50% of student loan debt is going into default. Uh oh.

[Visbek]

Am I the only one noticing a problem with the math in the article?

"Half" of loans aren't being repaid.

$1 trillion in student loans outstanding
$146 billion outstanding to people still in school
$90 billion in payments deferred
$90 billion in default

Even including the 14% being loans that no one should expect to be repaid right now, that's still only 32%. Either they left something out, or someone needs to go back to school.

 

[YoungConserv]

And what else do you expect them to do? Take a low paying job out of high school and hope they'll be able to work their way up the ranks? Students are forced to choose between near inescapable (the large scale trends in American economics are mostly to blame for that) hyper-exploitation and poverty wages, and crippling debt. That's not a choice people should have to make.

I expect them to get a degree in something marketable otherwise your just strapping yourself with debt you don't need.

 

[hidingrpolitics]

Why hire the US citizen indentured slave when you can have a Chinaman with a free education(or $100 YEAR) for 10% of the cost to do the same thing.............


Race to the bottom continues...............


(he is a endentured slave because student debt is for life)

It only looks like a race to the bottom because you're on top. I think the Liberal ideology would love this--the poor Chinese man now has an opportunity to rise from his $2/hour job to a $7/hour job. Of course, when you're currently making $20/hour and it gets cut down to $15, you would see it as a "race to the bottom." I assure you that Chinese man sees it as a race to the top!

 

[humbolt]

Here's one reason tuition is so pricey: University of California, Los Angeles Public Salaries - Public Salaries Database - CollegiateTimes.com Note that this data is from 2008. There's a reason for that. UCLA, like many public universities, routinely hides this information from public view, and it's easy to see why. If you go to the UCLA public link, you'll find a PDF of the table of contents for salaries, and nothing else. No salaries, and it's no wonder. I'd be trying to hide the obscene salaries too.

 

[Velvet Elvis]

If they do this, there goes 1/4 of their students, who thanks to the anemic K-12, can't pass intro math and science classes.

SO BE IT.

Secondary education is not mandatory in this country.

 

[Visbek]

Here's one reason tuition is so pricey....

Most of those enormous salaries are for the medical school. Most of them do research, which brings in grants for the university.

University of California does, in fact, publish its salaries every year -- for every position. https://ucannualwage.ucop.edu/wage/

How many private companies publish the names and salaries of their employees, by the way?

 

[YoungConserv]

Most of those enormous salaries are for the medical school. Most of them do research, which brings in grants for the university.

University of California does, in fact, publish its salaries every year -- for every position. https://ucannualwage.ucop.edu/wage/

How many private companies publish the names and salaries of their employees, by the way?

They do to their stockholders which is kinda how students are for a university.

 

[Bodi]

."Defaulting on a federal student loan has serious consequences," Rohit Chopra, the bureau's student loan ombudsman, said in the report. "Unlike other consumer credit, borrowers in default on a federal student loan might see their tax refund taken and their wages garnished without a court order."

Not if you live outside the USA... :lol:

 

[chromium]

SO BE IT.

Secondary education is not mandatory in this country.

Then your argument should be that the government shouldn't be giving out loans to these people.

 

[Velvet Elvis]

Then your argument should be that the government shouldn't be giving out loans to these people.

I never said that. However, these loans should be treated no differently than loans taken out at banks. I know multiple people who work in government-backed student loans. There are way too many kids who think skirting government loans is perfectly acceptable because "eventually they'll just get written off."

 

[YoungConserv]

Then your argument should be that the government shouldn't be giving out loans to these people.

How bout the Feds just stick to the 18 enumerated powers.

 

[TiredOfLife]

How bout the Feds just stick to the 18 enumerated powers.

How about we pay up to educate our kids? Now there's a thought.

 

[YoungConserv]

How about we pay up to educate our kids? Now there's a thought.

Educations not a federal responsibility it's a state and local one.

 

[TiredOfLife]

Educations not a federal responsibility it's a state and local one.

Regardless, pay up. Smart kids make for a better economy.

 

[YoungConserv]

Regardless, pay up. Smart kids make for a better economy.

No we have a constitution in this country unles you amend it to include education as a federal power the department of education and all loan activity should cease as it is unconstitutional.

 

[TiredOfLife]

No we have a constitution in this country unles you amend it to include education as a federal power the department of education and all loan activity should cease as it is unconstitutional.

The FAA is unconstitutional. A Standing Army is unconstitutional. That's a dead argument. Deal with what you have, not what the Founders thought necessary.

 

[YoungConserv]

The FAA is unconstitutional. A Standing Army is unconstitutional. That's a dead argument. Deal with what you have, not what the Founders thought necessary.

FAA regulates interstate commerce totally constitutional. 2 A standing army is totally constitutional as it fulfills the " raising and supporting of armies and navy's" part. Any other bogus claims.

 

[TiredOfLife]

FAA regulates interstate commerce totally constitutional. 2 A standing army is totally constitutional as it fulfills the " raising and supporting of armies and navy's" part. Any other bogus claims.

Neither claim is bogus, although the FAA as Interstate Commerce works okay. The Standing Army part I'll leave for you to look up.

 

[YoungConserv]

Neither claim is bogus, although the FAA as Interstate Commerce works okay. The Standing Army part I'll leave for you to look up.

Raise and support armies and navies seems preety clear to me.

 

[TiredOfLife]

Raise and support armies and navies seems preety clear to me.

For how long?

 

[humbolt]

Most of those enormous salaries are for the medical school. Most of them do research, which brings in grants for the university.

University of California does, in fact, publish its salaries every year -- for every position. https://ucannualwage.ucop.edu/wage/

How many private companies publish the names and salaries of their employees, by the way?

Thanks for the link. Having visited many such sites, the recurring theme and complaint is that many public universities seek to hide or obscure their salaries. That's not my complaint at the outset - it's from the reporting sources. If you take the time to look around at those available, the salaries for faculty and staff at many large, public universities are astronomical - it's not limited to UCLA or the medical faculty. Take a look at the salaries for faculty and staff at Virginia Tech. They're typical. Private companies do not publish salaries because they're private. They don't use public funds. Please don't gloss over the obvious and fundamental.

 

[Steelplate]

Secondary education is not mandatory in our society.

Secondary education is not mandatory for employment. It might not be the employment you want. But you can avoid unemployment.


That being said, student loans are a contract between you and the lender. The lender gives you the money....you pay it back. If you fail to live up to your end of the contract, the lender can abide by the rules of the binding contract to make your life as miserable as possible until you pay the debt off.

Show some freakin' responsibility. If you take out $100,000 to get a degree in something retarded like "Ancient Latin," then your stupid ass will never make enough money to pay that loan off. You are a failure at life. If you take out money that you do not intend on paying back, you are a failure at life.

Ahhh...the "ancient Latin" strawman....I was wondering when that would come up...I do credit you for originality though...usually it's Sociology or some other liberal arts degree.

I seriously doubt that 50% of the student loans were taken out by liberal arts majors exclusively. If you have proof of that...by all means present it.

 

[Visbek]

Having visited many such sites, the recurring theme and complaint is that many public universities seek to hide or obscure their salaries.

I haven't done extensive research, but that doesn't seem to be the case. Again, the entire UC system publishes every salary. That may vary from state to state.

In terms of "hiding:" Given the privacy issues of releasing the name and salary of every employee in a state university system, I'm actually surprised anyone publishes those details. It's certainly not something we normally expect to see.

So, allow me to clarify and expand on the objection.

1) We don't apply this standard to private education, which is significantly more expensive. E.g. UCLA (which is in an expensive city) charges $12,000 a year for tuition; USC, a private school also in Los Angeles, charges $46,000 per year for tuition.

So you tell me, why is a private university nearly four times more expensive than a public university?


2) Simply pointing at some salaries and saying "Look!" doesn't give the whole picture. You'd need to break down the annual costs for instruction, facilities, support staff etc over the course of the past 20 years, as well as changes in state and federal funding, in order to say "the increase in costs is due to X, Y and Z."

You also don't indicate competitive salaries for these rather elite positions


3) Again, pointing at some high salaries doesn't take into account what those professors and instructors actually do. A medical researcher who nabs a multi-million dollar study, for example, isn't bleeding the university; they're actually generating revenues.

Also, different departments have different tuition rates. E.g. medical students have to pay a $20,000 supplemental tuition.


At the very least, you haven't substantiated your claim yet. You're just getting shocked by big numbers, taken out of context for what those individuals do, or an awareness of competitive wages.

 

[humbolt]

Working...I'll get back to you when I have something beyond a phone at my disposal. This was not my objection, but rather the objection of sites that report such statistics. Given that I read this stuff some months ago, it will take me a little time, and more than this phone.phoned

I haven't done extensive research, but that doesn't seem to be the case. Again, the entire UC system publishes every salary. That may vary from state to state.

In terms of "hiding:" Given the privacy issues of releasing the name and salary of every employee in a state university system, I'm actually surprised anyone publishes those details. It's certainly not something we normally expect to see.

So, allow me to clarify and expand on the objection.

1) We don't apply this standard to private education, which is significantly more expensive. E.g. UCLA (which is in an expensive city) charges $12,000 a year for tuition; USC, a private school also in Los Angeles, charges $46,000 per year for tuition.

So you tell me, why is a private university nearly four times more expensive than a public university?


2) Simply pointing at some salaries and saying "Look!" doesn't give the whole picture. You'd need to break down the annual costs for instruction, facilities, support staff etc over the course of the past 20 years, as well as changes in state and federal funding, in order to say "the increase in costs is due to X, Y and Z."

You also don't indicate competitive salaries for these rather elite positions


3) Again, pointing at some high salaries doesn't take into account what those professors and instructors actually do. A medical researcher who nabs a multi-million dollar study, for example, isn't bleeding the university; they're actually generating revenues.

Also, different departments have different tuition rates. E.g. medical students have to pay a $20,000 supplemental tuition.


At the very least, you haven't substantiated your claim yet. You're just getting shocked by big numbers, taken out of context for what those individuals do, or an awareness of competitive wages.

 

[ashurbanipal]

Do you suggest free higher education for everybody?

Hmmm...I would suggest free higher education for anyone who scored in the 90th percentile or better on a standardized aptitude test (ACT/SAT). We cannot afford to not develop our smart people into useful smart people.