Korean Job Discussion Forums

[LGSakers]

I went to university for 4 years and took out a loan. I majored in philosophy, which is only really useful if I want to head off and get a PhD... But that's ok. I like philosophy, and I had the best 4 years of my life. It certainly was worth the ~22,000 CDN I owe.

With that said, a debt of anything higher than ~40,000 CDN seems impossible to me. I too come from a family where no one attended university and had actually had many monetary problems on the way. Nothing would have swayed my decision, though, partly because I did not want to be stuck on my home town like so many other people have.

Personally I blame the school boards (in Ontario, I can't speak for anywhere else) and the universities. They allow the universities to come to the high schools and sell their school... Which is fine. Except they do not talk to you about debt or finance. They make it sound peachy keen and perfect, easy. By doing so, it is really easy to 'fall in love' with the idea of going to post-secondary. I knew nothing about debt... I had never seen more than a few hundred dollars in my life. Is that the school's fault? Hardly. But there should be some sort of mandatory class in grade 11 and 12 that explains to you what university courses will make you money and what sort of debt you are liking to and what that really means.

All in all, I get what this Schiff guy is getting at... I just can not get behind it 100%. There are a lot of factors when it comes to big decisions. You start high school with the expectation of knowing what your career will be. You're what, 13? 14? Then, in grade 12, you have to know what school to go to and instantly become an adult. It is quite the transition, and anyone who tries to dumb it down into something black and white has forgotten what it is like being teenager.

[Fox]

He's far too eager to place the bulk of the blame at the feet of the government. She is mostly to blame for her own predicament. Not the government, not her family, her. She made bad choices, and now she'll pay for them.

I support heavy reform of our current student loan programs; like Bucheon Bum said, you can't change people (at least not easily), but you can change the system, and because the current system causes many people to do themselves harm, the system should be changed. That doesn't mean it's not her fault, though. It just means she needs to be protected from herself (or at least needed to be while in that age range), which in turn mandates a policy change.

[blm]

[geldedgoat]

[Space Bar]

[thomas pars]

The interview is a tad misleading. It ignores some of the malfeasance that went on and continues to go on in the Student Loans Office. I won't get into that. It is pretty well documented. As well as the extraordinary exceptions that student loans are afforded. i.e No bankruptcy, usury laws, fair collection practices. etc. etc. etc.

I owe a shit ton of money. Something like 54 K. When i hear her story you walk away with a new perspective. I mean this girl is !@#$ed. She'll never own a house, or be able to start a business. What kind of employer would take someone on with 200K in student loans?

She basically has 2 options. Flee the country and or get into sex work/ stripping.

[mises]

So you have organization "x" that sell product "q". The culture holds "q" to such a high regard that it is nearly impossible to live a middle class life without obtaining it. Then this other organization "g" says it will guarantee the loans of "X's" customers - to almost any amount and without the possibility of default.

What do we think is going to happen? X will raise prices to the highest upper limit that can be tolerated. Not tolerated by the customer (he/she has a couple decades of pro-Q propaganda and immense cultural pressure) but by the insurer.

The schools and the students are responding to incentives. The incentives are created by the government, no doubt under lobbying from X and loan servicers.

There is responsibility all around, but the buck stops with the government (literally).

...

That woman should go into exile. She should get a trade (on credit) that can be useful somewhere else (nursing or similar). Then leave. America is a nice place to live, but it sure as hell isn't that nice.

[blade]

[blade]

[northway]

It's crazy that someone can give you a $200,000 loan with no collateral prior to your being able to buy a drink.

[mises]

[asylum seeker]

The simplest way to reform the student loan system would be to allow such loans to be covered by bankruptcies. With such increased risk of not getting their money back, banks would naturally start to self-regulate how much they loan out.

[Mosley]

Do I have sympathy for this girl?

Sure, and you can find it in the dictionary between sh** and syphilis.

In Canada, there are countless grads, some with grad degrees in fact, with craploads of debt-unpaid debt courtesy of the working taxpayer. Too many of these snotnoses defiantly state that they will not pay back the gov.- backed loans. "Well!(insert huffy puffy voice). No one one told me that my degree in post-modernist feminist literature wouldn't get me a $50,000/yr. job following graduation!". Really, Einstein? You spent all those years getting an "education" but couldn't figure out that constant borrowing with no real job prospects following graduation wasn't the best plan in the world?

Just like all those couples in the States(he a Wal-Mart stocker and she a cocktail waitress)who took on quarter million dollar mortgages just because they could(interest rates? What interest rates?).

At least they had an excuse. They probably weren't "educated".

[The Hammer]

"It's the government's fault."
"It's my parent's fault."
"It's not my fault."

Yeah, try that BS in the real world and watch yourself get trounced!

[LGSakers]