Student loan forgiveness....

[adrianp89]

Your debt. Your decision to acquire the debt. Twisting yourself into pretzels in coming up with logic for other people to pay for it is pretty comical. Please give me your address and I will send my mortgage over. Using your own logic you should not have a problem paying it.

Sign over the home for what you owe I will take it

This is a very closed minded thought. These are social issues that have wide-spread effects both positive and negative. It is not cut and dry.

 

[Beachbummer]

Understood, but the message you are receiving back is that the argument has not yet been made for it.

Let me ask, is there a cap on the maximum % of your income that can be dedicated to repayment of this loan? And is the interest fixed?

 

[crazy4life]

I do have a closed mind when it comes to people wanting me to pay their debts. You are correct. You have a boat that cost more then 75 grand and you want me to pay your student loans. GTFOH with that noise. You just want someone else to pay your debt so you can have more fun money. Nothing you can say will change my mind. Social issues my ass.

 

[adrianp89]

Understood, but the message you are receiving back is that the argument has not yet been made for it.

Let me ask, is there a cap on the maximum % of your income that can be dedicated to repayment of this loan? And is the interest fixed?

The arguments are there - I can find quite a few on a quick google search. No idea if they were valid or peer-reviewed.

No idea - on IBR I believe so. I also think IBR no longer applies past a certain income level. They have multiple repayment options. I believe most are fixed interest. The interest is the part that bothers me the most. Loans were 6-7% but I could go get a car loan for 2% or a unsecured personal loan for 4%.

 

[adrianp89]

I do have a closed mind when it comes to people wanting me to pay their debts. You are correct. You have a boat that cost more then 75 grand and you want me to pay your student loans. GTFOH with that noise. You just want someone else to pay your debt so you can have more fun money. Nothing you can say will change my mind. Social issues my ass.

A little angry huh? I already stated I am in the middle on the subject. I don't need my loans paid back for me - if Biden wants to I surely won't complain though. I wonder how you feel about public workers getting their loans forgiven, or say humanitarian aid to other countries? Thanks for the $15,000 you have given me for my EVs too!

 

[Beachbummer]

Well, You can always refinance if you can get the money at a lower rate.

With inflation the loan will seem way smaller in the next 5 years, that's for sure.

 

[adrianp89]

Well, You can always refinance if you can get the money at a lower rate.

With inflation the loan will seem way smaller in the next 5 years, that's for sure.

That is a good argument and a tough decision some have to make. The federally backed loans offer safe guards like deferment and IBR, as well as tax benefits. And for some Public Worker Forgiveness.

Private loans will get you a lower rate but if you lose your job they still want their money.

 

[Beachbummer]

Yep, Are the benefits worth the higher cost and rate to you? Only you can answer that for yourself.

 

[djetok]

I wasn't arguing for. I am just saying that argument is complete crap. There are tons of things we pay for that we will never once directly benefit from. You can make an argument the community benefits from student loan forgiveness. There are a ton of moving parts and it's just not a simple no or yes. Lots of benefits and lots of drawbacks.

How so? Does some kid with a liberal arts degree that used their loan money for other things than college. I paid for 3 degrees so far kids and wife. My kids friends will get their checks and they use it like income, not a loan. There is so much waste it's not funny. The free community College programs are awesome ie oklahoma promise (exchange your states name for Oklahoma) . Universities are stupid expensive now. They built themselves off these loans.

Big question

Did you use "all" of your loan money for school. Most kids cannot manage large sums of money and they blow it. I remember getting a check and then I got a custom sub box for my car installed.

In my opinion most of the people that are opposed to it want people to be responsible.

 

[BlkGS]

Another wrinkle, many states offer free in state tuition programs. Florida has Bright Futures, which pays for college for kids with a good GPA and an Sat score that you can get with a pulse (because standardized tests are evil or some crap). A large majority of Florida students graduate without any college debt through a program like this, funded by our lottery.

So really, now you're expecting people from states who have programs to support college kids to pay for people whose states governments are poorly run and don't.

I still maintain the crux of the issue is the cost of school. It's universities competing for students via big checks to sports programs and amenities for students. It's professors bringing in 5 to 10x what their graduates could expect to make because they write research proposals and get a commission from that funding. It's that instead of having to do more with less like the private sector, they get to do less with more because they have a government and population brainwashed that they are the only way.

If we controlled the costs it'd be a much easier thing for people to live with. If they worked in school to pay some of it off, they'd be ahead (I worked full time during college and still had loans, but they were manageable).

Personally, I don't support the ability to discharge student loan debt in bankruptcy.. A credit hit just means that banks will make more money off these people, not that their debt will be partially repaid from it. I'm fine with student loans being extendable out to 30 year repayment, but to get this the borrower should have to prove that they understand what they're getting themselves into.

Maybe that's the solution actually. Every student loan application has to come with a facts based repayment plan, where the applicant has to provide their expected income after graduating, their expected costs, and calculate what their payment will be and how much they'll have left over for that, factoring in taxes, expenses, and wage growth over the loan period.

 

[adrianp89]

^^^ Bright Futures is more hype than reality. They didn't pay for anything close to what I was promised.

@djetok - No - I am sure some of that money was used to help cover other expenses. This was another issue (maybe addressed since then) - you asked for a dollar amount, in which you had to ballpark what your schooling costs would be. They then deposit any surplus rest into your bank. You couldn't just say cover my school bill and don't give me any extra.

 

[djetok]

^^^ Bright Futures is more hype than reality. They didn't pay for anything close to what I was promised.

@djetok - No - I am sure some of that money was used to help cover other expenses. This was another issue (maybe addressed since then) - you asked for a dollar amount, in which you had to ballpark what your schooling costs would be. They then deposit any surplus rest into your bank. You couldn't just say cover my school bill and don't give me any extra.

No I understand how the loan programs work. My point is that people take out loans and pay for other items. I have seen the waste in my own eyes and actually did it. Then they look for another way to get tuition paid. Been there done that too. I paid my student loans, why shouldn't everyone get free college too. He'll those were some of the best times of my life sleep til noon party all Night.

 

[adrianp89]

No I understand how the loan programs work. My point is that people take out loans and pay for other items. I have seen the waste in my own eyes and actually did it. Then they look for another way to get tuition paid. Been there done that too. I paid my student loans, why shouldn't everyone get free college too. He'll those were some of the best times of my life sleep til noon party all Night.

Pretty sure one semester I didn't sleep for a few months lol. Job 1 > School > Job 2 > Party > Repeat

 

[2kwik4u]

I paid my student loans, why shouldn't everyone get free college too.

Just because it was hard for you, doesn't mean it should continue to be hard for everyone else. That's the nature of progress, things get easier as we go along. Well, at least it should be the way it progresses.

We're the most powerful and richest country in the world, and we can't agree that it should be easier for the next generation because we're so caught up in being "fair" to the people that didn't have it so well. If we aren't working towards making things better for the next round, what the damn hell are we all working so hard for?

 

[BlkGS]

^^^ Bright Futures is more hype than reality. They didn't pay for anything close to what I was promised.

@djetok - No - I am sure some of that money was used to help cover other expenses. This was another issue (maybe addressed since then) - you asked for a dollar amount, in which you had to ballpark what your schooling costs would be. They then deposit any surplus rest into your bank. You couldn't just say cover my school bill and don't give me any extra.

I had friends who had 100% of everything covered. Then they got scholarships and Pell grants and such, and they got checks cut to them for the overage, which was of course, beer money.

I can't say what happened for you, but I had several friends who got full rides from BF and they made out like bandits.

 

[BlkGS]

Pretty sure one semester I didn't sleep for a few months lol. Job 1 > School > Job 2 > Party > Repeat

I lived that life too, except I had 3 jobs. I survived off Vault, boose, and girls, lol. Oh and loud stereos, lol. Good times... I think.

 

[I_squared_r]

Forgiving loans is crazy. The government already provides a great program called financial aid. That's a sensible program that provides low income families some social mobility. Financial aid paid for 50% of my community college tuition and the rest was paid for by doing shit mechanic work while attending school. The program worked because now I'm middle class and I pay taxes for this program to survive for the next person. But forgiving FAT loans for 4-year party schools? Get the **** out of here.

 

[adrianp89]

I had friends who had 100% of everything covered. Then they got scholarships and Pell grants and such, and they got checks cut to them for the overage, which was of course, beer money.

I can't say what happened for you, but I had several friends who got full rides from BF and they made out like bandits.

The funding disappeared, I assume as part of the 2008 financial crisis. No idea where it stands today.

Administrators sound an alarm: Half of Tennessee high school graduates aren't going to college - I would assume current costs of tuition are playing a big role in this decline. I don't blame them at all. My advise to someone coming out of high school would be to maximize relationship building and get a job where you can learn skills, and move roles/companies every two years. Relationships > Formal Education when it comes to careers. (Minus some very specialized fields).

 

[BlkGS]

Just because it was hard for you, doesn't mean it should continue to be hard for everyone else. That's the nature of progress, things get easier as we go along. Well, at least it should be the way it progresses.

We're the most powerful and richest country in the world, and we can't agree that it should be easier for the next generation because we're so caught up in being "fair" to the people that didn't have it so well. If we aren't working towards making things better for the next round, what the damn hell are we all working so hard for?

It's not about it being hard so let's make it easier. It's about "you agreed to pay something so fucking do it".

Let's put it in perspective. Say you and I had the same loans, same careers, same everything. I lived in a cheap apartment and drove a beater and put all my money into paying off my loans early. You spent your money on fast cars, loose women, and enjoying your 20s. Now in our 30s, I'm paid off and doing my thing, you're bitching about still paying your loans. How can any rational person say that the person who sacrificed their youth to make the right financial choices should now pay taxes because you didn't? That's effectively asking taxpayers to subsidize your boat, house, women, and cars, the stuff that the money was spent on instead of the loans.

 

[djetok]

Just because it was hard for you, doesn't mean it should continue to be hard for everyone else. That's the nature of progress, things get easier as we go along. Well, at least it should be the way it progresses.

We're the most powerful and richest country in the world, and we can't agree that it should be easier for the next generation because we're so caught up in being "fair" to the people that didn't have it so well. If we aren't working towards making things better for the next round, what the damn hell are we all working so hard for?

That's all we hear is fair, this fair that. So where does the fairness line stop? Fair for you , but not for me? You ever think that people like myself are also saving for retirement still because we paid for college.