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Old 09-08-2022, 05:37 PM
 
Location: Wartrace,TN
7,265 posts, read 11,536,921 times
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Ah, it is even worse than I thought.......
https://nypost.com/2022/09/03/think-...he-fine-print/

Looks like the initial plan is just a start. The plan is to make college essentially free (5% of discretionary income and capped at 10 years of repayment). The article claims it would cost taxpayers 1 trillion dollars or more. Let that sink in; that equates to over 3000 dollars per citizen in the united states or over 6000 dollars per taxpayer. For what? To pay for a stranger's college?

It doesn't take a genius to realize the end result will be even HIGHER tuition charged by schools and students taking full advantage of luxury dorms and "spring breaks" on the taxpayer's dime. If they don't have to pay why "suffer"? Meanwhile, our military members live in this type of luxury "dorm" during their "freshman year"....

Last edited by Wartrace; 09-08-2022 at 05:58 PM..
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Old 09-09-2022, 08:54 AM
 
Location: NJ
22,484 posts, read 30,043,654 times
Reputation: 27298
Quote:
Originally Posted by gball721 View Post
I heard today on youtube (forget the news website quoted) that Sen. Ted Cruz and a legal group out of Texas have started soliciting people with standing. One theory was, they could find a student who makes 126K/year (just over the forgiveness salary threshold) and wants to sue because of being left out of the loan forgiveness , or for example a recent grad who just paid off all their loans, and sues if they end up being left out of the forgiveness. 2 possible kinds of people with standing. If Cruz finds one or some willing to go to court, then it could make its way into the courts and be challenged that way.

I guess it really depends on when they paid it off. If it's during the COVID freeze, they're allowed to ask for a refund of their payment. The article I read did not specify if there was a limit to how much they could request back, if over $10k or the $20k forgiveness, then they apply for the forgiveness to get it.



Student loan forgiveness: Plan will refund money borrowers paid during pause

Quote:
Those who paid off all or part of their federal student loans during the pandemic will have that money refunded under the Biden administration’s student loan forgiveness program, according to The Wall Street Journal.

The Department of Education on Thursday clarified that if the payments were made or if the loan was paid off during the period when payments were paused, then the borrowers who paid that money are eligible for a refund.

If you made payments during the loan payment pause, remember that Biden’s new loan forgiveness is capped at your outstanding debt. That means you would first have to get any payments you made during the pandemic refunded by your loan servicer, which would return your loan balance to its prior amount.
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Old 09-19-2022, 10:58 AM
 
Location: Shawnee-on-Delaware, PA
6,974 posts, read 6,059,680 times
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Last night the POTUS said in a nationally televised interview "the Pandemic is over". So that doesn't jibe with using the Pandemic as the reason for giving out free taxpayer money to college dropouts and graduates. What also doesn't jibe is the fact that we have record low unemployment so people should be paying these loans back themselves. Also that new loans are being written at far higher rates than the loans that are being forgiven for the lucky ones.

None of it makes any sense and doesn't seem fair for some people (including my two adult sons) to get a windfall at other people's expense.
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Old 09-19-2022, 01:05 PM
 
Location: Oregon, formerly Texas
9,469 posts, read 6,276,642 times
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This is a step toward nationally subsidized college. Been a long time in the making, but we all knew we were heading this direction. Eventually there will be an Obamacare-type proposal to reform the system. We already have state level initiatives. So just like Obamacare did with Massachusetts, the Feds will copy what a state did and propose it nationally. My guess is something like New York state's program. I expect this to happen within 10 years.

The only way to stop it is to make college more irrelevant. Stop requiring degrees for jobs.
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Old 09-19-2022, 02:07 PM
 
Location: Shawnee-on-Delaware, PA
6,974 posts, read 6,059,680 times
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Quote:
Originally Posted by redguard57 View Post

The only way to stop it is to make college more irrelevant. Stop requiring degrees for jobs.
OK but who will go first? One poster on another thread said a degree is required to work behind the counter at Enterprise Rent-A-Car. I admit I've always had pleasant dealings with Enterprise on the rare occasions I've rented from them. So having a college degree kind of weeds out the sub-par applicants, but is that the kind of job those kids spent 4 or 5 years in college for? I bet Enterprise (or any other Fortune 500 company) could provide training for high school graduates if they wanted to, but it's cheaper for the applicants to pay for their own training at college.
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Old 09-19-2022, 03:59 PM
 
Location: Madison, Alabama
10,230 posts, read 6,366,689 times
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Quote:
Originally Posted by jtab4994 View Post
Last night the POTUS said in a nationally televised interview "the Pandemic is over". So that doesn't jibe with using the Pandemic as the reason for giving out free taxpayer money to college dropouts and graduates. What also doesn't jibe is the fact that we have record low unemployment so people should be paying these loans back themselves. Also that new loans are being written at far higher rates than the loans that are being forgiven for the lucky ones.

None of it makes any sense and doesn't seem fair for some people (including my two adult sons) to get a windfall at other people's expense.
I don't know if it's illegal or not, but it's certainy unethical and unwise - and unfair to those who have paid off their student loans, and those who never went to college perhaps because they didn't have the money. Now they're having to pay for somebody else's actions.
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Old 09-19-2022, 04:01 PM
 
Location: Madison, Alabama
10,230 posts, read 6,366,689 times
Reputation: 7025
Quote:
Originally Posted by redguard57 View Post
This is a step toward nationally subsidized college. Been a long time in the making, but we all knew we were heading this direction. Eventually there will be an Obamacare-type proposal to reform the system. We already have state level initiatives. So just like Obamacare did with Massachusetts, the Feds will copy what a state did and propose it nationally. My guess is something like New York state's program. I expect this to happen within 10 years.

The only way to stop it is to make college more irrelevant. Stop requiring degrees for jobs.

Depends on the job. I can't imagine an engineer or a doctor not have a college, and beyond, education.
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Old 09-19-2022, 09:43 PM
 
10,890 posts, read 6,981,264 times
Reputation: 30167
Quote:
Originally Posted by jtab4994 View Post
OK but who will go first? One poster on another thread said a degree is required to work behind the counter at Enterprise Rent-A-Car. I admit I've always had pleasant dealings with Enterprise on the rare occasions I've rented from them. So having a college degree kind of weeds out the sub-par applicants, but is that the kind of job those kids spent 4 or 5 years in college for? I bet Enterprise (or any other Fortune 500 company) could provide training for high school graduates if they wanted to, but it's cheaper for the applicants to pay for their own training at college.
I suspect Enterprise is thinking longer term and bigger picture than just a counter job. I do the same thing when interviewing. I'm not just thinking about whether this person can be trained to do an entry job, but can this person replace me in a few years.

The other issue is a high school diploma doesn't mean what it used to mean. A college degree does set them apart as trainable. If we want to fix the problem of unneeded degrees, we need to fix high school.
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Old 09-20-2022, 07:48 AM
 
Location: Shawnee-on-Delaware, PA
6,974 posts, read 6,059,680 times
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Quote:
Originally Posted by tnff View Post
If we want to fix the problem of unneeded degrees, we need to fix high school.
I think you're right. And it's gonna take a lot of heavy lifting to do that, if anyone cares to try.
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Old 09-23-2022, 07:12 AM
 
Location: NJ
22,484 posts, read 30,043,654 times
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Spread the news if you know of anyone who combined their loan with a spouse or a now ex-spouse. They should get their applications in ASAP before the mad rush. I'm surprised they also passed this too.

Once the paperwork is done, they can apply for student loan forgiveness.



Congress just made it possible for student-loan borrowers who combined their balances with a spouse to separate their debt and receive federal loan forgiveness


Quote:
Congress shuttered the spousal joint consolidation loan program in 2006, which allowed married couples to combine their student debt balances with the idea that a single payment, with one interest rate, would be a more affordable repayment option. But once that program ended, those borrowers were stuck with the combined balances because law prohibited them from being separated, effectively blocking them from consolidating their debt into federal direct loans and taking advantage of federal relief, like the Public Service Loan Forgiveness (PSLF) program and blanket loan forgiveness.

Over a decade later, those borrowers are finally seeing relief. On Wednesday, the House passed the Joint Consolidation Loan Separation Act of 2021, which allows those with spousal loans to separate their balances. Sponsored by Sen. Mark Warner and Rep. David Price, this legislation will ensure the borrowers no longer have to keep paying off debt with a former partner that was abusive and will ensure that the borrowers that are still together can each apply for federal loan forgiveness.

"They will be immediately able to apply for the severance of their loan,"
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