High Tuition and Student loans is necessary for the health of the economy and society

[MrBonita]

I think student loans is good for society. Right now it is around 1 trillion dollars. Basically that means the people in debt need to contribute to society and start working. Imagine if these people had no debt. The level of productivity in United States would go down. Debt in huge amount forces people to work. If pharmacy student loans were to be wiped out tomorrow, cvs and Walgreens would close because no one would show up to work since they don’t have to pay student loans. As a dual citizen of Mexico and USA and patriot of this country I believe tuition should keep going up and student loans need to be paid off. If you do not like student loans and paying them back then go study in Europe where education is free and stay there.

---

Members don't see this ad.

 

[Sine Cura]

I think student loans is good for society.

Stockholm syndrome

 

[MrBonita]

Stockholm syndrome

Exactly as said. Pharmacy school is free in Stockholm. Do you see any cvs or Walgreens? Exactly. No one wants to work as a pharmacist unless you have to pay back your loans.

 

[Sine Cura]

Exactly as said. Pharmacy school is free in Stockholm. Do you see any cvs or Walgreens? Exactly. No one wants to work as a pharmacist unless you have to pay back your loans.

Stockholm syndrome - Wikipedia

en.wikipedia.org

 

[rxkrafted]

But how many people of those with a huge student debt is working hard to pay it all off versus using an IBR plan and getting the rest forgiven at the end of 20 years? It doesn't force people to contribute to society because people want to make money regardless to live a good life... If they enrolled into one of these IBR plans, working harder will only throw more of their money into the debt they don't play on paying off.

 

[stumped2011]

Damn, I’m so glad that the only expense that exists in our society is our student loan debt! I’m so glad I don’t have to buy food, transportation, housing, or entertainment for myself or my family! Once my student loans are paid off, I can just stop showing up to work!

 

[deleted480308]

I think student loans is good for society. Right now it is around 1 trillion dollars. Basically that means the people in debt need to contribute to society and start working. Imagine if these people had no debt. The level of productivity in United States would go down. Debt in huge amount forces people to work. If pharmacy student loans were to be wiped out tomorrow, cvs and Walgreens would close because no one would show up to work since they don’t have to pay student loans. As a dual citizen of Mexico and USA and patriot of this country I believe tuition should keep going up and student loans need to be paid off. If you do not like student loans and paying them back then go study in Europe where education is free and stay there.

Pharmacists still need to eat

 

[deleted562805]

I think student loans is good for society. Right now it is around 1 trillion dollars. Basically that means the people in debt need to contribute to society and start working. Imagine if these people had no debt. The level of productivity in United States would go down. Debt in huge amount forces people to work. If pharmacy student loans were to be wiped out tomorrow, cvs and Walgreens would close because no one would show up to work since they don’t have to pay student loans. As a dual citizen of Mexico and USA and patriot of this country I believe tuition should keep going up and student loans need to be paid off. If you do not like student loans and paying them back then go study in Europe where education is free and stay there.

Wrong tuition should not go up especially for useless degrees. Just like students have limit to how much debt they can take, schools should be placed a limit by the Federal Government on how much loans they can take to start a school, especially pharmacy schools. The main reason tuition is so high is because the schools can borrow as much money as they want to start a school. They charge a high tuition to pay off their debt to the Central Bank.

Secondly, European education has surpassed the education in the United States. And Europeans still pay for college education through their income tax. So education in Europe is not really free

 

[WVUPharm2007]

I think student loans is good for society. Right now it is around 1 trillion dollars. Basically that means the people in debt need to contribute to society and start working. Imagine if these people had no debt. The level of productivity in United States would go down. Debt in huge amount forces people to work. If pharmacy student loans were to be wiped out tomorrow, cvs and Walgreens would close because no one would show up to work since they don’t have to pay student loans. As a dual citizen of Mexico and USA and patriot of this country I believe tuition should keep going up and student loans need to be paid off. If you do not like student loans and paying them back then go study in Europe where education is free and stay there.

Economies worked before the proliferation of tuition rates that started in the 90s, causing the student loan bubble. Also, I still work for CVS and my loans have been paid off for a few years now. It's tough turning down $150,000+ a year to basically count by 5s and stab people in the arm with dead virus fragments. I will continue doing this until they tell me to stop coming back.

 

[owlegrad]

Counting by 5s and sticking people with needles were my favorite part of working CVS. I think it was the phone calls I hated the most. Well that or the chronic understaffing while driving for crazy high meters.

 

[pharmacy_sucks]

Of course it is good. At least defaulting on student loan causes way less economic damage than defaulting on mortgage. If you default on student loan, you can't escape unless you die, so as long as you are still alive, banks will eventually figure out a way to get all their money back, making you their slave in the process. It's a much more controlled fallout for sure, with very limited complications to the economy.

 

[deleted901759]

When you realize there are people like op in the world it starts to make sense why people continue to pay six figures and waste 6+ years of their life to work for criminal organizations that kill patients and steal from their employees.

 

[mentos]

Economies worked before the proliferation of tuition rates that started in the 90s, causing the student loan bubble. Also, I still work for CVS and my loans have been paid off for a few years now. It's tough turning down $150,000+ a year to basically count by 5s and stab people in the arm with dead virus fragments. I will continue doing this until they tell me to stop coming back.

You give vaccines overnight? I never gave any in 3.5 years on night shift.

 

[Mad Jack]

But how many people of those with a huge student debt is working hard to pay it all off versus using an IBR plan and getting the rest forgiven at the end of 20 years? It doesn't force people to contribute to society because people want to make money regardless to live a good life... If they enrolled into one of these IBR plans, working harder will only throw more of their money into the debt they don't play on paying off.

Problem with that is the tax bomb. If you're only paying the minimum, it'll result in a growing balance, and when it's forgiven you need to pay income tax on that balance. This is money owed immediately to the IRS, which could essentially bankrupt you and raid your retirement accounts in your 50s.

 

[BMBiology]

Problem with that is the tax bomb. If you're only paying the minimum, it'll result in a growing balance, and when it's forgiven you need to pay income tax on that balance. This is money owed immediately to the IRS, which could essentially bankrupt you and raid your retirement accounts in your 50s.

This fool is begging us to forgive his student loans, while he is making 6 figures. Give me a break!

 

[JustFillIt]

Problem with that is the tax bomb. If you're only paying the minimum, it'll result in a growing balance, and when it's forgiven you need to pay income tax on that balance. This is money owed immediately to the IRS, which could essentially bankrupt you and raid your retirement accounts in your 50s.

You kids and your “tax bomb”.. by the the time this big scary tax bomb hits I will have contributed to my 401k for 40 years, I will have my house paid off, and I will be eligible to cash out my 401 tax free...


I will hire an accountant to minimize the big scary tax bomb as much as possible - then pay it off no problem...

Piece of cake..... I will continue paying a few hundred a month on my 200k..

 

[BMBiology]

You kids and your “tax bomb”.. by the the time this big scary tax bomb hits I will have contributed to my 401k for 40 years, I will have my house paid off, and I will be eligible to cash out my 401 tax free...


I will hire an accountant to minimize the big scary tax bomb as much as possible - then pay it off no problem...

Piece of cake..... I will continue paying a few hundred a month on my 200k..

What was the original loan amount? After 20 years, how much would you have paid and how much would be left over?

 

[JustFillIt]

What was the original loan amount? After 20 years, how much would you have paid and how much would be left over?

Who knows. - lol



My plan is so much better than yours.

 

[BMBiology]

Who knows. - lol



My plan is so much better than yours.

All talk

 

[Mad Jack]

This fool is begging us to forgive his student loans, while he is making 6 figures. Give me a break!

My loans are going to be paid off, silly. I'm just telling people that aren't in the know the problem with IBR and PAYE/REPAYE

 

[Mad Jack]

You kids and your “tax bomb”.. by the the time this big scary tax bomb hits I will have contributed to my 401k for 40 years, I will have my house paid off, and I will be eligible to cash out my 401 tax free...


I will hire an accountant to minimize the big scary tax bomb as much as possible - then pay it off no problem...

Piece of cake..... I will continue paying a few hundred a month on my 200k..

Some people have way more than 200k. That's where the tax bomb becomes considerable. 400k at 6.4% interest (after accounting for payments) could result in a 680k tax bomb after 25 years, not catastrophic if you plan but horrific if you don't.

 

[WVUPharm2007]

You give vaccines overnight? I never gave any in 3.5 years on night shift.

Yes. There was a week when I did at least three shots every night for my entire week. We were #1 in our district and #2 in our region at flu shots.

 

[deleted898085]

Who knows. - lol



My plan is so much better than yours.

They have the calculator. Before, you didn't have to log in to use the calculator. Now, I don't know what happens with this calculator.

Federal Student Aid

studentaid.gov

I use this better one, same result:

Student Debt Center Covid Banner

Holds anchor text and html link that is displayed in the one-line banner at the top of the SDC page. </p><p></p><p>

www.vin.com

 

[deleted898085]

Some people have way more than 200k. That's where the tax bomb becomes considerable. 400k at 6.4% interest (after accounting for payments) could result in a 680k tax bomb after 25 years, not catastrophic if you plan but horrific if you don't.

Wow, really? Which plan? Married, single? Dependents? Income?

 

[deleted898085]

Dental forum has a great thread about IBR plans. They have very smart advice for a guy who owes more than 400k and has a very high income, who probably will eventually pay off their loans. One thing I remember about that thread is: do not consolidate your loans... This doesn't apply to my situation but it may apply to yours (high debt, high income).
The other advice which I already know is to take advantage of REPAYE which subsidizes half of your unpaid interest. And interest doesn't capitalize each year.
Sign up for this plan even if you plan to pay off your loans eventually. Read more on that thread. You'll be surprised. Effective interest rate is much lower.

 

[rxkrafted]

Problem with that is the tax bomb. If you're only paying the minimum, it'll result in a growing balance, and when it's forgiven you need to pay income tax on that balance. This is money owed immediately to the IRS, which could essentially bankrupt you and raid your retirement accounts in your 50s.

Yeah then they'll just set up an IRS payment plan to pay the tax bomb and they'll be deceased by the time it'll be done.

Im not disagreeing with you though. Ive paid off my loans. I am just trying to support my view against OP's statement of massive student loan debt being a good idea.

 

[Mad Jack]

Yeah then they'll just set up an IRS payment plan to pay the tax bomb and they'll be deceased by the time it'll be done.

Difficulty is the IRS has the right to demand payment in full if you have the means, and can collect from your estate in the case of death. Payment plans are an option, not a given, and you're at the mercy of your auditor.

 

[rxkrafted]

Difficulty is the IRS has the right to demand payment in full if you have the means, and can collect from your estate in the case of death. Payment plans are an option, not a given, and you're at the mercy of your auditor.

Yeah but I still think those who signed up for IBR plans don't sign up for the reasons of paying off their loans completely... So these student loan debts doesn't force them to work harder and contribute to society more as OP was saying.

 

[BC_89]

OP's trolling has at least given decent perspectives to student loans. Nonetheless a troll post at birth. Closing thread.