you can't suck knowledge back out of a graduates head (ancient egyptian practices to the contrary)
you can't suck knowledge back out of a graduates head (ancient egyptian practices to the contrary)
I know I mention this book a lot on here, but _Debt: The First 5,000 Years_ is the most amazing book I've ever read on the history of debt, money and slavery.
Debt relief has to come. Every great civilization throughout history has had to forgive debts. Current student debt is not even remotely payable. Millennials are the most in debt out of any generation, the lowest paid and most likely to take unpaid internships[1]. They put up with so much more that no previous generation would have even stood for.
"A debt is just the perversion of a promise. It is a promise corrupted by both math and violence. If freedom (real freedom) is the ability to make friends, then it is also, necessarily, the ability to make real promises. What sorts of promises might genuinely free men and women make to one another? At this point we can’t even say. It's more a question of how we can get to a place that will allow us to find out. And the first step in that journey, in turn, is to accept that in the largest scheme of things, just as no one has the right to tell us our true value, no one has the right to tell us what we truly owe." Graber, Debt: The First 5,000 Years
This is a rather ungenerous view of the great burdens faced by previous generations. When I grew up there was a draft. When you got out of high school, you faced the real live possibility of being forcibly inducted into the military and sent to an active combat zone--where many US soldiers died, including high-school friends of mine who were killed before they turned 20.
They would happily have swapped going to war for four years of college and the long-term debt attached to it if they had had that option.
You might not like the terms today, but please don't ever say you have it worse than any generation before you.
Anyway, thanks for the recommendation!
That entire quote reads as completely incoherent to me. I feel like I would have to learn entirely new brands of logic and language to decipher it.
Usually great news and desirable outcome for anyone carrying such debt, but not so great news for someone hoping to borrow for college at that exact time when the turbulent debt markets are trying to price in and overcompensate for high default rates. It’s like being a prospective home buyer in late 2008 - no one is returning your calls and if they do, you get the privilege to pay a premium for the other people’s mistakes.
No, not all debts are the same: Debts That Cannot Be Discharged in Bankruptcy https://www.thebankruptcysite.org/nondischargeable-debts
https://www.nytimes.com/2017/11/18/business/student-loans-li...
The crapper of it is, it's not just professional licenses, such as nursing or cosmetic licensing, as if that wasn't bad enough. Some states, like Iowa, South Dakota, and Washington, have laws that permit the state to revoke or decline to issue any license issued by the state, including driving, hunting, fishing, and even camping permits.
Basically, those states say that not only will they wreck your ability to work in the field for which you achieved a degree or license (or maybe you didn't successfully complete whatever program and are now working to pay off that debt that resulted in no positive outcome at all), they'll ruin your ability to go places--outside of cities, public transit is a non-entity--or even just have a little recreation while you figure out how to get out of a hole that just keeps getting deeper.
Not paying your taxes is absolutely a self-serving sociopathic gamble.
The road that the taxes (probably) paid for?
Also, GP said "allows", not "subsidizes every aspect of the most luxurious way for".
On death all your debts should be paid in full with the exception that the cheque for the funeral should bounce..
Car loans and mortgage loans are not comparable. It's possible to simply be unable to pay those debts. So there's every good reason that the student loan default rate should be lower than those.
Dental students in high cost of living areas routinely graduate with half a million in debt
Great question.