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Old 02-11-2018, 09:55 AM
 
1,199 posts, read 632,919 times
Reputation: 2031

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Quote:
Originally Posted by nononsenseguy View Post
Let's cancel everyone's credit card debt for the economy's sake. Would that make sense?
Uh, this is done routinely. It’s called bankruptcy. If I could’ve discharged my student loans via bankruptcy, it would’ve been worth the credit hit, and I would be wealthy today.
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Old 02-11-2018, 10:09 AM
 
Location: Southern Willamette Valley, Oregon
11,138 posts, read 10,902,682 times
Reputation: 19500
Cancel student debt? How about just starting with something simple like reducing (or eliminating entirely) the interest rates associated with student debt.

Cancel? LOL!
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Old 02-11-2018, 10:13 AM
 
3,221 posts, read 1,718,857 times
Reputation: 2197
Quote:
Originally Posted by ditchlights View Post
Cancel student debt? How about just starting with something simple like reducing (or eliminating entirely) the interest rates associated with student debt.

Cancel? LOL!
Seriously, the interest rates are ****ing killer. What ever happened to the days when interest rates for student loans were 3-4%. They were up to 6.8-7.9% when I went to law school. Government loans, mind you!!
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Old 02-11-2018, 11:05 AM
 
79,900 posts, read 43,874,910 times
Reputation: 17184
Quote:
Originally Posted by ditchlights View Post
Cancel student debt? How about just starting with something simple like reducing (or eliminating entirely) the interest rates associated with student debt.

Cancel? LOL!
Quote:
Originally Posted by Valhallian View Post
Seriously, the interest rates are ****ing killer. What ever happened to the days when interest rates for student loans were 3-4%. They were up to 6.8-7.9% when I went to law school. Government loans, mind you!!
Funny that isn't it? We forgive Wall Streets debts, allow them to "borrow" with no cost to them but we demand that students pay well above the going interest rates.
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Old 02-11-2018, 11:18 AM
 
Location: the very edge of the continent
88,556 posts, read 44,263,959 times
Reputation: 13503
Quote:
Originally Posted by pknopp View Post
Funny that isn't it? We forgive Wall Streets debts
What Wall Street debts were forgiven?

Meanwhile, Fannie and Freddie still owe $1.8 trillion in unpaid debt. Fannie and Freddie MBS on the Federal Reserve's H.4.1, paid for by creating $1.76 trillion in new money via QE.

The Federal Reserve's Agency (Agency = GSE: Fannie and Freddie) MBS (Mortgage-Backed Securities) in 2008: $0
FRB: H.4.1 Release--Factors Affecting Reserve Balances--December 4, 2008

The Federal Reserve's current Agency (GSE: Fannie and Freddie) MBS: $1.76 trillion
https://www.federalreserve.gov/releases/h41/current/
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Old 02-11-2018, 11:25 AM
 
12,772 posts, read 7,923,339 times
Reputation: 4332
Quote:
Originally Posted by Valhallian View Post
Seriously, the interest rates are ****ing killer. What ever happened to the days when interest rates for student loans were 3-4%. They were up to 6.8-7.9% when I went to law school. Government loans, mind you!!
Interest rates are correlated to the risk of the loan. Higher risks are higher rates, letting people with no current employment (or basically minimum wage employment) at this point in their life borrow $10s of 1000s of dollars is a fairly substantial risk.
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Old 02-11-2018, 11:37 AM
 
Location: the very edge of the continent
88,556 posts, read 44,263,959 times
Reputation: 13503
Quote:
Originally Posted by t206 View Post
Interest rates are correlated to the risk of the loan. Higher risks are higher rates, letting people with no current employment (or basically minimum wage employment) at this point in their life borrow $10s of 1000s of dollars is a fairly substantial risk.
Exactly. No collateral loan = higher risk = higher interest rate.

How do people not know that?
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Old 02-11-2018, 11:56 AM
 
79,900 posts, read 43,874,910 times
Reputation: 17184
Quote:
Originally Posted by t206 View Post
Interest rates are correlated to the risk of the loan. Higher risks are higher rates, letting people with no current employment (or basically minimum wage employment) at this point in their life borrow $10s of 1000s of dollars is a fairly substantial risk.
Student loans can't be written off in a bankruptcy so high of a risk is it?
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Old 02-11-2018, 12:02 PM
 
Location: the very edge of the continent
88,556 posts, read 44,263,959 times
Reputation: 13503
Quote:
Originally Posted by pknopp View Post
Student loans can't be written off in a bankruptcy so high of a risk is it?
That doesn't mean they actually get paid off. There are c-d members who post in this forum who are in student loan default.
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Old 02-11-2018, 12:11 PM
 
Location: London
12,275 posts, read 7,080,046 times
Reputation: 13659
Quote:
Originally Posted by Dockside View Post
You want to get more millenials working? Then make it easier for boomers to retire. Jack up their social security payments and make Medicare part B free. Will it be expensive, hell yes. But it will open the hiring floodgates for millenials.
Or simply enact universal healthcare. That would probably be the same cost than jacking up social security and making Medicare Part B free...if not cheaper, and then employers could save money by not having to provide health insurance, leading to more jobs.
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