Student Loan question

[Rams]

I've got my own feelings on this but, thought I'd ask your's.
I would also ask that if you have an opinion, feel free to explain it in a posting.

Edited:  Admin, feel free to move this to PaM if you feel it's necessary.   After posting it, I thought it could turn ugly but, believe we should be able to keep it within the "Rules of the Road".

Rams

[Serk]

This is stealing from those who couldn't or wouldn't go to college to pay for those who are, theoretically better off than them and completely immoral and evil...

(And I say that as someone would financially benefit quite a bit from this, although this wouldn't even pay the spousal unit's student loan debt down by 1/2.)

[Rams]

Having paid for my own college education and helped my fiance (at the time) pay for hers then, helping pay off my wife's student loans and helping both my kids with their education financials.  

My only question is, if each person currently owing on a student loan gets $50K worth of relief, will I get that much credit for each of the loans I paid off.  Show me the money!!

That's enough for this post.  

Rams

[scooperhsd]

Agree with Serk's first line - The wife and me both paid off our student loans a LONG TIME AGO.

[..]

Live by the loan

Die by the loan

[Jess from VA]

First, tell me how this isn't just buying votes at taxpayer expense?

Second, what other justifiable reason is there for it?  

Instead of 50K per student loan, I propose they buy each law abiding citizen an AR 15.  (except we won't vote for them anyway)

I paid mine off (all $5K) 30 years ago.  Can I get a rebate?  With interest?

How about they just make a big pile of 50 billion on the national mall and burn it (in tribute to liberal insanity)?  With singing and dancing and pageantry. 

[Jersey mike]

This loan forgiveness is not for private loans, these are for federal student loans only.

All three of our children have both private and federal loans. It’s a decision we made for their benefits as a point of building their credit. We’ve been helping out all along from the very first year when our son began college and now we have our youngest in her junior year.

So far their credit scores are in great shape and things are moving along well.

As for the idea of being for or against, we are against the idea of loan forgiveness. However, if this does pass it’s something that we will not pass up.

I know President Biden supports a $10k forgiveness but others are pushing for the $50k program.

[Bighead]

 we are against the idea of loan forgiveness. However, if this does pass it’s something that we will not pass up.

You or your kids will be paying for it either way. Not fair for people to pay for other education in this way. IMHO

[RP#62]

Although I would stand to benefit as well, to me, it would be a slap in the face to all those who did without and scrimped and saved to meet their obligations.  Its another example of rewarding bad behavior.

-RP

[semo97]

Not just no but hell no. You took out the loan you pay it back. That is part of growing up and having responsibility suck it up buttercups. I did not have the money to put my kids through college, even if I had I would not have done it. They new it from the beginning and they all have degrees and are doing just fine.

[Moonshot_1]

The Biden Family Enterprises have probably amassed enough money over the years to pay off everyone's student loans. So I'd be for it.

Whoa, you mean with taxpayer dollars? Well, the Bidens are professionals when it comes to paying off things, but I'd be opposed to them using taxpayer dollars.

[sandy]

I had heard that applied to Federal loans, not private loans. It’s correct it’s to buy votes, like freeing illegals and welfare for the poor. It’s about maintaining power “over” the country.

[oldsmokey]

If professors teach for free and the institution opens its doors for free, so be it.

Just don't put it on my tax bill.

[Rams]

I had heard that applied to Federal loans, not private loans. It’s correct it’s to buy votes, like freeing illegals and welfare for the poor. It’s about maintaining power “over” the country.

Honestly, I don't give a rat's ass what kind of loan it is.   All it amounts to is buying votes at our expense.   Yeah, this one ticks me off.

Rams 

[Crackerborn]

Is the fed going to forgive my student debt? I never once used the Chemistry BA i received. I might still have the the receipts since I paid as I went, i.e., no debt.

Maybe that should be the standard, pay as you go or get a scholarship, no loans. Then we can quit dumbing down the educational system. (At least above secondary level.)          

[Oss]

One can join the military and get $ for college, or get a job and a benefit may be tuition

I paid my loans off at the 7% interest rate in 10 years. 

Fortunately I was able to pay the kids college tuition. Just made it a condition they pull at least a 3.3 average  B+   They all did it and are doing well...

[Jess from VA]

I'm not certain on the specifics (and not looking it up) but I think it's not federal or private school loans...... it's federally guaranteed loans, which might be either govt or private.

I believe it's the same deal as a VA guaranteed home loan, which I used (no money down).  The loan was private, but federally guaranteed (a certain percentage is, not the whole thing, to make the private lender feel better about the risk).  I paid off the private lenders (refinanced 3 times), so no lender ever had to ask payment of the federal guarantee (that travels with the refi's).

Besides buying votes, I also see this as the G underwriting the (highly overpriced) national university system as a whole; to prop up and support the system that turns out all the socialist, woke, politically correct, entitled brats that love democrats and their socialism (that all their teachers/teachers unions rave about).  Some students may not turn out this way, but the majority turn out exactly this way.  It's an investment in future democrats, and they buy them young, and hope to keep them for life.  

And any forgiveness buys them with OUR money.    

[cookiedough]

I could see a tad bit of student loan forgiveness based upon NEED not a handout to all and only say 10-15K NO way 50K.    Say if you make under 20 hr and your savings, etc. is under say 10K then yah, forgiveness will help them.  But, someone making 25hr or more, for example, and has 30K saved up no forgiveness.

[f6gal]

It is blatant theft, pure and simple. There are groups that are now refusing to pay their obligation, in an effort to pressure Biden to pass debt forgiveness, one such group is "Biden Jubilee 100" (isn't that special?).  Sounds kinda like extortion, doesn't it?

Additionally, people who were trying to be responsible and refinanced their loans, thereby combining them for lower interest and payments, would be ineligible for forgiveness.  Most of the refinanced loans are federally insured private loans, not federal loans.  So, again, punishing people who do right.  

BTW, Serk, some lawmakers have also singled out borrowers with graduate degrees as undeserving of student loan forgiveness.  I'm guessing that would eliminate the SU?  

I, too, could possibly benefit (depending on restrictions), but that doesn't make it right or lead me toward agreeing.  Actually, just the opposite.

[old2soon]

        I M H O they are TRYING very Hard to put the U S of A in the SAME EXACT boat most if not All the democrat run cities are in. And as Most of us here KNOW those cities as a boat Are taking om water FASTER than they can pump it out. Again I M H O dismantling More of AMERICA. RIDE SAFE.

[Rams]

I could see a tad bit of student loan forgiveness based upon NEED not a handout to all and only say 10-15K NO way 50K.    Say if you make under 20 hr and your savings, etc. is under say 10K then yah, forgiveness will help them.  But, someone making 25hr or more, for example, and has 30K saved up no forgiveness.

The only type of student loan I might lean toward forgiving (even partially) would be to someone that went into a field that was desperately needed as in loans to student nurses (as an example).   Even that is debatable.   Nurses are paid pretty well compared to many skilled workers but, they are in need now.  
And, that would only be after they had worked in that field for several years.  If, they were current on their student loan payments.

Rams

[hubcapsc]

I wish the poll had a "who cares?"... it looks like as long as progressives
are in power it's like being in WWII anyhow...



-Mike

[Rams]

I wish the poll had a "who cares?"... it looks like as long as progressives
are in power it's like being in WWII anyhow...

-Mike

It should now.

Just for you. 

Rams

[G-Man]

I could see a tad bit of student loan forgiveness based upon NEED not a handout to all and only say 10-15K NO way 50K.    Say if you make under 20 hr and your savings, etc. is under say 10K then yah, forgiveness will help them.  But, someone making 25hr or more, for example, and has 30K saved up no forgiveness.

The only type of student loan I might lean toward forgiving (even partially) would be to someone that went into a field that was desperately needed as in loans to student nurses (as an example).   Even that is debatable.   Nurses are paid pretty well compared to many skilled workers but, they are in need now.  
And, that would only be after they had worked in that field for several years.  If, they were current on their student loan payments.

Rams

The Military has something like that.  When I was contemplating medical school, the cost scared the crap out of me.  If I had joined the military with a college degree, one of the branches would have paid for my med school tuition and even provide a stipend for expenses.  In return, I would have had to serve wherever they sent me for the same amount of years that they paid for.  So, 4 years in an underserved area and then no debt, what an amazing deal.  And of course, my ex-wife refused to take that deal because a 4 year sacrifice would have been too much for her heinous.

[G-Man]

The average student loan debt is the price of an average car.  And you get 1000 years to pay it off, not 5.  The average college student will make 1,000,000 more than the average high school graduate with no further degrees.

The cost of a car is not such a terrible investment into one's own future.  And where else can you turn 30,000 into 1,000,000.

More democrat redistribution UP the ladder.

In 1996, I graduated with $140,000 in one consolidated loan that was stuck at 7% for the life of the loan.  In the beginning, when I wasn't making that much I went on an income contingency program where they payment was based on what I made.  As I made more, the payments increased until they reached the payment amount of a "regular" loan.  Crappy thing was, even though I was making payments every month, the loan amount kept increasing because the monthly interest was higher than my payments.  Had this Biden money been offered to me back then, I would have taken it, too. 

[OnaWingandaPrayer]

Debt forgiveness / free college , it's all a way to get 4 more years of corruption packed into the young skulls and train them in the ways of socialism.
Should I be forced to help pay for their indoctrination? I think not.

 But hey it will happen , and your grandchildren and mine will have the bill hung around their necks .One day the collection agency will come to America.

[Reb]

Free college?
Join the military

Seriously though... it always boggles my mind that politicians are fast with debt forgiveness speeches. They never go after the root cause of the issue and ask why does college cost so much in the first place.

[Patrick]

I guess its all been said. To me its just more welfare.

If one takes out a loan for anything, keep your backside in gear and pay it off. When it comes to college loans they all seem to be at a low interest anyway.

Just like many others, I paid mine off [ at 6%]

[Jersey mike]

 we are against the idea of loan forgiveness. However, if this does pass it’s something that we will not pass up.

You or your kids will be paying for it either way. Not fair for people to pay for other education in this way. IMHO

No it’s not fair for education to be paid for in this way. With the grades my kids got in HS they could have gone to our local community college for free but it wasn’t what they wanted.

Our kids did get scholarships which covered about 50% for each one, 2 were valedictorians and my youngest was 6th in her class. Our oldest 2 went out of state and our youngest is at a private university here in NJ.

Added: all 3 of the kids applied for scholarships “until their fingers bled” but because of our income and lack of debt were ineligible for many.

Housing was a huge number for tuition. As far as right or wrong we look at it this way, if it’s offered we’re not going to refuse it. If it doesn’t come to fruition then we will continue on with how things are going currently. Barbara and I are walking them through these processes of loans and we “control” the accounts.

Our opinion with this is the same as it was with COVID relief, this country has dumped so much money into foreign aid it’s time to recoup money our immediate families have cumulatively dumped “into the system” over the decades which will never be recouped such as unemployment and SSI. I’ve read many times a person paying into SSI will never live long enough to “earn back” the lifetime of money paid into the system. Yes, UI benefits are a state program but it’s still money taken largely for the benefit of others and “in case” we ever needed it and are only entitled to xx # of weeks no matter how long you’ve been paying into the system.

[bassman]

I'm not a tax expert but maybe someone here can enlighten me....isn't "loan forgiveness" considered "income"  to be reported on your 1040 and perhaps state as well?  This could put the recipient in a higher tax bracket?

[The emperor has no clothes]

I think “student loan” forgiveness is STUPID ! But I also find it telling how many have no problem with other “loan forgiveness”. When people rack up debt, be it credit card or other, and then file bankruptcy we are in essence picking up their debt. I suspect this alone might dwarf the student loan debt.

[Rams]

Well, according to this poll, it's not even close so, my prediction is the Left will find a way to "forgive" some amount of student loan that the rest of us will end up paying for.   

Just remember, we get the government we deserve.

Rams

[Robert]

I don't believe in student loan forgiveness but I don't believe in ruining someones life trying to collect it either.

 Since the government cannot collect student loans they contracted that out to an independent collection agencies. The laws are written in favor of the government and they are greater than collecting a regular debt. So the collection agencies can be particularly aggressive in its collection efforts.

I understand plans go off the tracks for some and also understand that some are pushed into college without the full knowledge or the ability to plan things out.

By doing this and then shoving it over to a regular collection agency with added penalties it puts on some a burden that they should not have.

I would like to see the debt acknowledged and then paid off over maybe a longer period of time. I would also like to see the credit report reflect that they owe the debt and yet are paying it off without the stigma of a totally wrecked credit. I would like to see it never go away on a credit report either until its paid. There could also be the typical levied any tax return benefit due and other remedies that would collect the debt but not totally discourage and demoralize the debtors. Maybe even credit counseling classes if you dont pay would be enough of an annoyance and help to make better decisions. Of course if the rules are not followed or there is no other way to collect it then drop the hammer.

I would not like the agencies to have the ability to levy a bank account until its been proven over a longer period of time without communication or by various reports that the person is in fact just plain dodging the debt.

I have made enough mistakes to know that having one more on top of trying to sort things out is not easy and infact could crush many or our snowflakes. I would not like to see this even though I personally paid for all my schooling and all I had to do. I worked while in school and completed my education at night and paid for my college. No one helped me, but I have seen other parents struggle with their kids debt.

I would also like to see a program that if a student does great on his grades and attendance and gets a job right away they are rewarded in some fashion.

Also technical training and taxing the schools that tell students and people the only way to have a life is to go to school is a lie. So they are trying to boost their income so they should be made to pay.

[Jersey mike]

Well, according to this poll, it's not even close so, my prediction is the Left will find a way to "forgive" some amount of student loan that the rest of us will end up paying for.   

Just remember, we get the government we deserve.

Rams

Barbara and I discussed this a couple weeks ago. President Biden has said he supports a $10,000 relief and others are pushing for $50,000, it will be about the negotiation. $10k will not be enough and $50k will be too high. If the process moves through the House it may end up in the $30k range. However, if it does make it through The House at $50k the Senate will most likely vote yes and President Biden will sign. We just have to wait and see.

[old2soon]

         SAME cursed question I had on the first stimulis check and this loan crap forgiveness-WHERE is this money coming from? Thinkin here we iz Already future mortgaged thru 2550 as of NOW! Might even be further into the future than I've stated. RIDE SAFE.

[98valk]

now u know the community organizers in the cities are helping many/all to apply for new loans, telling them this is part of your reparations and remember what party gave u this when u vote.

[Serk]

I think “student loan” forgiveness is STUPID ! But I also find it telling how many have no problem with other “loan forgiveness”. When people rack up debt, be it credit card or other, and then file bankruptcy we are in essence picking up their debt. I suspect this alone might dwarf the student loan debt.

Not quite the same, first there are multiple types of bankruptcies, I believe there are more Chapter 11-13 (Restructuring of debt with payback) than there are Chapter 7 (Total liquidation), as well even in a Chapter 7 bankruptcy, it's the lenders who lose out, not the taxpayers...

[The emperor has no clothes]

I think “student loan” forgiveness is STUPID ! But I also find it telling how many have no problem with other “loan forgiveness”. When people rack up debt, be it credit card or other, and then file bankruptcy we are in essence picking up their debt. I suspect this alone might dwarf the student loan debt.

Not quite the same, first there are multiple types of bankruptcies, I believe there are more Chapter 11-13 (Restructuring of debt with payback) than there are Chapter 7 (Total liquidation), as well even in a Chapter 7 bankruptcy, it's the lenders who lose out, not the taxpayers...

No, it’s not exactly the same. The taxpayers do lose in many ways though, along with private companies. The concept I was trying to convey is that many are ok with debt relief in other forms.

[f6gal]

I think “student loan” forgiveness is STUPID ! But I also find it telling how many have no problem with other “loan forgiveness”. When people rack up debt, be it credit card or other, and then file bankruptcy we are in essence picking up their debt. I suspect this alone might dwarf the student loan debt.

Not quite the same, first there are multiple types of bankruptcies, I believe there are more Chapter 11-13 (Restructuring of debt with payback) than there are Chapter 7 (Total liquidation), as well even in a Chapter 7 bankruptcy, it's the lenders who lose out, not the taxpayers...

No, it’s not exactly the same. The taxpayers do lose in many ways though, along with private companies. The concept I was trying to convey is that many are ok with debt relief in other forms.

I started to respond to this, but I can't right now.  BigBF's death has me floored.  My usual low threshold for nonsense is even lower today. 

[Rams]

I think “student loan” forgiveness is STUPID ! But I also find it telling how many have no problem with other “loan forgiveness”. When people rack up debt, be it credit card or other, and then file bankruptcy we are in essence picking up their debt. I suspect this alone might dwarf the student loan debt.

Not quite the same, first there are multiple types of bankruptcies, I believe there are more Chapter 11-13 (Restructuring of debt with payback) than there are Chapter 7 (Total liquidation), as well even in a Chapter 7 bankruptcy, it's the lenders who lose out, not the taxpayers...

No, it’s not exactly the same. The taxpayers do lose in many ways though, along with private companies. The concept I was trying to convey is that many are ok with debt relief in other forms.

I started to respond to this, but I can't right now.  BigBF's death has me floored.  My usual low threshold for nonsense is even lower today.  

Connie,
I am also floored by this.  Bill and I have been discussing him being at my place for the Mississippi Madness Meet, Greet and Eat.   Similar to what he did at my Kentucky home a few years ago.   He was looking forward to coming if he could work it out.

The only thing that keeps me going right now through the shock and sadness is I know there won’t be a broken Valkyrie in Valhalla now.

Rams