FED Chief: Student Loan Debt Should be Dischargeable

[Anonymous]

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@jl4 wrote:

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@Anonymous wrote:

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@jl4 wrote:

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@Anonymous wrote:

I don't feel sorry for anyone with massive student loan debts who can't pay them back. 

You chose to go to a $45,000 a year school instead of a $7,500/year state school. 

Let's compare the final costs before room, food, etc., for the typical bachelor's program: 

State school = $30,000

Private school = $180,000

The education may be better at a private school; however, the debt burden isn't worth it if you don't have the scholarships and aid available to you. 

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If you're so lucky to go to a state school that's only $30,000 in total. The state schools here in Washington are more like $50,000 and that's for in-state students. Out-of-state is $35,000 PER YEAR.

One shouldn't have to fork over that much money to go to a state school of their choice. 

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That makes zero sense. States usually charge students more for being from out of state and give in state students a discount. 

https://www.washington.edu/financialaid/getting-started/student-budgets/

Resident tuition (in state) - $10,974. Your  data point stating $50,000 per year is not even close. 

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It makes total sense. Your example showed $30,000 for a degree at a state school. I countered with $50,000 for the state schools here and that for out of state students here, it's $35,000 for just one year. For $50,000, I'm also considering room and board.

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If you meant over the course of four years, then I apologize for interpreting your post wrong. I thought you meant $50,000 for one year. 

[MyDataMyChoice]

I am trying to say - when i decided to go to college and when I 'applied' for loans ... more like they were presented by the school... as they didnt go off credit...   it was 'apart' of the student aide package....

I didnt realize there were cheaper schools....      thought it was 100K for college... thats all I knew....    my parents didnt know either... they knew about community college... but said that was for drop outs and don't offer good programs...  not for pre-med or lawyers...

well  hindsight i should have done 2-4 years at community college... or at least a state univeristy... gotten a job somewhere... anywhere full time... and let them pay for the MBA.... live and learn.

Students Loans should offer some form of bankrucpy .... like i said in a prior post... not complely off the hook... principal only...   not too bad.   as I have 125K right now... really prob 80K without interest.

[Anonymous]

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@MyDataMyChoice wrote:

I am trying to say - when i decided to go to college and when I 'applied' for loans ... more like they were presented by the school... as they didnt go off credit...   it was 'apart' of the student aide package....

I didnt realize there were cheaper schools....      thought it was 100K for college... thats all I knew....    my parents didnt know either... they knew about community college... but said that was for drop outs and don't offer good programs...  not for pre-med or lawyers...

well  hindsight i should have done 2-4 years at community college... or at least a state univeristy... gotten a job somewhere... anywhere full time... and let them pay for the MBA.... live and learn.

Students Loans should offer some form of bankrucpy .... like i said in a prior post... not complely off the hook... principal only...   not too bad.   as I have 125K right now... really prob 80K without interest.

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I disagree debt is debt and comes due... everyone has to pay if they enter an agreement knowingly or unknowningly.

[marty56]

I am against that but before we do that I think we need to take a hard look at the recuriting practices of high school and colleges that may be pusing 17 and 18 year olds to go for degrees at big ticket schools that have no real chance of finding a job once they graduate.  The colleges would love to see student loan debt dischared in BK  happen since it wold mean more victims for them.