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Students can pay

July 8, 2013

The average U.S. college student walks off campus with about $26,500 in student loan debt, much of it in government-subsidized low-interest loans....

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(49)

rocky1

Jul-08-13 11:25 AM

We had our kids take out a couple of student loans, only so to start their credit history for the future. We, the parents, paid the loans back and if memory serves, the interest at that time was 7.5%. I would say that when a loan is taken out, the student should be made aware of the interest rate is and that is the rate they pay it back. So, if loans are higher now and they still borrow, then that is the rate it should be paid back at.

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Annarondac

Jul-08-13 11:47 AM

Good point. I might also add that students should study for careers that will allow them to earn good wages. Colleges are also to blame for putting out curriculum that does nothing for the students future while increasing tuition.

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Annarondac

Jul-08-13 11:47 AM

Good point. I might also add that students should study for careers that will allow them to earn good wages. Colleges are also to blame for putting out curriculum that does nothing for the students future while increasing tuition.

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rschweizer

Jul-08-13 12:08 PM

Students typically have TWENTY years to pay off federally subsidized loans; not TEN.

That's double. Get your facts straight, LH.

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rschweizer

Jul-08-13 12:10 PM

Annarondac, what do you mean colleges are to blame for the curricula? The students choose the major and the courses to take based on course descriptions. Granted some colleges are better and even way better in the rankings than others, but a lof of the onus is on the student to both chosoe a good and reuptable school along with a major they feel they not only take an interest to but also will place them in a competitive field.

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Scarecrow57

Jul-08-13 12:19 PM

Actually RS you have between 10 years and 25 years to pay off the loans, depending on the plan you choose. hxxp://studentaid[dot]ed[dot]gov/repay-loans/understand/plans

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Scarecrow57

Jul-08-13 12:24 PM

First, these are government loans, why should the government make anything off of ones education. Do they not already get enough form the taxes??? Assuming one takes a field of study that pays well.

I too blame the schools and counselors for steering kids towards "learning what interest you most" and ignoring realities. Sure, American History, Graphic Arts, political Science, and Journalism are all cool things to do. But in the end, there are very few jobs and given the large number of qualified applicants, the wages are low.

Base student loan amounts on the likelihood of repayment.

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Pards13

Jul-08-13 12:29 PM

26,500 is about the price of good car and most people that take a loan out for that will pay it back.Most people spend more time picking out their next car than they do researching their career and college choices. Much of the college debt has been towards the for profit colleges and career schools which seem to have a poorer track record of placement. Any one who plans on going to college needs to spend more time researching where they want to be in 10 years and find something suitable. Going to college to find ones self is not a good plan unless Mom and Dad are wealthy and don't care. The armed forces might be a better choice.

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TiredOfTax

Jul-08-13 1:49 PM

Many of these schools are already government owned. Local community colleges as well as state colleges... we subsidise these already with taxpayer money. I believe that the people that use the services should at least pay their share. (SARCASM FOLLOWS PAY ATTENTION RS)Or lets open them to the communistic trend we have with healthcare, require EVERYONE attend and PAY the exact same price. That would be a totally leftist thing to do... I am against it and say go ahead increase the % if you do well in school and work hard at your job, the little bit more will not be noticed.

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rschweizer

Jul-08-13 1:56 PM

Scarecrow57, correct, you HAVE the choice. That wasn't the point. The LH said MOST students have ten years, which is false.

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rschweizer

Jul-08-13 2:01 PM

TiredOfTax, the government most certainly has the right to make money off that interest like a bank would. And it's a small price to pay for higher education.

Do you think public schools are cheaper to run than private ones? No way. A lot of the options out there are for public schools, like SUNY, CUNY, and the community colleges that are already significantly cheaper than private schools AND are taxpayer-funded. Basically whatever the 'savings' students get in exchange for a low-cost education is just subsidized by you and me.

Make the better choice: go to private school for college and grad school, where the scholarships are way better and the options for private loans are way cheaper in interest than SallieMae.

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Annarondac

Jul-08-13 2:04 PM

rs, Many students (but not all) go to college to "find themselves" or pier or parental pressure, not having any idea what they want to do. This is a waste of their money. If a student has a somewhat clear idea of where he/she wants to go, then that is fine. Many trade schools and apprenticeships are overlooked because a college degree seems to be essential. We also need builders, plumbers, electrictians, seamstresses, and other people working in all sorts of repairs. I've needed an upholsterer for three years now and she is still booked up.

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drugsrus

Jul-08-13 2:06 PM

It is amazing and amusing when you consider that most private institutions have enough $$$ in their endowment funds to allow for free everything to all students for the next 50+ years. And the state run schools aren't far behind. So why can't these cost be absorbed??? and why is tuition being constantly being raised???

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drugsrus

Jul-08-13 2:11 PM

Annarondac, the trades is where potential jobs are, BUT most trades require good math skills, good communication skills, and involve physical work. Today's youth wants big $$$ with little effort output. And they want it NOW

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Ron1960

Jul-08-13 3:55 PM

The students that have these loans first of all need to understand that they should pay off these loans before going out and getting every thing under the sun. Then in my opinion many of these students would not have such large loans if they would have just completed their first college choice of study and not have changed their course of study 2 or 3 times. These students need to understand that their parents, grandparents worked for many years to get the nice homes they now have and the nice cars that they have, but these young people want all the nice things all at once.

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Ron1960

Jul-08-13 4:03 PM

Drugsrus, I can only wonder what all these young people are going to do with all their degrees what they have a plumbing or electrical break down after they get everything they believe is their right to have. Because most of these young people with the degrees have no idea how to repair the things that break down and the craftsmen are becoming fewer and fewer every year so with out the people in the trades are no longer there who will be there to do the repairs that will be needed?

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Pards13

Jul-08-13 4:26 PM

Ron, they probably will learn the same way we did the college of hard knocks.

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drugsrus

Jul-08-13 5:48 PM

Pards, they are too stupid to learn . Kind of like they guy on the side of the highway broke down with the hood open blankly staring at all the plastic covers that now are there because the engine and wiring and "important stuff" under the hood is too ugly for the consumer to see.

They will just stand around with dumb deer in the headlights looks -- "I dunno"

Right now there are lots of openings for mechanics at pay rates in the $20-30/hr. range with benefits. But I've heard that a big problem is "social" drug use, so they can't pass the now mandatory drug test.

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rschweizer

Jul-08-13 6:47 PM

TiredOfTax, as usual I have no idea what you're talking about when you say our high education system is turning communist or whatever you're babbling about.

All I can say from personal experience is that I have colleagues that went to public schools (SUNY and community colleges) and had more debt than me even though I went to private undergrad and grad schools.

Why? Because the tuitions at the publics are already so low that the scholarships are generally not as much as what private schools dole out. One friend had no scholarship and left undergrad with $45k in loans. I left with $35k INCLUDING grad.

I do agree with Machin, though, in that loan rates should be pegged right to the Fed just like everything else, or the option to secure a fixed rate.

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rschweizer

Jul-08-13 7:08 PM

drugsrus, now you're saying it's okay for mechanics, who are supposed to be certified to be accountable for handling and working on cars in the name of safety.

FYI: there isn't a single profession out there that would ever tolerate recreational drug use among its members, specifically since the state dictates that you absolutely cannot have these people working in their trade because of a safety issue. This rules applies to ALL certified professionals since they are licensed to practice ans can be sued for screwing up.

It's called liability. I wouldn't want a high person fixing my car just like I wouldn't want a high person as my doctor.

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Hilltopper

Jul-08-13 7:22 PM

druggy: For you to classify all kids as lazy and stupid is an over statement and leads me to conclude that you are surrounded by those type of kids. If you were exposed to kids from good colleges and grad schools your opinion might be different. One thing for sure, too many kids are used to having everything handed to them, kids with all backgrounds from the ghetto to Beverly Hills. (PS Had a good laugh this weekend on my way to DC thanks to George Carlin)

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drugsrus

Jul-08-13 7:57 PM

swizzer, as the old Dutchman always says "Don't talk so dumb" - Maybe I should have spaced those comments just so you didn't get confused. Tox-drug screening is getting to be almost standard practice for almost any decent job. There are loads of small places that forgo testing as long as the applicant is not perceptually high during the interview. Recreational drug use in professionals is more rampant than you would believe and many are true addicts who haven't been caught yet.

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drugsrus

Jul-08-13 8:01 PM

Hill, unlike days gone by there are a few good kids in the rotten bunch, but most teachers will tell you that the real percentage of those who are true students is sadly very low.

If you listened to "You are all diseased" and really thought about it, it was more true than funny - wsn't it???

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Hilltopper

Jul-08-13 8:08 PM

Candid, Frank and over the top funny. A lot of truth, what most think but will never say. He make Paula Deen look like Mother Theresa.

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laker88

Jul-08-13 10:13 PM

My brother is a History teacher. A student who failed his class miserably(along with 2 other classes),and who got one of the lowest grades ever on the regents, is now one of the best plumbing and heating men in the area. Just one of many examples of students who might struggle with academics, yet who have a real talent for a trade. Re Scarecrow's comment on counselors, I agree... Schools/counselors need to zero in on some of the students who may struggle academically, but who might have some mechanical ability. My nephew wasted a semester in college...dropped out. He's now a diesel mechanic making a great living.

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