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Old 08-25-2022, 03:08 AM
 
2,076 posts, read 1,169,072 times
Reputation: 1626

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Quote:
Originally Posted by Rocko20 View Post
Says the guy claims "it will benefit me."

Page 1:


Yes, the economic impact of bailing out deadbeats will not create more deadbeats at all..

I don't know about that, but maybe you're more of a deadbeat than I know so I'll take your word for it.


Loan forgiveness generates increased economic activity which is good for everyone. It was a tactic that was used heavily between 2017 and 2021 to drive the economy forward. Not with student loans but with other types of loans.
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Old 08-25-2022, 03:13 AM
 
8,157 posts, read 3,128,858 times
Reputation: 5713
Quote:
Originally Posted by Rocko20 View Post
Says the guy claims "it will benefit me."

Page 1:


Yes, the economic impact of bailing out deadbeats will not create more deadbeats at all..
It's called trickle down economics. The banks are paid back and that money flows back into the economy.
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Old 08-25-2022, 03:21 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
31,484 posts, read 51,927,553 times
Reputation: 40161
Quote:
Originally Posted by IDoPhysicsPhD View Post
I don't know about that, but maybe you're more of a deadbeat than I know so I'll take your word for it.


Loan forgiveness generates increased economic activity which is good for everyone. It was a tactic that was used heavily between 2017 and 2021 to drive the economy forward. Not with student loans but with other types of loans.
OMG, What if the 'forgiven' student goes back to college and wastes another 4-6 yrs and $100k
Sweet deal, as the next student debt foregiveness will certainly be much more
These derelict students know ONE thing... how to really 'milk it' for all it's got. (as in YOU and I).

"Other types of loans"
that were economic growth, not debt forgiveness and leaving and encouraging a known faulty industry to continue to rape and pilage students (and parents).

Very simple immediate solution and benefit to society and growing personal responsibility. (And improve our economy)

Student debt?

What's your major?
Who's your institution?

1) Here is a list of 500 undone government or school related tasks, which match your degree skillset.
2) Here is the payback allotment IF YOU COMPLETE this task.
3) Choose your task and completion date.

4) Your educating institue will be informed of your choice and TOGETHER you will provide progress reports to meet milestones at designated progress points.
5) If you fail, both you and your institution will be docked for the expense of completing this task it will be shared by each of you. @ Prevailing Government wage + 18% interest.

6) Get busy!
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Old 08-25-2022, 04:27 AM
 
Location: Virginia
492 posts, read 272,853 times
Reputation: 807
"Just to be clear, there is no plan to eliminate the student debt. There is a plan to transfer that debt to those that don't owe it."

Observed on a meme.
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Old 08-25-2022, 04:31 AM
 
194 posts, read 129,233 times
Reputation: 346
Quote:
Originally Posted by Rocko20 View Post
If they pay taxes, they have a job, which means they can pay their debts. Now whether they want to pay their debt is another question.
I think I wrote that before that person clarified their comment in a follow up comment.

Quote:
It won't stop the next student from taking out a $30K annual loan for a liberal arts degree, but it will certainly help politicians get re-elected.
I've been telling the young people I know to major in STEM or business and save their liberal arts interest for their minor or, possibly, a double major. Somehow they all think they're going to be the exception to the rule.
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Old 08-25-2022, 04:37 AM
 
194 posts, read 129,233 times
Reputation: 346
Quote:
Originally Posted by Rocko20 View Post
Borrowing irresponsibly, with no skills or education to pay off your debt, and getting bailed out by taxpayers, usually leads to more of the same thing.

But this is about re-election, not ending student loan debt.
When I first went to college, back in the early 90s, when I balked at student loan debt I was assured that "it's an investment". I heard those exact words over and over and over. That seems to have been the automatic reply or mantra of everyone in the financial aid field back then. I'm so glad the narrative has changed.
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Old 08-25-2022, 05:39 AM
 
Location: NJ
22,509 posts, read 30,075,158 times
Reputation: 27366
Not surprised to see Biden is pausing student loans what he says is one last time until December 31, 2022

He's also canceling $10k of student debt of people who earn under $125k a year and up to $20k for pell grant recipients. He said 43 million people will benefit, or about 43 million people. In all, nearly 45% of borrowers, or almost 20 million people who will be able to walk away from their student loans due to it because it will cancel their debt completely.

I wonder if this will be a yearly process for all new applicants at some point because it is not fair to anyone before or after that ends up having to foot the bill for the schooling they agreed to pay for. I guess he can do this for people after they've paid 5 or so years so that from now, until another president cancels it, other students can apply once they meet the requirements. Let there be forgiveness until the end of time...

Not surprised to see he's putting the country into more debt.

Here is an article for anyone who has not read about it yet...



Biden cancels $10,000 in federal student loan debt for most borrowers

Quote:
President Joe Biden announced Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to millions of Americans.

Biden will cancel up to $20,000 for recipients of Pell Grants.

“Both of these targeted actions are for families who need it the most,” the president said in remarks from the White House on Wednesday afternoon.

The relief will be limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households. The relief is also capped at the amount of a borrower’s outstanding eligible debt, per the Education Department.



Quote:
Originally Posted by Ghost20 View Post
The people whose loan is being forgiven also played by the rules. Not everyone “didn’t make payments” but some people were on income driven plans yet their income was not high straight out of college and their payment barely covered interest.

Most ppl who will be eligible for loan forgiveness will still have a balance & will gladly choose a lower interest rate over a one time payment but will take what they can get.

Now if you had a balance and weren’t eligible for forgiveness I would understand ur frustration. But ur mad that there is finally some sort of movement for an unfair system? That is absolutely so selfish. This is a great first step for future reform. If students need to take loans at the age of 18 to receive higher education, the terms of repayment should be manageable

Students should have to qualify for these loans and be given a course on what that loan means before they step foot in a college class IMO. There should either be a mandatory assembly in high school of before college starts that each applicant has to take.

With technology, they know how many fields are flooded with applicants who can't find jobs. There is a way for students to know their schooling is a field that is hiring before starting this huge loan they can't pay back.


Quote:
Originally Posted by modest View Post
You have a tangible asset to sell, so do I. I can go out front and pick up the dirt in my hand that is worth $600k+. If you don't like your mortgage, call a realtor and someone will be more than happy to take it off your hands $30k above asking. You didn't create that value on your own. The wonderful city of Denver and Golden did, by creating a habitat with our tax dollars that is desirable and safe.

"Skills" learned in college are mostly dubious and very intangible. And no, I'm not just talking about the English Lit majors. A lot of people did their best to try to put those to use, but it didn't pay off. And truth be told, a lot of those people probably didn't belong in college to begin with. But what options do they have? You can't make a living bagging groceries when you're also strapped with $30k of unforgivable debt. And if you're not smart enough to put the education to use, you're probably stuck somewhere in the middle drowning.

If you or I make bad decisions on our credit cards, auto loans, or mortgages, the banks have assets to collect and we can file for bankruptcy, ride it out for a few years, and be almost back to normal in five years. You can't do that with student loans, there is no reset button. You are screwed for life. We should not be treating people that way, like student loans are a prison sentence for the rest of your life. People did not commit a crime, they were literally trying to improve their lives.

But let it be known, student loan forgiveness is not the permanent solution here, it is just a band aid. The real issue is aligning our educational system better with the jobs of the future. If I pay to go to school, do moderately well, and graduate, then I need to be able to get a job that pays me accordingly for that investment. If that opportunity does not exist for my chosen field, or if I'm not the best candidate for a particular program, then that needs to be sussed out long before I'm accruing $30k of debt that I can never get rid of.

Totally agree. The whole college experience needs a redo, everything from interest which should not pay back 3 times what you borrowed. I give them that they need some sort of interest but cut it down some so people can afford to pay it back.

People keep thinking they need or deserve college for whatever reason without understanding they're signing up for a loan they can never get rid of. I know many who thought they could easily discharge it in bankruptcy when they finished, so they obviously never planned to pay it back. They don't know it will follow them by taking their social security.

Those who are low earners do have bankruptcy available, it's just harder to figure out how to have it done, but it can be done.


Quote:
Originally Posted by Rocko20 View Post
If they pay taxes, they have a job, which means they can pay their debts. Now whether they want to pay their debt is another question.


It won't stop the next student from taking out a $30K annual loan for a liberal arts degree, but it will certainly help politicians get re-elected.


That's a gripe of mine, it will keep happening that student debt keeps growing. Are we going to now bail out people after 5 years of paying if they've never had $10k forgiven? Aren't they entitled to the loan being frozen for over 2 years like what happened during COVID with no interest growing? It's just a matter of time before we see those students trying to go viral that they're refusing to pay their loans or whatever to put pressure on the president, whoever that may be...
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Old 08-25-2022, 06:09 AM
 
27,903 posts, read 21,981,904 times
Reputation: 20597
Quote:
Originally Posted by chattyneighbor View Post
People over 55 were completely neglected - people in default were also neglected.
Young kids who have their whole life ahead of them - may be helped.
People with graduate loan debts were not helped.
People earning over $125K were not helped.

Forgiveness without waiver of the accumulated interest and debt collection fees makes this plan hollow.

My opinion is that this was a lot of show - without any real teeth. Anybody else?

Really only interested in the opinions of people who HAVE student loan debt - I'd rather not hear from the bitter people - I already paid my loans, this isn't fair - wah wah wah. Leave that for another thread. Thanks.
No, they weren't...

https://www.fatherly.com/news/75-mil...-who-qualifies
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Old 08-25-2022, 06:12 AM
 
Location: Upstate
8,541 posts, read 8,648,828 times
Reputation: 7759
Quote:
Originally Posted by modest View Post
Thank you, on behalf of all the "deadbeats".

Do you feel better now?

I hate people as much as the next person, but I think this is a lovely day to celebrate.

And no, I didn't get to partake in all this; I paid my $50k by myself.

I'm mainly happy seeing our government looking out for our own, rather than starting wars in the Middle East. But who am I to speak of about int'l affairs.
Just remember that it's estimated it could cost upwards of $6000 per tax payer over ten years if the full amount gets dispersed.

Pretty good chance that the courts will overturn this sometime after the mid-terms after the votes have come in. Keep your eye out for that.
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Old 08-25-2022, 06:19 AM
 
27,903 posts, read 21,981,904 times
Reputation: 20597
Quote:
Originally Posted by chattyneighbor View Post
People over 55 were completely neglected - people in default were also neglected.
Young kids who have their whole life ahead of them - may be helped.
People with graduate loan debts were not helped.
People earning over $125K were not helped.

Forgiveness without waiver of the accumulated interest and debt collection fees makes this plan hollow.

My opinion is that this was a lot of show - without any real teeth. Anybody else?

Really only interested in the opinions of people who HAVE student loan debt - I'd rather not hear from the bitter people - I already paid my loans, this isn't fair - wah wah wah. Leave that for another thread. Thanks.
Not, really. Much depends upon when those "over 55" took out their student loans.

On direct federal student loans are covered by Biden's give away scheme. Those with old FFELP loans made before program ended in 2009-2010 academic year, yes are screwed. That is if loans are owned by private banks or investor groups such as Navient or Telnet, they are not eligible for any of this "forgiveness".


OTOH seniors who took out the new direct student loans made after 2010 will be eligible.

https://www.nerdwallet.com/article/l...es-who-gets-it
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