1 minute ago, Mike31mt said:

Which of you highly educated Biden voters is this?  Coming through the great state of WV, PA tags, "College of L"

 

No wonder youre all highly educated

 

7 minutes ago, vikas83 said:

OK, but then you don't get to claim being the smarter party.

Yeah, I'm good with that.

19 minutes ago, DrPhilly said:

In the end it will be a great compliment. I highly doubt you’ll ever receive one on the topic. 

Let me guess, he brought nuance to the conversation? 
 

3 minutes ago, Dave Moss said:

Let me guess, he brought nuance to the conversation? 
 

 

Let me guess, that is an emoji of you hitting yourself for using that horrible word.

1 hour ago, Dave Moss said:

Fyi 

Munson is sad he can’t be here to argue with you about student loans

Only if he updates us on the retail chicken market.

1 hour ago, vikas83 said:

1) The loans aren't from for-profit enterprises. They are from the federal government. ~93% of existing student loan debt is owed to the federal government, and basically all new loan originations since 2010 are from the Feds. Stop with the predatory lender boogyman -- the guy screwing people is the federal government that morons think will save them

Again, these numbers just astound me. To my knowledge, a lot of people have student debt hanging around from over 15-20 years ago and owe much to private lenders or their servicers. Maybe that's the 7%, but that's actually incredible to me because it would mean that most of the student loans from over a decade ago have been paid off. Is that accurate? Is the 1.8T, or whatever the student debt level currently is, debt that has mostly been accrued over the last 12-15 years?

1 minute ago, EaglesRocker97 said:

Again, these numbers just astound me. To my knowledge, a lot of people have student debt hanging around from over 15-20 years ago and owe much to private lenders. Maybe that's the 7%, but that's actually incredible to me because it would mean that most of the student loans from over a decade ago have been paid off. Is that accurate? Is the 1.8T, or whatever the student debt level currently is, debt that has mostly been accrued over the last 12-15 years?

Agreed.  I’m not sure if the 93% number is right or not, but I’ve read all kinds of stories on Twitter about people who owe hundreds of thousands of dollars.  It’s crazy.

Just now, EaglesRocker97 said:

Again, these numbers just astound me. To my knowledge, a lot of people have student debt hanging around from over 15-20 years ago and owe much to private lenders. Maybe that's the 7%, but that's actually incredible to me because it would mean that most of the student loans from over a decade ago have been paid off. Is that accurate? Is the 1.8T, or whatever the student debt level currently is, debt that has mostly been accrued over the last 12-15 years?

The government was a majority of the loans back then too. They used to simply guarantee the loans made by private lenders, which allowed for lower rates. Similar to Fannie and Freddie with homes -- your loan may be from JP Morgan, but the actual risk is borne by the Feds. 

But yeah -- most of the debt has accrued recently.

 

https://educationdata.org/student-loan-debt-statistics

 

Just now, vikas83 said:

The government was a majority of the loans back then too. They used to simply guarantee the loans made by private lenders, which allowed for lower rates. Similar to Fannie and Freddie with homes -- your loan may be from JP Morgan, but the actual risk is borne by the Feds. 

 

I was going to say, I might be an example of this, because I honestly have no idea what the hell has happened with my private loans over the last ten years. I got loans from KeyBank in 2006-07. Started repaying them through Key, then suddenly it was Great Lakes, and now it's FirstMark, which is apparently a division of NelNet. Interest rate is still exceptional, so I have no complaints, but there's been a lot of weird shuffling of debt in recent years.

2 minutes ago, Dave Moss said:

Agreed.  I’m not sure if the 93% number is right or not, but I’ve read all kinds of stories on Twitter about people who owe hundreds of thousands of dollars.  It’s crazy.

SPOILER ALERT: statistics and data aren't debatable. 

1 minute ago, vikas83 said:

 

That graph is incredible. The system is certainly FUBAR one way or another.

Just now, EaglesRocker97 said:

 

 

I was going to say, I might be an example of this, because I honestly have no idea what the hell has happened with my private loans over the last ten years. I got loans from KeyBank in 2006-07. Started repaying them through Key, then suddenly it was Great Lakes, and now it's FirstMark, which is apparently a division of NelNet. Interest rate is still exceptional, so I have no complaints, but there's been a lot of weird shuffling of debt in recent years.

Could be a transfer of the servicing rights. If the rate is low, your loan is either issued or guaranteed by the government.

Just now, vikas83 said:

Could be a transfer of the servicing rights. If the rate is low, your loan is either issued or guaranteed by the government.

 

Well, this the confusing part. I paid off all my government-issued Stafford loans because they were relatively high, 7-8% or so from what i remember. Key seemed to get out of the student loan business altogether during the Great Recession. When I went back in 2008, I found out that they weren't accepting applications, so I ended up going with Wells Fargo, which were also pretty high. Knocked that out first, then the Staffords, but the Key loans were amazingly fair from the beginning.

1 minute ago, vikas83 said:

SPOILER ALERT: statistics and data aren't debatable. 

Student loans were privatized and now we’re forgiving loans.  I think there’s a correlation, just not sure how much of one.

1 minute ago, Dave Moss said:

Student loans were privatized and now we’re forgiving loans.  I think there’s a correlation, just not sure how much of one.

WTF are you talking about? Student loans weren't privatized. They are virtually all from the government. 

Here, argue with government data

https://studentaid.gov/data-center/student/portfolio

https://www.federalreserve.gov/releases/g19/current/default.htm

https://www.forbes.com/advisor/student-loans/average-student-loan-statistics/

Stop making up facts to try and fit your pathetic narrative.

41 minutes ago, VanHammersly said:

Yeah, I'm good with that.

 

Yeah, I think we all have to come to the realization that smart doesn't play in U.S. politics anymore. The systematic dumbing down of the electorate, combined with anti-intellectual politicking, has come home to roost. At least 75% of the electorate votes on raw emotion and transactional platforms of "what have you done for me lately?"

Just now, EaglesRocker97 said:

 

Yeah, I think we all have to come to the realization that smart doesn't play in U.S. politics anymore. The systematic dumbing down of the electorate, combined with anti-intellectual politicking, has come home to roost. At least 75% of the electorate votes on raw emotion and transactional platforms of "what have you done for me lately."

Hence...why I have a dog and no kids.

2 minutes ago, vikas83 said:

WTF are you talking about? Student loans weren't privatized. They are virtually all from the government. 

Here, argue with government data

https://studentaid.gov/data-center/student/portfolio

https://www.federalreserve.gov/releases/g19/current/default.htm

https://www.forbes.com/advisor/student-loans/average-student-loan-statistics/

Stop making up facts to try and fit your pathetic narrative.

Sallie Mae was privatized.  Where the f have you been?

Just now, Dave Moss said:

Sallie Mae was privatized.  Where the f have you been?

OMFG you are stupid. The loans they provide are funded by the government. They make their money on servicing.

Just now, vikas83 said:

OMFG you are stupid. The loans they provide are funded by the government. They make their money on servicing.

And now we’re repaying them.  R U dense??

1 minute ago, Dave Moss said:

Wait...are you stupid enough to think shareholders in a company that makes money on servicing loans wants the loan balances cut by 10%? So a company that makes money based off loan balances wants...lower balances?

Stop dude. This is beyond embarrassing. 

Just now, Dave Moss said:

And now we’re repaying them.  R U dense??

THAT HURTS SALLIE MAE YOU MORON

2 minutes ago, vikas83 said:

THAT HURTS SALLIE MAE YOU MORON

You’re so close to getting it…