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I personally don't think it is reasonable, but a lot of other students do. You would be surprised how often I have heard in college over the past few years students saying now they aren't concerned about student loan debt because it is all going to fall on the "rich" taxpayers one day. So because of this, they take out as much debt as possible.
Wow. What a lack of character on their part.
I have a feeling they are going to get to know a certain woman named Karma better than they really want to.
I paid my loans. Most people do, but not all. That's how it's supposed to work. I went to a school and stayed in the cheap dorm. We were all from somewhere else, and we were all in the cheap dorm for a reason. Without debt perhaps 5% could have gone on to college. The other 95% of us could have stayed and all competed for a non-educated position to make our way with. On my floor freshman year came a band director, a high school teacher, an amazing pianist, a viola player whose company backs up major acts and local weddings, an accomplished author, a very long working actor, a partner at a business valuation firm, two heads of accounting, two opera singers in major markets, a stage tech, a water treatment manager, a zoologist, a human rights activist, a computer programmer and an IT manager. I haven't kept up with everyone, but the point is almost all of us were able to get careers that allowed us to pay our debts. Let's say the remaining 3 that I don't know about were complete deadbeats. Was the net result positive? The answer is undoubtedly yes.
How many of you had $250K saved for you when you were ready to start university? How many of you are smart enough to become a surgeon? Why would I keep that profession only open to those that had both categories?
Companies allow for individuals to take loans in another name, control them and escape them in the form of bankruptcy when things don't work out. They can take loans and leave them for other workers to pay. All allowable to allow for risk taking. Yet, for individuals, people get upset because they've only wrestled with them for 20+ years....it seems silly.
how can you possibly imply that a bunch of 20-30 year olds will never pay taxes lol. its just a shift in timing. we will all be held accountable to our own actions at some point.
I personally don't think it is reasonable, but a lot of other students do. You would be surprised how often I have heard in college over the past few years students saying now they aren't concerned about student loan debt because it is all going to fall on the "rich" taxpayers one day. So because of this, they take out as much debt as possible.
Much of the debt goes for designer clothes , beemers on lease payments ., partying and living off campus In a $3000 a month rental apartment. The entitlement mentality of today's college and grad students is so extreme it's almost sick and pathological. Many won't accept many jobs anyway because they consider them "beneath" them.
This would depend on what they do with the money from the extra loans they took out. If they invested it, then it might be enough to put a huge amount down on that house and reduce their mortgage, thus allowing their DTI to be low enough to qualify.
Obviously if they blew the money on fast cars and fancy spring break trips then they're screwed.
The latter is more likely and in most cases these days mommy and daddy are paying 100% of down payment on home and closing costs. And please stop this bleeding heart bs about these students saying they could never afford college grad school without these loans. It's time to grow up sometime start paying taxes and stop this obsession with labels and designer clothing and hanging out every night. Getting a job is more important than ones social life at some point in life
I have a feeling they are going to get to know a certain woman named Karma better than they really want to.
Good especially the woman described above who got her tax refund garnished. All I could say is tough s&&&it. Maybe she could work the street corner for extra cash to make up what wax garnished to pay debt she incurred
Government-backed student loans the only ones eligible for income-based repayment. Students pay a percentage of their income for a specified number of years (10, 20, or 25 years, depending on when the loans were disbursed, the specific income-based repayment method, and whether the student's job is a public service job). After that time, any remaining debt is discharged. The government treats the discharge as a taxable event unless the discharge is specifically made through the public student loan forgiveness program.
Generally, if the person's income is below 150% of the federal poverty level, IBR will reduce monthly loan payments to $0. Interest still accrues and is capitalized in many cases, but student loan interest is tax deductible. Treating student loan discharge as a taxable event coupled with the tax deductibility of interest incentivizes the student to at least make interest-only payments.
Student loan is easiest to delay paying but impossible to forgive. You can stop paying for years only for it to show up later and if you are applying for a lucrative job and they see you have an outstanding student loan you may not get the job.
Student loan is easiest to delay paying but impossible to forgive. You can stop paying for years only for it to show up later and if you are applying for a lucrative job and they see you have an outstanding student loan you may not get the job.
Borrowers who sign up for Income-Based Repayment (IBR) plans can have their federal student loan balance forgiven after 10, 20, or 25 years, depending on what IBR plan they sign up to.
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