Americans owe $1.2 trillion in student loans

Discussion in 'The Howard Stern Show' started by chapped, Nov 7, 2015.

  1. chapped

    chapped Well-Known Member

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    Millions of Americans are in the same boat as these New Yorkers. Americans owe $1.2 trillion in student loan debt, a number that has tripled in the last decade. New York State residents hold $60 billion of that debt, and college grads in the state owe on average $27,310 in student loans, according to the Federal Reserve Bank of New York.

    Student loans have passed credit cards and auto loans to become the second biggest source of personal debt in the U.S., trailing only mortgages. Aware of growing public concern over the issue, Senate Democrats are making student loans one of their top election year planks.

    They plan a vote next month on legislation offered by Massachusetts Democrat Elizabeth Warren that would allow holders of public and private student loans to refinance at lower rates, just as people can refinance home mortgages or car loans.

    Brown, who pays an interest rate of 6.8%, could benefit if the bill became law by cutting her interest in half.

    “This high amount of student debt is dragging down our economy,” said Sen. Kirsten Gillibrand (D-N.Y.), who sponsored a provision in the loan legislation.

    Republicans are sure to balk at a provision in the bill that pays for the lost federal revenue from government loans by raising income taxes on those who earn more than a million a year
     
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  2. Quality Control

    Quality Control dove Gold

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    Hey, that's great. Let me reach for death's warm embrace behind the wheel of my idling car in my closed garage. #studentloans
     
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  3. NiggalissCage

    NiggalissCage Well-Known Member

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    And the worst part is colleges are doing nothing to prepare people for the real world.
     
  4. Turtle Man

    Turtle Man Hello Darling Gold

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    Good for the banks they really know how to make those dollars
     
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  5. SomerSky

    SomerSky Obsessed with what I hate Banned User

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    Yes well when I take a "politicizing beyonce" class for three fucking credits, I deserve to be in debt...
    "This course will attempt to think....
    image.png
     
  6. Honkey Donkey

    Honkey Donkey Well-Known Member

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  7. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    if we deport all the messicans somebody will have to dig the ditches. now the job will require a college degree.
     
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  8. scoobyla

    scoobyla Well-Known Member

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    theyl hand out 40K to any 18 yr old kid for school.
    but if yer an 18 yr old who needs loan to start a biz to create a career and jobs, youd get laughed out of the bank. u wouldnt even be allowed to have the free calendar
     
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  9. Uncle Larry

    Uncle Larry Well-Known Member VIP

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  10. AmishGirl

    AmishGirl Well-Known Member VIP

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    ... I managed to pay off my student loans ... :ucoffee:
     
  11. Humongous

    Humongous Well-Known Member

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    It's awful to say but other than having a fucking fantastic time for 4 years, I think college is a waste of money.
     
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  12. scoobyla

    scoobyla Well-Known Member

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    what did u use, gift subscriptions.
     
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  13. AmishGirl

    AmishGirl Well-Known Member VIP

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    No sir ... :ucoffee:
     
  14. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    there was a time when it was possible to pay them off, even though it took 10 years. nobody is paying off the current debts - people just need to get used to living in debt all their lives. probably good to plan to die without paying it all off as the only way to get back at lenders and schools for the excessive charges.
     
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  15. Sickboy

    Sickboy Latverian Monarch

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    Philosophy & English majors.
     
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  16. Honkey Donkey

    Honkey Donkey Well-Known Member

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    :lol:
     
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  17. YinzerMasshole

    YinzerMasshole VIP Extreme Gold

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    Part of it is people just have to go to their dream private school no matter what, which are always dramatically overpriced.

    I went to State schools to keep that shit under control.
     
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  18. Domo Cup

    Domo Cup Well-Known Member

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    of course some are screaming for loan forgiveness. That shit better not happen since mine are almost paid off. Bankruptcy won't even get you out from under those school loans.
     
  19. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    my ability to write superior prose and get my points across, has become a surprising asset in corporate america, europe and asia where 99% of the sr managers cannot write to save their children's lives.

    one of the only things i learned as a result of earning my degrees that has had any value at all is my vocabulary and ability to write for business.

    if i were to put a value on that, the education has been worth a few million over the past 10 years, but when i went to school student loans were < 3% so it was possible to pay it off when i was earning $50k/yr.
     
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  20. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    one of my mom's surgeons once told me that if your goal is to learn to be good at something, the school you attend is irrelevant. the effort you put into it is everything. based on that I chose Rutgers as it is both Ivy league and a public university, with dual accreditation (only a handful of schools have that) . Was not a bad choice.