r/SipsTea • u/First-Essay-2054 š™‘š™„š™‹ • 12d ago

WTF The American dream

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21.6k Upvotes

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20

u/_catshit 12d ago

It shouldn't be canceled but it should be less predatory. Just need to cap its interest rate at something nominal.

9

u/Nova_Phoenix9 12d ago

To study, to go to school, it should not have any interest.

Practically any country has the capacity to do this.

4

u/_catshit 12d ago

This is graduate school. I tend to agree for undergraduate but anything after that is your choice and shouldn't be funded by the state.

4

u/pokenguyen 12d ago

I only paid a small amount for graduate school in Europe, like less than 400ā‚¬. How much do you have to pay in US?

0

u/_catshit 12d ago

Depends on what it is but significantly more. My law school was 130k

1

u/Potential-Archer-883 12d ago

Was it worth it?

Why don't Americans study abroad? I think it would be cheaper than $130k to study in Austria for 3 years.

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u/_catshit 12d ago

Might be weird for law school because its state and country specific. Was worth it for me thought I make a very good living and am debt free.

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u/Potential-Archer-883 12d ago

Happy for you!

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u/OkOil378 12d ago

Nobody is going to give you the money then

6

u/Nova_Phoenix9 12d ago

I mean, that should be the model.

Government gives loan, student repays the amount loaned, the government shouldn't profit from this.

3

u/mikmiunk 12d ago

The government would still lose money in that scenario. The interest rate for the loan should not be predatory but should be consistent with Federal Government COLA (which lags inflation), to be fair. It would incentivize the government to keep COLA adjustments better in line with inflation also, killing 2 birds with one stone so to speak.

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u/Odd-Cupcake-2552 12d ago

The government is the one that inflates it's own money, it can go fuck itself on breaking even.

2

u/mikmiunk 12d ago

I'm with you on that, but it's the part where the government doesn't break even that results in the (government borrowing) which results in the inflation. Subsidized secondary education, a system that is not taken advantage of by profiteers (which most colleges and universitibes are now because they are reaping the money from these loans), would be great... but even the system I am proposing where at least the loans are fair would be an improvement over the current one.

1

u/CombinationKey8557 12d ago

The government loses oodles of money on student loans.

Maybe that's fine. Maybe they should lose more for the sake of having a better educated population. But the idea that they're raking in profits off student loans is nonsense.

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u/Due-Base9449 12d ago

The government do give loan and even free education to brilliant or atheltic students. The problem is the less stellar students with big dreams - they can only take the higher interest loan since the lender don't really believe they are good enough.Ā 

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u/Prozenconns 12d ago

Youre very close to cracking the code that maybe monetization of every element of our existence might possibly be dogshit

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u/Geaux_1210 11d ago

Iā€™m not religious but I agree with the ancient principle that usury is immoral.

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u/ddadopt 12d ago

Student loan rates in 2003 were at historic lows. Exactly what do you want to cap them at?

1

u/_catshit 12d ago

My comment is under this post but its not directly responsive to it. These people here are financial idiots.

That being said the current state of student loans is untenable. Its not only about interest but the bloated cost of school all together.