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Subquote: They also note that there was very little objection to the forgiveness of 10.2 million Paycheck Protection Program (PPP) loans issued as of July 2022, with $72,500 being the average dollar amount forgiven./subquote
I am in favor of this because I know many people who work full time but still have a student loan debt that is enough that they cannot save to buy a house. This will make a significant impact.
Helping fellow Americans in need is fine, and we do it all the time. But there is no means testing for the student loan forgiveness other than $125k earnings. My kids will benefit from the forgiveness but they don't need the help.
Wasn't the original PPP deal under the CARES Act that the loan would become a grant as long as nobody got laid off? And that was an act of Congress, not an Executive Order. Or did I miss some details?
Helping fellow Americans in need is fine, and we do it all the time. But there is no means testing for the student loan forgiveness other than $125k earnings. My kids will benefit from the forgiveness but they don't need the help.
Wasn't the original PPP deal under the CARES Act that the loan would become a grant as long as nobody got laid off? And that was an act of Congress, not an Executive Order. Or did I miss some details?
I agree, there is a lot to be done to fix the actual issues that caused this from the beginning.
But there are a lot of people struggling in the meantime. I see that people are envious because they paid theirs. Well, so did I, and I'm extremely honored to help my fellow Americans dig out of this. If you start getting into the weeds of this, it's just going to cause analysis paralysis...if this, then that, else this, but maybe that, but then what if, or maybe that. What is the right criteria? And if that, when does that actually fly off the white boards and come to fruition? 5 years down the road? 10 years down the road? 20 years? How old will you be then? Will you be alive? At that point, is it even worth it for your life?
We finance the carpet-bombing of Middle Eastern neighborhoods, we raise our flags and nobody bats an eye. We send funds to Ukraine to aid in their battle with the Russian tyrant, nobody bats an eye. We carry out numerous military exercises to flex on China and North Korea, nobody bats an eye. The US government pays billions to private corps like Northrup, Raytheon, and Lockheed to develop killing machines, nobody bats an eye. I mean damn, look at how many people got hard ons over the new Top Gun movie flexing our aviation superiority with billion dollar killing machines. Truth is, it seems like Americans are more amped up to go aid other countries and kill foreigners than help their own.
But god forbid we spend a dime on these maggot parasite fellow Americans who dared to better their lives through higher education. They may as well have murdered someone. Maybe they should all just set themselves up as LLCs, and Americans will get on board with bailing them out as "businesses", because a business' life carries more value than a human life.
Going forward, what is the plan for future college students? I have a son in high school. Will the government give him a free or mostly free tuition or are future generations screwed?
No offense but how is it being "screwed?" Yes, college can be too expensive but how have millions completed their college degrees and survived? If costs came down then great but I don't see how future generations are getting screwed. Maybe a lot more should be going to technical schools and learning a trade.
No offense but how is it being "screwed?" Yes, college can be too expensive but how have millions completed their college degrees and survived? If costs came down then great but I don't see how future generations are getting screwed. Maybe a lot more should be going to technical schools and learning a trade.
This assumes there is proper guidance being provided to ALL students in high school and college.
I don't know what great schools you went to, but we hardly had a guidance counselor in our school who was competent enough to guide us, let alone technical programs and career mapping. And college administration was far too busy sending out threats to boot you out if your next bill wasn't paid in time.
I'm also guessing that most of the people in this mess are 1st gen grads who had little to no guidance at all. 18-20 year olds making massive financial decisions, hedging on their unknown future opportunities. What could possibly go wrong?
My potential children would benefit greatly from my knowledge and experience on this topic. I didn't have that benefit when I was a kid; my parents just said "go to college".
You cannot expel student loans in bankruptcy. They are there for life. In that sense, it is predatory towards people who don't know any better. It is exploiting the ignorant. And there are a lot of people like that, let's be real. I know we are a capitalistic society, but we should not be doing this to other fellow Americans or human beings. It is not right morally. If they made mistakes, there should at least be a reset button with consequences. Everyone else has that option. I could go buy a Porsche today on credit, bail on it in 12 months, and be back on my feet in 5-7 years no problem.
Honest question, other than loan consolidation, why were people taking private loans to finance education? I never had any issues getting federal loans either for undergrad or grad school.
I have only private loans left. I started grad school when the gradPLUS was new and there was no promise of PSLF or other forgiveness. The rates were much higher. My private loans have never exceeded 4% and have generally remained under 2%. Very few of my classmates got gradPLUS loans. This was before the fess took over and effective rates were like 12% when I looked at them with fees and origination.
I have only private loans left. I started grad school when the gradPLUS was new and there was no promise of PSLF or other forgiveness. The rates were much higher. My private loans have never exceeded 4% and have generally remained under 2%. Very few of my classmates got gradPLUS loans. This was before the fess took over and effective rates were like 12% when I looked at them with fees and origination.
I think back now and I may have had some through Discover. But I paid those off first because they were the most risky.
I'm just thankful that I'm in a MS program now that is affordable enough that it allows me to pay off as I go.
No offense but how is it being "screwed?" Yes, college can be too expensive but how have millions completed their college degrees and survived? If costs came down then great but I don't see how future generations are getting screwed. Maybe a lot more should be going to technical schools and learning a trade.
What got us into this mess to begin with is not being addressed. We are just putting a band-aid on the problem which is extremely high tuition rates, degrees that are meaningless and loans that are easy to get.
Won't the next batch of college students end up in the same financial mess that the current ones are in if we don't address the underlying problems?
But the next batch of students probably won't ever see a bail out.
What got us into this mess to begin with is not being addressed. We are just putting a band-aid on the problem which is extremely high tuition rates, degrees that are meaningless and loans that are easy to get.
Won't the next batch of college students end up in the same financial mess that the current ones are in if we don't address the underlying problems?
But the next batch of students probably won't ever see a bail out.
Wash, rinse, repeat.
No degree is meaningless. However, not all degrees open up the same opportunities, at least not initially. Like you probably won't see an Art History major running a hedge fund day 1 after graduation. But I have worked with BFA/MFAs in middle management, and one owned and ran a lucrative logistics company. I've seen plenty of liberal arts majors at VP level and above. They all worked their way up some how.
But you're correct about the rest. This is just a band-aid for now, not the permanent solution.
I think it is very obvious that it is for show, the mid-terms show! Hopefully, they used their other stimulus checks to pay toward their student loans.
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