Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Why do students want special treatment? Forgiven debt has always been taxable.
I am all for income-based repayment. However, automatic forgiveness at 25 years is not doing the country any favors.
I'm not sure people realize that student loan money is our tax dollars at work. Forgiving it is just putting the cost on the tax payer. I pay taxes and I don't get forgiveness for anything. And I have never been bailed out. Everything I have I can afford. That's not by accident either.
Maybe the issue is students getting into fields that are over saturated already. Or students just wanting to go to college because that's what is expected of them.
I'm not sure people realize that student loan money is our tax dollars at work. Forgiving it is just putting the cost on the tax payer. I pay taxes and I don't get forgiveness for anything. And I have never been bailed out. Everything I have I can afford. That's not by accident either.
It kind of bothers me that banks and other large corporations can get government bailouts and even declare bankruptcy. People declare bankruptcy on all sorts of things--buying more car than they afford, gambling debts, etc.
But when a little person attempts to make a business investment in higher education and it goes south, people want to send them to a financial equivalent of debtors prison. It's OK for entrepreneurs to file bankruptcy but not the little people.
It should also be noted that the students have essentially been duped and fraudulently induced to take out the student loans by society in general and very often by the universities (which may publish fraudulent employment stats).
Why is it that no one believes in responsibility for money lenders? Maybe they should be responsible for making sound investments and not enabling foolishness? Why shouldn't they bear some cost for making bad investments?
It kind of bothers me that banks and other large corporations can get government bailouts and even declare bankruptcy. People declare bankruptcy on all sorts of things--buying more car than they afford, gambling debts, etc.
But when a little person attempts to make a business investment in higher education and it goes south, people want to send them to a financial equivalent of debtors prison. It's OK for entrepreneurs to file bankruptcy but not the little people.
It should also be noted that the students have essentially been duped and fraudulently induced to take out the student loans by society in general and very often by the universities (which may publish fraudulent employment stats).
Why is it that no one believes in responsibility for money lenders? Maybe they should be responsible for making sound investments and not enabling foolishness? Why shouldn't they bear some cost for making bad investments?
I do agree with you that lenders need to be more responsible when giving out student loans. They need to check for credit and ability to pay it back. They should probably throw in merit as a requirement.
The reason why lenders are protected by bankruptcy is because the government is pushing for students to get loans that they don't deserve. The government is pushing for banks to provide student loans to students that have poor or no credit history. This needs to change. Student loans should be treated like any other loans.
The only people that should be getting loans are those who pass a bank's risk assessment. And then and only then can the loans be treated like all other loans.
It kind of bothers me that banks and other large corporations can get government bailouts and even declare bankruptcy. People declare bankruptcy on all sorts of things--buying more car than they afford, gambling debts, etc.
But when a little person attempts to make a business investment in higher education and it goes south, people want to send them to a financial equivalent of debtors prison. It's OK for entrepreneurs to file bankruptcy but not the little people.
It should also be noted that the students have essentially been duped and fraudulently induced to take out the student loans by society in general and very often by the universities (which may publish fraudulent employment stats).
Why is it that no one believes in responsibility for money lenders? Maybe they should be responsible for making sound investments and not enabling foolishness? Why shouldn't they bear some cost for making bad investments?
All of the bailouts bother me. It just seems no one is thinking long term anymore. No matter who is getting the loan it should make sense financially.
All of the bailouts bother me. It just seems no one is thinking long term anymore. No matter who is getting the loan it should make sense financially.
The bailout loans made sense financially. They have been paid back with interest and saved the industry from collapsing. From a lenders perspective, it was a successful loan.
The bailout loans made sense financially. They have been paid back with interest and saved the industry from collapsing. From a lenders perspective, it was a successful loan.
I understand that but I consider loan forgiveness a bail out. Maybe its not called that but thats what it is. When you have school debt approaching 1 trillion dollars its hard to look at it any other way.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
