OT - student loan forgiveness engaged

[Harrydawg]

I have 2 sons who decided go stay an extra year at MSU to get graduate degrees in the past 2-3 years. My wife and I told them that was on them financially and they both got student loans (via MSU) to fund it. It appears that Biden has helped them both today! Luck dogs but I am happy for them although the rest of us will pay for it?.as I read about it I am not sure if graduate degrees are eligible for the $10K forgiveness or not??

[Liverpooldawg]

I have 2 sons who decided go stay an extra year at MSU to get graduate degrees in the past 2-3 years. My wife and I told them that was on them financially and they both got student loans (via MSU) to fund it. It appears that Biden has helped them both today! Luck dogs but I am happy for them although the rest of us will pay for it?.as I read about it I am not sure if graduate degrees are eligible for the $10K forgiveness or not??

Why should those of us who paid every red cent of our loans back and/or worked our way through also have to pay for your son's loans? Why should working people who never went to college and struggle to make ends meet have to pay your son's loans back?

[Homedawg]

Why should those of us who paid every red cent of our loans back and/or worked our way through also have to pay for your son's loans? Why should working people who never went to college and struggle to make ends meet have to pay your son's loans back?

Agree. In before the lock.

[Harrydawg]

Messenger. Not a political thread. I agree but the fact is

[parabrave]

I worked 60 hours a week, joined ROTC and got personal loans, like alot of you to pay my way through college. I want my money back. Wanted to get this in before it gets locked. And to any of these young kids who are bitching about not getting enough relief go find out about the Montgomery GI Bill that will be available to you after you get out of the military.

[trob115]

Wish I could get a refund on all of my student loans that I paid off. Sheesh. Now we all get to pay for these free loans.

[Desoto1967]

Now we need price controls for college costs. They want to put them on medicine and gasoline. Why not college

[MaroonFlounder]

The BILLIONS and BILLIONS of $$$$ going to Ukraine (wartime theater over there) maybe could have gone toward this or infrastructure, but no....we can't help our own people unless they are illegals.

[PGHBulldogBG]

I usually do not comment on non football related posts, but this is a topic that I am very passionate about and feel there is a simple solution that is not being discussed. First off, I am not a democrat and I am not a Republican. I do not believe in party systems or base my opinion on what a party wants so this is coming from a place of non bias. I have worked for 3 different Universities in financial aid over the past 14 years. The student loan system is completely broken, but it can be fixed. I do not believe in broad student loan forgiveness, but I have an alternative solution to help people that would most likely not cause mass chaos. Unfortunately, student loans and how they work are not properly explained across the board and they are way too easy to obtain

First, we start with taking everyone’s student loan principle balance on 12/31/22 and do not apply any future interest to these loans. Let’s say a borrower owes 50K in student loan. We put them on a 360 month payment plan starting June 1 2023 to give them 6 months to find a second job or to save a bit to start paying. Make it just like a mortgage and they pay off the principle balance

Next, the government needs to create an entrance test for all students starting college or starting a new semester after 1/1/23. Before these students can start classes, they need to take a very detailed exam and pass it to prove a thorough understanding in student loans. They should need to know the exact amount of debt they will be accumulating, the exact interest, how compound interest works and have fixed rates so they know exactly how much they will be paying coming out or school. They will also need to realize the added amounts based on the number of classes they fail how that will increase tuition. Colleges should not be allowed to increase tuition once a student begins for that particular student and they should be grandfathered in to the cost that is placed on the entrance test.
L

[Pancho]

Biden simply continuing to further wreck the country.

[Maverick91]

Are you asking that people take personal responsibility for their actions? Novel idea.

All seriousness it?s not good for the country as a whole. Yes it?s nice right now for those that will benefit. But we will all eat the cost of it.

It?s just the degradation of society. People don?t take responsibility for their actions, they want something now that others have, they don?t want to put the work in for it? you name it. It?s a society that is becoming lazy and selfish.

[confucius say]

Should be a fun thread.

[RocketDawg]

Why should those of us who paid every red cent of our loans back and/or worked our way through also have to pay for your son's loans? Why should working people who never went to college and struggle to make ends meet have to pay your son's loans back?

Totally agree. I had student loans at State and paid mine back. Everybody else should as well. And I was a co-op student (which is a good way to pay for school). And Biden's move is even more ridiculous if the person went to an expensive private university. Saw an article earlier from a law professor at Harvard, saying what a godsend it is for his students of the past. Are there any Harvard lawyers that make less than $125,000? Thought it was a good school ....

[AROB44]

Two things....
1. Please explain to me why someone thinks that their neighbor, friends families, and persons they don't even know should pay off their college loans. Should they also pay off your car loan?
2. Penalize the schools the students attended. Back when I had a student loan (the Stone Age, I know), if I didn't pay back my loan, MSU would not have the funds allocated for another student. This was when loans went through the school and funding was from the government, not private sources.

[BeardoMSU]

I'll say this....this move, while I'm sure will help folks in the short term, doesn't really address the problem long term. It's really more of a political stunt. I do like the language on interest accruement, though. That's a step.

The root of the problem rests with the symbiotic relationship between colleges/universities offering degree programs that they know don't lead to jobs, poor academic retention because there are just soooo many kids going to school that have no business being there, and a predatory loan industry that is just fine exploiting the situation.

If MS does one thing right, it's our investment in junior colleges and the support they give kids while there. I didn't go to JC, but plenty of my friends did. Also, the US as a country as failed kids by our total disregard for widespread vocational training; something they do exceptionally well in Europe, btw.

The simple fact is there we're now in a system where kids feel their only option post HS is to "go to college".

Oh, you don't know what you want to do? Don't worry...you'll figure it out while you're there....oh, you never figured it out....tough luck, but here's a mountain of loan debt that you'll still have to pay off despite not finishing your degree.

[PGHBulldogBG]

I'll say this....this move, while I'm sure will help folks in the short term, doesn't really address the problem long term. It's really more of a political stunt. I do like the language on interest accruement, though. That's a step.

The root of the problem rests with the symbiotic relationship between colleges/universities offering degree programs that they know don't lead to jobs, poor academic retention because there are just soooo many kids going to school that have no business being there, and a predatory loan industry that is just fine exploiting the situation.

If MS does one thing right, it's our investment in junior colleges and the support they give kids while there. I didn't go to JC, but plenty of my friends did. Also, the US as a country as failed kids by our total disregard for widespread vocational training; something they do exceptionally well in Europe, btw.

The simple fact is there we're now in a system where kids feel their only option post HS is to "go to college".

Oh, you don't know what you want to do? Don't worry...you'll figure it out while you're there....oh, you never figured it out....tough luck, but here's a mountain of loan debt that you'll still have to pay off despite not finishing your degree.

Yea the interest is the biggest problem. If we just put a stop on interest for these loans that were taken out the issue would not be so wide spread. Student loans have compound interest making it even more difficult to pay. College and Universities may not like it, but moving forward students need to be able to pass a test and understand interest. This is the best way to document it so students can’t come back and say “nobody told me”. Just pull up the test where they answered the questions correctly and have all the information needed right in front of them. Also, we need a smaller cap on the amount of stipends students are taking out. Student loans are supposed to be used for educational expenses not typical for normal bills. Give students 1000/year for Internet, 1000/year for computer and 1000/year for books. They should be working to pay normal bills like rent, water, food, car payments, sewage, gas etc not taking out huge student loans for these things

[starkvegasdawg]

My question is this an ongoing thing? Is this just for the college kids today and the kids going to college in the next 2-3 years SOL? Just trying to see if this is the lucky generation that won the lottery if future college kids will get to piss on personal responsibility, too.

[Quaoarsking]

I think the cap at $10K and $125K income are a great compromise, since it can be targeted to help young working class people who just need a little help in the economy, not the rich or people who spent $200K on a useless humanities major at a fancy private school.

It would have been better to be at least partially retroactive though, maybe in tax credits or something.

[parabrave]

Yea the interest is the biggest problem. If we just put a stop on interest for these loans that were taken out the issue would not be so wide spread. Student loans have compound interest making it even more difficult to pay. College and Universities may not like it, but moving forward students need to be able to pass a test and understand interest. This is the best way to document it so students can’t come back and say “nobody told me”. Just pull up the test where they answered the questions correctly and have all the information needed right in front of them. Also, we need a smaller cap on the amount of stipends students are taking out. Student loans are supposed to be used for educational expenses not typical for normal bills. Give students 1000/year for Internet, 1000/year for computer and 1000/year for books. They should be working to pay normal bills like rent, water, food, car payments, sewage, gas etc not taking out huge student loans for these things

Or do it the old fashioned way, Join the army and get the GI Bill.

[somebodyshotmypaw]

Messenger. Not a political thread. I agree but the fact is

I put myself through college. I've put my son through college. I will put my daughter through college. I helped put your two kids through college as well. You're welcome.

[Quaoarsking]

I put myself through college. I've put my son through college. I will put my daughter through college. I helped put your two kids through college as well. You're welcome.

College is already heavily subsidized without taking tuition into account. We all pay for everybody else.

[somebodyshotmypaw]

Are you asking that people take personal responsibility for their actions? Novel idea.

All seriousness it?s not good for the country as a whole. Yes it?s nice right now for those that will benefit. But we will all eat the cost of it.

It?s just the degradation of society. People don?t take responsibility for their actions, they want something now that others have, they don?t want to put the work in for it? you name it. It?s a society that is becoming lazy and selfish.

Exactly correct. 100% on the mark. We have to teach people to be responsible and fend for themselves. We keeping teaching them to be freeloaders and takers. We are rewarding laziness and entitlement.

[Quaoarsking]

Exactly correct. 100% on the mark. We have to teach people to be responsible and fend for themselves. We keeping teaching them to be freeloaders and takers. We are rewarding laziness and entitlement.

It's only $10,000 for the poor and middle class. If it is were everything for everyone, you would have a point, but it's not.

[Goldendawg]

Forgive me, I thought only the Legislative Branch of our government could approve fund$ to pay for things. This thread gets closed in 5....4....3....2....1.....

[Goldendawg]

It's only $10,000 for the poor and middle class. If it is were everything for everyone, you would have a point, but it's not.

What I've seen, individuals eligible who make up to $125k, couples $250k.

[Quaoarsking]

What I've seen, individuals eligible who make up to $125k, couples $250k.

I think that most people whose salary is $124,999 would consider themselves to be middle class, not rich.

[Maroonthirteen]

Yeah, we shall see what becomes of this big talk by Biden.

I can't find anything that gives any details other $125k for single parents and 250K for couples. How many years does this go back? How many years forward? Can a loan from 2000 when a kid was making 20K a year be forgiven? How about if a parent makes over the threshold, the fasfa ap has said parent on it but the student files their own tax return and made far less than $125?

All these details are going to come out through studentaid.gov but I bet cha there will be a lot of hoops to jump through and most people (even under $125K of annual income) will not qualify. All talk at this point.

[Maroonthirteen]

I usually do not comment on non football related posts, but this is a topic that I am very passionate about and feel there is a simple solution that is not being discussed. First off, I am not a democrat and I am not a Republican. I do not believe in party systems or base my opinion on what a party wants so this is coming from a place of non bias. I have worked for 3 different Universities in financial aid over the past 14 years. The student loan system is completely broken,

L


How long has the GOV stopped giving kids enough loan money to cover the full cost? Kids now a days don't even get enough fasfa loan money to cover the full price of going to school. Usually they get a few thousand and then it is on the parent to take out a directPLUS loan to cover the rest.

It is ridiculous universities can charge 7-8,000 a year for a dorm. Some of which were built in the 1960s or earlier.

[BeardoMSU]

Yeah, we shall see what becomes of this big talk by Biden.

I can't find anything that gives any details other $125k for single parents and 250K for couples. How many years does this go back? How many years forward? Can a loan from 2000 when a kid was making 20K a year be forgiven? How about if a parent makes over the threshold, the fasfa ap has said parent on it but the student files their own tax return and made far less than $125?

All these details are going to come out through studentaid.gov but I bet cha there will be a lot of hoops to jump through and most people (even under $125K of annual income will qualify). All talk at this point.

All good questions.

If I were betting, I'd probably wager it goes to SCOTUS long before any of that matters.

[BeardoMSU]

Forgive me, I thought only the Legislative Branch of our government could approve fund$ to pay for things. This thread gets closed in 5....4....3....2....1.....

Well, to be fair....the previous administration used an EO to pull legislatively appropriated funds out of the DoD budget to pay for border fencing...and that was WITH control of both house and senate.

Not a justification obviously, but its not unprecedented.

[MaroonFlounder]

Well, to be fair....the previous administration used an EO to pull legislatively appropriated funds out of the DoD budget to pay for border fencing...and that was WITH control of both house and senate.

Not a justification obviously, but its not unprecedented.

Yeah, God forbid something be done about the Fentanyl murders and human/child sex trafficking and rapes that are happening because of the disaster at the border.

Are people dying or being violated due to not being able to pay back their student loans?

[CaptainObvious]

I realize all of you guys came out of college making $125,000 a year, but I suspect that is way more rare for those who don?t post on Elitedawgs. Very few graduates start above $60,000 let alone $125,000. This will be an incredible boondoggle. It is a vote buying scheme plain and simple. Now lock her up.

[DownwardDawg]

In......

[BeardoMSU]

Yeah, God forbid something be done about the Fentanyl murders and human/child sex trafficking and rapes that are happening because of the disaster at the border.

Are people dying or being violated due to not being able to pay back their student loans?

Ah, ok...so curbing the constitution for things I like = good
But doing the same for something I don't = bad

Interesting rationale.

Btw, there's an easy answer for why immigration reform has been a political hotpotato for decades....

Additionally, just "building the wall" is about as effective at getting to the root of the problem as is this current student loan move...Sure, gets some short-lived political rep, but its fleeting.

Rage on, tho.

[MaroonFlounder]

Ah, ok...so curbing the constitution for things I like = good
But doing the same for something I don't = bad

Interesting rationale.

Btw, there's an easy answer for why immigration reform has been a political hotpotato for decades....

Additionally, just "building the wall" is about as effective at getting to the root of the problem as is this current student loan move...Sure, gets some short-lived political rep, but its fleeting.

Rage on, tho.

You did the ole "whataboutism" which libs hate when it gets thrown at them by conservatives.

I don't know what it would take to fix the border, but I'd piss on spark plugs if it would help. I have friends in south TX that have been affected in a horrible way.

[BeardoMSU]

You did the ole "whataboutism" which libs hate when it gets thrown at them by conservatives.

I don't know what it would take to fix the border, but I'd piss on spark plugs if it would help. I have friends in south TX that have been affected in a horrible way.

Huh?

What "whataboutism" did I make?

[somebodyshotmypaw]

When you sign on the dotted line, you have given your word to repay. Anyone who takes the forgiveness has reneged on their obligation. I don’t believe I would take the forgiveness if I had a loan. My integrity and word means more than the money. That’s just me.

[trob115]

Can our mortgages now "identify" as student loans?

[confucius say]

When the federal govt took over student loans in 2009 this was the plan all along. Eventually moving to "free" education paid for the by taxpayers. Same goal for healthcare.

Zero accountability or personal responsibility. This country is screwed.
Elections have consequences.

[DownwardDawg]

Can our mortgages now "identify" as student loans?

I like your thinking.....

[Harrydawg]

When you sign on the dotted line, you have given your word to repay. Anyone who takes the forgiveness has reneged on their obligation. I don?t believe I would take the forgiveness if I had a loan. My integrity and word means more than the money. That?s just me.

This is rich. Did you or your company accept PPP?

[Dawgtini]

I've got 3 in college now. Told them grants or loans. Best case the loans will be forgiven. Spent a butt load on the previous 3. If not paid off of course I agreed to assist (I will be either way )

[somebodyshotmypaw]

This is rich. Did you or your company accept PPP?

Nope. Sure didn?t. But it?s not the money issue that bothers me. It?s the avoiding what I promised. If I had somehow taken a PPP, I would have 100% lived up to whatever I agreed to.

[Quaoarsking]

When you sign on the dotted line, you have given your word to repay. Anyone who takes the forgiveness has reneged on their obligation. I don’t believe I would take the forgiveness if I had a loan. My integrity and word means more than the money. That’s just me.

Thankfully Biden is making this program opt-in so that people who aren't comfortable accepting the forgiveness don't have to. He really thinks of everything.

[somebodyshotmypaw]

Thankfully Biden is making this program opt-in so that people who aren't comfortable accepting the forgiveness don't have to. He really thinks of everything.

I will never forget something. I was probably 8 years old and we were eating Sunday lunch. A lady knocked on the door. My dad answered but didn’t recognize her. She had to tell my dad who she was because he hadn’t seen her in 25 years. She handed him $100 to repay a loan he had made to her 25-30 years earlier. By dad did not even remember loaning her the money. That stuck with me. That lady drove all the way to our house to fulfill an obligation she made 30 years earlier. My dad hadn’t asked for the money, hadn’t seen her in maybe 25 years, and didn’t even remember loaning her the money. But she had an inner integrity that made her want to fulfill her obligation. That stuck with me.

[msstate7]

Haven't read through this whole thread; but if the government feels help is needed, I feel like just offering 5-10 years interest free would be the way to go. I'd require payments start back immediately though. Let people pay on the principal.

If we're dead set on forgiveness though, at least see if there are trends in majors, schools, ACT/SAT scores, whatever among the recipients. If there are, stop giving federal grants and loans for them to prevent this in the future.

[msstate7]

Will the forgiveness at least count as income?

[Cooterpoot]

Sometimes I'm ashamed of the human race. Not a single one of you will ever see or notice a tax bill for this. Not only that, but you can't be happy for people who get something you didn't. Why can't people not be jealous and just be happy for others? It's not a competition. I'm happy for the people that don't have to do what I had to do- work two jobs and miss time with my oldest kid. There's way too much bad stuff to even worry about something like this.

[ScoobaDawg]

Moving. And keeping open. Amazing. A 3 page thread and Noone went postal ranting. Good job everyone.
Sorry I was busy enjoying a farewell party at my work besides I start my new job on Monday and.. Going to buy a new car.

[BeardoMSU]

Moving. And keeping open. Amazing. A 3 page thread and Noone went postal ranting. Good job everyone.
Sorry I was busy enjoying a farewell party at my work besides I start my new job on Monday and.. Going to buy a new car.

Congrats, Scoob! Pour a bourbon.

[somebodyshotmypaw]

Sometimes I'm ashamed of the human race. Not a single one of you will ever see or notice a tax bill for this. Not only that, but you can't be happy for people who get something you didn't. Why can't people not be jealous and just be happy for others? It's not a competition. I'm happy for the people that don't have to do what I had to do- work two jobs and miss time with my oldest kid. There's way too much bad stuff to even worry about something like this.

I’m tired of sharing my wealth with people who don’t share my work ethic or my effort. I will see a tax bill, we all will. This is taxpayer funded.

I will go to work today, work hard, take care of my responsibilities, and be happy. At your request, I’ll be happy for those healthy freeloaders sitting at home drawing government assistance while open jobs go unfulfilled. I will be happy that they have what I don’t (free healthcare, free rent, free utilities, EBT, WIC, free college, etc).

At some point we have to make people responsible for themselves. That’s how you build something special. What makes sports great is that those that work hard and achieve are the ones that thrive. We don’t pull a 20-year old out of the stands and let him play running back on Saturday over a guy who has spent hours and years in the weight room, conditioning, practice, etc. in order to finally earn a starting spot after 4 years in the program. Then decide to be happy for the kid who got to start despite never breaking a sweat or earning anything.

I’m very happy to see people achieve. Im happy to see people work and earn and achieve their dreams. I’m not happy to see people get handed something that was forcibly taken from someone else, while listening to those same ones bitch that $10,000 isn’t enough.

We are $30 trillion in debt. Obviously the way we are doing things ain’t working.

[trob115]

This is really all just grandstanding by Biden. He's literally trying to buy votes and he knows that he doesn't hold the power to actually forgive loans. The only way debt will be forgive is that it has to go through Congress

[msstate7]

This is really all just grandstanding by Biden. He's literally trying to buy votes and he knows that he doesn't hold the power to actually forgive loans. The only way debt will be forgive is that it has to go through Congress

I caught the end of an explanation on how he's doing it - basically saying we're in an emergency (Covid). I caught about 10 seconds of it, and I wasn't paying that much attention, so I could be wrong

[trob115]

If he tries to do it, it will be challenged and the Supreme Court will 100 percent shut that down.

[starkvegasdawg]

Even Pelosi is on record saying he doesn't have that authority.

[Tater]

It's always amazing to see people mad about things like this.

We live in a society. We take care of each other. That's part of the social contract. We pay taxes to help form a more perfect union. Those taxes should go towards things that help people. This is set up to do just that. Especially those of us who don't have the money. It's a much better use of government spending than 2008 and bailing out banks. This money flows right back into the economy. Poor people spend. Rich people invest (hoard).

Sometimes I wonder if Mississippian are just CAVE dwellers. I think some would vote against helping pay for all school lunches for children because they are citizens against virtually everything. It's crazy.

As a reminder if your healthcare insurance is 10% of your monthly income and government raises your taxes 6% to give you free healthcare, you'd have more money in your pocket. "But what about private insurance? I shouldnt have to pay taxes on this if I don't use it." You again pay taxes for firemen, police officers, primary education, military, etc. Very few actually have their house caught on fire. If you can afford private insurance, then you can afford the small tax hit (numbers are made up estimates and likely you'll have more money in your pocket) to have a better society.

[Matt3467]

Maybe I missed it but I didn't see anyone mentioned the actual cost it is to go to college today. How about tackling the ever rising cost to go to college instead. No one should have to place themselves in a load debt for an education that many places today say is essential for a job. Colleges (most) have I believe predatorily capitalized on the "need for education" to be successful. Also dipping into the endowments of some of these colleges to pay off loans would be a quicker fix than putting it on the taxpayer. I get taxed on payday. I get taxed at the pump. I get taxed at the grocery store and the fast food drive thru. I get taxed on all my bills. I get taxed taxed taxed. If we all sat down and crunched the numbers and saw how much of our paychecks go to the taxes and how much is left for us it'd be eye opening.

[BorneDawg]

I’m tired of sharing my wealth with people who don’t share my work ethic or my effort. I will see a tax bill, we all will. This is taxpayer funded.

I will go to work today, work hard, take care of my responsibilities, and be happy. At your request, I’ll be happy for those healthy freeloaders sitting at home drawing government assistance while open jobs go unfulfilled. I will be happy that they have what I don’t (free healthcare, free rent, free utilities, EBT, WIC, free college, etc).

At some point we have to make people responsible for themselves. That’s how you build something special. What makes sports great is that those that work hard and achieve are the ones that thrive. We don’t pull a 20-year old out of the stands and let him play running back on Saturday over a guy who has spent hours and years in the weight room, conditioning, practice, etc. in order to finally earn a starting spot after 4 years in the program. Then decide to be happy for the kid who got to start despite never breaking a sweat or earning anything.

I’m very happy to see people achieve. Im happy to see people work and earn and achieve their dreams. I’m not happy to see people get handed something that was forcibly taken from someone else, while listening to those same ones bitch that $10,000 isn’t enough.

We are $30 trillion in debt. Obviously the way we are doing things ain’t working.

THIS 100000% Couldn't have said it better myself!!

[PGHBulldogBG]

I completely sympathize with the students and understand the bad financial situation these loans put them in. I definitely sympathize with them more than the boomers complaining making the usual ?back in my day statements I had to do and pay?.? because they are not educated on the current student loan situation, but nevertheless this is not a good solution. Waiving $10K in student loans for borrowers is not the answer to a long term problem. There is nothing in this plan to stop people from borrowing more money or addressing the compound interest that is one of the main issues with student loans and the high balances. All these student loans need to be set up on payment plans for the principle balances and no longer accrue interest from past years. There?s your solution. Pay what you owe but don?t let them profit off you. If you take out loans moving forward, interest rates need to be fixed and students need to be educated on the impacts of student loans. This is not happening in financial aid offices at colleges

[MrCoachKlein]

I'll be waiting for my reimbursement for the 50k I paid off while living on ramen with my first job*

ETA - I have 0 understanding or sympathy. You signed the loan. At 17-22 you're old enough to know if it's a worthwhile investment or not. If you don't know that then you shouldn't be taking any loans. Yay socialism

[Matt3467]

I completely sympathize with the students and understand the bad financial situation these loans put them in. I definitely sympathize with them more than the boomers complaining making the usual ?back in my day statements I had to do and pay?.? because they are not educated on the current student loan situation, but nevertheless this is not a good solution. Waiving $10K in student loans for borrowers is not the answer to a long term problem. There is nothing in this plan to stop people from borrowing more money or addressing the compound interest that is one of the main issues with student loans and the high balances. All these student loans need to be set up on payment plans for the principle balances and no longer accrue interest from past years. There?s your solution. Pay what you owe but don?t let them profit off you. If you take out loans moving forward, interest rates need to be fixed and students need to be educated on the impacts of student loans. This is not happening in financial aid offices at colleges

I'm 31 and I made a lot of sacrifices to pay all of my loans back. No one offered to pay them for me. I felt an immense sense of worth and self accomplishment the day I made the last payment. Giving things away is never a good example and will only foster more dependence. Whatever the loan situation is doesn't matter as long as colleges continue to raise their tuition. There's no reason for degrees to cost what they do and most afterwards pay what they pay. It's like raising the minimum wage was never the answer if prices continue to increase across the board.

[MrCoachKlein]

We are $30 trillion in debt.

Try 171 trillion. Growing at ~500k per second

https://www.usdebtclock.org/

[MrCoachKlein]

Same s*** different day. Government creates problem by subsidizing college. Government comes with 'solution' by 'forgiving' loans. Government makes problem they created worse.

[PGHBulldogBG]

I'm 31 and I made a lot of sacrifices to pay all of my loans back. No one offered to pay them for me. I felt an immense sense of worth and self accomplishment the day I made the last payment. Giving things away is never a good example and will only foster more dependence. Whatever the loan situation is doesn't matter as long as colleges continue to raise their tuition. There's no reason for degrees to cost what they do and most afterwards pay what they pay. It's like raising the minimum wage was never the answer if prices continue to increase across the board.

I completely agree and that is why my solution is not giving money away. I am against the 10K forgiveness. It?s not giving it away if you set people up on payment plans for the balance they owe. I am just suggesting we get rid of the interest moving forward on past loans because that is the main issue that created this mess. I have worked in financial aid for 14 years

[BoomBoom]

Will the forgiveness at least count as income?

No. Change made in tax law by a recent bill.

[BoomBoom]

Can someone explain to me why federally guaranteed student loans charge 7% interest, when private secured loans charge far far less? Why are student loans non-dischargable by bankruptcy, when virtually every other debt is?

My take is that our corrupt Congress took bank money to screw over students. The student loan industry is nothing but a federally protected racket. Biden is righting this wrong as much as he can without our corrupt Congress taking action. Good for him. If anything, you should be mad that he's paying off the racketeers rather than stiffing them.

[msstate7]

Will Biden's Student Loan Debt Cancellation Plan Hold Up in Court?

https://reason.com/2022/08/25/will-bidens-student-loan-debt-cancellation-plan-hold-up-in-court/?amp

....

Looks like it will tough to overturn

[IMissJack]

I saw a chart from an HR person on LinkedIn yesterday that showed college attendance had dropped about 6% In the last 2 years. If enough kids stop going, schools will either have to cut costs or incentivize more kids to go. I personally like 2 years of public service to help pay off debt. I don?t like public money being used to buy votes, when many of the schools that charge the most to these students are sitting on billions of endowment $.

[msstatelp1]

Government gives so much away to industries that pay little to no taxes why shouldn't they help people that have little hope of getting out of student loan debt. Like most on here I paid my loans but the cost of going to school was a lot less.back then. My total loan for going to college probably wouldn't pay for a full year nowadays.

[BeardoMSU]

I saw a chart from an HR person on LinkedIn yesterday that showed college attendance had dropped about 6% In the last 2 years. If enough kids stop going, schools will either have to cut costs or incentivize more kids to go. I personally like 2 years of public service to help pay off debt. I don?t like public money being used to buy votes, when many of the schools that charge the most to these students are sitting on billions of endowment $.

This is already happening. Programs are getting cut left and right, including 3 last year at my school.

[msstate7]

Miss. will tax forgiveness

[BeardoMSU]

Miss. will tax forgiveness

That'll do it, lol.

Really bizarre move, IMO...politically, philosophically, etc.

[Bass Chaser]

That'll do it, lol.

Really bizarre move, IMO...politically, philosophically, etc.

State tax code has to be rewritten. Mississippi is not the only state.

[99jc]

17 the students they wanted to go to school and party now pay the piper... this is what is wrong with this country. we have a whole generation of self intitled pussies that want everything handed to them.