Point made.
Virtually everyone keeps failing to address the issues here. They would rather call a 20 year old girl repeatedly stupid. I find that stupid! The issue is public financing of higher education. Some people want to spend the country’s money on more tax breaks for the rich, a multi billion dollar wall to protect us from Mexicans, a federal deportation force, and building more bombs. I am not one of them. I find that to be a stupid waste of money. Public school tuition for OOS is about the same as private school tuition. The big banks in 2008 ripped us off for billions. That is okay but not helping out students??? That is what is stupid
@tiger1307 - if you walk away from a mortgage, the mortgage holder can at least reclaim the house, so it’s not so much that “the debt is forgiven” as the collateral is taken back. To be more clear, the parallel example would be for the homeowner to expect their loan to be forgiven AND still be allowed to stay in the house. That’s basically what this young woman is asking. She has NO collateral for her loans, so there is nothing of value the holder of the loan can take back. She wants her education financed by someone else and she gets to reap the benefits of a degree she hasn’t paid for.
I am from MA, and have many family members currently attending college there. There is no way this young woman took out $150,000 in loans without a co-signer. It’s just not possible.
I’m still not clear on why ill-advised loans should be forgiven. Why does this young woman have an entitlement to a $150,000 education at no cost to her, while so many other students and families work hard to pay for a community college or public education? While I believe everyone should have access to education, I’m not sure everyone should have access to a ridiculously expensive education. Just like I think everyone should have housing, but everyone doesn’t have the right to live in a mansion.
I don’t see the point. Public school tuition for in-state is far less expensive, so if you can’t afford a private school, or OOS tuition at a public school, then rather than go in-state to a public school you should expect the government (ie the taxpayers) to pay for your more expensive option? Wouldn’t forgiving $150,000 in debt for someone living in a million-dollar house who obviously has money be essentially giving a tax break to the wealthy?
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There are a lot of people with 150k in student debt, it is not so stupid, it is a personal choice.
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Don’t know what you mean by “a lot,” but proportionately speaking, a lot do NOT have anywhere close to that much debt.
It is foolish to co-sign that kind of debt as an undergrad simply because it’s too risky to go down that road based on what a 17/18 year old says he/she is going to do with their life.
Do you realize how many high school students insist that they’re going to become highly paid doctors, lawyers, Wall Street banking folks, and engineers? What % do you think ever makes it to their goal? 10%? maybe? Even if it’s 25%, the risk is too great.
I disagree with you that her parents will likely pay it off once she graduates. If so, the debt wouldn’t have been co-signed loans, it would have likely been cheaper HELOC and in the parents’ name only.
Ingio some of your facts are wrong. If you walk away from your house and are upside down in the house the collateral is not there . If your corporation files bankruptcy and stiffs little investors and the IRS the collateral is not there. Why are student loans not dischargeable in bankruptcy yet taxes are? Any non Bk Student loan forgiveness would be based on certain conditions such as public service for a number of years. Whats wrong with that? It all comes back for priorities It seems as if most of the posters would rather pay for bombs than education. I am not one of them
Last post on this topic for me. I really haven’t seen any posters here advocating for bombs, just advocating for common sense. Don’t buy something you can’t afford and then expect someone else to pay for it.
I’m embarrassed by @tiger1307 showing that there are liberals just as ridiculous and extreme as the people on the other far end.
@mcat2 >>> I also let my S carry a heavy debt for UG + grad out of necessity<<<
how much debt did your son accumulate for undergrad ONLY? (did he go to a UC as an OOS student?)
I suspect that he has a good bit of debt for medical school, but that decision was made at a time when it was reasonable to believe that he could pay it back.
It’s a luxury to select a private NE school when you live in Chicago area and the selection requires $150k in debt. I have no idea what her stats were, but considering that she’s an unhooked white girl from a prep school, likely her stats were well-within the middle quartiles…which would mean about an ACT 30 at least.
If so, then she could have gone to a number of schools, particularly a number of privates with decent merit, and had a much lower net cost.
Just thought of this: Comparing to the “shrieking girl” on the other thread, which young woman do you think have more points? Both happen to be a senior in college, both attend a private college (likely without much FA if any) and both may be from a family owning an expensive house, I think.
Her dad bought a million dollar house during the housing explosion. My guess is they heavily mortgaged and might be house poor now. Maybe it’s just a family that doesn’t think twice about debt. I 100% don’t agree with that…but it’s not my debt and it certainly shouldn’t be the governments.
"“dont buy something you cant afford” Inigo good advice for the big banks and DOD. Thanks for the sage advice Lets apply it across the board
@mom2ck, Zero for undergrad (he did not go to a UC – I did though when the dinosaur still roamed the earth though) only, and started to accumulate the student loan debt after college.
For one year in grad school, he got a very good deal … because I was unemployed during the majority of one base year. (This shows that it is good to attend a grad school which has some limited form of need-based FA. Because of the guarantee that a student needs to borrow the unit loan only, the student receives more need-based FA when parents happen to be poor in one base year. I think the school’s goal is to have every student graduated with the same amount of debt, with the exception of, say, full pay parents. I guess 15+% of students are full pay.)
150k in debt is not a lot for a great many professional people today and a million is average for a home in many areas, apparently just not where many cc posters are from apparently based on the shock and awe of people borrowing for college. Her debt is her responsibility, but her choice. If you can’t afford a school and choose not to borrow to attend somewhere more expensive, that is your choice, others may believe you are limiting your kid’s options in life. My hairdresser told me the parents in her neighborhood won’t pay for a 4 year college for their kids, cause they went to CC and it turned out ok for them. What they consider ok, others would not. Different perspectives…
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150k in debt is not a lot for a great many professional people today
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@blueskies2day I think you’re confusing grad/law/med school debt with undergrad debt. There are virtually no situations where $150k in student-responsible undergrad debt is needed or could be justified. That said, there are many lawyers and others who are struggling to pay back $150k in debt.
Deciding to take on grad/med/law debt is a decision made when the student has already proved himself and has a more clearly-defined career path. A 17/18 year old doesn’t have such a path defined.
An undergrad who has “professional dreams” will likely need some sort of grad school needs (there are some exceptions). If grad school will be needed, then undergrad debt needs to be minimized, if not, avoided. Anyone borrowing $50k+ for undergrad is seriously putting themselves at risk.
@mcat2 thank you for clarifying that your son had NO undergrad debt and that his debt is from med school…and is rather modest debt for med school. That is a very important fact.
really surprised that tiger is allowed to keep posting. The poster is obviously one of those beasts that dwell under bridges and are commonly found in Norway
“white wingers”
really?
that is acceptable on CC now?
fyi that came from salon socceerguy. If that is an offensive term to anyone I wont use it
Uh, no. The 99.9999% odds are that her parents co-signed those loans. No school/bank will lend an undergrad that kinda money. So, in reality, it is their debt, not her debt.
Uh, wrong again. The bank takes the house/land, but the debt becomes a big ding to the credit score for years. There is no “forgiveness”.
Do your HW. (Hint, student loans used to be dischargeable, but lenders would not participate…who would give an unemployed 18-year-old money?) Congress changed the law to get lenders interested.
Persaonlaly, I do think loans should be dischargeable, since that would eliminate most of loans above the federal max, which means that the author would not be able to attend Northeastern, unless her parents contributed.
bluebayou non recourse is a term of art. It means that the bank after they take the house has no further recourse against the individual no matter what they sell the house for. That for example in California is codified in the code of civil procedure
I reviewed the history off student loan dischargeability. Congress changed the law in 2005 via BAPCPA to the current law. In order to get dischargeability in a bankruptcy one must fie an Adversary Proceeding and make a showing of undue hardship in order to get the debt discharged. I believe it is 11 uscs 523(a)8. I could find no history that shows that 2005 change was due to getting lenders interested. Could you please provide a cite. FISL or federally insured student loan means the federal government insures the performance of the loan. So if the student defaults the lender can collect from the federal government. Non dischargeability really is good for the federal government not private lenders generally per se . It is usually the educational credit management corp which is an arm of the federal government that usually does student loan debt collection
Parents have the right to either take out student loans directly or to be a guarantor. If a parent is a guarantor then their obligation only becomes mandatory on the default of the student
Please, please tell me she is not an economics major 
The fact is that this young woman is living in la-la land, apparently one of the 99% of self-entitled, ignorant young adults who will eventually run this country into the ground with their absent work ethic and personal greed and, in this particular case, ignorance. Too bad for NE, a good school, hopefully a bad representation of what they are graduating.
I don’t know what the % is, but I would wager that a large % of college students truly do not understand how things get paid for, how wages are determined, and why “over-taxing” the rich will not get them what they demand.