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#313855 - 08/15/19 09:44 PM Re: College debt [Re: Mellowicious]
Mellowicious Offline
veteran

Registered: 05/03/06
Posts: 9624
Loc: flyover country
Don't know where "and housing"came from. I have to admit I've never (knowingly) taken an "ability to benefit" test.
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#313858 - 08/15/19 10:03 PM Re: College debt [Re: Jeffery J. Haas]
Greger Offline

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Registered: 11/24/06
Posts: 15512
Loc: Florida
If there is one single thing that America needs going into the future it is a well educated workforce. If there is one thing that Corporate America needs going into the future it is a well educated workforce.

Education lights a fire in the soul of the student. There is no limit to what he or she can accomplish. Debt extinguishes that fire. Put an end to it. Let them spread their wings and soar.
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#313866 - 08/15/19 11:18 PM Re: College debt [Re: Mellowicious]
Mellowicious Offline
veteran

Registered: 05/03/06
Posts: 9624
Loc: flyover country
Okay, let e take a shot at this.

As of the effective date, payment on student loans is set at a percentage of income, paid monthly, reviewed annually. Percentage rate is based on the portion of debt incurred at for-profit/private institutions (higher) and public (lower rate) institutions. Payment is made until the loan is paid or the borrower dies. If you ended up with that killer law firm, you pay a percent of your killer salary. If you end up sweeping floors in your favorite art gallery, you'll probably pay less.

Private and for-profit higher ed. institutions set their own tuition rates. Public institutions do not charge for tuition, books, low-end but adequate computers, special-Ned's assistance.and tools for trade education (automotive tools, design tools, culinary knives, etc) although restrictions may be in place for those items which tend to "walk off")

Students are on the hook for food and housing. Colleges will form an alliance with local area landlords to locate reasonable housing for reasonable student.

I'm sure I've missed something important.
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#313888 - 08/16/19 05:10 AM Re: College debt [Re: Jeffery J. Haas]
NW Ponderer Offline
Moderator
Carpal Tunnel

Registered: 09/09/11
Posts: 17116
Originally Posted By: Jeffery J. Haas
"Ability to benefit".
Unlike many I don't think "free college" is a cure.
If it is free to all then one might question if it's worth anything to most.
But there are MILLIONS of bright kids who have everything, the gifts, the grades, the ability and the ambition, and all they lack is the money.

A means test and testing for ability to benefit can give us a clear picture of who needs free tuition the most. Standards don't have to be 100% rigid but 90% is probably perfect. If it is clear that they can make it in college as they made it in high school, give them the tuition if they can't afford it.

We're not "giving away free stuff", we're investing in our own future.
We have to, or the future is guaranteed to be dystopian.
I love this formulation. I think there is a benefit to the student and to society that they "have skin in the game" in the form of some costs in the future. Most of the loans I obtained were National Direct Student Loans, or National Guaranteed Student Loans - I don't think those even exist anymore. The benefit, then, was that the loan came directly from the government, which gave the government the opportunity to mitigate expenses under special circumstances. It is that aspect of the process that is most missed now. I am a big believer in "means testing" benefits - as now occurs with Social Security being taxable income. That process, and applying it to student loans, allows conservation of resources instead of giving them to everyone - even those who don't "need" them - and providing greater benefits to those most in need.

Put it this way: If the government has $x million to loan/grant, it should be distributed to do the most good: those in the top 10% get nothing, as they can afford college on their own. Those in the bottom probably get 100% of their tuition covered. Those in the middle get a portion based upon need. That would help ameliorate the wealth disparity in our society.

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#313894 - 08/16/19 12:12 PM Re: College debt [Re: Mellowicious]
pdx rick Offline
Member
CHB-OG

Registered: 05/09/05
Posts: 41835
Loc: Puget Sound, WA
Originally Posted By: Mellowicious
...payment on student loans is set at a percentage of income, paid monthly, reviewed annually.

That's one payment option. Or you could pay a normal payment. In my case, the interest is four times principal now as my loan is 9% and it's been that way since the mid-90s because I have chosen to pay based upon the income option for the entire length of the loan.

Even though my loan (25 years, 5 mos) has always been a Federal loan formerly owned by Sally Mae, Navient got ahold of it about 10 years ago, and a recent perusal of the promissory note shows that somehow Deutche Bank now owns the loan but managed by Navient.

Hmm
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#313895 - 08/16/19 12:34 PM Re: College debt [Re: Mellowicious]
pdx rick Offline
Member
CHB-OG

Registered: 05/09/05
Posts: 41835
Loc: Puget Sound, WA

My game-plan out of my situation is that after I close escrow on a home in the near future, is to trigger the "25 year rule" and have the loan forgiven.

I will then have to pay tax on the amount forgiven - which is fine by me. I rudimentarily figure the tax liability will be closely equal to the original principal amount - which I haven no problem paying. It's 25 years of 9% interest is what I have a problem with.

Plus, I figure the IRS interest on the loan when I make monthly payments will be less than 9% and I'll be good to go. smile

I just won't be able to deduct the interest on my income tax any longer. Hmm
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#313899 - 08/16/19 01:09 PM Re: College debt [Re: Mellowicious]
Mellowicious Offline
veteran

Registered: 05/03/06
Posts: 9624
Loc: flyover country
Rick, I'm glad it's working well for you. Then again, you do show more common sense and ability to plan than many of those I've read about

That's said in an admiring tone, by the way.
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#313901 - 08/16/19 02:26 PM Re: College debt [Re: Mellowicious]
pdx rick Offline
Member
CHB-OG

Registered: 05/09/05
Posts: 41835
Loc: Puget Sound, WA
Originally Posted By: Mellowicious
Rick, I'm glad it's working well for you.

It hasn't been too bad. As you can see, I've never made a dent in the principal in 25 years. I do get to deduct 100% of the payments on taxes, though. Hmm


Originally Posted By: Mellowicious
That's said in an admiring tone, by the way.

I know. smile

It's good to see you return to RR. Bow
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#313919 - 08/17/19 01:42 AM Re: College debt [Re: pdx rick]
itstarted Offline
old hand

Registered: 01/27/03
Posts: 6428
Loc: Florida/Illinois
College debt is the stuff of headlines. Depending on the school, many four year educations are subsidized by school benefactors, making educational choice a matter for some deeper investigation. For those who may be interested, I would refer you to my school details in the website Niche.

Current quoted costs per year are in the vicinity of 65K.... If you go to this link, scroll down to the subsidized costs, provided by a substantial Alumni Fund. Average yearly subsidy $41K

Niche - Bowdoin College.

This has been the case since I was in Bowdoin. Somewhat more as I received 100% tuition/room/board for 4 years. Coming from a relatively poor family, it was a godsend.

All of the Ivy League Schools, have substantial subsidies available. For those who are accepted, in many cases, scholarships, are not based on need, but perceived potential.


Edited by itstarted (08/17/19 01:45 AM)
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#313924 - 08/17/19 02:44 AM Re: College debt [Re: itstarted]
Jeffery J. Haas Offline

It's the Despair Quotient!
Pooh-Bah

Registered: 08/03/04
Posts: 14332
Loc: Whittier, California
Originally Posted By: itstarted
College debt is the stuff of headlines. Depending on the school, many four year educations are subsidized by school benefactors, making educational choice a matter for some deeper investigation. For those who may be interested, I would refer you to my school details in the website Niche.

Current quoted costs per year are in the vicinity of 65K.... If you go to this link, scroll down to the subsidized costs, provided by a substantial Alumni Fund. Average yearly subsidy $41K

Niche - Bowdoin College.

This has been the case since I was in Bowdoin. Somewhat more as I received 100% tuition/room/board for 4 years. Coming from a relatively poor family, it was a godsend.

All of the Ivy League Schools, have substantial subsidies available. For those who are accepted, in many cases, scholarships, are not based on need, but perceived potential.


Amazing, and a good many kids would give anything to get out of their old stomping grounds for a chance at a transformed life.
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