Does anyone have any ideas and predictions for what they think/feel will happen with the American student loan bubble?
Will it be forgiven or an interest rate freeze, or will it all collapse and shit?
Should those indebted try to pay back before a collapse??
It's well over one trillion United States Dollars, most of it has compounding interest and over 60 percent of the debt is held by women (future mothers/wives?)
i imagine zoomers just keep on zoomin like the faggots they are
Lol
They can't just let this go on forever though in reality
The left controls the two most powerful branches of government: the press and education.
They're in a strong symbiosis so you won't have the weaker branches like the legislative or executive put any reasonable brakes on things (like limiting loans to STEM degrees, tying interest rates and loan amounts to future earnings, etc).
Civil rights era laws mean that the politely-accepted competence signalling of a degree won't go away. Griggs v. Duke Power is never getting overturned.
That means while only 30% of the population has gone through the wringer to get a bachelors, standards will drop until that triples (and 30% end up having to get master's degrees).
This deadlock will persist much like social security and medicare/health expenditures, until the federal government collapses in a general default scenario.
At some point something happens... but what is it exactly?? Do they pump crypto enough for the kiddies to pay it back? Do they let it all fall and fuck everything? Do they even know what they're doing?
So in that scenario should we be paying back loans or do we just bank on things getting so bad it's a debt jubilee?
I doubt the jubilee will ever happen but I mean I can't know for sure
Keep paying.
Voter blocs dissolve when their problems are solved. Abortion, racism, gun rights, these things all get strung along, their definitions expanded, new frontiers tacked on.
Similarly, the promise of free college and a debt jubilee will be trotted out every two or four years but never actually occur.
Maximum allowed loan amounts and interest rates will be incrementally "improved" though. That's an acceptable pseudo victory to sell as a compromise.
Nothing will happen because every loan is guaranteed by the government and you can't default, not to mention high end jobs will still want a degree. This isn't the same as subprime mortgages
>56%
the meme magic
Once the default rate hits 25% or higher, the government will be forced to enact some kind of plan for settlement or forgiveness of the loans.
And if that happens, I'll be fucking pissed if they don't do something retroactively for the people that paid their loans.
I took out $45k for college and 3 months later I was waiting tables. A college degree was the single worst decision of my life.
I debated paying it back or not for ages, and after talking to different lawyers and stuff, I realized that if I did not pay it back the government would totally fuck my life up.
It's a really sad scenario. My only hope is that this gets more attention and the government finally does something about it.
These colleges are laughing their way to the bank. They are aware of the scenario and just keep pushing their degrees as hard as possible.
they can 100% steal your souls, and they will. maybe you should get a fucking real job and stop being so worthless watching twitch all day.
you aren't getting shit back
is there a way to bet against american student loans?
Ok this Is a rational idea and I could see it as possible
Thanks
>(le) 56% of millennials live paycheck to paycheck
That's an impressively negative way to say that almost half of the very youngest class of working people are well off enough to not live paycheck to paycheck
former neet here. I paid for 2 years of community college with shit part time jobs. But i need like 62 more credits to finish my degree. It would cost me ~15k for it since my parents and grandma will help me out.
Should I do it? Im kinda scared that ill be fucked if I don't find a job after I graduate.
>nothing will happen
? How can you believe this ?
People can't default, yet have compounding interest and women are very less likely to pay back the money in my understanding... this leads to runaway debt unless they all die off before it gets passed on to husbands/kids
Way down that road if they can't go anywhere and have no options they could try and collapse everything
"not living paycheck to paycheck"
Ahh yes, the American Dream. That's a pretty fuckin low standard
they will just take everything you own. if you own nothing, they will take whatever your guardian owns. if that doesnt happen, they will garnish future wages.
wont collapse anything. you can live in section 8 nigger housing projects your whole life. they are building plenty of them in shitty areas.
I feel for you dude and understand. I havent paid mine back yet but can't imagine what it would be like to play the rules and get fucked over... again
It's a pretty fucked idea to straddle youth with an environment made to milk you for every penny and then sell jobs to 3rd world countries and immigrants imo
>you should get a real fucking job
How? They sell all of those jobs to pajeets
One way would be going into crypto and metals honestly
I would say it depends
If you're not in debt and know what you want to do I would say dont go to college. It sounds like you at least have a 2 year degree which is something better than a GED.
If you know what you want to do in terms of specific college majors like law or medicine college might be worth it.
Can't hurt to set some goals either way
Left school with 29k debt. 51k now. Fuck you I'm not paying.
Dont you think people would literally shoot them for trying to take everything, if it went past the student who took the debt
what did you get a degree in? nigger studies? if not fucking use it. i find it very hard to believe someone with a skillset of more than a burgerflipper can't get a job. my groceries are bagged by literal retards at the grocery store.
yeah, shoot to guy who actually has a job working for the bank because you are pissed at a dumb financial decision you yourself made.
>zoomer logic.
I'm not judging you I understand where you're coming from and I'm more with you but this is also what I mean. If enough people did this how would something not happen in terms of very lenient forgiveness??
>Once the default rate hits 25% or higher, the government will be forced to enact some kind of plan for settlement or forgiveness of the loans.
Why not at 20%? Or 30%? What is the magic triggering mechanism for 25%?
Also there are already public service and pay-as-you-earn forgiveness plans implemented.
>I'll be fucking pissed if they don't do something retroactively for the people that paid their loans.
Now everyone should know why I put "never actually occur" in > My only hope is that this gets more attention and the government finally does something about it.
>They are aware of the scenario and just keep pushing their degrees as hard as possible.
If consider a government the collective, non-economic mechanisms that make a nation run rather than a few buildings in DC, you'll see why these two statements are contradictory.
Good luck with your student loans.
Don't be mean. Young Boomers like OP are still figuring life out.
Short NAVI. But I suggest you reread this thread and consider how this scenario plays out.
Thanks.
Plus that's before adjusting for demographics. If the only difference between 30% of American Millennials and Mexican Millennials is 100 miles of desert, they're doing pretty well, relatively speaking.
What are the job prospects for your degree? I mean when you really dig into it.
We can't get to the moon or build a skyscraper in 30 days. What makes you think the idealized "American Dream" is in any way relevant?
Come on
A 17 year old with every influential person in his life is telling him the only way he can make it is by going to college
You can be right but that still doesnt change the fact that you dont have a majority on your side
I'm still in school doing business general. Not sure how to secure a legitimate income that could satisfy the loan much less moving out and add to the economy. Not trying to bitch but it's what it is
I'm getting finance degree (from state school), with 3.3 GPA and a short internship at some startup. $11k debt, figure that'll be paid off in a year or 2 max. I took some stats and marketing courses as well. Am I fucked or did I do good?
My freshman year roommate on the other hand came from out of state and took loans for an art history degree.
Not only that, but they charge huge amounts of money for tuition (because they know most tuition is paid via student loans). Plenty of degrees are bullshit and should not cost 100k. Further, the loan process is insanely fucking lax for how damaging these loans can be.
Sure, a reasonable person wouldn't take out a 100k loan for a gender studies degree. A reasonable person wouldn't be handing out a 100k loan for a gender studies degree either though.
Business degree at the very least should get you some clerical office job.
This.
The people who say it's a bad financial decision, like no shit, of course it is, and we've been encouraged the entire way and at least no one in my life even gave me another perspective until I was even in college.
so what? go to college.
100k isn't much. minimum wage should net you around 30k a year. you should have no problem, with a degree, getting a 50k a year job. save half that, sorry you wont be able to afford iphone or xbox. deal with it.
4 years to pay off your degree. im not seeing the problem.
I'm going to believe you and hope/work toward that
>finance
You're not going to become a wall street broker or investment banker, you might be able to get some job at an insurance company or bank though. Finance is decent, not amazing without the right connections but it'll get you something.
Business general is not nigger studies, but it doesn't really teach you a true technical skill. You should look into accounting if you want guaranteed skill.
100k is on the low end.
30k a year wont cover living expenses and interest
Interest?
Even if this guy pays it back what about the others, specifically women?? They hold over half of it and how would that not ultimately end up fucking shit up to the point that something happens? I'm just curious what people think will happen then
It's too late to switch without even more debt which I would really prefer to avoid
I would go to a state school for CIS. Im too much of a brainlet for Computer science. Preferably Id like to graduate and do networking or IT shit. As long as I can make like 40k+ Id be happy.
Like I said, I was a neet and I just want enough to move out of my dads house finally. I know I wont be loaded or anything.
ok interest, so you put your money into a fucking CD. you have a year to find a job rihgt before you start paying? find job placement immediately, dump money into a cd, and stagger the rates. student loan is what, 5%? most cds for a year a 3%. Its not that hard.
a secretary, with no fucking degree, will easily get 36k a year.
What about people who dont play that way and let it run away though
My student loans are 10% and 9% variable each, just saying
if you make bad financial decisions you deserve to get fucked. I have a credit card with a $30,000 limit. what happens if i go on a shopping spree and let it get away from me. can I get a bailout and chimpout on the repomen?
nobody cares if you are a moron. finding a 50k a year job should be a cake walk. the problem is people don't understand they cant afford that new iphone XS every year.
You also got fucked if you are at 10%. you should fix that.
studentaid.ed.gov
I barely remember 2008 but I do recall bailouts for exactly what you're describing. Economy got pretty fucked up too.
This. I worked my ass off to make sure I didn't graduate with debt. Barely had any social time because when I wasn't in school I was at work. If all these tards get debt forgiven I will be super pissed.
credit card bailouts of dumb purchases 30k+? i dont remember that.
You can just study up for some tech certifications, pass the exams and skip the whole college deal if that's what you want, several of my friends in the tech industry did just that.
>credit card, file bankruptcy / too big to fail!
>student loans, eternal wagie slavie
Yup it wasnt a good financial decision but it sure didnt stop everyone from getting propagandized into it.
you cant just file bankruptcy and get out of debt. shit doesn't work like that.
theguardian.com
and you should not be an eternal wagie just due to student loans. we did the math, even if thats off by a factor of 3 years, its still not impossible its only impossible because people think they are entitled to a $1k phone, $500 vidya console, 80 inch tv and a new car every year.
Nothing. Kids will keep mindlessly paying with little complaint while the colleges increase tuition every quarter and make Frumpf campaign donations so their students will have something to mindlessly protest against while they get literally and financially raped for another 4 years.
Lol, I can see it for a near future but what if online alternatives for free rise (things like mooc.org) in popularity as competition??
If the online universities figure out the accreditation problem or figure out some other route to legitimacy it's highly likely they'll end up being the amazon to traditional universities sears. That's still probably going to take another decade or two to play out, though I personally consider it inevitable. The system as it is now though can't persist for very much longer, something has to give somewhere.
This, I didn't want to believe it but soon college education will all be bull shit. Unless you have a professional degree like doctor or lawyer, most everything you can learn on the job or through some intensive course.
No one cares what school or degree you have, they just care if you can do the job.
Why are you going into so much debt, for what, a piece of paper that didn't prepare you for the real world, but for bull shit academia... its all an ivory tower scam to keep tenured professors milking schools as profit center. It makes me a sick...
I agree with you guys
I think molyneux has even shown that in some cases a college degree even leaves you less qualified for a job
Job qualifications are always nebulous but ultimately what's been damaging over the last few decades has been an endlessly bloating bureaucracy. There's little incentive for the colleges to save or cut costs anywhere since the students are highly domesticated and either there on someone elses dime or are far enough removed from "real life" they don't think too much about the bill until graduation day. Way more money goes to administrators of highly, HIGHLY questionable value than most realize, as well as the top officials simply lining their pockets. A more efficient outfit would be able to cut an absolutely enormous chunk out of costs and probably make themselves wealthier than their contemporary peers, as well as allow professors to more efficiently use their time because they're not repeating their irl youtube video for the 40th time. Will also help students from getting gouged by their professors side hustle selling books for $350 a class by offering more choices in who they learn from. Universities have been largely spared from technological upturn so far, but it's not going to last much longer.
>tfw the prophecy comes true
>unemployment rate for those with a high school education: 17.9% - versus an unemployment rate of 7.7% for college grads
Could be explained by people dumbed by the welfare state and shitty pointless schools.
>it's not all bad news for grads: a college degree remains the best way to secure a job in a tight market
Go eat a dick, sock puppet.
College is one big fucking meme. Too bad it’s become the new high school diploma so your fucked if you don’t go and your fucked if you do.
this is sadly true as well, to those saying we made a bad financial decision dont realize you literally have to in some cases
what they dont say in this shitty inforgraphic is that majority of faggots with their ba are waiting tables. ffs, a lot of employers now require you to have a ba (in anything, they dont care) to be a manager at a local shop.
i know this faggot is one (((them))), but this vid is pretty good: youtube.com
Pay your loans you fucking faggots. Everyone else has before you. You are not getting out of this.
oh hai boomer
>two most powerful branches of government:
>the press and education
L0Lno fgt pls
The "press" is dying for lack of subscribers,
and "education" is being killed by de-funding.
Turn off the Tee-Vee and attend a County Commission meeting some time.
>The "press" is dying for lack of subscribers,
The press is moving to digital. No one gives a shit about people opening the morning paper compared to push notifications through a default installed CNN app. Digital's cheap content replication means paying customers are irrelevant when the billionaire owners only want to change minds and votes.
>"education" is being killed by de-funding
The Janus decision or your overly extravagant school bond failing are meaningless as long as the kids continue to have the textbooks they have, written by the people who write them, and are shoved along into 4+ years of college afterwards. If you don't see the political impact there, you need to look beyond your hayseed county commission.
Those two branches do more to shape this country's future than the 60 vote logjam, some cuckservative originalists, and the naive walking spraytan.
Student loan is not a real loan because you can't default it
No private bank would dare to hold student debt if the fed did not guarantee it