News Do you blame Universities, Student Loan companies, or students?

[BB in Crazy!!!!]

All of the above +the modern education system that told us all we had to go to college of flip burgers for life.

 

[PaleMoonlight]

In the end, it’s the students fault for getting the loan. But everyone is to blame.

Having said that, universities take advantage of the students, especially with student athletes. They’ve made billions of sports yet they made a law that students couldn’t get paid so there’s no “corruption”

 

[Prelimtapper]

Whomever mentored them since an early age that going to college was a rite of passage and necessary part of their life. Teaching them them the concept of the college experience. It’s not an experience it’s a job. You’re borrowing thousands of dollars. You better have plan to get your return on investment.

 

[TankAbbott4Eva]

I'm pretty lucky in Australia, the government pays for our tuition here and we pay it back at no interest, it's indexed as per CPI increases. Even for my second degree I could get the government help which was handy.

It's certainly helped me, I know a lot of tradies who are more well off than me though, they've been earning since 16 and I didn't finish university until 24 or so.

 

[AZ103]

Should they wait until these “adults” are in their 50s-60s until giving them loans? It’s time to grow up and accept responsibility for their actions if they willingly sign an agreement.

What other loans can they get? Can they choose to start a business? Buy a home? It's a scam you idiot. It's the only large loan available to them and it's immune to bankruptcy. It's by design. Someone as smart as you should see that.

 

[Scott Stapp]

Banks and the government (which is basically owned by the banks).

 

[PaleMoonlight]

What other loans can they get? Can they choose to start a business? Buy a home? It's a scam you idiot. It's the only large loan available to them and it's immune to bankruptcy. It's by design. Someone as smart as you should see that.

Lol. How is it a scam? Did the schools force them to go to school? Did they sign the loan when they couldn’t read?

 

[Crawler89]

the entire system is screwed.
But You shouldn't blame kids for wanting to go to university or college. It was told to all of us thats really how to make it unless you want to be a tradie or something (which was looked down upon by ALOT of people I grew up with)

 

[Misfit23]

Everyone deserves some blame but at the same time college is ingrained in your head from your first day of school. That's the end of goal of education. At least it was for me growing up.

 

[Brandon Wilson]

US education is ridiculously expensive. Amongst other reasons, I'm glad I don't live there (not saying all of America is bad, like any country it has its pluses and minuses). Education here in Canada is relatively "cheap". My daughter went to school for ~2 years to become an RMT (Registered Massage Therapist). It cost me ~35k, but she's making 120$/hr as a 22 year old. Not a bad ROI.

People need to stop getting useless degrees/education, and get into things like health care, trades, etc. I know that doesn't interest everyone (obviously) but pick something that is not 100% completely a waste of time.

 

[AbominableJoman]

What other loans can they get? Can they choose to start a business? Buy a home? It's a scam you idiot. It's the only large loan available to them and it's immune to bankruptcy. It's by design. Someone as smart as you should see that.

Lol you fucking moron. Maybe if people learned responsibility instead of blaming others, then they could take care of their agreed to loans. You want to live in fantasy land where everything is handed to you on a silver platter. Wake up kiddo, that’s not reality for most people. Many have worked to pay off loans, it’s not impossible.

 

[PaleMoonlight]

US education is ridiculously expensive. Amongst other reasons, I'm glad I don't live there (not saying all of America is bad, like any country it has its pluses and minuses). Education here in Canada is relatively "cheap". My daughter went to school for ~2 years to become an RMT (Registered Massage Therapist). It cost me ~35k, but she's making 120$/hr as a 22 year old. Not a bad ROI.

People need to stop getting useless degrees/education, and get into things like health care, trades, etc. I know that doesn't interest everyone (obviously) but pick something that is not 100% completely a waste of time.

US education can get expensive as hell but not necessarily. Junior college is really cheap and then you can transfer to a state university. It gets absurdly expensive once you get a dorm, go out of state or go to a really expensive university.

There’s an option that’s affordable but I think a lot in school debt is because they didn’t think it through.

 

[Madmick]

I place some blame on the universities and student loan companies, but the majority of the blame falls on your lawmakers who decided to make student loans nearly impossible to discharge in bankruptcy. This turns student loans into a pretty much zero risk loan for the financial companies so everyone started getting in on the action, and since there were now many more loans available the universities really started jacking up their tuition since everyone is going to get a loan anyway. This is a positive feedback loop which is why tuition and student loans outstanding have gone to the moon.

This, with the addition I will always hold the person who takes a loan and fails to pay it the one chiefly responsible for a debt crisis. They're welchers, plain and simple.

So of the three options in the thread title: students.

 

[Eric O]

I'm certain many of us here have gone to college and pursued a "higher education" of some sort and can relate to this topic. And I'm even more certain many of us are still paying off our student loans, still today.

Lately, especially over the last five or so years, politicians have made an effort to address outrageous student Loan interest rates and debt. There have even been some programs to "forgive" student loan debt.

Upon graduation, with a mere bachelor's degree many students face over 50K in debt, grad students ,over 6 figures of debt.

It seems, right out of the gate, students who graduate are immersed in debt.

who do you find at fault for this issue?

Do you blame universities and their outrageous tuition costs?

• Tuition and fees at private National Universities have jumped about 132%.
• Out-of-state tuition and fees at public National Universities have risen about 127%.
• In-state tuition and fees at public National Universities soared by about 158%.

Do you blame Loan organizations and their interest rates?

or do you blame the Student? do you believe "they should have read the fine print before agreeing to a loan?"

what are your thoughts on the matter, personal experiences?

edit: I don't know how to add a poll.

You have to blame the students. They are financially illiterate because they are raised and taught by the financially illiterate.

Compounding interest is rarely mentioned in highschool unless you take an economics elective and even then it's just another topic.

Most people never learn to think correctly and that's how we ended up here.

Morons..

 

[Eric O]

If you're graduating HS and don't know how loans and interest work then you probably shouldn't be going to college in the first place.

That's 99% of people going to college.

 

[Loiosh]

 

[aerius]

This, with the addition I will always hold the person who takes a loan and fails to pay it the one chiefly responsible for a debt crisis. They're welchers, plain and simple.

Lending is a 2-way street, it's the responsibility of a lender to do some due diligence and not make dumbass loans to people who have little to no chance of ever paying it back. The mortgage meltdown of 2008 wouldn't have happened if banks didn't make a boatload of million dollar loans to people with part time minimum wage jobs, no assets, and no hope in hell of ever paying them back (we called them NINJA loans - no income, no job, or assets). Is the borrower at fault for taking out a loan he can't or has no intention of ever paying back? Sure. But a big chunk of the blame also rests with the lender for making such a loan available in the first place. I can't really get pissed at a homeless meth addict if I lend him $1000 and never get it back, I knew what I was doing so the fault lies just as much with me as it does with him.

 

[Madmick]

Lending is a 2-way street, it's the responsibility of a lender to do some due diligence and not make dumbass loans to people who have little to no chance of ever paying it back. The mortgage meltdown of 2008 wouldn't have happened if banks didn't make a boatload of million dollar loans to people with part time minimum wage jobs, no assets, and no hope in hell of ever paying them back (we called them NINJA loans - no income, no job, or assets). Is the borrower at fault for taking out a loan he can't or has no intention of ever paying back? Sure. But a big chunk of the blame also rests with the lender for making such a loan available in the first place. I can't really get pissed at a homeless meth addict if I lend him $1000 and never get it back, I knew what I was doing so the fault lies just as much with me as it does with him.

I did not say that I don't believe irresponsible lending is taking place, nor do I pity lenders their losses suffered from the practice.

But if I am asked to name those who I deem chiefly responsible for a failure to honor a contract, I will always judge that to be the party who fails to honor the contract. In this case, that is the students who failed to repay a loan. If those who loaned them promised money, and the loaner's check bounced, leaving the borrower in the lurch, I would follow the same logic in holding the lender responsible for violating the contract.

 

[PaleMoonlight]

I did not say that I don't believe irresponsible lending is taking place, nor do I pity lenders their losses suffered from the practice.

But if I am asked to name those who I deem chiefly responsible for a failure to honor a contract, I will always judge that to be the party who fails to honor the contract. In this case, that is the students who failed to repay a loan. If those who loaned them promised money, and the loaner's check bounced, leaving the borrower in the lurch, I would follow the same logic in holding the lender responsible for violating the contract.

Also, once borrowers are “forgiven” the loan, who’s to say credit cards and mortgages won’t follow? Same people can say they also didn’t know any better and just spent because they didn’t know any better.

 

[aerius]

I did not say that I don't believe irresponsible lending is taking place, nor do I pity lenders their losses suffered from the practice.

But if I am asked to name those who I deem chiefly responsible for a failure to honor a contract, I will always judge that to be the party who fails to honor the contract. In this case, that is the students who failed to repay a loan. If those who loaned them promised money, and the loaner's check bounced, leaving the borrower in the lurch, I would follow the same logic in holding the lender responsible for violating the contract.

We're just not going to agree on this then, and that's fine. I used to work in the financial industry, the vast majority of people have no idea of how disgustingly sleazy & predatory our lending practices were and still are. Knowing what I do, it's my opinion that lenders are just as much at fault as borrowers.