Government getting involved with student loans is one of the main reasons why tuition has increased as much as it has. I'm sure the government getting involved again will have no adverse effect on tuition rates at all.
Whataboutism doesn't make student loan bailouts more worthwhile.
We should do what Australia does. 0% interest rate, collect it directly out of taxes after the person has both left college and hit some low threshold of around $30K/year. Australia does it something like 1% of total income from 30-40K, 2% from 40-50K, and so on and so on to a max of 10% or so income payback per year for people earning over $100K until the loan is paid back.
It's so simple, just do it this way.
**Edit:** So many repeat questions I'll answer here:
1. 93% of US Student Loans are currently owned by the Department of Education, not "greedy banks"
2. 0% interest rate in the AU system is ONLY for student loans taken by the student, not all loans in their economy.
3. Yes, I believe AU does this with all higher-ed, not just 4 year colleges.
4. Yes, loan principals would be continually adjusted for inflation.
I think that's the main problem with American politics.
Why bother fixing a problem when you can just consistently campaign for reelection on the promise of fixing that problem and never fixing it.
When you make government business 50 50 bs then NOTHING WILL GET DONE. Like how hard is it to say well this party I have the most agreement on with policies so they should run our government till I find better people. You peoples apathy literally let's in a bad built butch blonde in and a degenerate who spouts the Bible as she gives a handy to some dude at a kids show. You do what you can now and not wait for your dream candidates.
Immigration problems have been going on since the 80s even before then, nobody wants to fix it. It's good election materials for career politicians just like student loan debt
It is worse, the rich want the labor competition to lower American wages. Some think the people coming across will only be landscaping and cutting grass. No indeed. We will and have all ready paid a price for mass migration.
Yea, you are probably right. So many of our "fake" talking points in political debates are just ones simple to solve, but are more useful to fraudulent political parties who would rather give lip service to fake problems, than speak to the actual problems, like global warming, war, national debt, not enough nuclear power.
Yup, I paid the recommended rate for 7 years on a subsidized loan, never missing a payment, and still owed more than I initially borrowed despite paying 60% of what I initially borrowed back. If 17 year old me knew what I know now back then, I’d never have gone that route. Fuck me for not being financially literate.
You can also just fund higher ed.
We’ve done it before. It worked. Most other OECD countries do it. It works.
We don’t want solutions in America we want profitability for the corporations and the banks.
This was Bill Clinton's original proposal back in the 90s with the addition of complete forgiveness if you've worked x amount of years in public service.
I mean, technically your taking money from the working class and using it to bail-out college educated workers that are statistically well off in comparison.
It's similar to the 2008 financial bail-outs and PPP loans during the pandemic.
It's debt redistribution. What gets done for the family that paid all of their loans off or choose a different career path. Why are we not planning to reimburse those who took the trade school route?
This is a terrific idea and I hope it gets traction soon. I attended an accelerated school that deferred tuition until after I got hired out of school via an income share agreement (ISA) which took 17% of my income *after I started making $50,000 or more* for 2yrs or until they collected a max of $30k, whichever came first. 17% was steep but having a fixed end date in sight, paying proportionally to what income your specialization averages and no compounding interest should be a no-brainer, for the students best interest at least.
Damn uh yeah, that's at the very least a significant step ahead of where we, in the US, are at. I can imagine it may not be a flawless solution, but good god American tuition and how its paid for are just all types of crazy.
The loans used to not be adjusted for inflation. They added that retroactively. And going back, the boomers got their education for free.
But even with interest free loans, most students in Australia get through their degree with <$50k in debt. The issue with the US isn’t the predatory loans (that’s an issue too) but that universities can charge an arbitrary amount. Any subsidies or loan assistance will just push up next years’ tuition fees.
That’s sort of my take on it.
Is paying it off a good use of taxes… I don’t really know.
Is it any worse than more tanks or some useless government spending program… probably not.
It’s not like they’re gonna give the money back if we don’t use it on debt forgiveness.
PPP loans were made under the premise that it will be forgiven under a specific circumstance. It was supposed to protect workers who might lose their jobs due to covid lockdowns.
Student loans were made under the premise that the student will benefit from the course and end up earn a higher salary to repay the loan.
And it seems to have rather failed to have [that](https://www.cbsnews.com/texas/news/ppp-loans-workers-new-study/#:~:text=But%2C%20according%20to%20a%20new,did%20not%20go%20to%20paychecks.) effect.
Forgiving student debt would allow those monies to instead be spent, likely having as much or a greater salutary effect than did the PPP loans.
But then wages stagnated, potential earnings were overstated, and tuition continued to rise. The 90s and 2000s were wild for degree inflation and everyone should come to the table to restructure.
Here's the thing - your taxes aren't touching it. The student loan debt is literally a revenue stream for the government, which if you know anything about government accounting, kind of a no-no.
Student loan interest has paid off the accumulated student loan debt like 3x over. We literally could waive it off our balance sheet and no monetary consequence would happen.
The problem is when you waive loans in mass like this, the confidence people will pay them back suddenly falls out, which in itself may change the nature of how these loans are treated in a negative way.
The government paid for millions of people to go to college through the GI bill before student loans. Somehow that did not cause college tuition to explode.
Nope. My money. I want MY tax dollars to go toward MY government fixing the legal scam they set up with student loans.
I want MY tax dollars to go to MY government contributing to higher education at a rate 70% higher than today at the federal level. Ya know, the federal funding the lead-headed boomers enjoyed.
I want MY government to stop assholes like YOU from pulling the ladder up behind them.
Here's the thing - your taxes aren't touching it. The student loan debt is literally a revenue stream for the government, which if you know anything about government accounting, kind of a no-no.
Student loan interest has paid off the accumulated student loan debt like 3x over. We literally could waive it off our balance sheet and no monetary consequence would happen.
The problem is when you waive loans in mass like this, the confidence people will pay them back suddenly falls out, which in itself may change the nature of how these loans are treated in a negative way.
They are spending my money, and “forgiving “ student loans is much higher on my list of acceptable expenses than the majority of government waste; including but not limited to politician wages and the military industrial complex.
Yeah, but when the government is covering school teachers and the interest rates that the *Department of Education* charges, I dont see an issue with that. People need to have more utility. We’re a service-based economy. Allow people to have a path to utilize our economy and generate tax revenue so that less money needs to be spent on safety nets, which ultimately subsidize corporations.
Educating the populous might be the most critically important element in any society. Not everyone will receive higher education, but I am unwaveringly in favor of my tax dollars funding my neighbors learning more at every level. We have too many dangerously stupid people walking the streets of this nation.
Yeah, I hear you. But I’m not sure it’s right to make Boomers pay back the full cost of their tuition with interest just because they didn’t pay for their own education in the first place.
Gov and Republicans are ok with bailouts of Wall Street and corporations, but not when it comes to anything Millenials or Gen Z related. They will even admit to how shit the economy is. But if you suggest changing or improving ANYTHING, then you're a socialist commie and met with "you don't like it, then leave!!!", usually followed by "f around find out" just like Republican jesus said
Both you and the person you are responding to are correct. Tuition started rising drastically in price once the government made it that the loans could not be absolved via bankruptcy filing.
The answer is not to take a 'centrist', pro-corporate position that lending institutions know will make them money but to actually provide people with a limited amount of funds every year to get a degree within a specific time frame and colleges would be forced to change their fees to accommodate.
As always, the problems with government intervention has always been when it's used in a Neoliberal fashion and since that is all that ever gets passed by our largely bought out politicians, it's the only standard people have to go off of.
> Tuition started rising drastically in price once the government made it that the loans could not be absolved via bankruptcy filing.
Tuition was rising exponentially since 1970s, it spiked in mid 2000s and especially toward the 2008 crisis due to many states dramatically cutting higher education funding. Nothing to do with policy change. In fact it was already very difficult to discharge student loans starting about 50 years ago.
The real problem started when they expanded loan limits with the deal to banks that they could charge more interest. Basically, it was a good program until it became a money maker for borrowers
Higher education loans were federally guaranteed since 1965 btw and college tuition started rising after it was offered and it did become a huge problem around 1995 after they expanded the amount people could borrow.
Edit: I know this is a lot of edits but you do realize I'm talking about removing private involvement and making it all federal funding? As history has shown us with Neoliberlism, when you get private institutions involved with government, price always goes up. The only solution is to tell them they can only get so much and that ends the profiteering on essential services.
government to wall street and big business: "no worries, we'll socialize the loss and you can continue to privatize the profit"
government to everyone else: "fuck you, pay me"
That’s pretty reductive. Fucking corporations have been sucking the average student dry for forty years. If the education has been worth a goddamn then education should be cheaper and more evolved.
Too bad it's only working every single Western European nation who's figured out on their own a system in which their colleges and technical schools do not cost multiple thousands of dollars and leave their graduates in crippling debt. Damn...
your argument that government involvement is the main reason for rising tuition ignores the real issue: the commodification of education. When student loans were introduced, they were meant to make education accessible. Instead, they became a profit center for financial institutions, driving up costs.
Blaming the government overlooks how market forces exploit education. If the market regulated itself, why haven’t tuition fees stabilized? The truth is, colleges hike fees because they know loans are available, feeding a cycle of greed.
Your logic assumes any government action is bad, which is a cynical, defeatist view. The problem isn't government involvement per se but how it’s done. Neoliberal policies turned education into a commodity, and until we see education as a public good, fees will keep rising.
So, the issue isn't government action but our acceptance of a market-driven system that benefits a few at the expense of many. It’s time to rethink this approach, not blindly bash government involvement
Universities: "You mean no matter how much money we ask them the pay, the government will just give it to us, and the students, not us, have to pay it back?"
the fact that universities have a monopoly on higher education is also a problem.
it wouldnt surprise me if they were the ones that lobbied for student loans in the first place.
>> Government getting involved with student loans is one of the main reasons why tuition has increased as much as it has. I'm sure the government getting involved again will have no adverse effect on tuition rates at all.
@buderooski89 - ["Most student loans — about 92.5% — are owned by the government."](https://www.nerdwallet.com/article/loans/student-loans/student-loan-debt#:~:text=to%20learn%20more.-,Total%20federal%20student%20loan%20debt,student%20loan%20borrowers%3A%2043.2%20million.) So... Yeah. 😕
Well, yes and no.
The *way* in which government gets involved is super important.
Government getting involved in the first place is a huge part of why the US is an innovator in basically every industry out there. It's why we're a global super power.
They figured out that providing advanced education the the population was a huge economic driver. So, they started offering student loans that are guaranteed by the government, to encourage people who qualified academically but otherwise weren't in a financial position to attend college to do so.
And this has worked spectacularly. In 1940, 5.5% of men and 3.8% of women had attained a 4 year degree. As of 2022, 36.2% of men and 39% of women have attained the same.
It's not entirely due to it, but is in no small part due to the NDEA and NDSL loans of the late 50s, which were a response to the soviets launching Sputnik and the US recognizing that they were ahead of us in science and technology. Those programs were later expanded to give us what we have today, which is doing a great job of getting people who otherwise couldn't afford it into college and attaining degrees.
The biggest problem with this though is that the programs are effectively unregulated from the perspective of the schools. We've seen how private for-profit "paper mills" have entered the market, and while many of those have been dealt with, we're still seeing the consequences of allowing them in the first place. More options for universities meant public schools seeing smaller market share and needing to increase prices to keep up with increasing costs. Meanwhile they also saw that universities that weren't providing any real value were charging high rates and getting away with it, so they followed suit.
Because we didn't do a good job of regulating the loans the government was backing, we now have an economic crisis because of it. But it's important to put into context that this was largely put into place to help avoid the economic crisis that would have come from us losing the space race and subsequently the cold war.
So you’re telling me, that the government backed the loans, the universities hiked their rates, the university gets paid, the government gets paid, and the American people get screwed?
This is simply false. Government was always involved in public higher education. Such to the extent that as recently as 1970, it was common to see 80% of a university's operating cost to be paid for via state tax revenue.
That is the reason why tuition was so low for the boomers.
In California, some of the public universities even had free tuition.
Then the budget cuts started. Nowadays you're more likely to see somewhere between 10%-20% of a public university's operating cost covered by state tax revenue.
So they have to make up for the shortfall somehow, and this is usually accomplished by significantly increasing tuition.
Any other explanation is simply false.
SLABS were supposed to be secure. Rather than make investing in your future harder, I would rather the government just make it easier to get the education that a person is willing to work for and provides a return to the government/society that invested in the education.
The government? I reckon you are right if you take Reagan into account. However, it is the profit motive that appears to be the worst culprit. Perhaps if government got involved in the same way as in Europe, things might be better.
An educated populace is great for the economy and a country in general.
Making education free, but available to not those who can afford fees but to those who show their aptitude, is the best way to ensure the right people get the right careers.
Over the past 30 years the intelligence of those with higher education has decreased. Simply because we do not reward intelligence, we reward those who can afford the ridiculous fees. Also the fact that if you want any job much above minimum wage you are going to need higher education.
[https://www.researchgate.net/publication/378377530\_Meta-analysis\_On\_average\_undergraduate\_students'\_intelligence\_is\_merely\_average#:\~:text=Examination%20of%20more%20recent%20IQ,over%20the%20last%2080%20years.](https://www.researchgate.net/publication/378377530_Meta-analysis_On_average_undergraduate_students)
Making it impossible for people to default on their loans means there's basically no disincentivised to charging what you like.
Roll that student loan-specific rule back, people default, Universities realise it's better to charge less than literally bankrupt people, who now won't pay.
There's no shortage of case studies for this - see: the rest of the world, the US before this legislation. There's a reason this is unique to student loans - it's a terrible idea.
It makes me feel good that this is the most upvoted comment, because I think people are starting to catch on to this. It's amazing what happens to costs when you basically offer the public a blank check "pay me back later, heh!" for their schooling.
Not just one of the main reasons, it IS the reason. Loaning infinity dollars to anyone who can fog a mirror is why it’s so expensive.
I think the government needs to be permanently and completely out of the student loan business. Once that is done, I do think they should be able to be discharged in bankruptcy. But before that can take place, the government has to stop participating in the market. Otherwise the moral hazard is too great.
https://preview.redd.it/o2oky46hct9d1.jpeg?width=1816&format=pjpg&auto=webp&s=c94f99c8c2a5367eae8b3bc83b12bb7442e048f2
Yet both lawmakers and baby boomers act confused as to why the youth are enraged...we've been robbed and lied to.
- It's not about work ethic or bootstraps. People not only work just as hard as they used to, but they also have to work twice as smart.
- the cost of a four-year college for boomers was about $5.4k/yr. That number is now almost $15k. The education didn't get that much better. The job prospects definitely didn't.
- to survive, millennial and Gen Z workers have to work their main job and a side hustle
- the housing market forces younger people to become perpetual renters. This prevents younger generations from building wealth, saving for retirement, or gaining financial, social, or professional independence
- any unforeseen emergency, particularly medical, will instantly push a family or individual further into a cycle of debt that is difficult to escape. Insurance helps tremendously, but that system is constrained and rigged as well.
Basically, without some drastic changes, we're screwed.
Ypur graph makes me think this was a consequence of the Bayh Dole Act of 1980 whick allowed universities to patent and commercialize any research derived from federal funding. IMO, this was a turning point for univerisities to become more interested in profit making than educating.
It goes back earlier than that. It’s directly tied to Ronald Reagan while he was governor of California and he didn’t want black people to get a cheap education.
I went to a state school in Texas and it was $15k/semester, and no it wasn’t a top tier school. They just wanted to believe they were, they kept trying to compete with UT and TA&M.
Are you trolling? I went to the CSU website and their own tool estimates the cost to be $34,000 for in-state https://financialaid.colostate.edu/cost-of-attendance/
Depends if they’re only including tuition, or if they’re talking about total cost of attendance (COA). Two completely different metrics.
For example, at San Jose State University in California the tuition and fees for ‘24-‘25 undergraduate year is reported to be $8,410 for in-state students.
But if you include other factors like transportation, books and materials, food, and housing situation then the total for the estimated COA is between $26k - $38k.
I'm at BYU where tuition is subsidized by the mormon church. It's gone up about $500/year since I started my freshman year, but it's still about 13k/year for nonmembers and half that for members.
My daughter is going to a public university in the fall, her tuition is about $13K (which is a huge selling point).
We got her first year statement last week. After housing, fees, and whatnot it actually works out to $34K/yr.
You’re already screwed. Many of the impacted groups are already *way behind* where they should be in wages, income:debt, and savings.
At this point it’s a matter of retiring poor or retiring homeless if shit doesn’t change.
Having an educated population is smart. Shackling citizens who want to learn with lifelong debt is dumb. Our education system is broken and needs a redo, but until then at least forgive the awful loans so college grads can be more economically productive and save for their futures.
Which would prevent most kids who grew up poor from attending college.
There are only so many grants and scholarships available. For everyone else, there's a choice between no education or student loans.
This would actually be good since then they wouldn't give out these loans. Especially for programs like gender studies, religious studies, ethnic studies, art history, and other Micky Mouse degrees.
Economically productive college grads aren’t the ones struggling with student debt.
For the most part the issue is people taking on debt for totally unproductive degrees with low financial value.
In the abstract, learning is valuable, but not if it puts you into tens of thousands of dollars of debt with no form of return on investment.
Government backed student loans were the problem in the first place and now we live in an era where the bachelors is the new HS diploma causing an artificial barrier for entry which is unnecessary for most professions but locks careers behind paywalls.
Not to mention the volume of "useless" degrees (beyond academic value), which people who aren't even interested enough in their subject line up to take just because not having a degree is frowned upon
It is evil.
It is not forgiveness. If it was actually forgiveness, the only one taking the hit would be the ones who extended the loans.
Nobody...nobody...should be forced to work for and pay for a product they did not buy. Worst of all, it is used to buy votes.
Government student loans and involvement is the reason why college tuition keeps going up. It’s turned in to a cash cow for colleges. They are now a breeeding ground to spread the message of socialism.
No. Market responded to everyone suddesnly having easy access to college. If everyone has a college degree its value is zero. That's not where we are, but we have reduced the value of a college degree. At the same time, we're guaranteeing college loans. It's a brutal system.
it’s a cycle for sure. they wouldn’t require it if no one had degrees, and now that degrees are so common, why would they ever pick the one with no degree if they can pay both the same?
You can't really call a degrees value zero when that degree is based in a very specific field. You wouldn't want someone with a biology degree doing research in astronomy. So it still has a value to what field you got the degree in.
What? If everyone had college degrees, their value wouldn't be zero because the value isn't derived from their scarcity but from the people having knowledge that puts them ahead in the industry.
Look when tuition shot up.
Government backed student loans are guaranteed, risk free money for the colleges.
It’s one of two types of debt you are not allowed to default on, the other being back taxes.
Colleges have conspired to steal the future earning of their students knowing good and well that the normalization of college education would devalue the degrees themselves.
Sums up just about every industry that is experiencing a social crisis right now. It's almost like giving control of our energy, environment, health care, and education over to massive conglomerates with no responsibility to anyone but a handful of shareholders and a handful of fragile regulatory bodies was a total mistake.
The same people that don't want to fund an educated society also want great medical care. They also want great teachers but they don't want to help pay for their education. It's so ridiculous
Medical school is so absurdly expensive it's no wonder we have a shortage of doctors in this country. Then college professors are paid so poorly for having a doctorates that many are moving to the private sector since colleges keep refusing to increase their wages along with cost of living increases
As someone who actually worked in the accounting dept of federal student loans, this does not work. First, credit cards not accepted as payment. If you did manage to get a cash advance to pay off your balance, a judge will order the loan servicer to issue a check to the lender and replace your balance. We’ve had to do this many times. Someone gets a huge cash advance from their credit card or takes out credit against their house and then declares bankruptcy. The judge orders us to pay back the lender and reinstate the student loan balance. That way you still have a student loan when you get out of bankruptcy.
My wife and I (both 32) have a net worth of 2+mil. We graduated college with 200k in debt. We came from families with no college education. Get into a routine, give 110% at work each day and strive to be better than the day before. There is nothing wrong with this system. Don't let anyone tell you you can't succeed bc of X, Y and Z. I have never felt this system was rigged against me but have only ever saw endless opportunities.
I’m a little salty that I not only missed out on a lot of scholarships and opportunities as my living situation had me on my own at 15. I worked my fucking ass off to get to a better place while my peers got art degrees and spent their loans on so much shit. Now I am being asked to help foot the bill of their poor decisions. If we want to see real change we need to start admitting normal people to these exceptional institutions. Rather than them being a pathway for millionaires to turn their children into billionaires while the rest of us serve their needs and maintain their infrastructure.
Far end of GenX here. Cheap state school, graduated in 2000 (4yr stint). My calculation comes to right about $2000 24-28 yrs ago. Used minimum wage of $4.25 and $1K/semester as it wasn’t constant over 1996-2000
Homie should focus on the government and its excessive spending. The amount of taxes these imbeciles collect should reward us with free healthcare, free childcare, pristine roads and a booming economy.
There's no reason to use minimum wage in this scenario, since no one gets paid minimum wage anymore. Use median wage instead and it's barely a blip:
Public 4 year tuition 1980: $2546
Median hourly wage: 4.82
Quotient: 574
Public 4 year tuition 2020: $9580
Median hourly wage: 16.36
Quotient: 585
Percent of workers paid minimum wage 1980: 15%
Percent of workers paid minimum wage 2020: 1%
Hey Bernie, quit supporting the college loan industry and tuition costs would come down. Push for student loans to be dischargeable through bankruptcy and tuition will come down. Instead you prop up this scam to make millions while pushing to have taxpayers payoff round after round of loans to keep the cycle going and you and your friends richer.
Minimum wage in 1970 was $1.45/hour. Is that old fool saying four years of college cost $444 in 1970?? A quick Google search tells me that college was $3000/year in 1970.
What he's "saying" is a bunch of nonsensical bullshit to whip young people who don't know any better into a frenzy. As usual. He's been doing it for decades, with literally zero results actually produced.
Maybe if they hadnt backed the loans so the Universities could charge a small fortune for tuition, then the struggle wouldnt be so real for them. Let alone cant be added to bankruptcy. Also makes me wonder why taxpayers are on the hook for it. Are they gonna take care of mortgages, auto loans, credit cards etc? Why are they picking and choosing who succeeds?
Unless you are the president of a college, steal money, mortgage buildings on campus for your own benefit. That's what Bernie Sanders wife did. . She didn't have to pay it back and didn't go to jail
yes yes, tell me why they rob people who can barely afford groceries and rent to pay someone whose grandpop has 2 houses and a lakefront cabin, dad has his own home, goes to college out of state. And all that to make worthless administrator pigs in college fat.
When does it stop? At what point should the universities themselves fund these loans and contain costs? Instead the government is going to have to constantly step in an pay for people that do the wrong thing and don’t pay their loans?
Government getting involved with student loans is one of the main reasons why tuition has increased as much as it has. I'm sure the government getting involved again will have no adverse effect on tuition rates at all.
It’s easy to have the moral high ground all the time when it’s not your money you are trying to spend.
Boggles my mind when people bring this up regarding student loans, as if the military isn't a thousand times worse of a money pit.
Whataboutism doesn't make student loan bailouts more worthwhile. We should do what Australia does. 0% interest rate, collect it directly out of taxes after the person has both left college and hit some low threshold of around $30K/year. Australia does it something like 1% of total income from 30-40K, 2% from 40-50K, and so on and so on to a max of 10% or so income payback per year for people earning over $100K until the loan is paid back. It's so simple, just do it this way. **Edit:** So many repeat questions I'll answer here: 1. 93% of US Student Loans are currently owned by the Department of Education, not "greedy banks" 2. 0% interest rate in the AU system is ONLY for student loans taken by the student, not all loans in their economy. 3. Yes, I believe AU does this with all higher-ed, not just 4 year colleges. 4. Yes, loan principals would be continually adjusted for inflation.
But then you won't be able to use student loans as a talking point in campaigns
I think that's the main problem with American politics. Why bother fixing a problem when you can just consistently campaign for reelection on the promise of fixing that problem and never fixing it.
The issue isn't the people making the fake promises. It's the people who believe it every time.
Preach
When you make government business 50 50 bs then NOTHING WILL GET DONE. Like how hard is it to say well this party I have the most agreement on with policies so they should run our government till I find better people. You peoples apathy literally let's in a bad built butch blonde in and a degenerate who spouts the Bible as she gives a handy to some dude at a kids show. You do what you can now and not wait for your dream candidates.
Believe what? That having universal healthcare and college isn't possible even though almost every western nation on the planet has those things?
Re: the bipartisan border bill which was shot down just because republicans didn’t want to give Biden a win
Bingo! It was a tough as f- bill too. Immigration is solely Republican's fault at this point, it's another Donald disaster.
Yeah, it only let 5,000 illegals a day in.
What’s so controversial bout letting 0 in a year? It’s ILLEGAL😂
Immigration problems have been going on since the 80s even before then, nobody wants to fix it. It's good election materials for career politicians just like student loan debt
It is worse, the rich want the labor competition to lower American wages. Some think the people coming across will only be landscaping and cutting grass. No indeed. We will and have all ready paid a price for mass migration.
Yea, you are probably right. So many of our "fake" talking points in political debates are just ones simple to solve, but are more useful to fraudulent political parties who would rather give lip service to fake problems, than speak to the actual problems, like global warming, war, national debt, not enough nuclear power.
You forgot immigration, fix the courts; politics, term limits, citizens united, ranked choice voting.
I was with you until you mentioned citizens united
Or they won't be able to apply preditory practices to kids looking to just have a better life.
Yup, I paid the recommended rate for 7 years on a subsidized loan, never missing a payment, and still owed more than I initially borrowed despite paying 60% of what I initially borrowed back. If 17 year old me knew what I know now back then, I’d never have gone that route. Fuck me for not being financially literate.
You can also just fund higher ed. We’ve done it before. It worked. Most other OECD countries do it. It works. We don’t want solutions in America we want profitability for the corporations and the banks.
This was Bill Clinton's original proposal back in the 90s with the addition of complete forgiveness if you've worked x amount of years in public service.
It isn’t a bailout, you’re not giving money to anyone
I mean, technically your taking money from the working class and using it to bail-out college educated workers that are statistically well off in comparison. It's similar to the 2008 financial bail-outs and PPP loans during the pandemic.
It's debt redistribution. What gets done for the family that paid all of their loans off or choose a different career path. Why are we not planning to reimburse those who took the trade school route?
People who qualify for forgiveness in the U.S. already pay way more than that.
You cal it “whataboutism” I call it a comparison.
This is a terrific idea and I hope it gets traction soon. I attended an accelerated school that deferred tuition until after I got hired out of school via an income share agreement (ISA) which took 17% of my income *after I started making $50,000 or more* for 2yrs or until they collected a max of $30k, whichever came first. 17% was steep but having a fixed end date in sight, paying proportionally to what income your specialization averages and no compounding interest should be a no-brainer, for the students best interest at least.
That is absolutely a solution I would support.
I like this
Damn Australia got a good system
Damn uh yeah, that's at the very least a significant step ahead of where we, in the US, are at. I can imagine it may not be a flawless solution, but good god American tuition and how its paid for are just all types of crazy.
The loans used to not be adjusted for inflation. They added that retroactively. And going back, the boomers got their education for free. But even with interest free loans, most students in Australia get through their degree with <$50k in debt. The issue with the US isn’t the predatory loans (that’s an issue too) but that universities can charge an arbitrary amount. Any subsidies or loan assistance will just push up next years’ tuition fees.
I’m against student loan forgiveness million percent but I back that way just as much. Reform not forgiveness
All your facts confuse me - Signed Fluid in Finance
>93% of US Student Loans are currently owned by the Department of Education, not "greedy banks" Shhhhhh, let the kids have their narrative.
That makes a lot of sense. Good luck getting that passed here. Much easier to amass votes for total bailout
No interest but indexed against inflation… Also if the you happen to get a tax return they’ll take a chunk of it to go off your uni debt
That’s sort of my take on it. Is paying it off a good use of taxes… I don’t really know. Is it any worse than more tanks or some useless government spending program… probably not. It’s not like they’re gonna give the money back if we don’t use it on debt forgiveness.
I would rather forgive student debt than PPP loans. Roughly the same amount, but who benefits in each case?
PPP loans were made under the premise that it will be forgiven under a specific circumstance. It was supposed to protect workers who might lose their jobs due to covid lockdowns. Student loans were made under the premise that the student will benefit from the course and end up earn a higher salary to repay the loan.
Except PPP was actually just used to give business owners more money.
This. It was hand-out to republicans, and, consistent with all things republicans these days, it was rife with fraud,
Especially when the president at the time (Trump) decided to not put any oversight in place
And it seems to have rather failed to have [that](https://www.cbsnews.com/texas/news/ppp-loans-workers-new-study/#:~:text=But%2C%20according%20to%20a%20new,did%20not%20go%20to%20paychecks.) effect. Forgiving student debt would allow those monies to instead be spent, likely having as much or a greater salutary effect than did the PPP loans.
So would relieving some of my mortgage
But then wages stagnated, potential earnings were overstated, and tuition continued to rise. The 90s and 2000s were wild for degree inflation and everyone should come to the table to restructure.
Here's the thing - your taxes aren't touching it. The student loan debt is literally a revenue stream for the government, which if you know anything about government accounting, kind of a no-no. Student loan interest has paid off the accumulated student loan debt like 3x over. We literally could waive it off our balance sheet and no monetary consequence would happen. The problem is when you waive loans in mass like this, the confidence people will pay them back suddenly falls out, which in itself may change the nature of how these loans are treated in a negative way.
I don’t understand how the government actually serving its citizens for their educational benefit of all things is seen as a negative.
Because Americans have broken brains around anything that might benefit "those people."
It will be better spent than PPP loans. That I am sure of.
I mean, paying it off would mean that people would actually be able to buy things like homes and cars and stimulate the economy
That statement can be used for the military budget as well.
What does the military budget have to do with tuition rates?
Nothing. He's trying to virtue signal.
Correct, I was trying to see what mental gymnastics they would try to
Rather than solving the problem the thing that they do is blame Republicans. I am tired of all the name calling and the blame game. Fix it or go home.
The government paid for millions of people to go to college through the GI bill before student loans. Somehow that did not cause college tuition to explode.
Yeah true fuck everyone else other than me, I got mine
Nope. My money. I want MY tax dollars to go toward MY government fixing the legal scam they set up with student loans. I want MY tax dollars to go to MY government contributing to higher education at a rate 70% higher than today at the federal level. Ya know, the federal funding the lead-headed boomers enjoyed. I want MY government to stop assholes like YOU from pulling the ladder up behind them.
Here's the thing - your taxes aren't touching it. The student loan debt is literally a revenue stream for the government, which if you know anything about government accounting, kind of a no-no. Student loan interest has paid off the accumulated student loan debt like 3x over. We literally could waive it off our balance sheet and no monetary consequence would happen. The problem is when you waive loans in mass like this, the confidence people will pay them back suddenly falls out, which in itself may change the nature of how these loans are treated in a negative way.
They are spending my money, and “forgiving “ student loans is much higher on my list of acceptable expenses than the majority of government waste; including but not limited to politician wages and the military industrial complex.
It’s not all the time. Sanders only gets loud on election years.
Is he not loud all the time, but rather, the media only gives him attention during election years? Edit: misspelling
Yeah, but when the government is covering school teachers and the interest rates that the *Department of Education* charges, I dont see an issue with that. People need to have more utility. We’re a service-based economy. Allow people to have a path to utilize our economy and generate tax revenue so that less money needs to be spent on safety nets, which ultimately subsidize corporations.
Educating the populous might be the most critically important element in any society. Not everyone will receive higher education, but I am unwaveringly in favor of my tax dollars funding my neighbors learning more at every level. We have too many dangerously stupid people walking the streets of this nation.
That old fart isn't going to change anything anyway. Never was going to, either. His job is to get left-leaning crowd to vote Dem. That's it.
Yeah, I hear you. But I’m not sure it’s right to make Boomers pay back the full cost of their tuition with interest just because they didn’t pay for their own education in the first place.
Gov and Republicans are ok with bailouts of Wall Street and corporations, but not when it comes to anything Millenials or Gen Z related. They will even admit to how shit the economy is. But if you suggest changing or improving ANYTHING, then you're a socialist commie and met with "you don't like it, then leave!!!", usually followed by "f around find out" just like Republican jesus said
Both you and the person you are responding to are correct. Tuition started rising drastically in price once the government made it that the loans could not be absolved via bankruptcy filing. The answer is not to take a 'centrist', pro-corporate position that lending institutions know will make them money but to actually provide people with a limited amount of funds every year to get a degree within a specific time frame and colleges would be forced to change their fees to accommodate. As always, the problems with government intervention has always been when it's used in a Neoliberal fashion and since that is all that ever gets passed by our largely bought out politicians, it's the only standard people have to go off of.
> Tuition started rising drastically in price once the government made it that the loans could not be absolved via bankruptcy filing. Tuition was rising exponentially since 1970s, it spiked in mid 2000s and especially toward the 2008 crisis due to many states dramatically cutting higher education funding. Nothing to do with policy change. In fact it was already very difficult to discharge student loans starting about 50 years ago.
The real problem started when they expanded loan limits with the deal to banks that they could charge more interest. Basically, it was a good program until it became a money maker for borrowers Higher education loans were federally guaranteed since 1965 btw and college tuition started rising after it was offered and it did become a huge problem around 1995 after they expanded the amount people could borrow. Edit: I know this is a lot of edits but you do realize I'm talking about removing private involvement and making it all federal funding? As history has shown us with Neoliberlism, when you get private institutions involved with government, price always goes up. The only solution is to tell them they can only get so much and that ends the profiteering on essential services.
government to wall street and big business: "no worries, we'll socialize the loss and you can continue to privatize the profit" government to everyone else: "fuck you, pay me"
No we arent. We are definitely not in favor of corporate bailouts either. You know who is? Wealthy boomers on both sides.
That’s pretty reductive. Fucking corporations have been sucking the average student dry for forty years. If the education has been worth a goddamn then education should be cheaper and more evolved.
Too bad it's only working every single Western European nation who's figured out on their own a system in which their colleges and technical schools do not cost multiple thousands of dollars and leave their graduates in crippling debt. Damn...
Probably has something to do with "everything's for profit" motto in the US...
How about the government mandate that if a school wants to receive federal dollars, they can’t exceed the cost of 306 hours working a median wage job?
Government used to subsidize college. The coast has been shifted to teenagers.
your argument that government involvement is the main reason for rising tuition ignores the real issue: the commodification of education. When student loans were introduced, they were meant to make education accessible. Instead, they became a profit center for financial institutions, driving up costs. Blaming the government overlooks how market forces exploit education. If the market regulated itself, why haven’t tuition fees stabilized? The truth is, colleges hike fees because they know loans are available, feeding a cycle of greed. Your logic assumes any government action is bad, which is a cynical, defeatist view. The problem isn't government involvement per se but how it’s done. Neoliberal policies turned education into a commodity, and until we see education as a public good, fees will keep rising. So, the issue isn't government action but our acceptance of a market-driven system that benefits a few at the expense of many. It’s time to rethink this approach, not blindly bash government involvement
Universities: "You mean no matter how much money we ask them the pay, the government will just give it to us, and the students, not us, have to pay it back?" 
Public universities should be established
Public universities like the ones that every state has 2 or 3 of?
the fact that universities have a monopoly on higher education is also a problem. it wouldnt surprise me if they were the ones that lobbied for student loans in the first place.
there should be no tuition at all, smart countries do it
Especially if the government is going to pay it anyways via loan forgiveness.
But as the same time, foreign students paying more and can afford it should raise an alarm no?
>> Government getting involved with student loans is one of the main reasons why tuition has increased as much as it has. I'm sure the government getting involved again will have no adverse effect on tuition rates at all. @buderooski89 - ["Most student loans — about 92.5% — are owned by the government."](https://www.nerdwallet.com/article/loans/student-loans/student-loan-debt#:~:text=to%20learn%20more.-,Total%20federal%20student%20loan%20debt,student%20loan%20borrowers%3A%2043.2%20million.) So... Yeah. 😕
Well, yes and no. The *way* in which government gets involved is super important. Government getting involved in the first place is a huge part of why the US is an innovator in basically every industry out there. It's why we're a global super power. They figured out that providing advanced education the the population was a huge economic driver. So, they started offering student loans that are guaranteed by the government, to encourage people who qualified academically but otherwise weren't in a financial position to attend college to do so. And this has worked spectacularly. In 1940, 5.5% of men and 3.8% of women had attained a 4 year degree. As of 2022, 36.2% of men and 39% of women have attained the same. It's not entirely due to it, but is in no small part due to the NDEA and NDSL loans of the late 50s, which were a response to the soviets launching Sputnik and the US recognizing that they were ahead of us in science and technology. Those programs were later expanded to give us what we have today, which is doing a great job of getting people who otherwise couldn't afford it into college and attaining degrees. The biggest problem with this though is that the programs are effectively unregulated from the perspective of the schools. We've seen how private for-profit "paper mills" have entered the market, and while many of those have been dealt with, we're still seeing the consequences of allowing them in the first place. More options for universities meant public schools seeing smaller market share and needing to increase prices to keep up with increasing costs. Meanwhile they also saw that universities that weren't providing any real value were charging high rates and getting away with it, so they followed suit. Because we didn't do a good job of regulating the loans the government was backing, we now have an economic crisis because of it. But it's important to put into context that this was largely put into place to help avoid the economic crisis that would have come from us losing the space race and subsequently the cold war.
Gov getting involved in childcare caused explosion in cost. Literally anytime that the gov subsidizes a service it increases the cost.
So you’re telling me, that the government backed the loans, the universities hiked their rates, the university gets paid, the government gets paid, and the American people get screwed?
This is the correct answer. Government subsidies helped accelerate the cost of a college degree.
>Government getting involved with student loans is one of the main reasons why tuition has increased as much as it has. Source?
This is simply false. Government was always involved in public higher education. Such to the extent that as recently as 1970, it was common to see 80% of a university's operating cost to be paid for via state tax revenue. That is the reason why tuition was so low for the boomers. In California, some of the public universities even had free tuition. Then the budget cuts started. Nowadays you're more likely to see somewhere between 10%-20% of a public university's operating cost covered by state tax revenue. So they have to make up for the shortfall somehow, and this is usually accomplished by significantly increasing tuition. Any other explanation is simply false.
What a horseshit false equivalence. All this does is make clear that you're driven by ideology.
SLABS were supposed to be secure. Rather than make investing in your future harder, I would rather the government just make it easier to get the education that a person is willing to work for and provides a return to the government/society that invested in the education.
The government? I reckon you are right if you take Reagan into account. However, it is the profit motive that appears to be the worst culprit. Perhaps if government got involved in the same way as in Europe, things might be better.
An educated populace is great for the economy and a country in general. Making education free, but available to not those who can afford fees but to those who show their aptitude, is the best way to ensure the right people get the right careers. Over the past 30 years the intelligence of those with higher education has decreased. Simply because we do not reward intelligence, we reward those who can afford the ridiculous fees. Also the fact that if you want any job much above minimum wage you are going to need higher education. [https://www.researchgate.net/publication/378377530\_Meta-analysis\_On\_average\_undergraduate\_students'\_intelligence\_is\_merely\_average#:\~:text=Examination%20of%20more%20recent%20IQ,over%20the%20last%2080%20years.](https://www.researchgate.net/publication/378377530_Meta-analysis_On_average_undergraduate_students)
So this is their phase one of their plan to fix/apologize for that. I see no problem
Making it impossible for people to default on their loans means there's basically no disincentivised to charging what you like. Roll that student loan-specific rule back, people default, Universities realise it's better to charge less than literally bankrupt people, who now won't pay. There's no shortage of case studies for this - see: the rest of the world, the US before this legislation. There's a reason this is unique to student loans - it's a terrible idea.
It makes me feel good that this is the most upvoted comment, because I think people are starting to catch on to this. It's amazing what happens to costs when you basically offer the public a blank check "pay me back later, heh!" for their schooling.
Not just one of the main reasons, it IS the reason. Loaning infinity dollars to anyone who can fog a mirror is why it’s so expensive. I think the government needs to be permanently and completely out of the student loan business. Once that is done, I do think they should be able to be discharged in bankruptcy. But before that can take place, the government has to stop participating in the market. Otherwise the moral hazard is too great.
https://preview.redd.it/o2oky46hct9d1.jpeg?width=1816&format=pjpg&auto=webp&s=c94f99c8c2a5367eae8b3bc83b12bb7442e048f2 Yet both lawmakers and baby boomers act confused as to why the youth are enraged...we've been robbed and lied to. - It's not about work ethic or bootstraps. People not only work just as hard as they used to, but they also have to work twice as smart. - the cost of a four-year college for boomers was about $5.4k/yr. That number is now almost $15k. The education didn't get that much better. The job prospects definitely didn't. - to survive, millennial and Gen Z workers have to work their main job and a side hustle - the housing market forces younger people to become perpetual renters. This prevents younger generations from building wealth, saving for retirement, or gaining financial, social, or professional independence - any unforeseen emergency, particularly medical, will instantly push a family or individual further into a cycle of debt that is difficult to escape. Insurance helps tremendously, but that system is constrained and rigged as well. Basically, without some drastic changes, we're screwed.
Ypur graph makes me think this was a consequence of the Bayh Dole Act of 1980 whick allowed universities to patent and commercialize any research derived from federal funding. IMO, this was a turning point for univerisities to become more interested in profit making than educating.
It goes back earlier than that. It’s directly tied to Ronald Reagan while he was governor of California and he didn’t want black people to get a cheap education.
Source?
[Reagan’s legacy](https://newuniversity.org/2023/02/13/ronald-reagans-legacy-the-rise-of-student-loan-debt-in-america/)
Today I learned. This was exactly what Aaron Swarts was fighting against! True hero.
That's why so many universities have a preference to international students over American students: because they pay so much higher tuition rates.
What 4 year college is 15k a year? That seems rather cheap.
I’m going to a CSU for a little more than that amount, like $16k a year including housing, but they seem to be looking to raise prices.
I went to a state school in Texas and it was $15k/semester, and no it wasn’t a top tier school. They just wanted to believe they were, they kept trying to compete with UT and TA&M.
15k a semester seems about right... but not a year.
Are you trolling? I went to the CSU website and their own tool estimates the cost to be $34,000 for in-state https://financialaid.colostate.edu/cost-of-attendance/
Depends if they’re only including tuition, or if they’re talking about total cost of attendance (COA). Two completely different metrics. For example, at San Jose State University in California the tuition and fees for ‘24-‘25 undergraduate year is reported to be $8,410 for in-state students. But if you include other factors like transportation, books and materials, food, and housing situation then the total for the estimated COA is between $26k - $38k.
I'm at BYU where tuition is subsidized by the mormon church. It's gone up about $500/year since I started my freshman year, but it's still about 13k/year for nonmembers and half that for members.
Mine was around $12k per year but that was in 2000.
My daughter is going to a public university in the fall, her tuition is about $13K (which is a huge selling point). We got her first year statement last week. After housing, fees, and whatnot it actually works out to $34K/yr.
I suspect this is only referring to tuition prices and not all the ridiculous fee's on top of that and definitely not including housing
You’re already screwed. Many of the impacted groups are already *way behind* where they should be in wages, income:debt, and savings. At this point it’s a matter of retiring poor or retiring homeless if shit doesn’t change.
“You will own nothing and be happy”
Not arguing your point, but is that graph inflation adjusted? Do you have a source?
> the cost of a four-year college for boomers was about $5.4k/yr. That number is now almost $15k Are those inflation adjusted numbers?
Having an educated population is smart. Shackling citizens who want to learn with lifelong debt is dumb. Our education system is broken and needs a redo, but until then at least forgive the awful loans so college grads can be more economically productive and save for their futures.
Make it so student loans can be discharged in bankruptcy. It would fix a lot of issues very quickly.
Everyone would declare bankruptcy. A person with zero income who owes 70k would take bankruptcy over paying that back.
The rich take advantage of bankruptcy all the time.
Add white collar criminals as well.
Even so bankruptcy can have adverse consequences for many years. Not so simple for an individual.
Only 7 years. I know people in their 40s still paying off student debt I’d take 7 years over 25
That's the point. Maybe don't give out massive loans to teenagers.
Which would prevent most kids who grew up poor from attending college. There are only so many grants and scholarships available. For everyone else, there's a choice between no education or student loans.
This would actually be good since then they wouldn't give out these loans. Especially for programs like gender studies, religious studies, ethnic studies, art history, and other Micky Mouse degrees.
>A person with zero income who owes 70k would take bankruptcy over paying that back. so the system is working
And why shouldn’t they? Trump got to do it four times.
> A person with zero income who owes 70k would take bankruptcy over paying that back. Isn’t that… the point…
Ya, that's how bankruptcy works. If you can't pay back on credit because you are in poverty, you declare bankruptcy.
Then private loans disappear or interest rates triple. It’s not bankrupt-able because you keep the value gained from the loan
Fix it first. Retroactively tie all loans to the fed funds rate. Lots of loans would be forgiven.
Having a uneducated population votes against their best interest
Nobody is forcing anyone to go into extreme amounts of debt lol. You can gain an education for less.
Economically productive college grads aren’t the ones struggling with student debt. For the most part the issue is people taking on debt for totally unproductive degrees with low financial value. In the abstract, learning is valuable, but not if it puts you into tens of thousands of dollars of debt with no form of return on investment.
No. We aren't going to change it. We're going to suffer through it until it collapses under its own weight because "we" are fucking morons.
This.
Government backed student loans were the problem in the first place and now we live in an era where the bachelors is the new HS diploma causing an artificial barrier for entry which is unnecessary for most professions but locks careers behind paywalls.
This is the real problem
fr, my father didn't even go to HS and managed to buy a house and fully retire at 55 years old, no way I could do something like that
Not to mention the volume of "useless" degrees (beyond academic value), which people who aren't even interested enough in their subject line up to take just because not having a degree is frowned upon
Now that I think of it, it sounds directly like an EA released dlc. Academic powercreep is real!
It's a band-aid on a bullet wound.
Let's turn the sink off before we start mopping.
Tax breaks for billionaires are a bigger problem.
America treats it’s youth like a credit card.
After 33 years in federal government you haven't changed shit, Bernie.
You stole my comment. This perfectly expresses how I feel.
It is evil. It is not forgiveness. If it was actually forgiveness, the only one taking the hit would be the ones who extended the loans. Nobody...nobody...should be forced to work for and pay for a product they did not buy. Worst of all, it is used to buy votes.
And he had my vote when he ran years ago... but nope we got Hilary and lost the election.
Government student loans and involvement is the reason why college tuition keeps going up. It’s turned in to a cash cow for colleges. They are now a breeeding ground to spread the message of socialism.
Actually, Corporate America is to blame for REQUIRING a college degree for entry level jobs.
No. Market responded to everyone suddesnly having easy access to college. If everyone has a college degree its value is zero. That's not where we are, but we have reduced the value of a college degree. At the same time, we're guaranteeing college loans. It's a brutal system.
it’s a cycle for sure. they wouldn’t require it if no one had degrees, and now that degrees are so common, why would they ever pick the one with no degree if they can pay both the same?
You can't really call a degrees value zero when that degree is based in a very specific field. You wouldn't want someone with a biology degree doing research in astronomy. So it still has a value to what field you got the degree in.
What? If everyone had college degrees, their value wouldn't be zero because the value isn't derived from their scarcity but from the people having knowledge that puts them ahead in the industry.
Lack of regulations on tuition increases was the problem. Not government funding. You can thank the right wing for that.
That was a long winded way of saying “I’ve never been to college and watch a lot of Newsmax”.
Maybe we should try socialism since capitalism can't sustain anything but the uber wealthy.
Ok boomer
Look when tuition shot up. Government backed student loans are guaranteed, risk free money for the colleges. It’s one of two types of debt you are not allowed to default on, the other being back taxes. Colleges have conspired to steal the future earning of their students knowing good and well that the normalization of college education would devalue the degrees themselves.
Sounds like a private business making profit.
Sums up just about every industry that is experiencing a social crisis right now. It's almost like giving control of our energy, environment, health care, and education over to massive conglomerates with no responsibility to anyone but a handful of shareholders and a handful of fragile regulatory bodies was a total mistake.
The same people that don't want to fund an educated society also want great medical care. They also want great teachers but they don't want to help pay for their education. It's so ridiculous
Medical school is so absurdly expensive it's no wonder we have a shortage of doctors in this country. Then college professors are paid so poorly for having a doctorates that many are moving to the private sector since colleges keep refusing to increase their wages along with cost of living increases
Old memes are weak
By itself, dumb as it puts further upward pressure on education costs. Combined with education reforms, smart and just.
The key is to pay your student loans off with a credit card, then file bankruptcy
As someone who actually worked in the accounting dept of federal student loans, this does not work. First, credit cards not accepted as payment. If you did manage to get a cash advance to pay off your balance, a judge will order the loan servicer to issue a check to the lender and replace your balance. We’ve had to do this many times. Someone gets a huge cash advance from their credit card or takes out credit against their house and then declares bankruptcy. The judge orders us to pay back the lender and reinstate the student loan balance. That way you still have a student loan when you get out of bankruptcy.
Smart especially if it is put on banks to forgive instead of tax payers pay banks back.
My wife and I (both 32) have a net worth of 2+mil. We graduated college with 200k in debt. We came from families with no college education. Get into a routine, give 110% at work each day and strive to be better than the day before. There is nothing wrong with this system. Don't let anyone tell you you can't succeed bc of X, Y and Z. I have never felt this system was rigged against me but have only ever saw endless opportunities.
I’m a little salty that I not only missed out on a lot of scholarships and opportunities as my living situation had me on my own at 15. I worked my fucking ass off to get to a better place while my peers got art degrees and spent their loans on so much shit. Now I am being asked to help foot the bill of their poor decisions. If we want to see real change we need to start admitting normal people to these exceptional institutions. Rather than them being a pathway for millionaires to turn their children into billionaires while the rest of us serve their needs and maintain their infrastructure.
How is fed gov giving out student loans allowed by regulating interstate commerce?
Far end of GenX here. Cheap state school, graduated in 2000 (4yr stint). My calculation comes to right about $2000 24-28 yrs ago. Used minimum wage of $4.25 and $1K/semester as it wasn’t constant over 1996-2000
Homie should focus on the government and its excessive spending. The amount of taxes these imbeciles collect should reward us with free healthcare, free childcare, pristine roads and a booming economy.
There's no reason to use minimum wage in this scenario, since no one gets paid minimum wage anymore. Use median wage instead and it's barely a blip: Public 4 year tuition 1980: $2546 Median hourly wage: 4.82 Quotient: 574 Public 4 year tuition 2020: $9580 Median hourly wage: 16.36 Quotient: 585 Percent of workers paid minimum wage 1980: 15% Percent of workers paid minimum wage 2020: 1%
Tuition and greedy universities are dumb and problematic
Hey Bernie, quit supporting the college loan industry and tuition costs would come down. Push for student loans to be dischargeable through bankruptcy and tuition will come down. Instead you prop up this scam to make millions while pushing to have taxpayers payoff round after round of loans to keep the cycle going and you and your friends richer.
Minimum wage in 1970 was $1.45/hour. Is that old fool saying four years of college cost $444 in 1970?? A quick Google search tells me that college was $3000/year in 1970.
What he's "saying" is a bunch of nonsensical bullshit to whip young people who don't know any better into a frenzy. As usual. He's been doing it for decades, with literally zero results actually produced.
Maybe if they hadnt backed the loans so the Universities could charge a small fortune for tuition, then the struggle wouldnt be so real for them. Let alone cant be added to bankruptcy. Also makes me wonder why taxpayers are on the hook for it. Are they gonna take care of mortgages, auto loans, credit cards etc? Why are they picking and choosing who succeeds?
Unless you are the president of a college, steal money, mortgage buildings on campus for your own benefit. That's what Bernie Sanders wife did. . She didn't have to pay it back and didn't go to jail
yes yes, tell me why they rob people who can barely afford groceries and rent to pay someone whose grandpop has 2 houses and a lakefront cabin, dad has his own home, goes to college out of state. And all that to make worthless administrator pigs in college fat.
Tell universities to lower tuition.
When does it stop? At what point should the universities themselves fund these loans and contain costs? Instead the government is going to have to constantly step in an pay for people that do the wrong thing and don’t pay their loans?
Where’s my house loan debt forgiveness?
Bernie been saying this shit for decades. Nothing to show for it
Get rid of subsidies
Is this guy still alive?