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Recently, two of one of my kids friends, discovered that student loans taken out in their kids name, were used for a car and another parent got plastic surgery from money taken out in their childs name.
This came to surface when the kids who are now in mid twenties with good jobs, were trying to get qualified for a mortgage and saw their credit history show student loans, unknown to them.
So the left wants everyone of us to eat the bill for student loans which means we have to pay for cars, plastic surgery, studies that never finished, etc.
In another recent case we received an application for a rental and proof of funds was included as for income which showed USF student loan for which the student wanted to rent a house with a pool, for the family while the rest of family received disability and the house was at least an hour drive when no traffic jams are going on.
Do lefties, serious wants all of us to pay for BS items for which many student loans have been “abused” and now have to be forgiven and paid by “good people” who pay taxes, are serious in savings and/or investments for later in life!
NEVER!
This makes me so sad, because I can see that happening to me. My "mother" lived on my child support even though she didn't raise me. I guess I am lucky she didn't screw me further, like this poor person!
I don't think school loans will be wiped away.
I don't think you can go back to the past and wipe away anything, but you can figure out how to make sure it doesn't happen in the future. Klobouchar has the best plan for this. To her points of 1) free community college 2) reduced state/public tuition; 3) lowering interest on current loans; 4) expanding Pell grants...I would add my idea: 5) the debt remains, but cannot affect credit score; you can have tax refunds applied, settlements applied, but you can still get a car at less than 20% interest, and can buy a house.
College debt should not completely ruin someone's life, like it almost ruined mine.
Actually this story is BS. It only goes to the school if there is a Bill Due. For instance I wanted to pay my own way thru school and worked out of High School to save money. When my folks moved out of State I had to move out to stay at my local University, mid semester. I ended up having to take a loan which was paid to me because I had already paid my University Bills.
So although I agree it sounds very suspicious about people not knowing they had loans, for instance even though the money was paid directly to me the school required me to go to loan counseling before they would process the paperwork. But that was at a major University ever since they allowed loans at all these fly by night tech schools things may have become much more lax.
Federal loans are disbursed to school accounts.
We didn't realize we had to refuse the loan from FAFSA & they deposited the full loan amt. on a zero balance student account. The school refunded us and then I had to refund the loan dept. I made that mistake in the first term -- not refusing.
The school will issue you a check/refund for the amt. of the scholarship if there is no balance due.
Private school loans will have different conditions....and that's not the loans that are under discussion.
Major universities require students to take a loan counseling online but it is a joke.
Your loan was not for school. It was to live on. You would have to ask those promoting the idea if they would include something like this.
yep it is one of the things that most people don't pay attention to. When your school gives you the most of attendance it includes everything including room and board. Actual tuition is much less. Although much higher then inflation would dictate. My first semester in 1988 cost me 560 or so now at the same public university it is almost 6000 a semester for tuition alone. My student job at that time paid 5.25 an hour i doubt it pays 50 bucks an hour now to reflect the 10x tuition cost. We really don't spend enough time looking at how such a thing has been allowed to happen.
That student job i mentioned was for the Deans office at one of the colleges, the staff and faculty were always complaining they had to make due with shortages while students had so much money to eat out and party because of so much financial aid. They were always pushing for tuition hikes because "the students could afford it". Ironically as part of my student job i did building inventory they had what had to be hundreds of thousands dollars in equipment just shoved into rooms and every year(i worked there 4 years) i would sit around with the deans assistant and help buy 50 to 80k worth of random bits of equipment because the budget year was ending and if we didn't spent it our budget could be reduced the next year. Got to love that type of thinking.
Recently, two of one of my kids friends, discovered that student loans taken out in their kids name, were used for a car and another parent got plastic surgery from money taken out in their childs name.
This came to surface when the kids who are now in mid twenties with good jobs, were trying to get qualified for a mortgage and saw their credit history show student loans, unknown to them.
So the left wants everyone of us to eat the bill for student loans which means we have to pay for cars, plastic surgery, studies that never finished, etc.
In another recent case we received an application for a rental and proof of funds was included as for income which showed USF student loan for which the student wanted to rent a house with a pool, for the family while the rest of family received disability and the house was at least an hour drive when no traffic jams are going on.
Do lefties, serious wants all of us to pay for BS items for which many student loans have been “abused” and now have to be forgiven and paid by “good people” who pay taxes, are serious in savings and/or investments for later in life!
NEVER!
I can't beat that one, but I do remember back when our daughter was in college her best friend did take out a student loan to finance a new car for herself. I was floored, knowing she had no intentions of using it for her education. I am just surprised her parents saw nothing wrong with this. No way would my daughter ever have been allowed to do this
After checking a lot of websites on Democrat candidates and the issues, the only one I found that compares all of them on the SAME issues is Rolling Stone. I think it's a very good source for you if you want to know who supports what and in particular adds a little detail to each. You might want to bookmark it for future discussions on these other Democrat issues which are also addressed:
The issues that are apparently important to Democrats are: Medicare for All, Closing the Wealth Gap, Climate Change, Public Education, Campaign Cash, Foreign Policy, Guns, Immigration, Legal Weed, Abolishing Electoral College, Packing the Supreme Court, Criminal Justice Reform, Reproductive Rights, Voting Rights, Reparations.
Top Democrat candidates and where they stand on some form of free college and/or repaying student loans according to Rolling Stone (which has ALL of the candidates):
Joe Biden: In 2015, Biden called for four years of free public college, going further than Obama’s proposal for free two-year community college. He has not explicitly endorsed four years of free public college since joining the 2020 primary (only free community college).
Elizabeth Warren: Warren has declared that she would cancel up to $50,000 in student-loan debt for 42 million Americans, almost completely wiping out educational debt for three-quarters of the country’s borrowers. Warren has proposed offering every American the chance to go to a two- or four-year college for free. (The cost, Warren says, will be covered by the tax on her Ultra-Millionaire tax.)
Bernie Sanders: Sanders pushed the call for free college to the fore in his 2016 campaign, and continues to champion the policy in 2020. He has called for free public college tuition, with the federal government covering 67 percent of this cost and states the remaining 33 percent. His plan seeks to “fully fund” historically black colleges and universities — financed by a transaction fee for Wall Street trades on stocks, bonds, and derivatives. Sanders is proposing to use the same Wall Street tax to fund a debt jubilee, wiping out all $1.6 trillion in outstanding student loans.
Kamala Harris: Harris wrote on Medium that she was co-sponsoring the College For All Act, which eliminates tuition and fees for public colleges and universities for 80 percent of Americans (those earning less than $125,000 per year).
Pete Buttigieg: His plan calls for debt-free public college, as well as an increase in Pell Grants and more support for Historically Black Colleges and Universities and Minority-Serving Institutions. Buttigieg has also said he would expand the Public Service Loan Forgiveness Program, which, offers loan forgiveness in exchange for public service.
Cory Booker: Booker has introduced legislation to make college debt-free. The bill would match state-level investments in higher ed with federal dollars so that students don’t have to take on debt to get a degree.
Beto O'Rourke: “I am not for free college for all,” O’Rourke has said. Instead, he’s proposed refinancing at lower rates the estimated $1.5 trillion in American student debt, and discussed the possibility of expanding the government’s troubled Public Service Loan Forgiveness program that is supposed to wipe out debt in exchange for public service."
Amy Klobuchar: Does not support free public-college tuition, suggesting that it would take a “magic genie” to be able to afford such a policy. Klobuchar does support free community college, better refinancing options for student debt, and an expansion of Pell grants.
Andrew Yang: Yang wants to make community colleges and vocational training accessible. He vows to “work to fund community colleges to a point where they can provide free (or drastically reduced) tuition to anyone from the community,” with an emphasis on technology training and partnerships with local employers.
Tulsi Gabbard: Gabbard supports Bernie Sanders’ College for All Act, which would eliminate undergraduate tuition at four-year public universities for families making up to $125,000, make all community college tuition-free and reform the student loan system.
Kirsten Gillibrand: Gillibrand has proposed rewarding a year of public service with student loan debt forgiveness. “If you do public service for a year, you get two years free of community college or state school,” she said during a recent MSNBC town hall. “Do two years of public service, you get four years free.
Marianne Williamson: Williamson supports it. “I want college to be free at public universities and colleges, and I want the cancellation of these college loans or — at the very least, radical renegotiation,” Williamson said in an interview with WMUR.
John Hickenlooper: Hickenlooper has said he wants to cut the interest rate on student loans, and increase student loan forgiveness for high-need careers in rural areas. He has also called for community college to be tuition-free.
Bill DeBlasio: De Blasio has called for student loan debt forgiveness for veterans with disabilities.
So, can we agree that community college, at a minimum, will be the new high school? And, just a thought, if all of these potential students (and I don't see any mentioning student's ages) can go to community college (and some 4 year colleges) tuition free, where are all of the colleges coming from that will have to take them? And how will they pick and choose the students if there aren't enough colleges to support the demand?
Recently, two of one of my kids friends, discovered that student loans taken out in their kids name, were used for a car and another parent got plastic surgery from money taken out in their childs name.
This came to surface when the kids who are now in mid twenties with good jobs, were trying to get qualified for a mortgage and saw their credit history show student loans, unknown to them.
So the left wants everyone of us to eat the bill for student loans which means we have to pay for cars, plastic surgery, studies that never finished, etc.
In another recent case we received an application for a rental and proof of funds was included as for income which showed USF student loan for which the student wanted to rent a house with a pool, for the family while the rest of family received disability and the house was at least an hour drive when no traffic jams are going on.
Do lefties, serious wants all of us to pay for BS items for which many student loans have been “abused” and now have to be forgiven and paid by “good people” who pay taxes, are serious in savings and/or investments for later in life!
NEVER!
Keep it up with the faux outrage & cherry picking “stories” that are completely minuscule.
Honestly, I recommend people not take out student loans. Now the exceptions I make are when that person already or eventually will accumulate a sizable bank account through legal means. This includes getting an inheritance or owning a lot of stock in some big company. Heck, those that have the skills for it could earn decent money doing things on social media. I think people should work hard in college and use student loans as a last resort if need be.
The most surprising find was that many students are using the money to fund their own college party lifestyle.
“So many students are told to take out more [loans] than they need [for books and other things], but I saw student loans pay for more spring break trips, TVs and cars than I can count!” —Stephanie M.
“I didn’t get one [student loan], but my roommate did, and she thought it was free money. So she bought a bunch of clothes—including gifts for me and the other girls living there—and parties. The [school] counselors do make it seem like free money though, saying you can buy whatever you want with it.” —Renata M.
“I graduated 15 years ago. My school didn’t actively promote them [loans], but they certainly suggested them as a way to pay for college. I had a full ride, my active military salary and the GI Bill, so I took the student loans to buy a Corvette. I sold the car a year and a half later—I still have the loans.” —Doug M.
...“there is no requirement for students to demonstrate financial need” to receive a direct unsubsidized loans. Did you catch that? Even students with no financial need and no proven history of responsible spending can borrow a total of $79,500—and that doesn’t include private lending options!
Recently my ’99 clunker has been in the shop every three weeks and I’m currently spending more on repairs/maintenance than I would on a new car...would it be possible or beneficial to use my Grad-Plus Perkins school loan to cover the payments on a vehicle or would I need to pull out a private loan?
Buy a car with your student loan? It's encouraged:
If you’re like many college students and you’re without reliable income aside from your student loans, you may not have an alternative method of paying for a car. If a car is a necessity caused directly by your enrollment in college, and you don’t have enough cash saved up, a portion of your student loans can go towards your monthly auto payments.
Student loans are supposed to be for education, not living high on the hog because you don't want to change your lifestyle. Yes, living expenses can be included, that doesn't mean go live at the nicest complex you can find cause you just have to study poolside every day. It doesn't mean buy the most expensive car. It doesn't mean buy the latest iPhone 128MB with all the bells and whistles, it doesn't mean go on a clothing shopping spree.
So...what happens if someone abuses their student loans? Pretty much nothing:
Outside of financial aid fraud cases and instances of illegal borrowing in which individuals can be legally prosecuted and face fines or imprisonment, not much happens to borrowers who misuse their federal student loans.
Schools issue refunds directly to students. After that, the financial aid office doesn't have the means to track how borrowers spend their money. But a new initiative from the Department of Education to issue loan refunds on debit cards may change that in the future.
Which is why some do it.
And that is just one reason why people are not embracing the "student loan debt forgiveness". They already borrowed money once, now they want to "borrow" more to pay off what they borrowed. Pound sand.
Recently, two of one of my kids friends, discovered that student loans taken out in their kids name, were used for a car and another parent got plastic surgery from money taken out in their childs name.
This came to surface when the kids who are now in mid twenties with good jobs, were trying to get qualified for a mortgage and saw their credit history show student loans, unknown to them.
So the left wants everyone of us to eat the bill for student loans which means we have to pay for cars, plastic surgery, studies that never finished, etc.
Or ya know, we could prosecute fraud cases.
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