Great work "poster"

[Hay Dude]

And bankruptcy comes at a large cost to the company owner.
A person can be given a college degree and end up working at McDonalds at no personal cost or penalty to he/she.
Taxpayers get stuck with higher taxes, though because a 100k+ college education is wasted.

How many go through 1-3 years of college and drop out? I saw a LOT of that. What’s the cost to society?

 

[Gee Ray]

If we're gonna consider a truck the same as a diploma (both tools to make a living), which is what Mike is doing, then they should both be treated the same. Right now, the truck loan can be ditched in bankruptcy, and the student loan cannot. To me, it's just that simple of an argument.

On the other side of the coin almost anyone can get a school loan but the chances of an 18 year old getting a business loan are pretty slim.

The precollege education system has been molded into a college prep system. The people in charge of the system must prove their own worth. So if you do not go to college your are in a lower class because the college graduate is the blue blood.

Working with your hands in any form means you are too stupid to go to college. Even when the "art major" stands on the corner begging for money as the uneducated Rush Limbaughs of the world do very well.











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[repete]

If we're gonna consider a truck the same as a diploma (both tools to make a living), which is what Mike is doing, then they should both be treated the same. Right now, the truck loan can be ditched in bankruptcy, and the student loan cannot. To me, it's just that simple of an argument.

I think I could agree with this if the individual who did not pay off the student loan were to have to lose his diploma and have the brains sucked out of him, like the truck that is forced to be sold. Both forever lose what they did not pay for.
In all likelihood, the college graduate could/would continue to benefit from the education. It might in fact be that simple.

 

[ddbackhoe]

If we're gonna consider a truck the same as a diploma (both tools to make a living), which is what Mike is doing, then they should both be treated the same. Right now, the truck loan can be ditched in bankruptcy, and the student loan cannot. To me, it's just that simple of an argument.

Not really, how do you throw in the too big to fails that get government bailouts? How many “degreed professionals” are involved? The S&L scandals, how many “degreed investors” got swindled but yet managed to get refunds?

 

[MossRoad]

Never said I agreed with it, just pointing out that Mike wants to consider both a truck and a college degree as business tools. There are many ways to get out of the truck loan.

Return the truck.
Sell the truck.
Declare bankruptcy.
Get a job working for someone else (like most people).
That kind of thing.
Plenty of people work for others and have happy successful lives.

There's no way to get out of a student loan except pay it off or die.

Do I think student loan debt should be forgiven? Absolutely not under most circumstances. Permanent disability, law and military service come to mind, as do a few other community service occupations. After X years of community service, your debt is forgiven.

Just pointing out the hypocrisy. Both were future business debt decisions, yet one is forgivable and one is not.

 

[Steppenwolfe]

Ah, yes. Sunday morning devil's advocate.

Currently, and for the past umpteen decades, that contractor can write off the cost of that machine and/or declare bankruptcy and wipe all his debts, while the only loans that aren't forgivable are student loans. They follow the debtor to the grave with very, very few exceptions.

Have everyone that has used depreciation or declared bankruptcy to wipe their debt pay back all that money first.

A very valid, and good point...

 

[grsthegreat]

Ah, yes. Sunday morning devil's advocate.

Currently, and for the past umpteen decades, that contractor can write off the cost of that machine and/or declare bankruptcy and wipe all his debts, while the only loans that aren't forgivable are student loans. They follow the debtor to the grave with very, very few exceptions.

Have everyone that has used depreciation or declared bankruptcy to wipe their debt pay back all that money first.

I have no problem with that. I worked for years to pay off my college loans, but i paid them off. By all means, lets just say, dont honor your words. You agreed to pay back loan. Do it.

why should i pay their loan off.

 

[Steppenwolfe]

Many of us in the trades also have college degree's. No doubt that has helped me attain a level of success that perhaps wouldn't have materialized without it. I do agree the future of our economy will depend on young people entering the workforce in the skilled trades, and skipping college. It took me ten years to pay off my student loan, and my B.S. degree was worth every penny I paid for it. Also becoming a Union Carpenter was worth the time and effort, as it is literally 4 years of college level training to learn the trade. Any education will always pay off.

 

[MAX-24-Dean]

When you get a student loan you know the terms going in. That you have to pay it off eventually, no getting out of it. Put your pant on go to work and pay up. It's called counting the cost!

A commercial loan for business, the bank counts the costs and give you terms based on what they percieve the risk will be. The bank or loaning party tasks the risk. If they make a high risk loan and the person goes bankrupt, it's on them. It's called counting the cost!

 

[KennyG]

I like the idea of a college tuition being based on a percentage of earnings once they graduate.

In this model the teaching institution has a vested interest in the individual getting an education that offers very good chance of employment at a decent wage for the institution to benefit from the arrangement.

I think there is a program in Indiana (perhaps Purdue) where they "invest in students". Based on your major they will make an investment and pay for your education. If you succeed and get a good job, you pay it back with a healthy return. If you end up without a decent job, the money is considered a write-off. Essential a venture capital program for people. I understand it is quite successful.