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RE: Changes to Tax Code Affecting Student Borrowers Is A Distraction From The Real Pernicious Evil
oddly enough I think that if someone takes a loan and says they will pay it back...they should do so.
I'm also opposed to 'deductions for state and local taxes"...i consider that to be stealing.
Stealing from the 'state and local municipalities' that don't HAVE those taxes. The people there have to pay a higher tax rate to make up for the ones taking the deductions.
While I agree that loans should be paid back, I don't think enough is being done to educate these students about the loans they're taking out. And that's because it would be impossible to sell them to a rational consumer, if they were being honest.
I mean, we have bankruptcy protections available for every other kind of loan out there. Should those be withdrawn too?
At 18, these kids don't have the credit history to get a credit card. And the only reason they're allowed to borrow $200,000+ is because they're denied the same basic protection other kinds of borrowers get. Without that protection, and with no incentive for the lenders to act ethically, there's a huge burden for parents, guidance counselors, hell - maybe their churches, to educate them on what they're getting into.
But teaching common sense is a forgotten art...
parents you say?
you mean those people who are supposed to mentor and guide their children and prevent them from destroying their lives?
those people?
when I went to college (and graduate school) I didn't take any loans.
I paid for it myself plus I had the GI Bill..which I MORE than paid for in blood sweat and tears.
When my grand daughter went to college (graduated last year, double major)..SHE had a full ride scholarship..
Somehow I'm not sympathetic with today's crybabies.
Yeah, I read that parenting was a thing once. It used to be done by the people who drop all those kids off at the mall.
so..they are irresponsible.
and now they expect the taxpayers to pay for it?
Isn't there a word for taking out a loan with no intent to repay?
what is it...right on the tip of my tongue...
oh yeah..
FRAUD.
Yeah, I know that until the laws changed 2005, it was common practice for law students to default on their student loans as a matter of course. Seven years of bad credit really isn't a big deal for someone in their early 20s. So clearly something had to be done about that.
But the unintended consequence was - lenders could now provide much larger loans secure in the knowledge students couldn't default. And this has driven up tuition costs exponentially.
To be honest my bigger beef is with the universities on this one. And the fraud they're committing by selling students useless degrees for amounts that leave them in debt for the rest of their lives.
Jerry Pournelle commented on that decades ago.
he said that the 'demand' from the incoming students determined what classes would be offered.
He also said that if our education system was imposed upon us by an outside power.
it would be considered and act of war.
regarding the lawyer thing.
why am I not surprised?