In New Jersey Student Loan Program, Even Death May Not Bring a Reprieve
nytimes.com
nytimes.com
There is no reason a guarantor couldn't be responsible only for wilful failure to pay but not for after death.
I'm not saying these things apply in the agreement under discussion or under the relevant laws but just that different structures are possible.
It would. It would be so cheap for them that they might as well just cut out the middleman and self insure.
AKA just forgive the debt and that's all. Which apparently everyone else does, except NJ.
This is still relevant, though:
"Most significant, New Jersey’s loans come with a cudgel that even the most predatory for-profit players cannot wield: the power of the state. New Jersey can garnish wages, rescind state income tax refunds, revoke professional licenses, even take away lottery winnings — all without having to get court approval."
It says no such thing -- either in regard to evil generally, or to Goldman Sachs.
The article mentions GS, but only in passing reference to one of the people it interviewed who happened to have worked there, but got laid off.
What is the solution? Forgive all loans after paying 10% of salary for 10 years? I don't know, but something needs to change.
In reality, a student loan amount should not be given more than some percent of 10 year salary estimate for that enrolled major. That obviously means some professions like teachers or social workers may have difficulty in affording an education. In those cases they should be supported through grants.
Atleast we need some feedback loop to keep education costs under control otherwise schools will keep raising the costs.
No that would just inflate the education bubble even more. You need to figure out how to reduce the demand for all this useless higher education.
I think the percentage should be fairly high - say, 33% - but only on the amount of money a person makes above what an average high school graduate makes.
I am not optimistic.
I'm in favor of affordable higher education for those who want it, either way.
You've paid thousands and given up four years of your youth, and for what? To go to work (if you're lucky for many) for a big corporation making a select few wealthier? Meanwhile your salary is barely enough to make only but marginal dents in the debt you now owe.
You struggle to find meaning in your life, as you battle politics, desperately try to stay relevant in an environment of anxiety and fear; your peers are just as worried as you.
There needs to be an awakening where we stop telling our kids the "one way" to happiness and the dream is through an expensive undergraduate education. Sure, if you want to go to school to learn something, go...but something tells me, that to the architects of this system, education is the least of the priorities.
This isn't even hypothetical, there are already industries where this is how it works. A 4-year-degree in teaching or social work just gets you in the door; you are very much expected to keep going and get masters degrees if you want any sort of raise. (It is not clear to me how this makes anyone a better teacher or social worker. It is credentialism in a pure form.) Combined with the general drop in signaling quality of a 4-year-degree as the curricula get easier, this is the inevitable outcome.
We don't need to pour even more money into funding people's walking on the treadmill, we need to attack the reason why the treadmill is necessary in the first place.
definitely. In the future where all "simple" jobs are automated the basic necessary skill level would be an ability to do research, ie. the post-graduate level. Without it, one would be able only to enjoy the life provided by the automated systems and wouldn't be able to contribute to the society. It has already happened several times for previous levels of education - from reading/writing as a sign of being "educated" hundreds years ago to manufacturing jobs (K-12 level) which were middle-class jobs just a few decades ago.
>A 4-year-degree in teaching or social work just gets you in the door; you are very much expected to keep going and get masters degrees if you want any sort of raise.
these are government jobs, not subject to market forces, it is more like armed forces in that regard.
When all of this is said and done, she had her undergrad (fortunately paid for by her mother's employer, the school), which cost about 100k. Then we paid for her 30k masters. Now we'll pay 2-4k depending on the license mentor. So 132k for a job that pays...wait for it... at best 60k a year! Compare this to my BS in CS which opened at 42k and now is somewhere around 120k. Yay idiotic higher ed inflation.
As an interesting side note, most of this stupidity is caused by the social workers themselves. Like Rodney Dangerfield, they felt like they got no respect from the doctors, legislators and nurses. So they actually pushed for laws around mandated education! They pushed for licenses. They pushed for licenses that could only be obtained with job experience! You couldn't get experience to get the license to get the job that would get you the experience! We actually fled Indiana because of it. Florida is more reasonable.
Painting a room, taking out a loan and (in ways) driving a car all incorporate those skills. You can do each task without any knowledge of those math subjects, but you can reason about them much better with a solid understanding of the fundamentals.
> How do you determine how much paint you'd need to paint a wall without basic geometry?
You guess, and if you're short, you buy more. If you're over, you use it on the next job of throw it out.
> How about figuring out what angles and lengths to cut materials?
There are lots of methods. You can lay it out and mark it on the ground before making cuts. You can build forms and templates out of scrap or cardboard via eyeballing and adjustment.
Math can save some time, but you can usually get by without it.
> To go to work (if you're lucky for man) to make a select few wealthier? Meanwhile your salary is barely enough to make only but marginal dents in the debt you now owe.
>You struggle to find meaning in your life, as you battle politics, desperately try to stay relevant in an environment of anxiety and fear; your peers are just as worried as you.
Oh wait. But I guess you don't have to worry as a founder, your safety net will catch you if you fail unlike the rest of us :)