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Thread: OT - student loan forgiveness engaged

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    OT - student loan forgiveness engaged

    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??

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    Quote Originally Posted by Harrydawg View Post
    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?

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    Quote Originally Posted by Liverpooldawg View Post
    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.

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

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    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.
    Last edited by parabrave; 08-24-2022 at 03:59 PM.

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    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.

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

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    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.

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    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

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    Biden simply continuing to further wreck the country.

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    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.

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    Should be a fun thread.

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    Quote Originally Posted by Liverpooldawg View Post
    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 ....
    Last edited by RocketDawg; 08-24-2022 at 04:43 PM.

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    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.
    "I'm sure the universe is full of intelligent life. It's just been too intelligent to come here." -- Arthur C. Clarke

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    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.

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    Quote Originally Posted by BeardoMSU View Post
    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

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    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.

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    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.

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    Quote Originally Posted by PGHBulldogBG View Post
    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.

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    Quote Originally Posted by Harrydawg View Post
    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.

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