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I am in favor of this because I know many people who work full time but still have a student loan debt that is enough that they cannot save to buy a house. This will make a significant impact.
no it won't.........houses will still be out of reach!
Look at it this way, if Biden gave people 10K extra to buy a house...........could they? Nope the recent rate hikes just pushed that dream further down the block.
I served 11 years in the Marines got out when the GI bill had been cut way down. I didn't bother with it.
My wife took a promotion with longer hours and I worked part time to finish college. I was recruited and commissioned in the Army and I served for 15 more years. Prior to my commission the GI Bill came back new and improved. I was allowed to transfer it to my daughter and it payed for her college plus extra living expenses.
I'm retired now and debt free.
To those who just received 10-20k of education debt relief Congratulations!! I am happy for you!
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Quote:
Originally Posted by City Guy997S
Pretty sure you mean per semester, high school has quarters.
Ever consider the tuition increased with the popularity of loans? Schools figured out they could charge more if people were getting loans anyway? So if you limited or stopped the loans wouldn't schools have to be more price competitive?
Nope - OSU was on the quarter system at the time. They didn't change until 2012. FWIW, my high school had semesters, not quarters....
Much of what people have been paying is just the interest. I've paid more than my loans were and my balance continues to grow because the interest keeps compounding. The payments are applied to interest first. Not a dime has been applied to my principle. I paid for over 10 years! The interest I now owe is double the amount of the loan. I've made more than double the minimum payments and still gotten nowhere. My family pays far more in federal income tax every single year than the $10K I'm getting my loans reduced by. Were you upset over forgiving the PPL loans? Bailing out the auto, bank, or airline industries? Defense spending? Funds we send overseas? Corporations not paying their fair share of taxes?
Ok clearly you didn't get a finance degree!
Your family pays more in taxes than 10K .........again you might want to revisit that statement out of its sheer stupidity. Your family income exceeds $68,000, not really impressive for the whole family to make 68K and pay in over 10K in taxes.
Now if you claimed they paid 100K a year in taxes that might be more of an impact statement.
You claim that you paid double the minimum is the problem! Got a credit card? If you paid double the minimum would you expect it paid off in 10 years? I think they even show you if you paid the minimum it would take 17 years to pay off this bill (or something ridiculous like that). If you paid 10 years in on a 30 year mortgage.........guess what it isn't paid off either! Google an amortization table, punch in the values and you can see exactly what you owe after X number of payments/years whatever.
The cyclical reasoning in your last sentence showing all of the government spending is less important than your 10K is crazytalk.
Oh, BTW when you got the free Covid relief money last year, did you send it all to the student loans?
It's gotten so expensive that people question the value.
We are going to a lot of colleges fold in the next 5-10 years. A lot. And some of them will bw big names. Like, major state systems will go into financial exigency, lay off half their staff, etc...
The loan forvmgiveness won't make peoplenwant to go to college. All it will do is prove to everyone that there's no point. The education is too expensive now and the marketplace doesn't reward it, to the extent that if you go, you'll never pay off your loans and you'll need a bailout. So you won't go.
Yeah, because Generation Z sees there is no cheese at the end of that maze.
As an aside, when I first enrolled at Ohio State back in the mid 60s, full time tuition was (as i recall) about $110 per quarter (yes per quarter).
Student loans were not a thing.
Quote:
Originally Posted by City Guy997S
Pretty sure you mean per semester, high school has quarters.
Ever consider the tuition increased with the popularity of loans? Schools figured out they could charge more if people were getting loans anyway? So if you limited or stopped the loans wouldn't schools have to be more price competitive?
Quarters, not semesters.
Buckeye77 knew what they were writing. Ohio State was on the quarter system until about ten years ago:
It will cut my current remaining debt in half, and I will still continue paying the same amount, which will mean I pay my debt off sooner.
But I've been paying for 22 years on a $40k debt. I'm one of millions who was screwed over by a servicer who failed to appropriate payments correctly to service the interest, and so interest accumulated. I am also one of millions who was in repayment when the Great Recession hit, and thus interest accumulated even higher for a long period. For most of my payment history, the government did not offer income-driven repayment. My payments were based solely on how much I borrowed, and it was up to me to figure out how to live off what was left of my income--which wasn't much in those early days.
I don't begrudge those who have been in repayment for far less, and benefited from 'income-driven' plans that meant they have repaid a pittance of what they borrowed. But I do begrudge the complainers who just want more, more, more.
its a democrat vote buy, all they doing is buying vote, and with the million of illegals that will get citzenship before 2024. a republician will never be in office again
Yeah, sure, that's what it is. All the illegals who are not going to college or taking jobs. I thought illegals were bad because they take "real Americans'" jobs?? If so, where are they?
If you know any illegals who want to work for 18-20 an hour, send them my way. Because no one else does.
Yeah, because Generation Z sees there is no cheese at the end of that maze.
They're not taking jobs either, given the labor shortage.
What's affecting colleges seems to be the same phenomenon affecting the workforce.
As the article I posted indicated, this is going to be a long term problem. A lot of jobs DO need education beyond high school. We're doing the WRONG thing to resolve that problem.
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