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The solution is pay your bills. Let the market adapt. Since there is no default provision then something else will eventually give. Rents will decrease. Or something else.
Access to additional deferments for those who have used all their deferment credit up.......additional refinancing capability to lower interest rates....additional consolidation loan access.....limits on debt collection calls.
But the bill itself will not disappear until paid.
Most student stories i've read are more in tune with the above desires....not total debt erasure....just relief from overzealous lenders. I'd support the above measures hands down.
Ironic isn't it? A millionaire who spends ALL his time on city-data bit*hing.
Not that it matters, but I spend 90% of my time donating it to charitable causes, something I challenge others to do. There is a thing called 'multi-tasking' (and now mobile media, such as a 4S), which is something that many people learn when they are 10 years old.
When Joy rode Main Dame that's when I started wanting a saddlebred. Might be time ti get back into horses ad it seems you spend all day every day on chat forums and that can't be good. Lol!
Hmm... as I stated in another post, I spend 90% of my time donating effort to causes I feel would benefit. I spend way less than 1% here, and the remainder working on medical patents.
I gave up horses a while ago, as the snobbery made me ill. (well the draft horses gave a sense of pure power, thus the hobby of building race motors).
I keep asking: What does this have to do with 'Student Loan Forgiveness?'
I don't care what you do, you shouldn't care what I do, and let's stay on topic. Aspbergers.
The solution is pay your bills. Let the market adapt. Since there is no default provision then something else will eventually give. Rents will decrease. Or something else.
Some Americans simply won't be able to pay their bills. They simply don't make enough to make their rent payments, let alone additional student loans. I understand that you admire personal responsibility, but some work hard all day and still are barely scraping by.
That's not a solution. That's expecting a different outcome with the same variables. Nothing's going to change until we make some drastic changes. There is going to have to be some wealth redistribution. If it doesn't happen the economy isn't going to survive anyway. Wanna see the fall of capitalism? Stay the course.
Access to additional deferments for those who have used all their deferment credit up.......additional refinancing capability to lower interest rates....additional consolidation loan access.....limits on debt collection calls.
But the bill itself will not disappear until paid.
Most student stories i've read are more in tune with the above desires....not total debt erasure....just relief from overzealous lenders. I'd support the above measures hands down.
I'd support that as well. If these institutions are expecting re-payment on their loans, they're going to have to take the market conditions into consideration. The current wages just aren't allowing Americans any breathing room for additional bills. Americans have more expenses now than ever before. Many are needed to function in today's business world.
Not that it matters, but I spend 90% of my time donating it to charitable causes, something I challenge others to do. There is a thing called 'multi-tasking' (and now mobile media, such as a 4S), which is something that many people learn when they are 10 years old.
Geez.
Your funny. You give me good laughs every now and then.
The decline of America, at the behest of our refusal to place a premimum on Personal Responsibility, is even steeper than we ever thought it could be in the United States of America. After 10 years of payments, federal student loans would be absorbed by taxpayers.
I can't even wrap my head around this. What should be a complete outrage is complete numbness. How in the hell did we get here?
Did you read and UNDERSTAND this bill?!
This is a basic break down for you. Say someone takes out 50K in student loans. They earn 30K a year at their first job ( and the payment amounts change with AGI) after they graduate. With this 10/10 plan, their student loan payments will be $250/ month (10% of their adjusted gross income). If and ONLY if they make 120 payments (10yrs where the other 10 comes in), agree to have the payments electronically withdrawn from their accounts, and the principal of the remainder of the loan does not exceed $45,520; then their remainder of the loan is forgiven.
If the above person ended up working in the public sector right out of college, then the repayment would be 60 months, not 120.
This bill also makes it easier for students to consolidate private loans, into federal loans, in which the interest is at a better rate.
Quote:
Originally Posted by midatlantic12
* takes out $100k for college*
* uses $100k to start business instead*
* not make a single payment*
*walk away from all debt within 10 years*
*laughs at taxpayers*
You really don't have a clue how student loans work do you?
Quote:
Originally Posted by Frank DeForrest
FWIW the federal government should have nothing to do with education or guaranteeing loans.
I disagree. It has been proven, if a country has a more intelligent society, then it is better off.
Quote:
Originally Posted by AeroGuyDC
I'm sure you got the jist of his argument without having to get technical. The idea here is that students can choose to do other things with their money instead of paying their legal obligations if this law is passed.
Not true, see above.
Quote:
Originally Posted by AeroGuyDC
Not singling you out.....but.....Were you forced to sign a Promissory Note? Did you complete your general ed credits at a community college? Did you apply for scholarships? Did you work during college? Did you do internships?
Yes, all recipients of federal loans sign PN's. I did do all my Gen cores at CC, and yes I recieved scholarships and grants. No, I don't work full time, but I do work part time, and raise teenage girls.
Quote:
Originally Posted by PullMyFinger
My son builds and remodels homes in the summer to pay for his college but I hope, I truly hope he learns some humility and something about the plight of others and someday when he get's old he won't spend his days on C-D spreading hate about poor people.
Tell him thank you for being so generous with his time! And kudos to you for raising such a fine young man!
Quote:
Originally Posted by malamute
The problem with their huge debts is just more evidence of their inability to perform basic math. These kids graduated from high school and were accepted in to colleges but it's obvious they have no clue what $50,000 with interest means. These students did no research, no studying of job availability before choosing a field of study.
Right about $68,000 give or take a few 100, based on ten years.
Quote:
Originally Posted by aus10
Another scary thing which goes with your story.... She probably does her own taxes... where rounding up or down is mandatory!
BAH! I NEVER round up or down when I do my taxes, lol! Thinking now, maybe that's why it takes the IRS so long to get a refund to us, lol!
Quote:
Originally Posted by arctichomesteader
This isn't the 1970's or earlier. It's not possible in most cases at all to work one's way through college. The costs are too high, and jobs that would pay enough are not easily had.
Quote:
Originally Posted by Fox Terrier
Quote:
Originally Posted by TriMT7
Quote:
Originally Posted by AeroGuyDC
I paid off $80K in student loans in 6 years exactly. This included putting every dime of overtime, every tax refund, and every dollar saved (except for 3 months cushion) towards those loans. What did I get out of it? A BS in Aerospace Eng, a MS in Commercial Aviation, and a FAA Commercial Pilot license w/Instrument Rating, ........and ultimately thriving business interests.
So you were able to have an excess of $6700/month to put towards paying down your student loan?
Just what, exactly, was your starting salary out of school that allowed you to actually live, pay rent/mortgage AND savings of 3 months to boot?
Actually, it would be a little over one thousand dollars a month.
6 years times 12 months = 72 months.
80,000 divided by 72 = $1,111.00.
Actually, it would be closer to $1,400/month. But still it's great that some people can do that, but not everyone can get jobs right out of the gate that afford someone that luxury.
Quote:
Originally Posted by Nite Ryder
I agree with everything you say about this. All Americans who work for a living and pay taxes should be outraged. If this law passes, we should all quit our jobs and go back to school, take out huge loans and party the rest of our lives..
See my 1st post on why that isn't a reality.
Quote:
Originally Posted by redroses777
There is income sensitive repayment, forebearance, deferments. I can maybe see starting here as a way to relieve some of the burden for students, but total repayment is too much for the taxpayer.
It isn't total repayment.
Quote:
Originally Posted by Fox Terrier
If you had ever been to college and needed a student loan, you would know the system does not work like that.
+1!
Quote:
Originally Posted by SuperSparkle928
Fox Terrier is correct:. It may be a little more like this:
1) Take out a $200K loan for college, because no one in the family, including the student, planned ahead.
2). Major in some unmarketable field
3). Be unable to find a job because of #2
4). Not make a single payment
5). Walk away from all debt within 10 years
6). Laugh at taxpayers.
7). Move into parents' basement
8). Have kids that cannot be supported
9). Have taxpayers pay for everything.
Must be nice.
Just my observations.
Again, not how it works. The MAX federal loan amount for someone who recieves a Grad degree is $138,500.
Quote:
Originally Posted by Jerseyt719
Aren't student loans designed to be paid off in 10 years? If so, forgiving them after 10 years of payments makes no sense.
Naw, some of the can be longer, but under this proposed plan, you make payments based on 10% of your adjusted gross income for ten yrs, then the remainder (as long as it's less than $45,520) will be forgiven.
I swear some of you guys just came into this thread to complain and seriously don't have a clue about what you are complaining about!
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