Insurance License Suspended over failure to pay College Loans

[Markthebroker]

The college student loan industry is a racket and those loans are designed never to be paid off.

And it makes no sense to deprive someone of an insurance license which may be the best shot that person has at being able to earn enough to pay those loans off.

I get prohibiting felons, sexual offender et al from licensure. But debt should not be a reason to deny licenseing.

Now, the carriers of course have their own say about how who they will and will not contract with.

But man, especially with what Americans have lived with over the last 20 years: The dot com bubble, the real estate bubble, the financial crisis, and now Covid ... folks need forgiveness and forbearance - I do not mean loan forgiveness and forbearance - I mean that otherwise honest well-meaning Americans deserve a second and even a third chance to make good. That is what this country is about, isn't it?

You do have a good point. Here's the other side, though. I've gone out of my way to never borrow money I can't pay back, and have worked very hard to honor the debts I've taken. So is that fair to me to forgive these people? Then, if I see people given 2nd and third chances, at some point I'm going to question my motives to honor my commitments.

 

[Markthebroker]

Eventually something is going to have to be done about the cost of education in this country. From a strict ROI on income perspective, higher education doesn't make sense, and the costs just keep going up and up.

I don't have any sort of advanced degree, but I have someone with a BS degree as well as a former attorney working below me. Working below them folding envelopes and quoting online is a young woman who recently go her masters degree in forensic science. She makes far less than I do, and that degree cost her a pretty penny.

 

[Lawsonhj1]

Yes, it is difficult to justify the cost for indoctrination I mean education when online learning is so easy and readily accessible.

 

[DayTimer]

Ah, no. Millions of us paid them off. I drove a $2,500 car, never ate out, and lived in a $485/mo apartment until it was paid off

What year did you graduate from college?

 

[DHK]

Eventually something is going to have to be done about the cost of education in this country. From a strict ROI on income perspective, higher education doesn't make sense, and the costs just keep going up and up.

More and more people need to know how to financially underwrite a degree program. Strangely enough, the Government can help us do that.

The Bureau of Labor Statistics: Occupational Outlook Handbook
www.bls.gov/ooh

 

[rousemark]

The college student loan industry is a racket and those loans are designed never to be paid off.

And it makes no sense to deprive someone of an insurance license which may be the best shot that person has at being able to earn enough to pay those loans off.

I get prohibiting felons, sexual offender et al from licensure. But debt should not be a reason to deny licenseing.

Now, the carriers of course have their own say about how who they will and will not contract with.

But man, especially with what Americans have lived with over the last 20 years: The dot com bubble, the real estate bubble, the financial crisis, and now Covid ... folks need forgiveness and forbearance - I do not mean loan forgiveness and forbearance - I mean that otherwise honest well-meaning Americans deserve a second and even a third chance to make good. That is what this country is about, isn't it?

Both my daughters have paid theirs off.. And, they lived through many of those same problems.. Of course, they had to do whiteout some of the things they would have liked to have.

 

[DayTimer]

Both my daughters have paid theirs off.

When did they graduate?

If you guys are comparing pre 2000 to post 2000 student loan debt you are not comparing apples to apples.

I paid off mine and my wife's ... not the same as what folks are dealing with since 2000 save for the lucky few who managed to get a degree and keep the debt below 20k or so.

Student loan debt is designed for lifetime indentured servitude.

 

[Markthebroker]

When did they graduate?

If you guys are comparing pre 2000 to post 2000 student loan debt you are not comparing apples to apples.

I paid off mine and my wife's ... not the same as what folks are dealing with since 2000 save for the lucky few who managed to get a degree and keep the debt below 20k or so.

Student loan debt is designed for lifetime indentured servitude.

Forgiving debts is unfair to those that honor theirs, and sets a bad precedent.

I definitely think the price of tuition is a racket and needs to be addressed, though.

 

[Life Hawk]

Forgiving debts is unfair to those that honor theirs, and sets a bad precedent.

So let me get this straight, you think people should pay their premium even though they may not be using their insurance?????

Can't they just fill out the app and get it for free????

 

[tikibarrister]

College is a ridiculous ticket-punching exercise.

I paid off mine and my wife's ... not the same as what folks are dealing with since 2000 save for the lucky few who managed to get a degree and keep the debt below 20k or so.

It's a simple supply/demand exercise.

Gov't makes cheap student loans available. Colleges jack up tuition. As long as "free" money is available, tuition will go up. The best thing to do to radically reduce the cost of education is eliminate student loans.

All of that money goes to fatten administrator salaries, expand administrator roles, etc. Hell, 30 years ago when I worked at a public university, they had a staff of 15 whose job it was to market IT services to students...who could not buy them anywhere else. The amount of waste was staggering and that was before three decades of bloat.

Heck, my alma mater just mailed me a slick 96-page 11x17 glossy alumni magazine full of gorgeous photos. I can't imagine what it cost...and it's all paid for by students.

On another note, if you start depositing $125 per month when your baby is born, by the time the kid is 18, if you get 8% annually, you have $60K to put towards his tuition...