a) In my opinion, I believe that the fact that the delinquency rate on student loans has jumped above the rate for credit cards, car loans, or any other kind of consumer loan is sadly easy to believe. It was easier for people that didn't have a university or college degree to find a job 30+ years ago. Now-a-days, it seems that you need a degree for the most simple minded jobs. I think that it is unfair to these university and college students because they are being taken advantage of in the sense that when you graduate, you aren't guaranteed a high paying job right away to pay off your student loans. b) I think that if universities lowered their yearly tuition rates or monthly loans, it would be more realistic and in the student favour. Many people cannot afford to go to university and I think that if it was less expensive, the graduation percentage would rise overall. c) Next year, I plan on going to college at Mohawk. College tuition tends to be less expensive than university and because I would be staying home, there wouldn't be any extra costs for residential payments, food, etc.
My thoughts on this is that I do not understand why students opt to let their loans go into defaults because it can affect the rest of their lives. It can affect their retirement plan, any loans you plan to take out in the future, when you apply for a credit card and much more. Going into default is probably the worst thing that a student can do with their loan.
b) How can we fix this?
There is nothing much we can do to fix this, except giving the students more time to pay for their loans, just because it takes some time for students to get back on their feet and into the workforce after graduating from university. Giving them more money will just increase the problem.
c) What plan do you have when you enter college unversity.
My plan is to work full time before going in to university/college so that I have enough money to support half of my tuition, and my mom will cover the other half. I may have to apply for OSAP but it is uncertain.
a) I didn't know that the government can just start to cease your money paycheck by paycheck untill you pay them back. It does make sense however becasue they do need their money back.
b) Lower the cost of schooling so it can be alot more affordabale to students because some programs can sometimes go into 6 figure numbers.
c) I have a savings account to help with my tuition and also my parents have saved for me also since I was a child.
a) My thoughts are that student loans are really bad for people to have. I think that people need to make sure that they have money in order to pay so that way the debt will be tremendously high. It will also affect these people the rest of their lives.
b) We can fix it by the government giving people more time in order to pay off the debt. Also another way to fix this is by people not taking the loans.
c)The plan I have is to get scholarship money for baseball so that way part of college/university can be paid for and that way there will not be debt. I also plan to use money I have so that way I will not have student loans to pay.
A) To be completely honest, I am not surprised in the least, as from earlier research I discovered the reality of how expensive student loans can become and how critical it is to have a plan before taking a loan. When I did do research, I found it higher than credit and car loans and that alone makes you think twice about student loans.
B) I think the student loan is default is not fixable, however, I think there are intelligent steps a student should take before considering student loans. First of all and most obvious, is to get a job and save up as much as possible. Another option is to take a year off to work full time (thats what I'm doing) as the stress of debt will be absent in your time at school. It is also important to apply for as much scholarships and grants as possible, because free money is free money. Any contribution of money towards your tuition is money you dont need to pay back. And ofcourse, there is the option of borrowing from your parents. I think this is not fixable due to the economic society we live in and how much debt people are in because of the mindset that credit cards have created. It also does not help that the government has minimal support for universiy and college students and the fact they consider this debt, "good" debt, even though it takes 15-20 years to pay it back on average.
C) My plan is to take a year off next year and work at an auto assembly line fulltime as the wage is usually $17 - $30 so in a year I realistically should be able to pay for most of my tuition. Also so I dont drift away from education, Im going to order dozens of university textbooks to study from so I can still learn something on my year off.
A) I think that this article is not surprising; I can easily believe that students would abuse the loans they need to get into their desired school choice. Students are irresponsible in paying off their debts, and it is a shame it is going to have consequences in the future, also affecting their future credit.
B) We could possibly help this situation by better educating the students on the consequences of the loan defaults. This may help the students be more aware and cautious of what they are getting themselves into. There should be more of a warning before hand, so they can see how other people have had troubles and help future students make better decisions.
C) When I enter university, I plan to stay as far away from credit cards and debt as possible. I do not want to ruin my credit by having a bad credit history so young. If I ever need it in the future, I would like to have my options open. I currently have a part-time job, and am careful with my spending. I plan to save up money towards my post-secondary education also with the help from my parents.
a) i think that students are not thinking about if they can realistically afford to pay off thier student loans, and are being blinded by tha fact that they need to pay for post secondary somehow, and getting a student loan is the most convenient option for them at the moment. b) in order to stop students from going into unpayable debt, schooling should maybe be more affordable for the average person, and the banks should be more strict about who they give student loans to in order to ensure they can pay it back on time. c) I plan to stay out of debt by taking a year off after high school in order to work full time, plus i will have help from my parents, and my RESP.
1. This article did not surprise me. I believe that students are unaware of how much debt can affect the rest of a persons life. Young adults attend school need to be more logical when it comes to student loans.
2. There is no way to completely fix the problem. There may however be logical steps students could take to be more conscious of their expenses, to prevent debt. Things such as; planning ahead, steady income to pay of tuition, and a weekly spending limit are all things students could use to be more aware of debt.
3. I plan to have a steady income from a job to constantly make dents in my debt. And to go to school always being aware of my money and spending costs.
a) My thoughs on student loads are that they are important people who need them to go to school. I think they are very helpful and can really help people out. I kinow that they can hutt you as well because if you go for the wrong program or dont like then you just watsed how every much money plus a couples years of your life so if you take out one then you have to maike sure you know what you are doing.
b) The ghow this can be fixed is that people need to maken sure that they know hat they want to take and dont fool around and waste a lot of money as well as dont fool well your there so you dont have to take the same program again because you failed. Another way is that maybe the schools can take lower there prices so not everyone has to take out a loan ect.
c) my plan when i go into unaveity is to take out a loan because i have no other way of paying for it. i will get a part time job so it will cost me less and so I dont have to take out even more money.
a) I think that with the student debt loans overpassing the total amount of credit card and car loans, this brings no surprise to me as university and college tuition increases regularly. This debt is evolving so quickly because each year there are new students applying for schools, regardless of their financial status and end up relying on loans, grants and scholarships. Aware of the debt, graduates may choose to pay off loans once they are done school, however, not everyone will be as fortunate as to land a good paying job right after school to pay their loans off. This in result, can bring sever consequences to the overall economy and financial status of the country.
b) This problem can be resolved by decreasing the cost of tuition as I think it is unnecessary to charge students thousands of dollars to better their future. With that said, if tuition does not decrease, the number of people actually receiving a good or high paying job should increase substantially. In addition, I think students should be more financially prepared for their future, and should be taught at a young age the importance of saving and the true value of the dollar.
c) When I enter college, I plan on using my savings, but will resort to the use of OSAP if necessary. In order to save money, I will being residing at home until I enter university where I hope to move to Toronto in the near future.
a) My thoughts on this article is that it is quite surprising that the delinquency rates for student loans are higher than credit cards and car loans. However I am not surprised by the fact that student loans are so high. University and college is very expensive and especially if there is not much help from parents or you haven't been able to save up enough a loan is the only thing they are able to turn to. If students were having a rough time paying it off while they were in university, chances are they will still have a hard time paying it off as the years go on, causing their delinquency rates to be higher. b) We are able to fix these rates by only taking out loans that you need, lowering costs by going to local universities or colleges and living at home, working part-time during school and full-time in the summer, setting a budget and sticking to it, applying to external scholarships and other financial aid like bursaries that do not have to be repaid and only using your student loans for education costs. If you are in trouble educate yourself about the government that can help a student who can't make their payments. c) Right now my plan is to save up as much money as I can right now. I work part-time during the school year now and as this school year starts to waver off I will be looking for a second job, or a full-time job in the summer. I have money put away in a savings that is for university.
a) What are your thoughts? I think that student loan is an option. An option that people can either chose to take it or leave it. It's a risk to go into student loan but it's also a chance thats given to us, to continue our studying, to persue our career and have a chance at life to make more money by getting a proper job that requires a higher degree than highschool. Ofcourse I think it would be hard to manage schooling and paying it off at the same time but that is just all the more reason for you to be careful, knowing your limits before going along and commit to it. b) How can we fix this? I think we can fix this by, decreasing the tuition, increasing the chances for scholarship, and also the people who gives out the loan should be more aware of who they're giving it to. They should be aware of the student's average, financial situation, work history, and etc.. c) What plan do you have when you enter college unversity. I plan to enter a near by university so I could live at home instead of their residence or apartment, it'll decrease the living expense that includes food, water, electricity, and ultilities. The only thing I'd have to pay for is my University tuition fees. My family is well off family so I don't have to worry much about the tuition but I do plan to work in the summer to pay some of it off by myself.
a) In my opinion, I believe that the fact that the delinquency rate on student loans has jumped above the rate for credit cards, car loans, or any other kind of consumer loan is sadly easy to believe. It was easier for people that didn't have a university or college degree to find a job 30+ years ago. Now-a-days, it seems that you need a degree for the most simple minded jobs. I think that it is unfair to these university and college students because they are being taken advantage of in the sense that when you graduate, you aren't guaranteed a high paying job right away to pay off your student loans.
ReplyDeleteb) I think that if universities lowered their yearly tuition rates or monthly loans, it would be more realistic and in the student favour. Many people cannot afford to go to university and I think that if it was less expensive, the graduation percentage would rise overall.
c) Next year, I plan on going to college at Mohawk. College tuition tends to be less expensive than university and because I would be staying home, there wouldn't be any extra costs for residential payments, food, etc.
a) What are your thoughts?
ReplyDeleteMy thoughts on this is that I do not understand why students opt to let their loans go into defaults because it can affect the rest of their lives. It can affect their retirement plan, any loans you plan to take out in the future, when you apply for a credit card and much more. Going into default is probably the worst thing that a student can do with their loan.
b) How can we fix this?
There is nothing much we can do to fix this, except giving the students more time to pay for their loans, just because it takes some time for students to get back on their feet and into the workforce after graduating from university. Giving them more money will just increase the problem.
c) What plan do you have when you enter college unversity.
My plan is to work full time before going in to university/college so that I have enough money to support half of my tuition, and my mom will cover the other half. I may have to apply for OSAP but it is uncertain.
a) I didn't know that the government can just start to cease your money paycheck by paycheck untill you pay them back. It does make sense however becasue they do need their money back.
ReplyDeleteb) Lower the cost of schooling so it can be alot more affordabale to students because some programs can sometimes go into 6 figure numbers.
c) I have a savings account to help with my tuition and also my parents have saved for me also since I was a child.
a) My thoughts are that student loans are really bad for people to have. I think that people need to make sure that they have money in order to pay so that way the debt will be tremendously high. It will also affect these people the rest of their lives.
ReplyDeleteb) We can fix it by the government giving people more time in order to pay off the debt. Also another way to fix this is by people not taking the loans.
c)The plan I have is to get scholarship money for baseball so that way part of college/university can be paid for and that way there will not be debt. I also plan to use money I have so that way I will not have student loans to pay.
A) To be completely honest, I am not surprised in the least, as from earlier research I discovered the reality of how expensive student loans can become and how critical it is to have a plan before taking a loan. When I did do research, I found it higher than credit and car loans and that alone makes you think twice about student loans.
ReplyDeleteB) I think the student loan is default is not fixable, however, I think there are intelligent steps a student should take before considering student loans. First of all and most obvious, is to get a job and save up as much as possible. Another option is to take a year off to work full time (thats what I'm doing) as the stress of debt will be absent in your time at school. It is also important to apply for as much scholarships and grants as possible, because free money is free money. Any contribution of money towards your tuition is money you dont need to pay back. And ofcourse, there is the option of borrowing from your parents. I think this is not fixable due to the economic society we live in and how much debt people are in because of the mindset that credit cards have created. It also does not help that the government has minimal support for universiy and college students and the fact they consider this debt, "good" debt, even though it takes 15-20 years to pay it back on average.
C) My plan is to take a year off next year and work at an auto assembly line fulltime as the wage is usually $17 - $30 so in a year I realistically should be able to pay for most of my tuition. Also so I dont drift away from education, Im going to order dozens of university textbooks to study from so I can still learn something on my year off.
A) I think that this article is not surprising; I can easily believe that students would abuse the loans they need to get into their desired school choice. Students are irresponsible in paying off their debts, and it is a shame it is going to have consequences in the future, also affecting their future credit.
ReplyDeleteB) We could possibly help this situation by better educating the students on the consequences of the loan defaults. This may help the students be more aware and cautious of what they are getting themselves into. There should be more of a warning before hand, so they can see how other people have had troubles and help future students make better decisions.
C) When I enter university, I plan to stay as far away from credit cards and debt as possible. I do not want to ruin my credit by having a bad credit history so young. If I ever need it in the future, I would like to have my options open. I currently have a part-time job, and am careful with my spending. I plan to save up money towards my post-secondary education also with the help from my parents.
a) i think that students are not thinking about if they can realistically afford to pay off thier student loans, and are being blinded by tha fact that they need to pay for post secondary somehow, and getting a student loan is the most convenient option for them at the moment.
ReplyDeleteb) in order to stop students from going into unpayable debt, schooling should maybe be more affordable for the average person, and the banks should be more strict about who they give student loans to in order to ensure they can pay it back on time.
c) I plan to stay out of debt by taking a year off after high school in order to work full time, plus i will have help from my parents, and my RESP.
1. This article did not surprise me. I believe that students are unaware of how much debt can affect the rest of a persons life. Young adults attend school need to be more logical when it comes to student loans.
ReplyDelete2. There is no way to completely fix the problem. There may however be logical steps students could take to be more conscious of their expenses, to prevent debt. Things such as; planning ahead, steady income to pay of tuition, and a weekly spending limit are all things students could use to be more aware of debt.
3. I plan to have a steady income from a job to constantly make dents in my debt. And to go to school always being aware of my money and spending costs.
a) My thoughs on student loads are that they are important people who need them to go to school. I think they are very helpful and can really help people out. I kinow that they can hutt you as well because if you go for the wrong program or dont like then you just watsed how every much money plus a couples years of your life so if you take out one then you have to maike sure you know what you are doing.
ReplyDeleteb) The ghow this can be fixed is that people need to maken sure that they know hat they want to take and dont fool around and waste a lot of money as well as dont fool well your there so you dont have to take the same program again because you failed. Another way is that maybe the schools can take lower there prices so not everyone has to take out a loan ect.
c) my plan when i go into unaveity is to take out a loan because i have no other way of paying for it. i will get a part time job so it will cost me less and so I dont have to take out even more money.
a) I think that with the student debt loans overpassing the total amount of credit card and car loans, this brings no surprise to me as university and college tuition increases regularly. This debt is evolving so quickly because each year there are new students applying for schools, regardless of their financial status and end up relying on loans, grants and scholarships. Aware of the debt, graduates may choose to pay off loans once they are done school, however, not everyone will be as fortunate as to land a good paying job right after school to pay their loans off. This in result, can bring sever consequences to the overall economy and financial status of the country.
ReplyDeleteb) This problem can be resolved by decreasing the cost of tuition as I think it is unnecessary to charge students thousands of dollars to better their future. With that said, if tuition does not decrease, the number of people actually receiving a good or high paying job should increase substantially. In addition, I think students should be more financially prepared for their future, and should be taught at a young age the importance of saving and the true value of the dollar.
c) When I enter college, I plan on using my savings, but will resort to the use of OSAP if necessary. In order to save money, I will being residing at home until I enter university where I hope to move to Toronto in the near future.
a) My thoughts on this article is that it is quite surprising that the delinquency rates for student loans are higher than credit cards and car loans. However I am not surprised by the fact that student loans are so high. University and college is very expensive and especially if there is not much help from parents or you haven't been able to save up enough a loan is the only thing they are able to turn to. If students were having a rough time paying it off while they were in university, chances are they will still have a hard time paying it off as the years go on, causing their delinquency rates to be higher.
ReplyDeleteb) We are able to fix these rates by only taking out loans that you need, lowering costs by going to local universities or colleges and living at home, working part-time during school and full-time in the summer, setting a budget and sticking to it, applying to external scholarships and other financial aid like bursaries that do not have to be repaid and only using your student loans for education costs. If you are in trouble educate yourself about the government that can help a student who can't make their payments.
c) Right now my plan is to save up as much money as I can right now. I work part-time during the school year now and as this school year starts to waver off I will be looking for a second job, or a full-time job in the summer. I have money put away in a savings that is for university.
a) What are your thoughts?
ReplyDeleteI think that student loan is an option. An option that people can either chose to take it or leave it. It's a risk to go into student loan but it's also a chance thats given to us, to continue our studying, to persue our career and have a chance at life to make more money by getting a proper job that requires a higher degree than highschool. Ofcourse I think it would be hard to manage schooling and paying it off at the same time but that is just all the more reason for you to be careful, knowing your limits before going along and commit to it.
b) How can we fix this?
I think we can fix this by, decreasing the tuition, increasing the chances for scholarship, and also the people who gives out the loan should be more aware of who they're giving it to. They should be aware of the student's average, financial situation, work history, and etc..
c) What plan do you have when you enter college unversity.
I plan to enter a near by university so I could live at home instead of their residence or apartment, it'll decrease the living expense that includes food, water, electricity, and ultilities. The only thing I'd have to pay for is my University tuition fees. My family is well off family so I don't have to worry much about the tuition but I do plan to work in the summer to pay some of it off by myself.