Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 04-20-2022, 02:37 PM
 
7,200 posts, read 4,467,041 times
Reputation: 11726

Advertisements

Quote:
Originally Posted by Bob NC View Post
Does anyone think it would be a better idea to cancel Medical Debt rather than Student Loan Debt?

If Equality and diversity were the goal, wouldn't Medical Debt cancellation fit the bill better?
Welfare for thier friends that are professors who brainwash generations to think liberally.

 
Old 04-20-2022, 04:55 PM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
12,956 posts, read 7,330,828 times
Reputation: 9704
I always saw student loans with federal or state subsidy as welfare for the lower economic class and a means to climb the economic ladder if they compounded their effortts;

A method to keep the newly HS graduate off the streets... Finishing school, trade school, etc.

And a gift to the wealthier economic and social classes.
Ymmv
 
Old 04-20-2022, 05:20 PM
 
Location: Sunny So. Cal.
4,226 posts, read 1,583,924 times
Reputation: 3149
Quote:
Originally Posted by leastprime View Post
It's very confusing.
https://www.forbes.com/advisor/stude...e-ffelp-loans/


We need to clean up the books.
The people in default are a lost cause. We may hold them forever liable for the student debt, but that won't get our taxpayer dollars back.

We still have consolidated PLUS, 2002-2006 vintage. According to cited above article, its a consolidated FFELP. Our current administrator is and soon to be a was, NAVIENT. And the owner of the loan is DeuscheBank. IIRC, still about 8 years remaining and ~$30k.

YLMV
I, 100%, agree with you. It IS all very confusing, and needs to be cleaned up. A big part of the new rules Biden has been enacting is an attempt to “clean it up,” one piece at a time. Hopefully when it is all said and done, everyone will understand if they are eligible for loan forgiveness under ANY program, will know who they owe money too, and hopefully future programs won't muddy the waters if the current administration succeeds in cleaning it up.
 
Old 04-20-2022, 07:09 PM
 
Location: Knoxville, TN
5,818 posts, read 2,635,091 times
Reputation: 5705
Quote:
Originally Posted by BahHumBug2 View Post
I'm with Mathjak.

WHY should a relatively small minority of college graduates have their student loans forgiven? WHY should those of us that either didn't take out loans or have paid our loans as promised pay for the irresponsible actions others? This is like billing the RESPONISBLE TWICE! If students believe they were "conned" they should be able to do class-action suits against the colleges that sold them these expensive worthless degrees.

Education should be viewed more like any other consumer product. Try and get a $200,000 mortgage for a house worth only $50,000. Try and get a $100,000 loan on a $25,000 car. This is exactly what colleges and student loan companies are doing to 18 and year olds.
.
Great idea. They won't lend you a penny more than necessary (less lots of the time) for those things.

Another reason to hate our Government. US Govt nickel and dimes (putting this MILDLY) its own citizens who are trying to better themselves by going to COLLEGE (and create TAX REVENUE) by making it extremely hard to stay ahead of the interest. H-A-R-D. It wasn't easy getting debt free. I know attorneys and doctors drowning in debt still, that affects their lives financially. At least make it like a car payment-- one principal, you pay it down each month. You don't get hosed with the interest.

This is all just a selling point, none of this crap will ever happen. I'd like my $50,000 back that I paid if so for my education. I made mistakes with some of the money, I'm not immune. They shouldn't be able to lend you a penny more than tuition and for living expenses make it dependent on a lease as well and set boundaries...... But I paid my loans back. Kids put down payments on cars with SL money and take extravagant semesters abroad. I'd like to have studied abroad but not to get into debt like so many people I know who did.

That's how awful and greedy the US Government is. I'm not saying college should be free by any means, but SL debt is just about the worst you can possibly have if you go overboard (which is very, very easy to do, it's practically encouraged).
 
Old 04-20-2022, 07:46 PM
 
Location: Sunny So. Cal.
4,226 posts, read 1,583,924 times
Reputation: 3149
Quote:
Originally Posted by Mister 7 View Post
Great idea. They won't lend you a penny more than necessary (less lots of the time) for those things.

Another reason to hate our Government. US Govt nickel and dimes (putting this MILDLY) its own citizens who are trying to better themselves by going to COLLEGE (and create TAX REVENUE) by making it extremely hard to stay ahead of the interest. H-A-R-D. It wasn't easy getting debt free. I know attorneys and doctors drowning in debt still, that affects their lives financially. At least make it like a car payment-- one principal, you pay it down each month. You don't get hosed with the interest.

This is all just a selling point, none of this crap will ever happen. I'd like my $50,000 back that I paid if so for my education. I made mistakes with some of the money, I'm not immune. They shouldn't be able to lend you a penny more than tuition and for living expenses make it dependent on a lease as well and set boundaries...... But I paid my loans back. Kids put down payments on cars with SL money and take extravagant semesters abroad. I'd like to have studied abroad but not to get into debt like so many people I know who did.

That's how awful and greedy the US Government is. I'm not saying college should be free by any means, but SL debt is just about the worst you can possibly have if you go overboard (which is very, very easy to do, it's practically encouraged).
I actually bought a (used) car with my student loan money. Lol. My car broke, and I needed a vehicle for school since I had to travel to different sites every day as part of my internship. I borrowed more money than I needed in years 1 & 2 of grad school and saved it, because year 3 consisted of a full-time, unpaid internship along with classes at night. I survived year three on the SL money I saved from years 1 & 2.
 
Old 04-20-2022, 08:16 PM
 
Location: Knoxville, TN
5,818 posts, read 2,635,091 times
Reputation: 5705
Quote:
Originally Posted by stone26 View Post
I actually bought a (used) car with my student loan money. Lol. My car broke, and I needed a vehicle for school since I had to travel to different sites every day as part of my internship. I borrowed more money than I needed in years 1 & 2 of grad school and saved it, because year 3 consisted of a full-time, unpaid internship along with classes at night. I survived year three on the SL money I saved from years 1 & 2.
That's a great example of actually needing it and being responsible, not that my opinion matters but FWIW.

I know people with absolutely worthless degrees 100k+ in debt, because they were "young and stupid" which is a mistake we all make, maybe not with loans. But everyone is young and stupid at one point, hell no I'm not paying anyones' loans off that's for sure though.
 
Old 04-20-2022, 08:25 PM
 
17,877 posts, read 15,727,124 times
Reputation: 11649
Quote:
Originally Posted by Wartrace View Post
Why cancel any debt? If equality were the goal then the government (aka taxpayers) should send out a check to all Americans to cover whatever ails them. It is unfair to reward certain groups for going into debt while others either paid it off or decided to find another way to pay for their desires. Think about the Army private that fought in combat in order to get the GI bill. You are going to pay off the gender studies major's debt as if they are contributing to our society?
Well since the taxpayer already paid off or applied the equivalent function to financial institutions with the famous TARP bailouts, which in fact adds up to much much more than all total student loan debt with its interest, I dont see how we as a society can deny this function to anyone else.

Quote:
Originally Posted by mathjak107 View Post
Student loan debt is sold to investors and funds with one priority, they want a certain amount of return or investors aren’t buying…

2008 was an example of what happens when investors stop buying debt and there is no liquidity to create more money to loan.

The lending system came to a halt
Yeh great for the speculators because its guaranteed by the taxpayer/govt. The taxpayer/govt is guaranteeing the private speculations of individuals. That is crazy.
 
Old 04-20-2022, 08:49 PM
 
Location: Dessert
10,818 posts, read 7,191,344 times
Reputation: 27884
Quote:
Originally Posted by mathjak107 View Post
I would rather see cancer patients have medical debt cancelled vs education debt cancelled .

Education debt is a choice , cancer isn’t
But even that isn't fair to everyone who has had cancer. I paid for insurance and copays when I had cancer, so all my medical expenses--thousands and thousands of dollars out of my pocket--have been paid off.

Forget paying off old debts, use the money to create a single payer healthcare system, where nobody winds up crushed by the cost of trying to survive.
 
Old 04-20-2022, 11:50 PM
 
Location: Knoxville, TN
5,818 posts, read 2,635,091 times
Reputation: 5705
It's just a stupid move, fake selling point by the left.

It astounds me that one human being took any of this rhetoric seriously...loans paid back for free and on taxpayers' dime no less. I want what they're smoking. Dems are not living on the same planet as the rest of America, so I guess the shoe does fit.

You sign a note, you pay it back or suffer consequences. End of story. I'm gonna go out and take a loan out for a new Escalade tomorrow but not pay for it....and see what happens. Consequenses of that aren't nearly as bad. They'd repossess it, you declare bankruptcy, stick it out for 7 years and it drops off your credit. You in over your head on SL payments, I agree the system is ridiculous but it WILL adversely affect your life until the day you die if you default. Forget buying that first house or postpone it for 15 years, anything halfway decent anyway. You'll never get your social security either later in life.
 
Old 04-21-2022, 12:23 AM
 
Location: Edmonds, WA
8,975 posts, read 10,111,398 times
Reputation: 14245
I think the system in general needs a major overhaul. There are people at the very top of the education and medical fields which are the primary beneficiaries of medical and student loan debt, both of which have become ridiculously inflated over the years. I’m reading several antiquated and out of touch opinions on this thread that ignore the unfettered premium growth on both health care and education, which disproportionately benefit the top 1%, who of course will never be held accountable nor blamed for their role in the problem. But of course it’s easier to put blame on the naive 18 year old than the fat cat executive I suppose.

That said I think there is room for societal adjustment in both health care and education. How about more tailored trade programs that are specific to certain fields? Why not push that? I do think there should be more of a focus on the pragmatic value of a specific academic path and parents need to have discussions with their children about reality of getting an art degree vs engineering or whatever else.

How about the government pushes preventative measures so people can avoid problems like morbid obesity, diabetes, lung cancer and other problems caused by lifestyle choices rather than genetics or bad luck? Of course things like cancer can’t necessarily be avoided in some cases but a lot of the medical debt is due to decades of poor personal decisions in many cases.

Last edited by Bluefox; 04-21-2022 at 12:32 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top