Summary of “How Student Loan Debt Is Destroying Marriages”

The third scenario is the least discussed of the group – partners who take on student loan debt accrued during the marriage or relationship by cosigning on it.
John was still left with the student loan debt for a career his ex-wife never even pursued.
That’s likely why many of the online discussions about student loan debt are about what to do when going into a marriage with college debt.
In one post last year, for example, someone queried r/StudentLoans for advice on how to pay off a fiancĂ©’s whopping $390,000 in student debt with a roughly 6 percent interest rate with a current income of only $48,432.
Such advice-seeking and awareness puts these folks ahead of the game, because the only real solution to handling the student loan debt your marriage inherits is to treat it as a couple and annihilate it together like a case of bedbugs.
“Communicate together to make a plan for paying off the student loan debt, and then stick to it,” Ashley Dixon, associate planner at Gen Y Planning, tells me.
“You might have student loan debt,” Dixon says.
“But are you also earning the most income in the relationship? Are you a parent carrying student loan debt, but have decided to take a few years off because daycare costs are more expensive than what you could earn and be paying toward your student loans? If it still bothers you – and is a thorn in your relationship – maybe pick up a side hustle for additional income to allocate directly to your student loan debt.”

The orginal article.

Summary of “Student Debt Is Transforming the American Family”

Her story gave Zaloom insight into the evolving role of college debt in contemporary American life.
In “Indebted: How Families Make College Work at Any Cost”, Zaloom considers how the challenge of paying for college has become one of the organizing forces of middle-class family life.
One mother wanted to shield her daughter from reckoning with the family’s tenuous financial health as they put her through college: “It’s not really part of a conversation that needs to be in.” That conversation can’t always be avoided, though.
Still more Americans were able to go to college in the sixties, thanks to the National Defense Education Act of 1958, which offered financial assistance to students pursuing studies that could benefit the national interest, and the Higher Education Act of 1965, which provided federal support to poor and working-class students, regardless of what they wanted to study.
Zaloom’s families illustrate how difficult it is to negotiate the snares set out by lenders and colleges.
In 2016, the federal government spent ninety-one billion dollars subsidizing college attendance; for as little as seventy-nine billion dollars, tuition could be eliminated at all public colleges.
The economist Bryan Caplan has provocatively argued that we would be better off if college were “Less affordable.” In his 2018 book, “The Case Against Education,” he argues that a college education is largely useful as a means of “Signalling,” of advertising one’s potential to a future employer: “It is precisely because education is so affordable”-thanks to loans and government subsidies-“That the labor market expects us to possess so much.” There are cheaper ways to do this, and, in Caplan’s cynically droll view, they don’t require us to spend years studying subjects we will never use.
This May, the billionaire Robert F. Smith announced, in a commencement address at Morehouse College, a historically black institution, that he was going to take care of the entire graduating class’s student debts.

The orginal article.

Summary of “Here’s How One Woman Beat The Gender Pay Gap And Asked For A Raise”

BuzzFeed News spoke to Boston about how she ended up with six-figure student debt, how she managed not to miss a payment, and what led her to start asking people around her – especially men – how much money they made.
I wish they’d sat me down before any of us signed any papers to just be like, “This is how much money you’ll have to make to pay this off” – at a minimum.
When I wasn’t working, I was spending the better part of those first six months after graduating just trying to understand how much money I owed, where that money was, who I owed it to, and how to set up payment plans.
The total amount that I was expected to pay on that first bill was just over $1,400 – and I was working a paid internship for about minimum wage in Washington, DC. I was completely beside myself looking at this number.
Almost two years into the job, I was making pretty high five figures, so not a small amount of money, but with that level of debt, it’s still not enough to really be making a ton of headway on what I still owed.
I went out to dinner that night with three of my coworkers: a South Asian and Middle Eastern woman who had seven years of just banging job experience, a black woman with a PhD in cognitive psych and more than a decade of job experience, and a white woman who was 24 and had been working for like two years.
She’s a wonderful, incredibly hardworking, and deserving person, but this is not about who she is; it’s about how three other women of color at that table with more experience, the same work ethic, and ability to deliver at work were all being paid the same thing.
It perpetuates this idea that it’s all up to you to figure out how much you should be making, when really you are working for a series of employers who have pay bands, or salary caps, or freelance amounts set by what people are willing to work for.

The orginal article.

Summary of “As Student Debt Rises, Teens Are Rethinking the College Experience”

Jake’s top priority isn’t student athletics, a high college rank or a vibrant party scene – it’s to graduate debt-free.
For the past few years, college debt – now the highest it’s ever been – has risen from a taboo dinner topic to one of our most pressing political issues.
Democratic presidential candidates Elizabeth Warren and Bernie Sanders are leading the conversations with legislative proposals for free public college tuition and student-loan debt forgiveness.
He says these progressive proposals “Sound great,” but he believes he’d be “Well out of college before anything happens.” Debt anxiety influenced Andrew’s decision to spend two years at Haywood Community College in Clyde, North Carolina.
All these college kids talkin bout student loans n stuff like that making me scared shitless for my life.
Zach, a first-generation college student from Fulton, Mississippi, “Didn’t have a clue” what he was doing while applying for colleges.
Even for more fortunate students who plan to pay off their tuition costs in real time, there’s still worry about the trauma of college debt looming large over the entire country.
The only way he can make sense of it is to turn the fear of debt into college motivation.

The orginal article.

Summary of “‘Zombie debt’: how collection agencies trick you into reviving debts that could’ve been written off”

The effort to revive Raymer’s old debt was part of what consumer advocates and financial experts say is an accelerating effort within the $11 billion debt collection industry to make profits from debts that the financial industry once wrote off.
The efforts to collect on old debts often focus on getting consumers to reset the statute of limitations through a variety of means, including sending them credit cards that let them pay off their old debts or by allowing them to make a small payment to halt debt collection calls.
“Consumers just don’t know the ins and outs of state and federal debt-collection laws and probably will not understand the consequences in the fine print” of making a payment that can revive an old debt, said Christine Hines, the legislative director for the National Association of Consumer Advocates, which lobbied for the CFPB to ban collection of debts beyond their statutes of limitations.
The CFPB fined two of the country’s largest debt buyers, Encore Capital Group and Portfolio Recovery Associates, a combined $80 million after they sent thousands of letters to consumers offering to “Settle” their old debts without explaining that the payments would revive the old debts.
New York’s state legislature also debated a bill this year that would have given debt collectors less time to collect on some old consumer debts – three years instead of six – and prevent the industry from going after the money at all once the debt reached its statute of limitations.
Consumer advocates worry the CFPB is giving the industry too much leeway, including more flexibility to pursue old debts by arguing the debt collector did not know a particular bill was past its statute of limitations.
According to the proposal, the bureau is also considering whether to require debt collectors to tell consumers up front when their debt is beyond its statute of limitations.
The proposal seeks to create “Clear rules of the road where consumers know their rights and debt collectors know their limitations,” CFPB Director Kathleen L. Kraninger said in May. A debt revived.

The orginal article.

Summary of “The Hidden Costs of Automated Thinking”

In the past, intellectual debt has been confined to a few areas amenable to trial-and-error discovery, such as medicine.
As we begin to integrate their insights into our lives, we will, collectively, begin to rack up more and more intellectual debt.
In each individual case, accruing the intellectual debt associated with a new drug may be a reasonable idea.
Could we create a balance sheet for intellectual debt-a system for tracking where and how theoryless knowledge is used? Our accounting could reflect the fact that not all intellectual debt is equally problematic.
Intellectual debt can accumulate in the interstices where systems bump into each other, even when they don’t formally interconnect.
Without anything resembling a balance sheet, there’s no way to determine-either in advance or retrospectively-whether any particular quantity of intellectual debt is worth taking on.
The increase in our intellectual debt may also involve a shift in the way we think-away from basic science and toward applied technology.
Businesspeople may be perfectly satisfied by such unexplained knowledge, but intellectual debt will still be building.

The orginal article.

Summary of “Student Loan Debt And No Degree: A Crisis For Millions Of Borrowers”

Student Loan Debt And No Degree: A Crisis For Millions Of Borrowers Some of the people struggling the most to pay back their debt are the millions of students who took out student loans but never finished a degree.
Most days, 25-year-old Chavonne can push her student loan debt to the back of her mind.
Because she’s in default, she doesn’t have access to federal student aid that could help her go back and finish.
It’s a vicious cycle for Chavonne and millions of other students who leave college with debt and without a degree.
From mid-2014 to mid-2016, 3.9 million undergraduates with federal student loan debt dropped out, according to an analysis of federal data by The Hechinger Report, a nonprofit news organization.
The default rate among borrowers who didn’t complete their degree is three times as high as the rate for borrowers who did earn a diploma.
“If I made sure that my credit score was my No. 1 priority and that I got these student loans taken care of,” Chavonne says, “I would not have a roof over my head.”.
More than half of students who drop out of a for-profit college default on their loans within 12 years, according to one analysis from The Institute for College Access and Success.

The orginal article.

Summary of “How I’m paying off $53,000 in student loan debt”

Warren’s proposal, for example, would cancel $50,000 of student loan debt for families with a household income of less than $100,000.
Sanders, on the other hand, wants to eliminate all student loan debt regardless of income.
College graduates often believe it will only take them a few years to pay off their loans, but data from education tech company Cengage indicates that it takes borrowers two decades on average to rid themselves of up to $40,000 in student loan debt.
We asked some millennials how they manage their student loan debt-if they’re paying their loans back at all-and how those payments have impacted their finances.
“I started reading financial blogs and saw that people were paying off their student loan debt and living the life that they wanted to live.”
Ler believes that paying off student loan debt under $100,000 is within reach for many people.
Part of the reason Simil hasn’t paid off more of her student loan debt is that she isn’t motivated to set aside more than $400 each month for the government.
Despite working in finance, Haque says he didn’t have a grasp on how interest was applied to his student loan debt.

The orginal article.

Summary of “The 7 stupidest things we do with money”

Americans live in the world’s wealthiest country, but are 14th in financial literacy, according to The Standard & Poor’s Ratings Services Global Financial Literacy Survey.
Our parents may not have been good financial models or transparent about their debt and spending.
Michelle Brathwaite, regional vice president of Primerica, an insurance and financial services provider, leads a free monthly financial literacy program, Build Black Wealth, at Roxbury Community College to try and address that.
At Jewish Vocational Service in Boston, many clients who receive financial coaching are refugees or recent immigrants, often from countries with very different financial systems than ours.
Some admitted to their own moments of financial lunacy, such as running up credit card debt or falling for the extended warranty on the dishwasher.
Their combined list of seven financial sins ranges from the emotional to the practical but offers a pathway to financial smarts.
Yes, it’s a trope that we waste money on lattes, but seriously, Americans spend an average of $2,944 annually on “Financial vices” such as takeout, drinks, and lottery tickets, according to Bankrate.
If you’re a resident of the Commonwealth, you will owe taxes if you have assets in your name over $1 million, says Alisa Kim O’Neil, an attorney and director of estate and financial planning for Boston Financial Management.

The orginal article.

Summary of “The Boomers Are to Blame for Aging America”

Even though murder rates are today at the same levels they were in the 1950s, the imprisoned share of the population is higher in America than in any country other than North Korea.
Academic research has shown that incarcerating more criminals does reduce crime somewhat as with all the other examples I’ve given, this response was understandable.
Many countries experienced a similar crime wave.
Most of them experienced similar crime declines in the 1990s, even without so much imprisonment.
Research has also shown that imprisonment patterns in America were heavily biased by race, with incarceration rates not always reflecting actual rates of criminality.
It’s understandable that, faced with a wave of crime, Baby Boomers might want to respond with a law-enforcement crackdown.
Whatever specific arguments may have justified a command-and-control response to crime, this kind of response reared its head for every major political problem encountered by Baby Boomers: housing, jobs, education, crime, and, of course, debt.
Already, in places such as Detroit, Illinois, and Puerto Rico, where political rules make flexible solutions hard and the population is aging very quickly, massive debt restructurings loom large.

The orginal article.