If Student Loans Were Honest
- Thread starter Roses In The Vineyard
- Start date
Yes it would. While getting a degree in engineering is definitely more worthwhile than liberal arts or business, not everyone who gets such a degree is able to find a good paying job. One of my friends has a mechanical engineering degree. Guess which prestigious company they work at? Pizza Hut... delivering pizzas. My sister has a biology doctorate and has told me her classmates have struggled to find jobs as well.
The only thing keeping engineering salaries as high as they are is that a limited number of visas for foreign workers are allowed. And if everyone went out and majored in STEM, that would mean even more people who are unable to find jobs in their fields.
I also think its good for society in general to have people who are educated in a variety of subjects, but I wont press that point. I have learned that our labor is a commodity, so we must carefully consider the return on investment of getting any degree because all that matters is ensuring we are able to generate value for our corporate overlords. It is naïve to care about things like a well functioning democracy; that doesn't benefit the shareholders.
My own experience with student loans is that they severely lack transparency, especially about repayment terms and fee schedules. I was charged massive fees that were not made apparent upfront, and they withheld basic information from me as well. I paid them all off several years ago, but I think they are predatory and its worse that the government is allowing them to function the way they do.
Last edited:
- Aug 21, 2015
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When I (Gen X) was in college and took out a small loan, we were told there was no possible way to get out of paying it back specifically because the Boomer generation defaulted on their loans to such a high degree that the regulations for students loans were changed. While I am sure many Boomers dutifully paid their loans, it was common practice not to. This influences my perspective.
After receiving my degree, I went back to school in my mid-thirties for certification in related fields. I had to take out a small loan (which I paid off.) I believe there were only three of us who paid out of pocket for the courses. Everyone else in the courses attended for free via their employers. One of my teachers knew I was one of the few paying and understood my dedication, so invited me to extra free classes and more advanced study groups outside of school, tutored me, and got me an in to attend related classes at a competitive and prestigious tech school. (This was beyond fun!) I got my money's worth because one teacher knew I was invested in learning. I lucked out. This isn't the case for everyone who pays for adult ed. The other paying students were also invited to these extra classes and tutoring, but I don't think they took him up on the offer.
Gen X, Millennials, and Z get stuck with student loans other generations didn't pay. People who are able to get jobs at the right companies still don't pay for their higher education.
After receiving my degree, I went back to school in my mid-thirties for certification in related fields. I had to take out a small loan (which I paid off.) I believe there were only three of us who paid out of pocket for the courses. Everyone else in the courses attended for free via their employers. One of my teachers knew I was one of the few paying and understood my dedication, so invited me to extra free classes and more advanced study groups outside of school, tutored me, and got me an in to attend related classes at a competitive and prestigious tech school. (This was beyond fun!) I got my money's worth because one teacher knew I was invested in learning. I lucked out. This isn't the case for everyone who pays for adult ed. The other paying students were also invited to these extra classes and tutoring, but I don't think they took him up on the offer.
Gen X, Millennials, and Z get stuck with student loans other generations didn't pay. People who are able to get jobs at the right companies still don't pay for their higher education.
They said my parents could afford to send me to college. They couldn’t, for...reasons.
So no financial aid. So no go.
But you have so much potential they said. ACT, SAT, yadda, yadda. It would be a waste to not go.
And because they said my parents could afford to send me to college, no limited scholarships wasted on me, especially any that could fund an AA scholarship slot.
So no go. So no loans. So no debt.
Generational poverty preserved. A win for somebody. ¯\_(ツ)_/¯
Cheers,
Ian
So no financial aid. So no go.
But you have so much potential they said. ACT, SAT, yadda, yadda. It would be a waste to not go.
And because they said my parents could afford to send me to college, no limited scholarships wasted on me, especially any that could fund an AA scholarship slot.
So no go. So no loans. So no debt.
Generational poverty preserved. A win for somebody. ¯\_(ツ)_/¯
Cheers,
Ian
You don't need a degree to be entrepeneurial, you just have to pay attention to things.They said my parents could afford to send me to college. They couldn’t, for...reasons.
So no financial aid. So no go.
But you have so much potential they said. ACT, SAT, yadda, yadda. It would be a waste to not go.
And because they said my parents could afford to send me to college, no limited scholarships wasted on me, especially any that could fund an AA scholarship slot.
So no go. So no loans. So no debt.
Generational poverty preserved. A win for somebody. ¯\_(ツ)_/¯
Cheers,
Ian
I know so many people who have ended up wealthy very quickly because their curiosity led them into interesting roles. One was doing a basic job of unpacking art work at a gallery, but was so interested in the paintings, he started asking artists engaging questions. He's now an art dealer. Another was looking for cheap accommodation, and after constant setbacks, looked into a permanent cabin in a holiday park. He bought a two bedroom dwelling for $30k, with $90 a week site fees, but when he was cleaning out the previous owner's clutter, someone offered him $70k for the dwelling. He went on to buy and sell real estate.
You seem to be bright, have the ability to think outside the box, and pay attention to details. In itself, those traits establish preparedness. Marry that with encountering occasional opportunity, and you'll have what Seneca refers to as "luck".
You’re quite right, and when would-be-peers were in school, I was making coin and enjoying myself. In 1991, when I was 22 years old, I was able to secure a $30K USD business loan that I was able to repay in six weeks.
I mean, I did alright, but some people insist on that piece of paper. It certainly limited my options in some regards, and while I accept that, I still feel a bit sad about it from time to time.
Cheers,
Ian
Nothing is stopping you from planning to do a degree in the future. It doesn't even have to be a "useful" degree, and could be more about testing and fulfilling your potential, for your personal edification.
Student loan forgiveness = printing money into an inflationary environment. But tbh I am all for helping fellow millennials and zoomers.
PS: I got my economics degree for free in Europe. Still worthless, learned more on the internet and on my own. Should've payed me to take it.
PS: I got my economics degree for free in Europe. Still worthless, learned more on the internet and on my own. Should've payed me to take it.
Would agree if the decision to enter college/university was done once human brain fully matures, so after 23.
Not when you're 17 or 18.
Student loan forgiveness = printing money into an inflationary environment. But tbh I am all for helping fellow millennials and zoomers.
PS: I got my economics degree for free in Europe. Still worthless, learned more on the internet and on my own. Should've payed me to take it.
The same degree in the states would likely cost between $60,000 to $100,000 only to be worthless, what is sad it is next to impossible to get an middle class job without a degree plus certifications.
If that's actually something you believe, then loans shouldn't be granted until 23, and by extension, people shouldn't enter tertiary education until the arbitrary age you plucked from thin air.