Forgive Student Loans?

#326
#326
ClearwaterVol said:
Of course then you would widen the gap between the haves and have nots considerably.
Click to expand...
I thought that gap has been growing recently more than it was in the past?

The past maybe being a time before guarenteed loans.

I got a word of advice for you. Pretty much everything the government does for one reason usually ends up doing the opposite. You can see that across the board, left or right policies.
 
  • Like
Reactions: hog88
#330
#330
ClearwaterVol said:
Part of the issue is that people have such large SL tabs upon graduation that beginning salaries don't cover it.
Click to expand...
For sure. A cap would mitigate that to an extent. But we will still be in the cycle of govt backed loans paying for financed degrees.
 
#334
#334
ClearwaterVol said:
You have a habit of walking into the middle adult conversations like a wayward child.
Click to expand...
I'm bored. The market is killing me today and I need a diversion. You make me laugh.

Hey I'll throw this out there though.... There are ZERO circumstances where ANY student loan should be forgiven and foisted on the taxpayers.

I'll leave you two alone.
 
  • Like
Reactions: Wireless1 and StarRaider
#335
#335
ClearwaterVol said:
Part of the issue is that people have such large SL tabs upon graduation that beginning salaries don't cover it.
Click to expand...
Why are people taking out such huge student loans to begin with? And why are they doing it for educations in fields that do not pay well?

I know I was lied to about college. The words out of the guidance counselor's mouth. "Just get your degree. It doesn't matter what it's in. Businesses just want to see you graduated college."

Lol. But that was in the 90s. The truth has been out about colleges, debt, and jobs for years now. And yet people still take out 100k in loans for a cultural studies degree that might get a job that pays 40k a year.
 
  • Like
Reactions: Wireless1, 825VOL and BreatheUT
#336
#336
SpaceCoastVol said:
I'm bored. The market is killing me today and I need a diversion. You make me laugh.

Hey I'll throw this out there though.... There are ZERO circumstances where ANY student loan should be forgiven and foisted on the taxpayers.

I'll leave you two alone.
Click to expand...

Death and complete disability are the only two I can live with.
 
  • Like
Reactions: Wireless1 and SpaceCoastVol
#338
#338
SpaceCoastVol said:
However the estate can pay off those debts in the case of death.
Click to expand...

I believe student loans die with the borrower without recourse. If the parent who signed on a parent plus loan and the parent dies or student dies the loan is forgiven. I'm trying to go to my grave with student loans.
 
#339
#339
Couple other proposed middle-ground reforms for you guys to kick around:

Stricter loan approval process. I’ve had people come in and try to hire me with a promise of FASFA money. They go to the local community college, pay to apply, fill out their fasfa, get the loan, drop school. No intent to pay it back or even go to school. That shouldn’t happen.

Cap the interest at the amount of the loan as it would be if the borrower had pursued linear repayment, or slightly above that level. All these loans offer slow pay options, but that is, of course, a trap. I know attorneys who “couldn’t” pay the full payment early on so they took these slow repayment courses. Some of them claim to have paid triple the amount of the original loan and still aren’t anywhere close to paying it back down to the original loan amount, much less getting rid of it. That seems like a harmful policy.
 
  • Like
Reactions: Wireless1
#340
#340
TheDeeble said:
Why are people taking out such huge student loans to begin with? And why are they doing it for educations in fields that do not pay well?

I know I was lied to about college. The words out of the guidance counselor's mouth. "Just get your degree. It doesn't matter what it's in. Businesses just want to see you graduated college."

Lol. But that was in the 90s. The truth has been out about colleges, debt, and jobs for years now. And yet people still take out 100k in loans for a cultural studies degree that might get a job that pays 40k a year.
Click to expand...

That is what I heard as well as a common talking point coming up through the late 80's to early 90's. It seems to be when college enrollment started to explode across the demographics but the "secret" wasn't out about student loan debt and financial management in the real world.

We would be surprised in many cases how little some parents know about some of the student loan debt their kids have. I have a kid that took out a student loan for a full year, but received a scholarship in the 2nd semester. Since the student loan was sitting there, the school applied the student loan before the scholarship was paid because he didn't cancel or reject it. He didn't think much about the ramifications and I didn't find out until later. A lot of student loans is also pocket money kids are getting in addition to the pell grant. Long-term credit card debt by another name.
 
#341
#341
ClearwaterVol said:
I believe student loans die with the borrower without recourse. If the parent who signed on a parent plus loan and the parent dies or student dies the loan is forgiven. I'm trying to go to my grave with student loans.
Click to expand...
That should change actually, because 'forgiven' just means that somebody else pays. That is my gripe with this whole thing. It doesn't just get thrown out into the ether. SOMEBODY is on the hook for it in one way or another.
 
  • Like
Reactions: Wireless1
#342
#342
ClearwaterVol said:
I believe student loans die with the borrower without recourse. If the parent who signed on a parent plus loan and the parent dies or student dies the loan is forgiven. I'm trying to go to my grave with student loans.
Click to expand...

Hold up. I thought it gets pass along like any other debt?
 
#345
#345
RockyTop85 said:
Couple other proposed middle-ground reforms for you guys to kick around:

Stricter loan approval process. I’ve had people come in and try to hire me with a promise of FASFA money. They go to the local community college, pay to apply, fill out their fasfa, get the loan, drop school. No intent to pay it back or even go to school. That shouldn’t happen.

Cap the interest at the amount of the loan as it would be if the borrower had pursued linear repayment, or slightly above that level. All these loans offer slow pay options, but that is, of course, a trap. I know attorneys who “couldn’t” pay the full payment early on so they took these slow repayment courses. Some of them claim to have paid triple the amount of the original loan and still aren’t anywhere close to paying it back down to the original loan amount, much less getting rid of it. That seems like a harmful policy.
Click to expand...

Just trying to die with them. lol
 
#346
#346
BreatheUT said:
That is what I heard as well as a common talking point coming up through the late 80's to early 90's. It seems to be when college enrollment started to explode across the demographics but the "secret" wasn't out about student loan debt and financial management in the real world.

We would be surprised in many cases how little some parents know about some of the student loan debt their kids have. I have a kid that took out a student loan for a full year, but received a scholarship in the 2nd semester. Since the student loan was sitting there, the school applied the student loan before the scholarship was paid because he didn't cancel or reject it. He didn't think much about the ramifications and I didn't find out until later. A lot of student loans is also pocket money kids are getting in addition to the pell grant. Long-term credit card debt by another name.
Click to expand...
It wouldn't surprise me at all. Schools pushed the college requirement on everyone and advocated students go no matter what they had to do. The easiest path they told us about? Student loans! That way you won't have to work while you go to college and can focus on your studies! Sure there's some grant money and scholarship money you should apply for but those likely won't cover all the costs like student loans would! This is where I imagine the Luther's of the world doing the most damage.

I can't remember. If a high school senior was 18 did their parents even have to sign on student loan paperwork?
 
  • Like
Reactions: BreatheUT
#349
#349
Long story but I did hear an idea for loan forgiveness in the UK. If you start a business and that business employs 10 people for at least 5 years, you can have your loans forgiven. I would go for something like that. Working in Starbux doesn't count.
 
#350
#350
TheDeeble said:
It wouldn't surprise me at all. Schools pushed the college requirement on everyone and advocated students go no matter what they had to do. The easiest path they told us about? Student loans! That way you won't have to work while you go to college and can focus on your studies! Sure there's some grant money and scholarship money you should apply for but those likely won't cover all the costs like student loans would! This is where I imagine the Luther's of the world doing the most damage.

I can't remember. If a high school senior was 18 did their parents even have to sign on student loan paperwork?
Click to expand...

I can't remember that far back either, but I don't remember having to go back to my mom every year for signatures. It possibly depended on where you parents were on the income bracket, etc.
 
New posts
You must log in or register to reply here.

VN Store



Back
Top