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Either you are overly sensitive or just a poor reader. Where did I display that mentality? Please copy and paste any word I said where your comment may have came from.
I am merely saying that way too many students (not you, read slowly) subsidized their lifestyles with loans that they now do not feel they should pay back. And those of us that paid our way are fed up with them.
If that makes me disgusting and ugly, well gee whiz, I have a lot of disgusting and ugly people that agree with me.
I said that mentality was disgusting and ugly. Last I checked, commenting on a state of mind wasn't a violation of the TOS.
I didn't assign it to you, but if you feel like it applies, then I dunno what to tell you.
You did, however accuse me of being overly sensitive and a poor reader. Since one of my degrees is in Psychology and the other is in English and Communication, I'm pretty sure I got your point, loud and clear.
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The challenges of managing student loan debt can lead some borrowers to fall behind on their loan payments and in some cases even default on their debt obligation," notes the always astute White House... and so it's time to do something about that... by bailing the bad debtors out with US taxpayers money. Not only has the student loan debt bubble expanded massively but delinquencies on the 'easily available' credit is soaring with "consequences such as a damaged credit rating, losing their tax refund, or garnished wages."
Consequences, once again, are not acceptable for this administration and so President Barack Obama will issue an executive action making it easier for young people to avoid trouble repaying student loans. disgusting.
You do realize what it means to default on a student loan, right?
It's not like defaulting on a mortgage, a credit card, or a car payment.
If you do not pay a student loan, your wages (if you have any) are garnished.
If you are on Social Security or SSDI, they will take a chunk of that, too.
The talk of "default" on student loans is laughable. There is no default. There is merely complete and total unemployment while living with someone else who pays all your expenses and there's death.
And the death thing won't work if parents cosign for private student loans because if their children die? They still have to pay back all that money for someone who will not live and earn and be able to help them pay for it... or use the degree they earned.
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When you look at this scheme cooked up by Obama it is yet another sop to the liberal/left who have big dreams but cannot or will not pay for them.
After number crunching it becomes obvious that the main benefit of loan forgiveness will go to those that have vast student loan debt. Someone who attended Podunk University for four years will not rack up the sort of debt a NYU, Harvard, Columbia etc.. undergrad and graduate student will. So if this future attorney, doctor, hedge fund manager or whatever takes their advanced and excellent education to a non-profit for ten years they have effectively transferred the total cost of their education to ratepayers. Meanwhile they will go on to years, many years of reaping the rewards financial and otherwise from their education.
When you look at this scheme cooked up by Obama it is yet another sop to the liberal/left who have big dreams but cannot or will not pay for them.
After number crunching it becomes obvious that the main benefit of loan forgiveness will go to those that have vast student loan debt. Someone who attended Podunk University for four years will not rack up the sort of debt a NYU, Harvard, Columbia etc.. undergrad and graduate student will. So if this future attorney, doctor, hedge fund manager or whatever takes their advanced and excellent education to a non-profit for ten years they have effectively transferred the total cost of their education to ratepayers. Meanwhile they will go on to years, many years of reaping the rewards financial and otherwise from their education.
You completely ignored poor college students who went to a state university and didn't have any parents to help them pay for living expenses so they used loans and then could not find a job when the economy took a dive. The interest adds up.
30-50k in student loans might not be much to some people, but it's a ton of money to someone who has to work retail because they cannot find a job in their field and get a forbearance because they cannot afford payments until they find a better job.
The interest adds up very quickly.
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What they're not telling you is this, and it's a whopper: After 10 years (public sector) and 20 years (private sector) the remaining student loan debt will be foregiven. However, the "forgiveness" will be considered income for income tax purposes. Therefore, for those who have significant amounts forgiven, there will be a major shock come April 15th. Higher tax brackets and very large tax bills are extremely likely. Will these folks be able to pay a $30K tax bill? If they couldn't pay their student loans off to begin with, i'd surmise they won't be able to pay the IRS either. Ironically, public sector employees are likely to be hit the hardest because 10 years is a pittance of time to pay down a loan at 10% of discretionary income.
It's a deal with devil. Cross your fingers and hope and pray that income in 10 or 20 years will be enough to allow such a huge IRS bill to be paid.
Your statements are incorrect. Under the IBR, Pay AsYou Earn, and ICR plans, loan borrowers must make 120 qualifying payments. After the 120 payments are made, the entire balance (including accrued interest) is forgiven. Those who do not meet the eligibility factors will be responsible for repaying the entire balance of their loan, including all accrued interest.
Your statements are incorrect. Under the IBR, Pay AsYou Earn, and ICR plans, loan borrowers must make 120 qualifying payments. After the 120 payments are made, the entire balance (including accrued interest) is forgiven. Those who do not meet the eligibility factors will be responsible for repaying the entire balance of their loan, including all accrued interest.
Income based repayment plans under current laws actually are much better for many borrowers. What Obama's new scheme does in reward those with very large student loan debts (and the schools they took them out to attend). It makes no financial sense for someone with say $20K in student loan debt to drag things out for 20 years.
Make no mistake about it; one of the worst things to happen for the federal student loan program was for the government to take back the thing. Worse still because the liberal/left will now use it to promote yet another of their long cherished goals, free or at least heavily subsidized higher education. In other words just as with healthcare the creation of an outright or quasi socialist higher education system.
You completely ignored poor college students who went to a state university and didn't have any parents to help them pay for living expenses so they used loans and then could not find a job when the economy took a dive. The interest adds up.
30-50k in student loans might not be much to some people, but it's a ton of money to someone who has to work retail because they cannot find a job in their field and get a forbearance because they cannot afford payments until they find a better job.
The interest adds up very quickly.
Yeah, especially if they have a degree in something like "Women's Studies".
They're gonna be working retail a mighty long time.
He's at it again. Waving his magic pen Obama will now expand his student loan forgiveness scheme to potentially cover anyone with federal student loans. Repayment would be capped at 10% of monthly income with the entire balance forgiven after 20 years, ten if the borrower works in the non-profit sector.
Who is going to pay for all this forgiveness? I'll give you three guesses...
Rule based job processes have been and will continue to be the target for automation, as designed by " rocket scientists".
There has almost always been a surplus of unskilled/low skilled workers that perform rule based job functions. Those jobs have been and will continue to be eliminated as the cost /benefit of using machines makes more sense.
I'm jut not seeing that around here. It's the programmers and high tech people that have intense competition for a small pool of jobs. On the other hand, there are businesses and industries around here that pay a comfortable, livable salary and are begging for employees. There is a woodworking shop not far from my home that has had a help wanted sign on the side of the building for months--again, decent salary, benefits, etc.
Yet we still have those "high-tech, high-skilled" folks that can't seem to get that job because there are 10 people for every one job. So, they collect unemployment and because they think they are above physical work, would not take that job in the shop.
It's the trades (at least in this area) that are most in demand right now. Everyone is too good. What ends up happening is illegals are trained for the position, and because they are actually willing to work, they do fine.
I just see our society as becoming more and more top-heavy. And this is coming from a college math professor. I see these kids every day. I know their typical attitudes. I don't see a bright future for many of them. And yes, I'm hypocritical because I am critical of the establishment for which I work. Like most things in this country, it has become a revenue generation device for the ruling class.
Your statements are incorrect. Under the IBR, Pay AsYou Earn, and ICR plans, loan borrowers must make 120 qualifying payments. After the 120 payments are made, the entire balance (including accrued interest) is forgiven. Those who do not meet the eligibility factors will be responsible for repaying the entire balance of their loan, including all accrued interest.
That has nothing to do with my post. You speak of principal and interest. I speak of the tax bill. The amount of the forgiveness can be treated as income for tax purposes.
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