NYJetsFan.com Forums: How Student Debt Is Hurting Our Economy - NYJetsFan.com Forums

Jump to content

Toggle shoutbox NYJETSFAN BANTER

Jets 0-2 vs bills this year. Does Rex Ryan survive the year?
HarlemHxC814 Icon : (26 November 2014 - 10:51 AM) According to Manish Mehta of the New York Daily News, the Jets blocked coach Rex Ryan from talking to Mehta about a bye-week visit to his ailing father, legendary NFL defensive guru Buddy Ryan. Buddy, who rose to prominence as defensive coordinator of the ’85 Bears and then coached the Eagles and Cardinals, is battling cancer.
HarlemHxC814 Icon : (26 November 2014 - 10:52 AM) Mehta interprets the muzzling of Rex Ryan as proof positive that, once the season ends, Ryan will no longer be the team’s head coach. Apparently, the team fears that Rex would become more sympathetic in the eyes of the fan base if he’s dumped by the team at a time when his father is fighting a serious illness.
santana Icon : (26 November 2014 - 11:05 AM) Mehta is an idiot
santana Icon : (26 November 2014 - 11:25 AM) If colt McCoy lights it up do the jets make a move?
HarlemHxC814 Icon : (26 November 2014 - 11:27 AM) I don't even care what they do for a while
HarlemHxC814 Icon : (26 November 2014 - 11:28 AM) The team is a catastrophe
santana Icon : (26 November 2014 - 11:29 AM) I didn't see the game
santana Icon : (26 November 2014 - 11:29 AM) I remember the first bills game though I'm guessing it was like that with more sleeping in the end zone
HarlemHxC814 Icon : (26 November 2014 - 11:32 AM) I'm with 0099...I hope they keep getting destroyed
Chaos Icon : (26 November 2014 - 11:33 AM) it's a very Jets-esque move to sign McCoy if he does well
HarlemHxC814 Icon : (26 November 2014 - 11:53 AM) I think they sign RGIII, Cutler, or Bradford
santana Icon : (26 November 2014 - 12:10 PM) why not all three
HarlemHxC814 Icon : (26 November 2014 - 12:11 PM) Knowing this team, I wouldn't put that past them
HarlemHxC814 Icon : (26 November 2014 - 02:07 PM) RAUL FOR QB
santana Icon : (26 November 2014 - 02:10 PM) the only real choice
santana Icon : (26 November 2014 - 02:10 PM) almost uefa time
HarlemHxC814 Icon : (26 November 2014 - 02:11 PM) RAUL>SMITHSIAH, JUST ACCEPT IT
HarlemHxC814 Icon : (26 November 2014 - 02:22 PM) FIRE IZDICK
santana Icon : (26 November 2014 - 04:07 PM) Rocking the atletico kit today 4-0 THE RAUL INFLUENCE
HarlemHxC814 Icon : (26 November 2014 - 04:15 PM) Haha you should make that into some kind of logo and put it in your sig
HarlemHxC814 Icon : (26 November 2014 - 04:15 PM) Sig***
HarlemHxC814 Icon : (26 November 2014 - 04:19 PM) TEH RAUL INFLUENCE
santana Icon : (26 November 2014 - 04:29 PM) LUDOGRETS
santana Icon : (26 November 2014 - 04:34 PM) LUDOGORETS
MikeGangGree... Icon : (26 November 2014 - 08:29 PM) TEH IZDIK
MikeGangGree... Icon : (26 November 2014 - 08:29 PM) SUCK
MikeGangGree... Icon : (26 November 2014 - 08:29 PM) FOR
MikeGangGree... Icon : (26 November 2014 - 08:29 PM) THE
MikeGangGree... Icon : (26 November 2014 - 08:29 PM) DUCK
Mr_Jet Icon : (26 November 2014 - 09:32 PM) One of these days one of you are going to type it too fast and say "Suck the Duck".
HarlemHxC814 Icon : (26 November 2014 - 09:41 PM) Hahaha
Jetsfan0099 Icon : (26 November 2014 - 10:45 PM) FIRE IDZIK
HarlemHxC814 Icon : (Yesterday, 02:04 AM) TEH POINT
Chaos Icon : (Yesterday, 11:14 AM) happy thanksgiving everyone!
ganggreen2003 Icon : (Yesterday, 04:53 PM) I hope Dirty Sanchez gets beat by the Cowgirls even though I would prefer to see a tie so neither team wins
Jetsfan0099 Icon : (Yesterday, 05:00 PM) Look at what a great system can do for a QB, Sanchez looks like a different QB with the Eagles.
Jetsfan0099 Icon : (Yesterday, 05:00 PM) Scanning the field and making quick decisions, I like how Chip has Sanchez throwing on the run which he was always great at.
Jetsfan0099 Icon : (Yesterday, 05:01 PM) I really hope we finally bring in a good offensive minded coach.
HarlemHxC814 Icon : (Yesterday, 05:45 PM) I really can't wait for this season to be done and over with
MikeGangGree... Icon : (Today, 02:14 PM) SUCK THE DUCK!!!!
MikeGangGree... Icon : (Today, 02:14 PM) WOOOOOOOOOO
MikeGangGree... Icon : (Today, 02:14 PM) Happy Mr_Jet?
azjetfan Icon : (Today, 03:18 PM) Ray Rice has been reinstated!
azjetfan Icon : (Today, 03:19 PM) Sign him!
HarlemHxC814 Icon : (Today, 03:28 PM) Can he pass block?
Resize Shouts Area

Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

How Student Debt Is Hurting Our Economy

#1 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,985
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 18 April 2013 - 09:18 AM

How student debt is hurting our economy

Quote

Nearly 42 percent of 25-year-olds have student debt. That's bad news for the housing and auto industries

Student debt is climbing and dragging our economy down in the process, according to a new report by the Federal Reserve Bank of New York.

In 2002, 25 percent of 25-year-olds had student debt. In 2012, that number jumped to 42 percent, with the average amount of debt ringing in at $20,326. The result? Young people are much less likely to buy a home or car.


For a long time, people with student debt were actually more likely to take out a home mortgage or auto loan than those who didn't because, as college graduates, they made more money. That all changed after the start of the Great Recession.

Now it's the opposite: Young people with student debt are taking out fewer house and car loans than those without. The Washington Post's Brad Plumer breaks down why this might be happening:


One possibility is that younger Americans burdened by heavy student loans are simply unwilling to take on further debt. Perhaps they're worried about their future job and income prospects, especially in this dismal economy. (Remember, students who are unlucky enough to graduate during the recession typically have lower lifetime earnings.)

Another (related) possibility is that lenders are becoming stingier. There's decent evidence for this: The study finds that younger Americans with student debt have seen their credit risk scores plummet relative to those without. Banks and other lenders seem to be scared away from people with student loans — especially since delinquency rates are rising. [Washington Post]

As Bloomberg's Kathleen Howley points out, many students were forced into student debt because, after the housing crash, their parents could no longer take out big home equity loans to pay for college. This vicious cycle has resulted in the home ownership rate dipping to 65.4 percent, its lowest level since 1997.
SEE MORE: Apple's stock price reaches new low: Why are investors so jittery?

In his budget, President Obama proposed tying student loans to the rate on a 10-year Treasury bond, which, according to Businessweek, would bring subsidized, unsubsidized, and grad school loan rates down significantly (provided the economy doesn't pick up). He also wants to expand the program that caps loan payments at 10 percent of a person's income.

Of course, that all depends on the White House and Congress actually agreeing on something. For now, it looks like 20-somethings aren't likely to get out of debt anytime soon.


http://news.yahoo.co...-073000999.html

Kinda an interesting read for those with financial interests.

I disagree with this statement

Quote

Another (related) possibility is that lenders are becoming stingier


Banks have opened the door again to alot of lending since the original housing crash. Most standards for loan origination have relaxed for not only consumer but for business as well. I think where this writer was confused is with debt ratio. Most banks (for portfolio or saleable) are looking for a debt ratio of 45% or less. When you factor in the 100s of dollars of student loan payments per month and the decreased income we are all feeling this makes debt ratios the real problem not the banks "stingy" lending practices. Also when an underwriter looks at a application a debt is a debt. It all goes towards the ratio. Dollars paying Student loans, Medical, consumer or mortgage loans are all equal. A dollar is a dollar.

I dont know if any of you listen to Clark Howard but he is 100% against taking out a loan to pay for school. Alot of financial people agree. He would rather you pay as you go. Work more take less classes take more time to earn a degree and not have this debt over your head for 10-15 years or more. Makes alot of sense unless your degree will guarantee a high paying profession in a high demand field, Like maybe a doctor, nurse practitioner etc. Where you can pay them back quickly.

Obama wanting to tie the market to the rate is a bad idea in the long term. I am all for lowering rates but it needs to be fixed. It may save money now but rates can only go up from here so what would your interest rate be in 3 years? Setting up another bubble to break in the future when the rates shoots up and people cant afford the 20% rate on there $40K in loans. There would need to be a cap and a floor on the rate. The problem is it would make it a undesirable loan for banks. Also keep in mind that a bank will view a loan without a fixed rate as a higher risk (credit card line of credits etc). This would also hurt your debt ratio since they may (and probably will) use a higher payment than what your payment actually is since they have to account for the rate adjusting. Anyway... Good read but I have some different views.
Posted Image
0

#2 User is offline   SecondHandJets Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 7,489
  • Joined: 28-November 05
  • Gender:Male

  • NFL Team:

  • MLB:

Posted 18 April 2013 - 03:06 PM

BS in Accounting.
MS in Economics.
Worked 35 hrs/per week since 17.
$0 debt.
0

#3 User is offline   Mr_Jet Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 4,276
  • Joined: 31-March 05
  • Gender:Male
  • Location:Earth

  • NFL Team:

Posted 18 April 2013 - 06:31 PM

The real problem isn't student loan debt but rising tuition costs. Students are taking out larger loans because they're paying more in tuition. If we (as a nation) paid 100% of the tuition costs for every student that goes to a public university or community college, there wouldn't be a student debt crisis. Student loans should be just for people who want to go to a private university. We already fund K-12 education. We might as well just extend it right through college too.

But of course we can't do that because we have to continue to fight the Cold War (which ended decades ago) and give the Department of Defensive an unnecessarily large budget.
New York Jets
Super Bowl III Champions


Los Angeles Lakers
16-times NBA World Champions

1949, 1950, 1952, 1953, 1954, 1972, 1980, 1982, 1985, 1987, 1988, 2000, 2001, 2002, 2009, 2010

View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
0

#4 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,985
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 18 April 2013 - 07:03 PM

View PostMr_Jet, on 18 April 2013 - 06:31 PM, said:

The real problem isn't student loan debt but rising tuition costs. Students are taking out larger loans because they're paying more in tuition. If we (as a nation) paid 100% of the tuition costs for every student that goes to a public university or community college, there wouldn't be a student debt crisis. Student loans should be just for people who want to go to a private university. We already fund K-12 education. We might as well just extend it right through college too.

But of course we can't do that because we have to continue to fight the Cold War (which ended decades ago) and give the Department of Defensive an unnecessarily large budget.


Yup, but we can push it even further down the river if we want to. We could say that there are not enough quality Schools to push the cost of tuition down.

I would much rather pay for school over a war but I would rather just lower taxes overall. The thing about sending everyone to school is that those who can afford it would go to the next step creating his whole problem again but with even more expense.
Posted Image
0

#5 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,985
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 18 April 2013 - 07:05 PM

View PostSecondHandJets, on 18 April 2013 - 03:06 PM, said:

BS in Accounting.
MS in Economics.
Worked 35 hrs/per week since 17.
$0 debt.

:drinks: congrats!
Posted Image
0

#6 User is offline   Mr_Jet Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 4,276
  • Joined: 31-March 05
  • Gender:Male
  • Location:Earth

  • NFL Team:

Posted 18 April 2013 - 07:15 PM

View Postazjetfan, on 18 April 2013 - 08:03 PM, said:

Yup, but we can push it even further down the river if we want to. We could say that there are not enough quality Schools to push the cost of tuition down.

I would much rather pay for school over a war but I would rather just lower taxes overall. The thing about sending everyone to school is that those who can afford it would go to the next step creating his whole problem again but with even more expense.



I don't think more tax cuts is the answer to this problem. Especially when one of the main reasons tuition has gone up is because states have cut funding to the public universities.
New York Jets
Super Bowl III Champions


Los Angeles Lakers
16-times NBA World Champions

1949, 1950, 1952, 1953, 1954, 1972, 1980, 1982, 1985, 1987, 1988, 2000, 2001, 2002, 2009, 2010

View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
0

#7 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,985
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 18 April 2013 - 08:23 PM

View PostMr_Jet, on 18 April 2013 - 07:15 PM, said:

I don't think more tax cuts is the answer to this problem. Especially when one of the main reasons tuition has gone up is because states have cut funding to the public universities.

You have a valid point. I think if everyone has the same opportunity cost free the people who can afford it will do extra to get an edge. Then we are back in the same boat in a few years. When is enough enough?
Posted Image
0

#8 User is offline   Mr_Jet Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 4,276
  • Joined: 31-March 05
  • Gender:Male
  • Location:Earth

  • NFL Team:

Posted 18 April 2013 - 09:41 PM

View Postazjetfan, on 18 April 2013 - 09:23 PM, said:

You have a valid point. I think if everyone has the same opportunity cost free the people who can afford it will do extra to get an edge. Then we are back in the same boat in a few years. When is enough enough?



There are many more people who can't afford it than people who can. The people who can afford tuition (because of Mom and Dad) usually have things like legacies helping them and could afford to go to a private university if they wanted to. Like I said if we cut some things (like a good chunk of the DoD's budget), we could at the very least keep the states from feeling the need to cut funding to the public universities, which would help keep tuition from going up. Thus getting rid of the student loan crisis. High administration costs at these universities aren't helping matters either.
New York Jets
Super Bowl III Champions


Los Angeles Lakers
16-times NBA World Champions

1949, 1950, 1952, 1953, 1954, 1972, 1980, 1982, 1985, 1987, 1988, 2000, 2001, 2002, 2009, 2010

View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
0

#9 User is offline   azjetfan Icon

  • D Coordinator
  • Icon
  • Group: Members
  • Posts: 2,985
  • Joined: 30-March 05
  • Gender:Male
  • Location:Cheese Land Baby
  • Interests:Football, golf, banking and home improvements

  • NFL Team:

Posted 18 April 2013 - 09:58 PM

View PostMr_Jet, on 18 April 2013 - 09:41 PM, said:

There are many more people who can't afford it than people who can. The people who can afford tuition (because of Mom and Dad) usually have things like legacies helping them and could afford to go to a private university if they wanted to. Like I said if we cut some things (like a good chunk of the DoD's budget), we could at the very least keep the states from feeling the need to cut funding to the public universities, which would help keep tuition from going up. Thus getting rid of the student loan crisis. High administration costs at these universities aren't helping matters either.

I don't know if it would get rid of loans though. Unless there were no lending for school. In our culture it's never enough. I don't know about where you are but "legacy" money is not real big in the areas I have lived and worked in finance. Nursing homes final medical etc..pretty much wipe it out
Posted Image
0

#10 User is offline   Mr_Jet Icon

  • Assistant Head Coach
  • Icon
  • Group: Members
  • Posts: 4,276
  • Joined: 31-March 05
  • Gender:Male
  • Location:Earth

  • NFL Team:

Posted 08 May 2013 - 09:56 PM

Quote

Sen. Elizabeth Warren wants student loans to get Fed discount rate

By Jim Puzzanghera
10:31 AM PDT, May 8, 2013

WASHINGTON -- Students taking out government loans to help pay for college should pay the same rock-bottom interest rate that the Federal Reserve charges big banks, Sen. Elizabeth Warren (D-Mass.) proposed Wednesday.

With the interest rate on federal student loans set to double to 6.8% this summer, Warren said it's unfair that big banks can borrow money at 0.75% from the central bank's discount window.

"In other words, the federal government’s going to charge interest rates nine times higher than the rates they charge the biggest banks -- the same banks that destroyed millions of jobs and nearly broke the economy," Warren said in introducing her first stand-alone bill since taking office in January.

"That isn't right," she said.

Warren, a longtime consumer advocate, defeated incumbent Republican Scott Brown in November in the nation's most expensive Senate race. She won with strong backing from liberals, who cheered her embrace of the Occupy Wall Street movement and outspoken criticism of big banks. Warren's first bill, which likely stands little chance of passage, takes a swipe at Wall Street while advocating for more government help for average Americans.

Warren acknowledged that the Fed's policy, which also includes a near-0% federal funds rate, is designed to help boost the economy by providing cheap credit.
But, she said, "our students are just as important to the economic recovery as our banks." "Let's face it: Banks get a great deal when they borrow money from the Fed," she said. "In effect, the American taxpayer is investing in those banks." "We should make the same kind of investment in our young people who are trying to get an education," Warren said. The Bank on Students Loan Fairness Act would direct the Fed to make money available to the Education Department for one year at the discount window rate to fund federally subsidized Stafford student loans.

New York Jets
Super Bowl III Champions


Los Angeles Lakers
16-times NBA World Champions

1949, 1950, 1952, 1953, 1954, 1972, 1980, 1982, 1985, 1987, 1988, 2000, 2001, 2002, 2009, 2010

View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
0

Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

1 User(s) are reading this topic
0 members, 1 guests, 0 anonymous users