Forgive Student Loans?

[ButchPlz]

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.

This is precisely what I was saying about the degree simply being a ticket to play the game. It's a barrier to entry for certain lifestyles, whether anybody agrees with that or not. There are, as I said, infinite choices to avoid buying that ticket, and that ticket does not guarantee anything. There's still effort involved. At the end of the day this is simply people having to pay off other peoples' crappy life choices.

It's like thinking buying a ticket to a Tennessee game guarantees a UT win, or some other satisfaction. It's simply a seat at the table.

 

[volinbham]

There is no interest accruing at the moment

to the borrower

presumably the money the government used to fund the loan was borrowed

 

[Orangeburst]

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

Is that reasonable IYO? I guess when they factor in 25 years of possible repayments not knowing what the future holds it is reasonable, but double home mortgage rates.

 

[OHvol40]

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.

Right, but that’s not what people are whining about.

 

[volinbham]

Is that reasonable IYO? I guess when they factor in 25 years of possible repayments not knowing what the future holds it is reasonable, but double home mortgage rates.

actually right inline with mortgage rates currently

given there is no collateral true interest pricing should be higher than mortgages - even more when you factor in the the planned default on at least some part of the principle.

 

[82_VOL_83]

Right, but that’s not what people are whining about.

And it's literally what I said in my next comment.

 

[Orangeburst]

actually right inline with mortgage rates currently

given there is no collateral true interest pricing should be higher than mortgages - even more when you factor in the the planned default on at least some part of the principle.

Very good point

 

[82_VOL_83]

Right, but that’s not what people are whining about.

It's not? What are they whining about?

 

[Rickyvol77]

Nobody likes paying for dumbasses, but what they like even less is seeing P'sOS getting rich by taking advantage of dumbasses.

I would have thought you understood at least a few of my posts.....I've always had a tendency to overestimate.

I thought you supported blm? They got rich taking advantages of dumbasses.

 

[JOEY’S ALL VOL !!!]

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

Government backed, unsecured and higher interest rates than many mortgages (all of mine), what a recipe for disaster. The government literally f***s up everything they touch.

 

[82_VOL_83]

I would agree to allow forgiveness of a lot of this debt if the government would immediately stop backing the loans. Put student loans back in the private sector... as well as mortgages.

 

[82_VOL_83]

Nobody likes paying for dumbasses, but what they like even less is seeing P'sOS getting rich by taking advantage of dumbasses.

I would have thought you understood at least a few of my posts.....I've always had a tendency to overestimate my intelligence.

 

[volfanhill]

Right, but that’s not what people are whining about.

People are whining about people getting 10-20k in loan forgiveness.

 

[Orangeburst]

I am gonna go all Stacey Abrams on my only CC..well actually for her she had to have a dozen or so.
Do some politicking and if successful be living like Oprah or the BLM founders.
Now that is a true scandal.

 

[C-south]

What do you mean? I wasn’t clear? I’m consistently seeing whining on here about “gender studies” degrees. I provided information about the actual degrees that have been conferred 2005-2017. I would like anyone who is whining about “worthless degrees” to reconcile this position or discuss this information.

I guess they didn’t take a finance class because you’re saying they should be able to pay back their loan. If they can’t then obviously they have s**tty degrees or they’re morons….maybe both.

 

[C-south]

This is precisely what I was saying about the degree simply being a ticket to play the game. It's a barrier to entry for certain lifestyles, whether anybody agrees with that or not. There are, as I said, infinite choices to avoid buying that ticket, and that ticket does not guarantee anything. There's still effort involved. At the end of the day this is simply people having to pay off other peoples' crappy life choices.

It's like thinking buying a ticket to a Tennessee game guarantees a UT win, or some other satisfaction. It's simply a seat at the table.

You can have 5 people with the same degree with only one being able to actually apply what they learned and be successful. The rest have a fancy piece of paper and cry about a loan they don’t want to pay back.

 

[Orangeburst]

There is a common theme..Most that get lower degrees, are not applied in the actual field one pursues.
An average Criminal Justice degree pays $40K per year..my PS degree is even less worthless.
Just shows commitment and propensity to learn..so you take a low paying job with potential advancement and go. It is a gamble just like everything else in life.
You get a worthless or low paying degree, but pay the same tuition as much higher paying degrees and more assured success to repay the loan.

 

[allvol123]

Over the last decade + I have seen MBAs duck up more good deals and business relationships than be beneficial to their employers. When I see MBA on someone’s signature line my first thought is “working with this guy is going to suck”.

I have my MBA and would be wary of any guy putting that in his signature line.

 

[Orangeburst]

I have my MBA and would be wary of any guy putting that in his signature line.

You went to Montgomery Bell Academy?

 

[allvol123]

You went to Montgomery Bell Academy?

No, MVHS. It is a long way from there in more ways than one.

 

[volinbham]

People are whining about people getting 10-20k in loan forgiveness.

If the fixed the other stuff I wouldn't complain much about the forgiveness

 

[hog88]

My company thought that they needed new ideas once upon a time, and they hired a dozen or so Harvard MBA's and gave them enormous pay grades to bring an old stodgy manufacturing company in the modern world. They distributed them around the world at larger manufacturing facilities and gave them virtually unlimited authority to change things. I don't think a single one made it a year before they all quit, or the company would have filed for bankruptcy.

We had a preventative maintenance agreement with one our clients for almost 20 years zero stormwater or discharge violations over the last 12-15 years. New CEO brings in a bunch of MBAs to maximize profits and increase productivity over their 300+ stores. 2nd year after scrapping our PM agreement over a million in fines in TX alone. NY shuttered a store over noncompliance.

 

[Carl Pickens]

First reply to his idiotic tweet says it all

This is incredibly stupid. Even for you

 

[evillawyer]

Now the WH is dunking on MTG.

 

[volinbham]

we'll need to see the details but the "this will free up disposable income" argument only works if 1) the 10/20K discharges enough of the debt OR 2) the 5% minimum is implemented.

If I owe 50K and make 60K I'm currently paying 500/mo. At 40K I'm likely still paying 500/mo because that is based on the 10% minimum.

The 5% minimum is the real kicker and the one that seems to add the most long term costs since many more loans will not be retired by 20 years