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+--- Thread: Student loan documentary (/Thread-Student-loan-documentary)
Student loan documentary - clydosaurus - 06-04-2012
I don't know what makes you think I'm looking down on anyone -- that's your perception. If you make the biggest financial investment of your life without doing some research... I don't know what to tell you. The information is there, if people rather have someone hold their hand and take their money... that's on them. I have to deal with my own problems, and I don't drag anyone else down with me -- including my parents or the kids that I don't have. I can accept messing up my own life, but no way am I going to have it over my head that I've screwed anyone else.
I will say the whole system is completely backwards. You have to have high SAT scores and great grades to get into college, pass all your classes over the course of 120 credit hours, but you don't need to know how your student loan works? That should be the first requirement of getting into college. At age 18, everyone should have to take a personal finance course.
Student loan documentary - mrs.b - 06-04-2012
I do not think any loan forgiveness programs are needed, that is certainly not what I’m saying. Whether or not they understood, they were old enough to commit to debt, and they’re old enough to pay it; it is why we pay $600 per month every month for my husband’s goofy debt, and will continue until it’s gone (hopefully before we retire). The disclosure system is flawed, though, and not remotely on par with other large purchase items. If you finance the purchase of any other large ticket item - house or car - part of the process is receipt of an itemized disclosure statement that includes the value being financed, specific monthly payments, interest rate, and an amortization schedule. Why do mortgages and car financing agreements get detailed breakdowns for borrowers to review prior to commitment, but student loans only get vague statements from schools with little or nothing from the lender before the debt is committed? Here is a copy of my own financial award letter (personal information blanked) and how “detailed” it was:
(name)
(address) (date)
(address)
TOTAL JUL11 OCT11 JAN12 APR12
Pell Grant xxxx.00 xxx.00 xxx.00 xxx.00 xxx.00 Y_N_
Direct Subsidized St xxxx.00 xxxx.00 xxxx.00 xxxx.00 xxxx.00 Y_N_
Direct Unsubsidized xxxx.00 xxxx.00 xxxx.00 xxxx.00 xxxx.00 Y_N_
Basic checkboxes “yes” or “no” with no reference to payoff terms, interest rates, or the rest. I understood mine and had already run my own numbers, but all these complaints are coming from somewhere, and I cannot be that callous to think it's all deadbeats trying to dodge their obligations. If every other truth in lending disclosure statement for every other type of purchase includes itemized breakdowns – some of which are for values far less than a single term of college education at some schools – why in the world would these sizable debt agreements not come with the same information?
These are kids for the most part; they are old enough to commit to debt, yes, but were you as financially responsible then as you are now? Enhancing and expanding disclosure and truth in lending statements would benefit everyone. And not on a per-term or per-year basis; the lender should send a statement detailing how much is already outstanding on the account, the balance if the future loan is accepted, and where it would move monthly payments. How would that request bypass a borrower’s obligation? They would still be committed to repay previously-accepted funding, but it would make it far more clear to these kids what they’re doing to their financial future.
If this information were available, it would serve two purposes: educate the borrower and eliminate room for complaint when the bill comes due, and serve as checks on the lenders if terms are deviated. I think it would do away with most of the complaints of “I was never told that,” and “this changed from what I agreed to,” because it’s in writing, on file, and defensible for both parties.
Student loan documentary - bldclot2 - 06-12-2012
I keep on learning what not to do, here's another article. Also, read the comment section.
Life with big student debt: tales from four college graduates - Yahoo! News
Student loan documentary - MRHTOAD76 - 06-14-2012
jam123 Wrote:When I make stupid personal CHOICES I deal with the aftermath and consequences. I made the decision, I took the risk and the reward would have been mine. I don't play the victim game trying to get others to feel sorry for me or pay for my problem. It's called personal responsibility.
Who should have to pay the price when someone makes a bad decision?
If you say society/taxpayers then what incentive is there for anyone to make good decisions?
How will people learn from their mistakes?
I typed out a long reply then my wife reminded me that I'm not really trying to change anyone's mind, I'm not here to rain on parades or break illusions, I'm simply saying stop and think about others point of view and WHY they have that point of view. None of us would be alive today if not from help from others..
If you think they have that point of view because they are cry babies or insert any term then OK that is fine whatever it takes for you to sleep at night and look at yourself in the mirror the next day.
This isn't political no matter what your side,state,etc we all agree we could better ourselves, it has to do with us all as people striving to be decent human beings. It is a constant struggle we all fight. We just have to remember that None of us would be alive today if not from help from others..
It is so important I must say it a third time. None of us would be alive today if not from help from others!
Student loan documentary - Publius - 06-14-2012
MRHTOAD76 Wrote:I typed out a long reply then my wife reminded me that I'm not really trying to change anyone's mind, I'm not here to rain on parades or break illusions, I'm simply saying stop and think about others point of view and WHY they have that point of view. None of us would be alive today if not from help from others..Agreed, but that help doesn't need and shouldn't come from the government.
If you think they have that point of view because they are cry babies or insert any term then OK that is fine whatever it takes for you to sleep at night and look at yourself in the mirror the next day.
This isn't political no matter what your side,state,etc we all agree we could better ourselves, it has to do with us all as people striving to be decent human beings. It is a constant struggle we all fight. We just have to remember that None of us would be alive today if not from help from others..
It is so important I must say it a third time. None of us would be alive today if not from help from others!
A college degree is not an essential to life. It is not a right. A benefit? Yes. Not a necessity. Is it needed for specific career choices? Yes. However, that career choice isn't the only option available. And a college degree is definitely NOT worth 100K or even 50K.
Student loan documentary - MRHTOAD76 - 06-15-2012
If you think the issue is government should or shouldn't pay for a degree then that proves the entire point was lost.
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You guys can like each others post all day long ,but this isn't about that... It makes me want to laugh and cry at the same time.
Guess I need to stay out of Off Topic.