A good thing, Trump cancels student loan debt for disabled vets.

[Robert]

I have noticed that vets are being treated terribly in some cases when they get out. It was nice to see some help for them in a small way. More still needs to be done but at least its a start.


"It was my honor to sign a Presidential Memorandum facilitating the cancellation of student loan debt for 25K of our most severely disabled Veterans. With today’s order, we express the everlasting love & loyalty of a truly grateful Nation. God bless our Vets, & God Bless America!"

[Jess from VA]

I agree.

It's not like they ought to be offsetting VA (subsistence) disability to pay student loans.

All able bodied (including mild to moderately but employable disabled) people should pay theirs.  (or we should stop making loans)

This only applies to those with permanent and total disability, and already existed except they had to apply for it.  The problem is, certain states call this taxable income for state tax purposes (guess which states?), and lump sum forgiveness means lump sum income.   

Even though I qualified to delay my student debt during active military service, I paid mine off completely during service (while I had a job).  Though mine was peanuts compared to the average debt today.

[G-Man]

My loans were half a nice house here in NY, 2 houses everywhere else.  I paid every penny.  I had to start out on the income contingency program and at 7% interest, my payment didn't even cover the interest every month and even though I was sending religiously, the loan kept increasing.  As I made more, I paid more.  I also took shape-up jobs at the driving for the NY Times on Fri and Sat nights and sent everything I made.  Took me a solid 10 years to pay it off. 

Worth it?  I guess so.  I have no debt at all except car loans.  Retirement accounts are humming along.  Stable income and home life.  Both kids had best education available an WANT FOR NOTHING.  And I can loose a few hands to OSS every once in a while without Cheryl getting mad.

This was MY path.  I didn't know another way.  I knew nothing of running a business, so a professional education seemed the way to go.  Get a good job and let someone else handle the business.

The Average student loan debt is $35,000.  That's not too terrible of an investment into one's OWN future.  Kids just have to start choosing majors with the goal of a career at the end, not personal enjoyment for the 4 years they are borrowing money for.

[scooperhsd]

I got my student loans paid off during my time in the service as well, took a couple years deferment at first (O-1 pay was not that great).

[Skinhead]

I went to college after my military service ended.  I was married, and my eldest son was born my Jr. year in school.  I started my first semester working full time and was overwhelmed.  I quit my full time job, and worked part time while in school.  I graduated with $10,000 debt in student loans.  Paid it off in 10 years at $120/month.  I don't support student loan forgiveness, except in the case of disabled VETS.  Slackers should be required to pay double if they default.  Why are student loans any different than any other loan you take out?   Also, why is the government in charge of the loans, and why are they at such a high interest rate, especially when compared with the interest paid on savings accounts?

[G-Man]

I seem to recall that the wonderful ACA had something about student loans in it.  That ACA has snaked its way into so many things and it didn't even cover the 30 million it was supposed to take care.  8 years later and healthcare is still the number one issue,......for the democrat candidates.

[hubcapsc]

I went to college after my military service ended.  I was married, and my eldest son was born my Jr. year in school.  I started my first semester working full time and was overwhelmed.  I quit my full time job, and worked part time while in school.  I graduated with $10,000 debt in student loans.  Paid it off in 10 years at $120/month.  I don't support student loan forgiveness, except in the case of disabled VETS.  Slackers should be required to pay double if they default.  Why are student loans any different than any other loan you take out?   Also, why is the government in charge of the loans, and why are they at such a high interest rate, especially when compared with the interest paid on savings accounts?

Here's an opinion about the student loan racket...

https://www.prageru.com/video/game-of-loans/

All I know is that college has become CRAZY expensive since I was there...

-Mike

[Oss]

Happy that those vets have one less worry in their lives
Hope the states follow suit so they dont get taxed on what they dont have to pay

My first year of college in SUNY Buffalo I had a Regents Scholarship which I earned
by busting my ass,  It paid 250 of the 350 tuition each semester for the 1st year then NYS got rid of it because we were no longer lower class (my dad had a halfway decent year)  We all worked.

When I was in school there were kids there on entitlement grants who partied all the time, smoked and drank and got arrested often. It took a year or so for most to flunk out.  My understanding is they never had any debt. 

I always thought trade schools should be an honorable and clear path and students should be encouraged to at least see if they had aptitude while in HS.  We need people in so many trades really badly.  We also need more engineers.

Just spending tens or hundreds of thousands on 4 yr of parties is stupid IMHO

Like others it took me 10 yrs to pay off 2 yrs of college loans and 3 yrs of law school.

I dont mind paying a buck or whatever more to help a disabled veteran and hope nobody else does

[Jess from VA]

Evan, Vietnam was not done when I started school (2 more years of draft).

My undergrad State university made the Playboy top ten party schools, the year before I started (that was not why I chose it).

The partying and flunking out was going on big time at this school (esp the frats and sororities).

BUT, it was only around $300 a semester for tuition full time (not including room and board and books).

Back in those days (before the 2S student deferment went away), I could never understand flunking out from partying and no studying, when a one year vacation to Vietnam might be your consolation prize.  The beer and weed and girls were good, but not that good. 

Though the 2S went away about 18 months later.

I think the only debt for school in those particular days was to parents.  (excluding Harvard, et al)

Later when law school jumped up to $1000 a semester (and books were a LOT more expensive), I was really pissed off.  Today, I guess that would be a bargain. 

If I had to do it all over again today, I think I'd be a plumber or electrician.  I got a decent education in my day, but it was not worth $100-200K then (or now, I think). 

I didn't really get to start my economic life until 29.  By then (starting at 18), my tradesman brother had 10 years of solid earnings. 

[Rams]

While I support the thought, I would think (no, I haven't researched it) that Veteran Student Loan Debt would be pretty small.   I used the GI Bill to finish college, I would assume that most Vets do.   
Would I be incorrect in this assumption?

Rams 

[The emperor has no clothes]

While I support the thought, I would think (no, I haven't researched it) that Veteran Student Loan Debt would be pretty small.   I used the GI Bill to finish college, I would assume that most Vets do.   
Would I be incorrect in this assumption?

Rams 

Evidently the GI Bill was changed after 9/11. They pay full amount for State Universities, and up to $22k for private colleges. It’s been a long time, but I remember it being they matched you what you saved.
 I’m glad it changed.

[Reb]

While I support the thought, I would think (no, I haven't researched it) that Veteran Student Loan Debt would be pretty small.   I used the GI Bill to finish college, I would assume that most Vets do.   
Would I be incorrect in this assumption?

Rams 

Evidently the GI Bill was changed after 9/11. They pay full amount for State Universities, and up to $22k for private colleges. It’s been a long time, but I remember it being they matched you what you saved.
 I’m glad it changed.

I enlisted in 2005 out of high school. At that time it was still the G.I Bill. I believe it was 2006-2007 when the post 911 bill was fully implemented.

I was discharged in April 2009 and started at my local community college the following fall. Being I was from Illinois, I utilized the Illinois Veterans Grant to cover the cost of schooling, The GI Bill was used for live-off money. As long as I stayed enrolled and kept a GPA above 2.0/4.0 I would receive a monthly check around $1200

When I transferred to Southern Illinois University in 2011, I continued to use these same benefits until they ran out. Since I was grandfathered into the post 911 bill, I was eligible to use it for two more years. The post 911 bill covers the cost of classes, along with a housing allowance. For the area I was living in at the time, I think my monthly housing allowance was around $950/month.

The GI Bill was a basic check you received *for* being enrolled in college. You could use that income for anything

The Post 911 bill funds go directly to the university to cover your expenses, while the housing allowance is direct deposited into your account. The post 911 bill can also be passed down to dependents if a veterans wishes to pass those benefits to his/her offspring. It also has a 19 year limit after service to be used, The GI Bill was somewhat of a use it or lose it after a short time frame when your service has ended.

This was my experience from a decade ago, I'm sure things have further altered.
All together, my BSME cost about $53K - In which I payed out of pocket about $2300 (Most of that expense being parking tickets  )

[The emperor has no clothes]

 
I don't remember the exact details of what was offered while I was in. But as I recall, they encouraged you to save money for college after you were out and they would match that amount. Being as my pay of $120 a week went almost exclusively to personal enjoyment, I never saved a dime. 

I'm happy they have revamped the program. 

[hubcapsc]

Most of that expense being parking tickets

 

Parking on campuses is probably a bigger racket than student loans!

-Mike

[Oldfishguy]

The program during the early 80's was called VEAP (Veterans Education Allowance Program?)  For every $1 the soldier put away the government put away $2 for you.  Up to a maximum of $75 for the soldier.  I put $75 away per month for three years and ended up pulling $225/month while enrolled at college. Any unused money was paid at just what the soldier contributed, not the plus $2.

The problem with this is the soldier had to report this as income when applying for financial aid.  It is hard to say but I feel my grant money was reduced by that amount.  Since one is considered independent status coming out of the military grant money at that time period was quite generous.

The real deal was when on active duty the government paid 75% of tuition and once making E-5 they paid for 90% of my tution.  In 3 years active duty I finished 2 years of college, it was a brutal pace.

The truth is very few of my fellow enlisted soldiers were in school with me at night, it was just to hard to do.  And then after enlistment while a full time college student the next 2 years  I met very, very few former military.  

"Be All That You Can Be", rang true for me.  

[Jess from VA]

Most of that expense being parking tickets

 

Parking on campuses is probably a bigger racket than student loans!

-Mike

Going back 48 years (holy moly), parking on my campus was also a racket.  Very few spots, and like 10 minute meters.  We had one fat campus cop that all he did was give out tickets all day every day, and he was far and away the most hated man on campus.  My run in with him was on move in to my dorm.  I didn't have much, just a partial carload, but had to run it in and up the stairs as fast as I could.  I get back from my last load completely winded and I'm getting a ticket in the 11th minute.  I told him I was going as fast as I could, and asked for a warning, and he hands me the ticket and says.... here's your warning.  He clearly hated the students as much as they hated him.  What a miserable job.

Long term parking (the only free place to park) was way out on north campus, and in freezing winter days, a real pleasant LONG walk.  My van was stolen from that lot my second year (and never recovered); and many cars were being stolen from out there.  By now I was active in student govt and an RA in the dorms, and I wrote a letter to our school paper which they published that called out campus security for not watching our 5-6 thousand cars, and challenged them that I would steal one car a week (later to be returned), just to prove how poorly they were protecting that lot.  Well I got a personal angry visit from our two detectives who threatened me and my RA job.  I told them however understaffed they were, they needed to put one cop in a cruiser out in that lot every night, all night.  It never happened.

A blast from the past.