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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?
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Originally Posted by MarianRavenwood
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.
These examples are so freaking common.
The banking system is corrupt.
With or without a $10k loan forgiveness, the banking/student loan industry needs to be revamped.
The $10K off doesn't address this serious issue of corruption.
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.
Depends. In most large cities min wage is 15 so they'll take that over some hard labor job for a few dollars more. The job is not worth what you say it is, it's what the market says it is. If you can't get help you need to raise the pay.
With or without a $10k loan forgiveness, the banking/student loan industry needs to be revamped.
The $10K off doesn't address this serious issue of corruption.
Yes, those are good examples of poor financial decisions such as racking up more student loan debt than you can hope to repay with your profession and not paying attention to the terms etc.
There is such a thing as personal responsibility right?
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.
I had a coworker like that. I hope he was able to get some of his loans forgiven through PSLF, but he finished school in the early ‘90s and at the time we talked about it in 2010, had something like $200K worth of outstanding debt just from grad school. He said this happened because he had always worked in public service and there were no PSLF options when he worked for public service his entire career. I am not even sure it was possible to take out near that much in the early ‘90s (and I think he paid for undergrad with the GI bill), so this just seems like a result of all the deferrals and forbearances he had.
I had a coworker like that. I hope he was able to get some of his loans forgiven through PSLF, but he finished school in the early ‘90s and at the time we talked about it in 2010, had something like $200K worth of outstanding debt just from grad school. He said this happened because he had always worked in public service and there were no PSLF options when he worked for public service his entire career. I am not even sure it was possible to take out near that much in the early ‘90s (and I think he paid for undergrad with the GI bill), so this just seems like a result of all the deferrals and forbearances he had.
Expensive grad school could easily have added 90k even back then (did for my sibling).
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.
I said up above that the government must start promoting jobs that require technological training even more than it promotes bachelor's degrees. Most people will not get bachelor's degrees and the country, frankly, doesn't need most people to have bachelor's degrees. Most people need training and certification in technological processes.
But right now, all a kid learns about from government (and I include teachers and school counselors as government" is college, college, college, college.
Depends. In most large cities min wage is 15 so they'll take that over some hard labor job for a few dollars more. The job is not worth what you say it is, it's what the market says it is. If you can't get help you need to raise the pay.
We have raised the pay. A lot. 20 an hour is about a 60% raise since covid, 2019 wages. Still minimal response, and those few we get quit for nothing. I would like some immigrants, please.
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