Relieving Student Debt

  • Posted by a hidden member.
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    Apr 16, 2009 10:45 PM GMT
    Hey guys, what are your thoughts on this? My roomate and I tried to debate this but hes a stubborn lil rich kid who doesnt even know the word "debt."

    This is the website, the first is a Canadian plea, the second is an American.

    [url]http://www2.macleans.ca/2009/03/05/while-you%e2%80%99re-at-it-i%e2%80%99d-like-a-handout-too/[/url]


    http://www.businessweek.com/bschools/content/mar2009/bs20090323_558993.htm


    Just asking for your opinions, positive or negative, and I do ask that you not answer "i have no student debt, i never needed to / i worked my ass through school and suffered" because thats just not helpful icon_wink.gif

    theres plenty of other websites and such related to this proposal, as well, the facebook group (for all you facebookers out there) is,

    http://www.facebook.com/group.php?gid=46657437878&ref=nf



    I have plenty o thoughts on this, ill contribute as you guys weigh in.
  • DrewT

    Posts: 1327

    Apr 17, 2009 1:09 AM GMT
    Sure. It makes tons of sense. The banks are already getting tons of money, and the poor and middle class, as always, get stiffed. (and not in a good way)
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    Apr 17, 2009 1:16 AM GMT
    I have found the best way to deal with student debt... is not to get in much debt to begin with.

    Instead of working 40hrs a week and taking 12-17 credits a semester... I do work study and concentrate of my classes and reaserch oppurtunities.

    Better GPA = Better Finanical package (i.e. grants and scholarships).

    My school costs $42,000 a year. Not too bad considering other schools.


    Also I apply for scholarships.

    And... tell the finaical department your parents would help you out anymore with college bills and that you will need to switch colleges if you can't get extra financial help--they want you as a student: they want your money, they'll help out.
  • Posted by a hidden member.
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    Apr 17, 2009 1:17 AM GMT
    That'd be millions of dollars maybe hundreds of millions in student debt erased.
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    Apr 17, 2009 1:23 AM GMT
    http://www.slate.com/id/2212534/

    Eliot Spitzer has something to say.
  • Posted by a hidden member.
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    Apr 17, 2009 1:46 AM GMT
    5537B00B saidhttp://www.slate.com/id/2212534/

    Eliot Spitzer has something to say.


    If your going to have sex in office make sure it's pro bono?
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    Apr 17, 2009 1:54 AM GMT
    Life is about choices. Could these people have worked through school? Taken out less debt to finish? Were all the borrowed monies used solely for educational pursuits?

    If you choose to incur $80,000 in debt to obtain a degree that will not provide the income to repay it, maybe you need to re-think your capacity for higher education and contributing to society. I have zero sympathy, nor support for "forgiving" loans for students who do this. Access to education is available to all who can pay for it, whether that be through family support, working to pay for it, scholarships, or securing loans. There is a misconception that society should be paying for indulgent degrees and majors in this topic.

    I have friends that have racked up $60,000 in loans to get fine art degrees! Are you kidding me? Hmmm, I "love" a completely unmarketable field, so I am going to max out all my loan avenues to live my dream. Then after 2 years of paying the minimum repayment they realize, "fuck, maybe my degree really only prepared me for my current job in retail or at the fryer"

    As for the lawyer who started this, give me a break, you sir can go article in a private firm, work your ass off and start making real money in about 5 years, pay your loans back and then when you are established go "make a difference" in the DAs office.

    Canada has loan forgiveness.... does this exist elsewhere? ie. When I graduated $5000 was forgiven instantly and more could be applied for, for relief.
  • Posted by a hidden member.
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    Apr 17, 2009 1:59 AM GMT
    I'm down about $167k for student loans icon_eek.gif, so ... please ... BY ALL MEANS. Lol.
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    Apr 17, 2009 2:12 AM GMT
    Im in the whole a few 10K's so yes please, being that i graduated right before the bust of this economy consolidation is not an option since....who's consolidating?!

  • Posted by a hidden member.
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    Apr 17, 2009 2:16 AM GMT
    Make it work
  • Posted by a hidden member.
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    Apr 17, 2009 2:16 AM GMT
    Hmm. Personally, I'm not in debt for school. Attending the University of Alaska as with an in-state tuition rate, I'm looking at about $12,000 a year. I was accepted at other schools like Santa Clara, but looking at how much it cost and what they had to offer, staying here was the obvious choice. (It was about $35k a year for them)

    I'm basically able to take my savings each summer and apply them to school for the next year. (It helps having a union job.)

    In terms of the larger student body debt, I think the average was somewhere around 90k upon graduation from college. Obama had initial plans on the campaign trail to draft laws that would annually reduce the interest rates on student debt and loans, eventually to zero. thereafter, the bill would sunset or it could face updates from Congress. I'm not sure what the status is on ideas like that.