's a small apartment where I live. I make less per hour now than I did while I was working my way through college, all in the name of "getting ahead."

    I look back and really regret that nobody told me about the benefits of joining the military when I was in high school. I was always told that's where kids go if they're trouble makers or aren't smart enough to go to college. If I had gone into the military when I graduated, I wouldn't have $60,000 of student loan debt and would have a job that pays well, with great benefits and guaranteed raises for the rest of my career.

    Bankruptcy laws in some states do actually allow student loan debt to be discharged if it can be proven that the payments place an undue financial burden on the student and the student has no means of increasing his/her income in the forseeable future. In other words, a good lawyer can get the debt discharged.

    Uhh, if you joined the military you could also be maimed or dead.
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  7. #6
    I'll bite:

    What happens when your arm gets blown off in combat? What happens when the GOVT leaves you onyour own after that, as they almost always do with many traumatized/wounded soldiers? What happens then?

    Military or learn a trade...any reasonable person picks the latter everytime.

    Quote Originally Posted by Nic View Post
    I'll bite. I agree with absolutely everything that was said there.

    My student loan payments are nearly $600 a month. That's a small apartment where I live. I make less per hour now than I did while I was working my way through college, all in the name of "getting ahead."

    I look back and really regret that nobody told me about the benefits of joining the military when I was in high school. I was always told that's where kids go if they're trouble makers or aren't smart enough to go to college. If I had gone into the military when I graduated, I wouldn't have $60,000 of student loan debt and would have a job that pays well, with great benefits and guaranteed raises for the rest of my career.

    Bankruptcy laws in some states do actually allow student loan debt to be discharged if it can be proven that the payments place an undue financial burden on the student and the student has no means of increasing his/her income in the forseeable future. In other words, a good lawyer can get the debt discharged.
    "Like an army falling, one by one by one" - Linkin Park

  8. #7
    Quote Originally Posted by Nic View Post
    I'll bite. I agree with absolutely everything that was said there.

    My student loan payments are nearly $600 a month. That's a small apartment where I live. I make less per hour now than I did while I was working my way through college, all in the name of "getting ahead."
    what did you study?
    Those Who Do Not Move, Do Not Notice Their Chains.

  9. #8
    Lot's of military hate here. I've always been extremely anti-war and up until recently never really had any sort of appreciation for the military, but those guys are getting paid well and their benefits are beyond anything I've been offered in the private sector. People who are intelligent enough to do well on the ASVAB don't get stuck in combat situations, so the whole getting hurt/killed/whatever thing never would have been a concern like I thought it would have been before I learned a little more about the military. I majored in finance w/a minor in poli-sci. I work at a bank and like I said, make less per hour now than I did when I worked retail before I graduated.
    Last edited by Nic; 12-31-2010 at 11:47 AM.



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  11. #9
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    Quote Originally Posted by Nic View Post
    Lot's of military hate here. I've always been extremely anti-war and up until recently never really had any sort of appreciation for the military, but those guys are getting paid well and their benefits are beyond anything I've been offered in the private sector. People who are intelligent enough to do well on the ASVAB don't get stuck in combat situations, so the whole getting hurt/killed/whatever thing never would have been a concern like I thought it would have been before I learned a little more about the military. I majored in finance w/a minor in poli-sci. I work at a bank and like I said, make less per hour now than I did when I worked retail before I graduated.
    I understand how you feel, especially with the economy the way it is. Many here would gladly work the system for welfare but decry you working a non-combat military job. But everyone has to make those decisions for themselves.
    Equality is a false god.

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  12. #10
    That's why loans should be kept at an absolute minimum. I am going to be debt-free when I'm out of college because of all the scholarships. State schools are WAY overpriced, and for room and board along with the education, it is not outrageous for them to cost $30,000 per year. Best to attend a smaller school that costs less or a 2-year institution and transfer for the savings. Some of these people I go to school with, for a 4-year degree, are going to be over $100,000 in debt. It'll take them years to pay that back and some never will. And a 4-year degree nowadays is just a sheet of paper, without a Master's, nobody cares.

  13. #11
    Quote Originally Posted by Nic View Post
    Lot's of military hate here. I've always been extremely anti-war and up until recently never really had any sort of appreciation for the military, but those guys are getting paid well and their benefits are beyond anything I've been offered in the private sector. People who are intelligent enough to do well on the ASVAB don't get stuck in combat situations, so the whole getting hurt/killed/whatever thing never would have been a concern like I thought it would have been before I learned a little more about the military. I majored in finance w/a minor in poli-sci. I work at a bank and like I said, make less per hour now than I did when I worked retail before I graduated.
    And deservedly so. The military as we know it today is an unconstitutional, fascistic, overpriced transfer of wealth. It hasn't served the purpose of actual defense in decades.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  14. #12
    Quote Originally Posted by TCE View Post
    That's why loans should be kept at an absolute minimum. I am going to be debt-free when I'm out of college because of all the scholarships. State schools are WAY overpriced, and for room and board along with the education, it is not outrageous for them to cost $30,000 per year. Best to attend a smaller school that costs less or a 2-year institution and transfer for the savings. Some of these people I go to school with, for a 4-year degree, are going to be over $100,000 in debt. It'll take them years to pay that back and some never will. And a 4-year degree nowadays is just a sheet of paper, without a Master's, nobody cares.
    Agreed 100%. I'm willing to admit I was extremely naive coming out of high school. I wish I would have taken the time to sit down and find things out on my own or had a parent/mentor who really explained my options and the real world to me. I was raised in the culture where the "smart kids" were supposed to graduate high school and immediately move on to big things. $7k a semester and a few changes in major later, I finally found what interested me. I don't regret going to college, I learned a lot and nobody can ever take that education away from me. I'm just bitter that I have all this debt and no boost in income to show for it while the "dumb kids" are making twice as much as I am for playing command and conquer in the sandbox across the ocean. I'll definitely be discussing community college and the coast guard/national guard with my daughter when she's old enough to start considering her future.

  15. #13
    Quote Originally Posted by heavenlyboy34 View Post
    And deservedly so. The military as we know it today is an unconstitutional, fascistic, overpriced transfer of wealth. It hasn't served the purpose of actual defense in decades.
    I agree with you and have expressed that same sentiment over and over again, but let's be honest and place the blame where it belongs: our presidents and congress. You can't blame the men and women serving for doing what they have to do to make a living and feed their families.

    edit: sorry for the back-to-back posts. mods, feel free to merge the posts if necessary.
    Last edited by Nic; 01-03-2011 at 10:17 AM.

  16. #14
    Quote Originally Posted by Nic View Post
    I agree with you and have expressed that same sentiment over and over again, but let's be honest and place the blame where it belongs: our presidents and congress. You can't blame the men and women serving for doing what they have to do to make a living and feed their families.

    edit: sorry for the back-to-back posts. mods, feel free to merge the posts if necessary.
    We can now, since there is no draft. Even if a person is not aware of the true nature of the beast going in, ignorance is not a good excuse. If someone has to join just to feed their family, that reflects very badly on how the Regime crushes our economy and day to day lives.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  17. #15
    Anyone here have socialist parents (left or right) who tried pressuring them into getting loans and government handouts for school? I'm glad I stuck to my principles, especially since I put school on hold.

  18. #16
    Quote Originally Posted by Nic View Post
    You can't blame the men and women serving for doing what they have to do to make a living and feed their families.
    No but you can blame them for being ignorant of that fact that for every government job (including military) more than one private sector job is lost. Those who claim to believe in capitalism yet endorse our militaristic culture are such hypocrites.

    The next time I hear the words "national security" or "national defense" i'm going to explode.



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