Kinja reply list

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Sparkle_MotionHamilton Nolan
6/06/13 1:47pm
But Mitt Romney has the solution!

Don't you remember?

Just borrow money from your parents. Worked for him — and he's just like the rest of us, right?
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  cheerful_exgirlfriendSparkle_Motion
  6/06/13 1:55pm
  And one can also sell some of their stocks and bonds to help them "get by".
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  Sparkle_Motioncheerful_exgirlfriend
  6/06/13 2:00pm
  We're living a cautious, frugal life, after all.
  
  Our table is an ironing board! (You know, it's right next to the pile of GM stock certificates Dad gave us.)
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FairyGodmotherHamilton Nolan
6/06/13 1:51pm
Wait a minute. You start a business with other people's money. You get them to invest in your idea. You don't need money for that. My kid's business is booming and she hasn't contributed a dime. Yes, she has equity.

But, I will say, she has no college debt. We had $100,000 saved for her education. We told her she could use it toward a brand name school and borrow the rest or go to a state school and enroll in the honors college. She chose the latter. The fact that she has no school debt may make her seem like a better risk for investors. So I can see how this would matter, when I think about it.

Edit: She didn't even use the full $100,000! Hooray!
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  F.Yoo LeeFairyGodmother
  6/06/13 1:57pm
  Not everyone is able to start a business by acquiring all of the seed money from investors without putting some of their own into it, no matter how small or large the amount is, and this includes materials needed, like a computer, certain software, etc.
  
  Also, student debt. Your daughter is really, really lucky to have walked away with owing a dime in student loans. This cannot be stressed enough.
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  kemperboydFairyGodmother
  6/06/13 2:01pm
  So what you are saying is that this argument is not valid due to your daughter who is not one of the people it is refering to is doing fine? You're daughter is in an incredibly priviliged position, as she had parents who could afford to and were willing to pay for her education. Now what about the people this article is really refering to who have come out with $100k in debt and can't get a loan to start an IT support comany or a hardware store. Not everyone will be starting businesses in sectors with investors or seed money.
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FranchiseHamilton Nolan
6/06/13 1:46pm
Isn't that Emma Carmichael? Lmao
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  Kate BennertFranchise
  6/06/13 1:50pm
  Emma who?
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  Hamilton NolanFranchise
  6/06/13 1:52pm
  Not sure who you're referring to.
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KaiFromDogtownHamilton Nolan
6/06/13 1:51pm
At the risk of many of you throwing bricks at my head, I do think it is a bit of a problem that one's ability to take out mountains of loans is solely a function of whether or not you can get into college. Any college.

The banks shouldn't be making the loans to kids who aren't reasonably going to be in a position to pay them back, but the same kids and families shouldn't be taking them out either.
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  BurnigatorKaiFromDogtown
  6/06/13 2:01pm
  I agree with you in theory, but this couldn't work in practice. First, it would be too hard to gauge who should get loans. Sure, at either end of the spectrum, there will be easy calls. But I'm sure there are rich kids who majored in finance or STEM and seemed like a safe bet, but who are now unable to pay their loans. Whereas I was a poor kid with a a bullshit liberal arts major and I dutifully send SallieMae my $4000 check every month. Moreover, even if it was easy to tell who is a safe investment, do we really want banks responsible for deciding who gets to go to college?
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  FerminaDazaKaiFromDogtown
  6/06/13 2:25pm
  So kids who's parents didn't save for college, come from underprivileged backgrounds, etc., should just take their place in the ranks of McDonald's workers? Sounds legit.
  
  Even going to a public school, kids can still easily end up with tens of thousands in loans. In New York, the average SUNY school starts is about $20,000 all things considered, and gift aid is at an all time low. Even community college tuition is very high in many states. So what are they supposed to do? I have friends who did everything right—worked the whole time, started at community college, etc., and still end up with $25,000 of loans and the like from a state school.
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John CookHamilton Nolan
6/06/13 2:05pm
what's going on here?
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phunkshunHamilton Nolan
6/06/13 2:10pm
I try to have sympathy for these kids, but I never really am able to. I have sympathy for them because so many are hard up for meaningful jobs, but not for the fact that they're carrying a mortgage worth of dead debt weight around their necks for going to school.

I'm strange.
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remember terry sweeneyHamilton Nolan
6/06/13 1:46pm
My eyes melt when I see this picture because she is so goddamn beautiful. That is all.
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FnarsbourgHamilton Nolan
6/06/13 1:51pm
Oh, I'm sure there are plenty of young entrepreneurs in the personal sexual counseling and illegal pharmaceutical distribution areas. That won't be remotely problematic down the road, either.
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dinglebushHamilton Nolan
6/06/13 1:58pm
People should have to pay back their loans.

BUT

Student loans should be interest-free, lump sums. It should be impossible for a student loan to impact credit. Private banks shouldn't be able to 1) give a loan 2) sell the same loan in default to scavenger collectors for pennies on the dollar and then 3) be reimbursed by the cosigner, the Federal government. People at 2-3x the poverty line should be required to pay a minimum amount every month, with any additional payments being optional.

Guess what I just did? Solved the student loan problem. You're welcome.
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  VolCrushdinglebush
  6/06/13 2:12pm
  if you're going to put all those restrictions on banks then further restrictions should be placed on the student. the loan should be strictly for tuition and books. i went to a large public university. the bars loved the beginning of the semester after loans were disbursed. i remember plenty of girls using loan money for new tits. hell i put loan money in the market. are these personal loans or loans for education?
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  dinglebushVolCrush
  6/06/13 2:24pm
  The key point in what I wrote was: these loans are paid for by the government anyway. Why do we have the private banks playing middle man?
  
  Corporate welfare. Government corruption. Profit-as-God.
  
  I want to pay back what I owe for my education. I don't want to pay back principle + 7.9% interest + up to 60% of principle as penalty for default (and that's only if you don't go delinquent > forbearance > capitalized owed interest, rinse and repeat because you don't want your credit ruined.)
  
  Interest is intended to cover risk. Student loans in this country are almost risk-free for lenders. It's a pretty simple equation.
  
  Also, the whole "there's some corruption and poor decisions!!" argument is so tired. In this instance, it's the government and banks that are corrupt and have distorted the marketplace. It's simply impossible to argue otherwise.
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Sam BiddleHamilton Nolan
6/06/13 2:08pm
Is that an earring?
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