So what's the scam with student loans?

[cthulu]

THE Architect? :morph:

Ok, I didn't think architects could earn that much in this market. So, apparently, it aint all a total collapse.

I ran into a punk-kid who said his dad was an architect. Me and some friends ran into him at party. The kid was a total prick, thought he was a big guy cuz his dad was rich. He later invited us to his house. Man, it was freaking huge and fancy. Even had a water fountain in the lobby. Anyway, turns out the kid invited us over cuz he wanted to get with one of the girls in my group. lol, she gave it up too!

Turns out the producers in our economy produce people that are capable of reproduction? I didn't have anything like this when I was a kid, but if I did I would have had as much fun as possible. It sucks to be the poor kid when all the rich kids have nice houses. You go to their house and party.

How old are you? Keep stacking them coins.

lol, I'm 35. This happened about 10 years ago, but the kid was a few years younger than me. I was probably one of the older in the group. When I was a kid, I was friends with a pretty well-to-do family. They'd invite me over for swims and to play with their son, but I always felt out of place. I remember spending the night one time, and they served chili dogs. I felt ashamed my paper plate was smeared with chili sauce, but everyone else's was pristine. The only reason I even came over was to play their son's atari....lol, kids. I don't want to be fancy rich. I'd rather be humble, live a simple life, and be nondescript.

[1970 silver art]

THE Architect? :morph:

Ok, I didn't think architects could earn that much in this market. So, apparently, it aint all a total collapse.

I ran into a punk-kid who said his dad was an architect. Me and some friends ran into him at party. The kid was a total prick, thought he was a big guy cuz his dad was rich. He later invited us to his house. Man, it was freaking huge and fancy. Even had a water fountain in the lobby. Anyway, turns out the kid invited us over cuz he wanted to get with one of the girls in my group. lol, she gave it up too!

Turns out the producers in our economy produce people that are capable of reproduction? I didn't have anything like this when I was a kid, but if I did I would have had as much fun as possible. It sucks to be the poor kid when all the rich kids have nice houses. You go to their house and party.

How old are you? Keep stacking them coins.

lol, I'm 35. This happened about 10 years ago, but the kid was a few years younger than me. I was probably one of the older in the group. When I was a kid, I was friends with a pretty well-to-do family. They'd invite me over for swims and to play with their son, but I always felt out of place. I remember spending the night one time, and they served chili dogs. I felt ashamed my paper plate was smeared with chili sauce, but everyone else's was pristine. The only reason I even came over was to play their son's atari....lol, kids. I don't want to be fancy rich. I'd rather be humble, live a simple life, and be nondescript.

There is nothing wrong with living a simple life. Living a simple life is the best way to live life IMO.

[1970 silver art]

Part of it, is student loans cannot be discharged in a bankruptcy, if I understand it correctly.

Student loans cannot be discharged in a bankruptcy, however, I am sure that there are some very rare exceptions to this rule. Student loans will follow a student until they are completely paid off. Since student loan balances are getting much bigger (some into the $100,000 range or higher) with the increase in college tuition, then these student loans can follow a student for the rest of their lives. I could be wrong on this but I think that since the student loans are backed by the gov't is the reason why student loans cannot be discharged in a bankruptcy.

SLs never disappear, go away, or are forgiven.

Yes, b/c the gov sponsors them they cannot be dishcarged b/c of bankruptcy.

Some people who just reached Social Security recipient age realized that the US gov is garnishing their social security monthy payments because they still ow (or stopped paying) their student loan.

There have been articles on this recently and I'm sure they can be found on google.

For the younger generation that is graduating with an average debt of $24,000 this will have repercussions, as the job market is so weak.

Same for vocational schools and the culinary schools noted in this thread.

Sadly, education in the US has become a business. The education industrial complex (as Celente says).


Unis and vocational/trade schools know federal FAFSA money is available for students to borrow --> schools raise tuition --> the gov raises the debt the students can borrow because of the rise in tuition --> and so on, and so on.

I went to a state public Uni in the late 80s and early 90s. Tuition was pretty cheap, and my parents helped me with rent, and I usually worked a job like making sub sandwhiches and the like during the school year and construction in the Summer.

I gradudated with $0 SL debt, or any debt. I was lucky. (I also abhor debt.)

I am basically debt free now - except - ding! ding! for a student Loan I took out 7 years ago when I started an MA program but quit after one quarter because the cost to benefit return being low (field: education).

I still have $50 usd taked out of my saving account on an automatic withdrawal to cover the $4,800 I borrowed at 4% 7 years ago.

Stupid to keep the loan? Yes. But it keeps my credit current, as I'm living in Vietnam and have not filed for taxes in 8-9 years.

That is good that you mentioned that because Peter Schiff, on his show yesterday, was talking about gov't involvement in college education (via student loan availability and gov't grants) and how that was raising college tuition. Gov't involvement in anything will raise the cost of that particular good or service.

[EE_]

Just a little add to:
The biggest building boom going on right now is an expansion to universities, medical research labs and remodels of them.
Serious government money is pouring in!

[Book]

Some people who just reached Social Security recipient age realized that the US gov is garnishing their social security monthly payments because they still owe (or stopped paying) their student loan.

http://www.southwestern.edu/studentl...melessness.jpg

True. Student Loans. The debt that keeps on taking. Forever.

[gunDriller]

for example ... Heald Tech Institute in SF will gladly charge you $20K to learn how to be an electronics tech ... they make money on the loans too ... they feed people info. on how GREAT the job opportunities are for graduates.

[Book]

for example ...

http://www.youtube.com/watch?v=yJl0XuDKSjc

[Silver Rocket Bitches!]

Those worst off are the people who thought they could make it with a communications degree or a liberal arts degree that cost upwards of $50k. What was the logic that convinced them this was a good idea?

Here is a sobering chart:

[img width=600 height=361]http://chronicle.com/blogs/innovations/files/2010/10/underemployment-chart.jpg[/img]

Next time you fly, ask your flight attendant what she got her degree in.

[Down1]

I don't think there is anything but dependency creation going on with the student loans.
Get them young.
12 years of indoctrination has taught them they must go to college right out of high school.
Offer them a loan and they think government is great.
Then once they graduate,many will find their wage is inadequate to meet all their needs.
Since they are now a debt slave they will look to big mommy Govt to take care of them.
Hey big mommy feed me.
Hey big mommy subsidize my rent.
Hey big mommy pay my health insurance.

[madfranks]

MadFranks,
as an architect, can you answer a generic type question for me?

Back in '68 I used a magazine floor plan spotted in a magazine that I tore out and then found a general contractor. I gave the floorplan article to my builder, who took them to his resource, who he called "a part-timer student" of some type who turned them into blueprints and elevations. This was all back before computers were doing all the CAD/CAM stuff.

I'm itching to build on a piece of property we own, and would like to find some kind of "drawing person" that charges less than highly technical architects like you are legitimately charging, to get a set of blue prints and elevations so that I can have something to take to my podunk city planning commission and apply for permits, etc.

Where do lower middle class people like us go to find one of these drawing type part-timers? Any suggestions would be appreciated.

beefsteak

I sent you a PM.