Forgive Student Loans?

[Orangeburst]

Do you have a link to this link? Need to be doubly assured.

 

[SpaceCoastVol]

Who was offended? You must be talking about Spacecoast.

You are offensive

 

[GordonC]

always preferred the patties

 

[Orangeburst]

Another tweet we won't see from EL since it doesn't make a tortured analogy to own the Rs

Rattner...Crafter of Obamanomics..lol

 

[Orangeburst]

always preferred the patties

View attachment 483536

You are not a very loving person..

 

[GordonC]

You are not a very loving person..

View attachment 483537

 

[LouderVol]

Getting butthurt about debt relief because people didn’t go back in time and give you the same relief is what’s stupid. I’ve been paying off loans too, I would never be the type of dickhead to get mad because others don’t have to

How about getting mad because your debt load just got increased by someone else, and it is directly impacting your life through inflation?

 

[82_VOL_83]

Is the GI Bill a handout? Absolutely Not
Is having your debt forgiven after working 10 years in a certain field a handout? Absolutely

 

[82_VOL_83]

Are you going to apply to let the rest of us pay off the balance of your loans?

Or why doesn't he pay more to help service the loans that he is OK forgiving?

 

[Orangeburst]

And this is why modern society is breaking down.
Expecting to be bailed out is not a recipe for successful and personally responsible society.

 

[volinbham]

So if I understand correctly part of the proposal is to limit annual payments to 5% of your income (down from 10% currently).

If you borrowed 55K and made 75K a year (6% interest loan) - after 20 years when the loan is discharged you will have only paid about 16K and the government (we) would eat about 39K.

Compare that to the current model of 10% and you pay of the loan in just under 10 years.

Even if you make 100K/yr under the new model the break even is around 59K in loans - anything over that and you aren't going to be paying it off.

The upshot? Might as well borrow as much as you once you hit a certain # since your payment doesn't change (unless your income does) and you won't have to pay the additional amount.

Talk about perverse incentives - what a fiasco

 

[volfanhill]

I worked 40 hours a week when I was in school too. That money didn't pay for school because I was living on my own. I'm glad your degree got you a good job, you just need to understand we aren't all as fortune. My degree is in Criminal Justice and I chose not to work in the field. Wish I could give it back for a refund but thats not how it works unfortunately.

I still don't understand why you made up the "default" bs. I've been paying on my loans for almost 10 years and I intend to pay another 15, after that the balance is forgiven. I'm on an IBR plan so I dont really have a problem making the payment. So FOH with your made up default bs.

So you just continually double down by making bad decisions on top of bad decisions? You chose a degree you don't want so you have the debt you have. Bad decision one. You chose a field field that appears to make it challenging for you to pay your debt off.
You aren't in your position bc you aren't "fortunate." You are in your position bc you keep making ****** decisions.

 

[Orangeburst]

So if I understand correctly part of the proposal is to limit annual payments to 5% of your income (down from 10% currently).

If you borrowed 55K and made 75K a year (6% interest loan) - after 20 years when the loan is discharged you will have only paid about 16K and the government (we) would eat about 39K.

Compare that to the current model of 10% and you pay of the loan in just under 10 years.

The upshot? Might as well borrow as much as you once you hit a certain # since your payment doesn't change (unless your income does) and you won't have to pay the additional amount.

Talk about perverse incentives - what a fiasco

Is 6% the typical rate?

 

[OHvol40]

How many of those are unemployed and not paying back their loans?

I don’t know, do you? But hey, why don’t we stay on subject here. How many “worthless degrees” are out there, in your opinion?

 

[82_VOL_83]

kind of like the executive branch pretending like we are still in a state of emergency. Doing wrong is wrong.

Not in the context of the question or the post that the question was posed to. I fully agree that doing wrong is wrong but capitalism is immoral in it's very definition. It is the selling of something at a profit predicated by the given market. It is his .gov holding open an endless wallet that is the cause of our debate right now. No government backing, no student loan issues.

 

[NashVol11]

Then do it.

No upside to doing so while payments are paused, time value of money and all that

 

[NashVol11]

So you like wasting money paying interest?

There is no interest accruing at the moment

 

[OHvol40]

Sorry, I don't qualify gender studies into the degree of examples to move the country forward. So you're asking me to comment on a stance in regards to handouts across the board. Medical degree or engineering degree is greater than a gender studies degree, so don't act like the pearls got tight.

So, look at the information plainly laid in front of you (twice) and tell me how many degrees were worthless in your opinion.

 

[82_VOL_83]

I don’t know, do you? But hey, why don’t we stay on subject here. How many “worthless degrees” are out there, in your opinion?

I didn't blow it up and study it. However, the crux of the argument is that of inability to repay loan debt for a degree. You showed me how many degrees there were, I asked you how many of those degrees are servicing their debt. Your chart does not an argument make. It's only half of it.

 

[volfanhill]

I don’t know, do you? But hey, why don’t we stay on subject here. How many “worthless degrees” are out there, in your opinion?

Any degree is potentially worthless. The calculation is can you get a job in your field of study to pay off the loan and live your life. If you can't then you got a worthless degree.

 

[volinbham]

Another scenario - borrow 50K at 6% for UG degree and get a job paying 50K (not bad). Under the new rules you won't even be required to cover all the interest and the entire 50K plus unpaid interest is on the tax payer dime.

 

[82_VOL_83]

I don’t know, do you? But hey, why don’t we stay on subject here. How many “worthless degrees” are out there, in your opinion?

Any degree is potentially worthless. The calculation is can you get a job in your field of study to pay off the loan and live your life. If you can't then you got a worthless degree.

A more elegant answer than I was prepared to give but literally all of them until you have a job that can pay your loan back.

 

[utvolpj]

There is no interest accruing at the moment

Oh yeah. Another govt handout

 

[volinbham]

Is 6% the typical rate?

looks like it's 5 now for UG and 6.5 for G. 7.5 for PLUS

I presume the increasing Fed rate will increase this unless we also going to subsidize these loans further

 

[OHvol40]

I didn't blow it up and study it. However, the crux of the argument is that of inability to repay loan debt for a degree. You showed me how many degrees there were, I asked you how many of those degrees are servicing their debt. Your chart does not an argument make. It's only half of it.

I’m not making an argument. I’m observing a whole lot of bubbas complain about worthless degrees. So, I provided the information about degrees and asked for a clarification/discussion as to which degrees ACTUALLY CONFERRED are worthless, Starbucks barista degrees. Nobody seems to want to have that simple discussion, which is telling. Self-reflection in the face of contradictory facts is hard.