Biden cancels 6billion in student debt

#27
#27
utvolpj said:
You're the one comparing a home loan to a student loan and I'm financially stupid?

All loans are not created equal. There's a reason student loans go after the barely legal and have been made impossible to ever get rid of by the body guaranteeing them. But all you want to do is act like you'd be harmed if this happened
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Yes. A loan is a loan. Do you know what a loan is? Whether it's for a car, home, Dave at the office lends me a 10 for lunch, student loans, etc... You take it out, you pay it back. You came here just to cry about this?

The public doesn't need to be paying for students to go to college, especially ones stupid enough to get a degree in something worthless. But hey, what's another trillion? Just keep throwing money at stupid people, that'll work! haha
 
#28
#28
just bob said:
Yes. A loan is a loan. Do you know what a loan is? Whether it's for a car, home, Dave at the office lends me a 10 for lunch, student loans, etc... You take it out, you pay it back. You came here just to cry about this?

The public doesn't need to be paying for students to go to college, especially ones stupid enough to get a degree in something worthless. But hey, what's another trillion? Just keep throwing money at stupid people, that'll work! haha
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The process of taking out loans is absolutely not the same. The loans themselves are not legally handled the same either. It's funny to see that statement and then be accused of not knowing what one is. Have you actually ever applied for a loan?
 
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#29
#29
utvolpj said:
Have to believe there would be an economic offset to the cost given the freed up capital

Bottom line is that this thread is stupid. We also still need to address the loans going forward which no one is doing
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Would removing the State from the equation and making them eligible for bankruptcy not go a long way towards addressing the loans going forward?
 
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#31
#31
85SugarVol said:
Would removing the State from the equation and making them eligible for bankruptcy not go a long way towards addressing the loans going forward?
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Oh absolutely and I'm in favor of that approach. It does give a little credit pain for a few years but I have to believe it drops the cost. Lenders can structure the loans to price on the risk now
 
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#32
#32
BigOrangeMojo said:
So do personal loans or credit card debt (no collateral) need to be repaid?

You might see fewer Mexican Art History majors if you had bankruptable student loan debt
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Lender - “I’m sorry - What did you say you plan to major in?

Borrower - “21st Century Gender-Fluid Literature”

Lender - “Yes, I see - Loan denied”
 
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#33
#33
Have a son working on his masters degree and a daughter dual enrolled in HS/univ both of which will have hefty student loan debt after graduation. Which i help repay out of my own pocket btw...and I STILL don't want the government wiping out student loans by paying them with taxpayer funds. Its total BS. While it would benefit my family greatly as well as help my personal finances...I dont want the help. Its the principle (and principal) of the matter that is important. When you borrow money, you agree to repay it. Its about keeping a persons word. If the rest of this country would vote solely based on their values, instead of for who will give them the most free crap; liberals wouldnt hold office anywhere except a few places in the NW and NE . Sadly that doesn't happen.
 
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#34
#34
85SugarVol said:
Lender - “I’m sorry - What did you say you plan to major in?

Borrower - “21st Century Gender-Fluid Literature”

Lender - “Yes, I see - Loan denied”
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I can see a domino effect with this issue. Degrees of dubious real world value make for dubious collateral on a loan. If people can't afford to go it without the financial help schools are going to have to look at the financial incentive to shrink or even eliminate some degree pursuits.
 
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#35
#35
marcusluvsvols said:
Have a son working on his masters degree and a daughter dual enrolled in HS/univ both of which will have hefty student loan debt after graduation. Which i help repay out of my own pocket btw...and I STILL don't want the government wiping out student loans by paying them with taxpayer funds. Its total BS. While it would benefit my family greatly as well as help my personal finances...I dont want the help. Its the principle (and principal) of the matter that is important. When you borrow money, you agree to repay it. Its about keeping a persons word. If the rest of this country would vote solely based on their values, instead of for who will give them the most free crap; liberals wouldnt hold office anywhere except a few places in the NW and NE . Sadly that doesn't happen.
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We had both of our kids take out student loans. The deal was when they graduated we paid them off, if they didn't or quit they were on the hook. Both graduated debt free from undergrad, graduate school was on them.
 
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#37
#37
dalton_vol said:
For public service workers, after the supreme court ruled against him. Why aren't the people screaming that he's breaking the law just they do with Trump?
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And he's promising more...probably "after" the election. I've never seen a more pathetic administration.
 
#39
#39
hndog609 said:
I can see a domino effect with this issue. Degrees of dubious real world value make for dubious collateral on a loan. If people can't afford to go it without the financial help schools are going to have to look at the financial incentive to shrink or even eliminate some degree pursuits.
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I've always thought the universities continue to raise tuition knowing full well the gov will give loans, no matter the costs. They've robbed many students
 
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#40
#40
BreatheUT said:
And he's promising more...probably "after" the election. I've never seen a more pathetic administration.
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And he would rightfully have that ability.

Aren't you one of the ones who always say that promises like that don't matter?
 
#42
#42
marcusluvsvols said:
Have a son working on his masters degree and a daughter dual enrolled in HS/univ both of which will have hefty student loan debt after graduation. Which i help repay out of my own pocket btw...and I STILL don't want the government wiping out student loans by paying them with taxpayer funds. Its total BS. While it would benefit my family greatly as well as help my personal finances...I dont want the help. Its the principle (and principal) of the matter that is important. When you borrow money, you agree to repay it. Its about keeping a persons word. If the rest of this country would vote solely based on their values, instead of for who will give them the most free crap; liberals wouldnt hold office anywhere except a few places in the NW and NE . Sadly that doesn't happen.
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So using that logic, assume you hold the US govt to the same standard? The US govt is $33 trillion in debt. You grandchildren will be paying that debt.

But it's about the principle, right?
 
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#43
#43
hndog609 said:
I can see a domino effect with this issue. Degrees of dubious real world value make for dubious collateral on a loan. If people can't afford to go it without the financial help schools are going to have to look at the financial incentive to shrink or even eliminate some degree pursuits.
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That would be the free market working, right?
 
#50
#50
RockyTop85 said:
Is it even possible for a borrower to make their minimum monthly payments for 10 years without repaying the principal on their loan?
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Because they’re intentionally choosing insanely low payments relative to their total loan amount.
 
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