the problem with education in this country

[QuarterMillionMan]

This morning Biden approved forgiving the Corinthian college student loan debts, I'm not sure of the details but possibly all existing loans there. I'm okay with this because Corinthian was not a legitimate college.

[disneysteve]

This morning Biden approved forgiving the Corinthian college student loan debts, I'm not sure of the details but possibly all existing loans there. I'm okay with this because Corinthian was not a legitimate college.

I saw that. Those for-profit scams need to be controlled somehow. Millions of people have been defrauded by them over the years.

I wonder how many of those students also have private student loans that they're still stuck with. It's the private loans that are the biggest problem, not the Federal ones. Federal loan limits are pretty reasonable.

[ua_guy]

That's good news. Many of those for-profit colleges left students in a bad place, took their money and ran in some instances. Those schools are not all accredited the same, and some credits simply don't transfer. For-profits aren't all that way, but it didn't help that there was a con-artist appointed to oversee the US DOE for several years who enabled the industry (and took part in it).

And what about the people who already paid off their loans and won't get forgiveness? Good on them. They're probably most likely to succeed anyhow, and they can be proud they did it themselves. It sucks in hindsight. But what do we know about life? It's not fair, never has been.

[QuarterMillionMan]

A former subordinate worker of mine got a Ph.D. at an online college which I can't recall the name but started with a "W" but it was one of those paper mill colleges. We work for big government and she asked if it would lead to a promotion (she now works at another dept). I suggested that she inquire with human resources (HR) but I had a hunch it would not lead to a promotion. She insisted it was accredited but our HR has a defined list of approved accrediting agencies and I'm almost certain it was not on that list but I don't know for sure. And I don't know what degree she got because to me it was irrelevant with a paper mill college. I often wonder how much debt if any she took on to get that worthless degree.

[kork13]

This morning Biden approved forgiving the Corinthian college student loan debts, I'm not sure of the details but possibly all existing loans there. I'm okay with this because Corinthian was not a legitimate college.

That's a very different situation, and is a part of established law. When a for-profit college is found to be little more than a sham diploma mill, the US Department of Education can seize the assets of the college & invalidate both the diplomas and the tuition/fees/loans/etc. that were paid out to the college.

[LivingAlmostLarge]

Interest on federal loans should be capped. The banks might be more stringent on lending if they were only given a 3% profit. A couple I know have a $1M in student loan debt as two dentists. Mostly because they were lazy and these past 4 years the wife (already a dentist) chose not to work while her husband was in school so they lived on student loans for 4 years when she could have been working and they could have just taken out the cost of tuition.

But the bank kept giving them $150k a year and approving them.

[myrdale]

That's good news. Many of those for-profit colleges left students in a bad place, took their money and ran in some instances. Those schools are not all accredited the same, and some credits simply don't transfer. For-profits aren't all that way, but it didn't help that there was a con-artist appointed to oversee the US DOE for several years who enabled the industry (and took part in it).

And what about the people who already paid off their loans and won't get forgiveness? Good on them. They're probably most likely to succeed anyhow, and they can be proud they did it themselves. It sucks in hindsight. But what do we know about life? It's not fair, never has been.

The responsibility should be on the people who chose to attend those colleges and on the lenders who agreed to lend money for pursuing a degree from these schools and on the school itself.

If I read the story correctly the government isn't going to require repayment for federal loans. So we the tax payer are going to have to cover the bill. In the mean time the school hasn't lost anything as they were paid in full years ago for the products (good or bad) which they provided.

If these people were in fact sold junk degrees, they should sue the school itself.

Just another case of people making bad choices and expecting everyone else to pay for it.

[ua_guy]

Just another case of people making bad choices and expecting everyone else to pay for it.

False. I don't think many people took out student loans expecting anyone else to pay it back, since federal loan debt for education can't even be discharged in bankruptcy. Most of these people were trying to better themselves, become educated in hopes that it would benefit their lives. What is about to happen is an act of grace. Grace is often undeserved.

[myrdale]

Here's an idea. Let's implement a new law in which each person can list an amount of money they would like deducted from their paycheck to go towards paying for these charity handouts. You pick the cause you want to support; college debt, reparations, free housing, food stability, government bailouts, etc. I'd even suggest it be 100% tax deductible.

I am curious though, what percentage of liberals would list $0 with us anti-college conservatives?

[disneysteve]

Here's an idea. Let's implement a new law in which each person can list an amount of money they would like deducted from their paycheck to go towards paying for these charity handouts. You pick the cause you want to support; college debt, reparations, free housing, food stability, government bailouts, etc. I'd even suggest it be 100% tax deductible.

I am curious though, what percentage of liberals would list $0 with us anti-college conservatives?

Have my tax dollars go to actually helping people instead of for the crap and pork it does now? Sign me up!

[QuarterMillionMan]

Here's an idea. Let's implement a new law in which each person can list an amount of money they would like deducted from their paycheck to go towards paying for these charity handouts. You pick the cause you want to support; college debt, reparations, free housing, food stability, government bailouts, etc. I'd even suggest it be 100% tax deductible.

I am curious though, what percentage of liberals would list $0 with us anti-college conservatives?

I like this idea, rather than ramming things down my throat that I don't agree with using my money.

[ua_guy]

$245 Billion in forgiven loans divided by 150 million taxpayers is about $1633.33 each. Don't get me wrong, that still buys something even in today's economy, but I'm not going to lose sleep over it. I'll make more money.

[rennigade]

$245 Billion in forgiven loans divided by 150 million taxpayers is about $1633.33 each. Don't get me wrong, that still buys something even in today's economy, but I'm not going to lose sleep over it. I'll make more money.

The problem is it doesn't solve anything. It only teaches people that legal binding contracts mean nothing. It teaches people that they can borrow money and never have to pay it back. I can think of around 10 people that I know still have student loan debt and if it was wiped out tomorrow, they'd rack up more debt with the spare money they have. Not one of them would save or invest their extra money.

[ua_guy]

The problem is it doesn't solve anything. It only teaches people that legal binding contracts mean nothing. It teaches people that they can borrow money and never have to pay it back. I can think of around 10 people that I know still have student loan debt and if it was wiped out tomorrow, they'd rack up more debt with the spare money they have. Not one of them would save or invest their extra money.

Correct. Legally binding contracts don't mean anything anyway if you have a lot of money and a good lawyer. Have you lived in this country for very long? Even supreme court decisions change with the wind. Why do people think this is about morality? I guess it just further affirms for me that being poor is a state of mind moreso than not having money.

[rennigade]

Correct. Legally binding contracts don't mean anything anyway if you have a lot of money and a good lawyer. Have you lived in this country for very long? Even supreme court decisions change with the wind. Why do people think this is about morality? I guess it just further affirms for me that being poor is a state of mind moreso than not having money.

Yes, I've lived here for my entire life. You don't actually believe that contracts mean nothing. You're only saying it to prove a point you made up.

You're also leaving out my point that paying other people's debts only tells them they can spend all the money they want and someone else will foot the bill.

Again, when the student debt was taken they agreed to pay back money + interest. If you'd rather live in the wild west be careful what you wish for. Society isn't on a great track and it just might come true.

You can get the last reply in to me. I've commented enough and sound like a broken record on this subject.