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Thread: OT - student loan forgiveness engaged

  1. #61
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    Quote Originally Posted by PGHBulldogBG View Post
    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.

  2. #62
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    Quote Originally Posted by somebodyshotmypaw View Post
    We are $30 trillion in debt.
    Try 171 trillion. Growing at ~500k per second

    https://www.usdebtclock.org/

  3. #63
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    Same s*** different day. Government creates problem by subsidizing college. Government comes with 'solution' by 'forgiving' loans. Government makes problem they created worse.

  4. #64
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    Quote Originally Posted by Matt3467 View Post
    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

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    Quote Originally Posted by msstate7 View Post
    Will the forgiveness at least count as income?
    No. Change made in tax law by a recent bill.

  6. #66
    Senior Member BoomBoom's Avatar
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    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.

  7. #67
    Senior Member msstate7's Avatar
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    Will Biden's Student Loan Debt Cancellation Plan Hold Up in Court?

    https://reason.com/2022/08/25/will-b...-in-court/?amp

    ....

    Looks like it will tough to overturn

  8. #68
    Senior Member IMissJack's Avatar
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    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 $.

  9. #69
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    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.

  10. #70
    Senior Member BeardoMSU's Avatar
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    Quote Originally Posted by IMissJack View Post
    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.

  11. #71
    Senior Member msstate7's Avatar
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    Miss. will tax forgiveness

  12. #72
    Senior Member BeardoMSU's Avatar
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    Quote Originally Posted by msstate7 View Post
    Miss. will tax forgiveness
    That'll do it, lol.

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

  13. #73
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    Quote Originally Posted by BeardoMSU View Post
    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.

  14. #74
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    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.

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