Own rental property? Your thoughts on how this could impact you:

Cornflakes said:
USCTrojanCPA said:
sleepy5136 said:
Isn't it interesting how politicians are looking to forgive student loans instead of focusing on the root cause of all this? It's the institutions. How does building new buildings every year contribute to a "better" learning environment? Instead of putting institutions responsible for the mess that has been done, they decide to use public tax dollars to "temporarily" solve the issue.
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Schools should start eliminating majors that have no value in the real world job market (i.e. most liberal arts majors).  Maybe provide subsidies for students who are in need and complete a STEM major?
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Those majors don't pay as well but they are important to a well-rounded society. English major may not earn as much as a run-of-the-mill coder but for every Google and FB founder from a pool of comp sci major, there will be some super stars emerging from English and liberal arts graduates.
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Is the US really a well rounded society? I think we are far from it.
 
Again, tax payers should not bailout people because they change their minds or go to an expensive college. Some people take out loans to stay in the dorms or off campus. They should not be forgiven.


 
Why the hating on the liberal arts?  most 'creatives', advertising, lawyers and teachers were liberal arts majors.  Maybe we should be hating on the states dis-investing in supporting colleges and universities - where taxpayer subsidy for tuition has dropped by 3/4 in the past three decades.


qwerty said:
Cornflakes said:
USCTrojanCPA said:
sleepy5136 said:
Isn't it interesting how politicians are looking to forgive student loans instead of focusing on the root cause of all this? It's the institutions. How does building new buildings every year contribute to a "better" learning environment? Instead of putting institutions responsible for the mess that has been done, they decide to use public tax dollars to "temporarily" solve the issue.
Click to expand...

Schools should start eliminating majors that have no value in the real world job market (i.e. most liberal arts majors).  Maybe provide subsidies for students who are in need and complete a STEM major?
Click to expand...

Those majors don't pay as well but they are important to a well-rounded society. English major may not earn as much as a run-of-the-mill coder but for every Google and FB founder from a pool of comp sci major, there will be some super stars emerging from English and liberal arts graduates.
Click to expand...

Is the US really a well rounded society? I think we are far from it.
Click to expand...
 
What was a discussion of rental property and tax policy has really gone off the rails here, no?

I'm all for making 14th Century French Poetry, Gender Studies, Ceramics, and other non-essentials "you pay as you go" - unfinanceable through Federal Student Loans. People want targeted tax incentives elsewhere. Why doesn't the same logic apply to Federal subsidies for what is for all intents and purposes an Inevitable Barista Career education?
 
freedomcm said:
Why the hating on the liberal arts?  most 'creatives', advertising, lawyers and teachers were liberal arts majors.  Maybe we should be hating on the states dis-investing in supporting colleges and universities - where taxpayer subsidy for tuition has dropped by 3/4 in the past three decades.


qwerty said:
Cornflakes said:
USCTrojanCPA said:
sleepy5136 said:
Isn't it interesting how politicians are looking to forgive student loans instead of focusing on the root cause of all this? It's the institutions. How does building new buildings every year contribute to a "better" learning environment? Instead of putting institutions responsible for the mess that has been done, they decide to use public tax dollars to "temporarily" solve the issue.
Click to expand...

Schools should start eliminating majors that have no value in the real world job market (i.e. most liberal arts majors).  Maybe provide subsidies for students who are in need and complete a STEM major?
Click to expand...

Those majors don't pay as well but they are important to a well-rounded society. English major may not earn as much as a run-of-the-mill coder but for every Google and FB founder from a pool of comp sci major, there will be some super stars emerging from English and liberal arts graduates.
Click to expand...

Is the US really a well rounded society? I think we are far from it.
Click to expand...
Click to expand...

California is incredibly cheap to go to school.  In State tuition at CSUF is $5784/ year.  Books & supplies estimated at another $2000.

30 years ago in another State, State system equivalent to CS cost me $4200/year. And about $1500-$1800/yr in books.

This isn?t a it was hard for me, suck it up.  It?s a hey, it?s really pretty cheap for a decent education. Five years of tuition and books is $35k. If you can work enough to cover living expenses, a CS education for the equivalent of a fairly mediocre car seems like a deal.

That?s provided you don?t do something like IVC for two years at under $1400/year and transfer.

I?ve seen a Dentist rack up a million plus going to UCLA dental school, it is expensive but 2/3rds of that debt was having his family living on the west side and neither he nor his wife worked during dental school.

If you want to go to USC at $60K a year plus living expenses, you better have a plan or rich parents.

Preferably both like Olivia Jade and $2 million in effluencer support from companies because you?re the target demographic.

The solution to this is making the lenders have skin in the game.  People will cry about you?re taking away access but IMHO, they need to take a hard look at the Dentist and decide if they really want to fund his lifestyle.




 
freedomcm said:
Why the hating on the liberal arts?  most 'creatives', advertising, lawyers and teachers were liberal arts majors.  Maybe we should be hating on the states dis-investing in supporting colleges and universities - where taxpayer subsidy for tuition has dropped by 3/4 in the past three decades.
Click to expand...

I don't get the hating either.

The root of this probably comes from confusing economic value with human value.

I get the arguments from fiscal conservatives about government spending, but should the government only subsidize things with economic value?

Is that beneficial to society?
 
Kenkoko said:
freedomcm said:
Why the hating on the liberal arts?  most 'creatives', advertising, lawyers and teachers were liberal arts majors.  Maybe we should be hating on the states dis-investing in supporting colleges and universities - where taxpayer subsidy for tuition has dropped by 3/4 in the past three decades.
Click to expand...

I don't get the hating either.

The root of this probably comes from confusing economic value with human value.

I get the arguments from fiscal conservatives about government spending, but should the government only subsidize things with economic value?

Is that beneficial to society?
Click to expand...
They shouldn't. But the problem with liberal arts majors is those are the majority of the people that have the most student debt that have the most issues paying them off compared to other majors. I'm honestly not sure how schools could change that either.
 
People have options to go to a state school. The tax payers should not pay for it. Because they want to go to a private school or grad school.
If the student wants free tuition then they should apply for scholarships. (like me, did not rely on nobody)


Maybe there should be disclaimer for freshmen or transfer student. College does not guarantee you a job. lol
 
sleepy5136 said:
Kenkoko said:
freedomcm said:
Why the hating on the liberal arts?  most 'creatives', advertising, lawyers and teachers were liberal arts majors.  Maybe we should be hating on the states dis-investing in supporting colleges and universities - where taxpayer subsidy for tuition has dropped by 3/4 in the past three decades.
Click to expand...

I don't get the hating either.

The root of this probably comes from confusing economic value with human value.

I get the arguments from fiscal conservatives about government spending, but should the government only subsidize things with economic value?

Is that beneficial to society?
Click to expand...
They shouldn't. But the problem with liberal arts majors is those are the majority of the people that have the most student debt that have the most issues paying them off compared to other majors. I'm honestly not sure how schools could change that either.
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Maybe the banks could assign an expected value to first year income in each major and limit loan max to 1 year of future salary.

Sounds harsh but at 10% of first year salary and 6% loan it will take 15 years to pay off.  Reduce the loan to 3% and it still takes 12 years.

Or maybe limit like an HSA where you submit school expenses, tuition, books, fees which are covered and living expenses are not.

I really don?t have a problem with the people that rack up $200K in student debt waffling around for 7 years switching majors or figuring out they didn?t like the first one and going back to for the second.  They?re clearly bad with money, the banks gave them a NiNjA option Arm on their future.  It?s pretty f-ing disgusting actually on the part of the loaners.

I actually harsh more on the Dentist.  Or a Doctor I know that complains about their loans: nice house, new GLS, late model S ...

 
nosuchreality said:
I actually harsh more on the Dentist.  Or a Doctor I know that complains about their loans: nice house, new GLS, late model S ...
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I'm harsh on them too but I question why college has to cost so much and why has it increased so much over the past few decades.
 
nosuchreality said:
I?ve seen a Dentist rack up a million plus going to UCLA dental school, it is expensive but 2/3rds of that debt was having his family living on the west side and neither he nor his wife worked during dental school.
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How that happened? The tuition they charged at UCLA Dental School are about the same as for undergraduates,  it is expensive nowadays,  about $19k (for all 4 quarters) per year,  but cheap compares to other schools.  So the tuition is only around $80k for all 4 years of dental school, where did he spend on rest of $920k plus?  Housing and other living expensive are the big one but I don't see you can spend over $900k for that.

This person must be very bad with money, and just wait until he opens his own practice.

 
[quote author=sleepy5136]
Moving to lower cost areas is a solution, but unless you're in an area without traffic, how realistic is it to do a 2-4 hr round trip each day to get to work? For example, working in Santa Monica/Downtown LA and coming from San Fernando Valley/Torrance/East LA? Its easy for me to say that because I can work from home, but we have to understand that not everyone has that luxury.
[/quote]

Rail is available in Santa Monica (Expo Line), East LA (Gold line), Downtown LA (Union Station), SFV (MetroLink).  An expansion of Green line to Torrance and new light rail line in East SFV is currently in progress.

I commute by train to work and the biggest issue is reliability with semi frequent delays and breakdowns.  Occasionally we get jumpers who commit suicide by jumping in front of the train, which cause 3 hour delays for the cleanup.  If there's a crazy person on the train you're also stuck.

IMO the preferred commute by train is Amtrack, because their trains have the best comfy seats, snacks/drinks, nicer passengers, and least breakdowns.  If you're purposely choosing to live near a train station, scout the stations ahead for amenities, shuttles, and parking.
 
[quote
I?ve seen a Dentist rack up a million plus going to UCLA dental school, it is expensive but 2/3rds of that debt was having his family living on the west side and neither he nor his wife worked during dental school.
[/quote]

NSR, either your dentist friend is lying to you or you didn?t fully understand the breakdown of his/her expense. Obtaining  education loans is still considered a financial aid whether it?s private or federally backed. One can only get up to the total amount of tuition, books, fees and estimated room and board and not a penny more. The dentist who owed close to one million is probably doing a 4 years dental school and a 3 years specialty program. Adding all of the 7 years of capitalized interests for $100k per year loan, the total amount of loans plus interest is about $900k to 1 million.
 
He?s not my friend, he was highlighted in a student debt article a few years ago.  I?m assuming he?s like this guy from USC highlighted in WSJ who owes a million because he?s paying less than the interest every month.
https://www.wsj.com/articles/mike-meru-has-1-million-in-student-loans-how-did-that-happen-1527252975

And an interesting rundown of why this occurs, why the dentist doesn?t care to pay off his loan or why USC  charge it.
https://www.brookings.edu/blog/up-f...ebt-spells-trouble-for-federal-loan-programs/
 
Oh wow!  ?Any remaining balance after 25 years will be forgiven!? I wish I knew this,  I could have save tons money.
 
Until the loan subsidies end tuition will continue to grow. Also many affluent parents whose kids get crowded out of UC or USC (prevalent in this admit cycle) would much prefer to send their kids to one of the 2nd or 3rd tier privates (UOP, USD, USF, LMU, Pepp, Grand Canyon, Vanguard...) they can get into instead of CSU keep tuitions high.
 
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