Does $10K student loan forgiveness help you? How old are you? (college, tuition)

[modest]

Originally Posted by jtab4994

We had to take a private loan for our younger son's freshman year. The Stafford loans, grants, and scholarship didn't cover it all. Luckily he was chosen as an RA for sophomore year (free dorm) and moved off campus junior & senior year (waaay cheaper than the dorm scam). We rolled that 9.99% loan into a HELOC at a way lower rate as soon as we could.

Thanks for explaining.

[codeninja]

Originally Posted by modest

Honest question, other than loan consolidation, why were people taking private loans to finance education? I never had any issues getting federal loans either for undergrad or grad school.

Getting the federal loans isn't the problem. The problem is that graduate student loans* are limited to $20,500 per year (and $138,500 aggregate total including undergrad loans) and the full cost of attendance for a lot of graduate programs is more than that. Private student loans bridge the gap.

*Students in doctorate medical/health programs have an aggregate limit of $224,000 including undergrad loans, but don't have a yearly limit.

[cowboyxjon]

Won’t help me at all, but I expect a ‘thank you’ from the deadbeats who it will help.

[Ghost20]

Originally Posted by cowboyxjon

Won’t help me at all, but I expect a ‘thank you’ from the deadbeats who it will help.

Ew at your mindset. Not everyone had the same advantages in life.

[cowboyxjon]

Originally Posted by Ghost20

Ew at your mindset. Not everyone had the same advantages in life.

Ew at your mindset as well, as it’s not fair to the rest of us who played by the rules. But I get it - “equity!”

[modest]

Originally Posted by cowboyxjon

Won’t help me at all, but I expect a ‘thank you’ from the deadbeats who it will help.

Thank you, on behalf of all the "deadbeats".

Do you feel better now?

I hate people as much as the next person, but I think this is a lovely day to celebrate.

And no, I didn't get to partake in all this; I paid my $50k by myself.

I'm mainly happy seeing our government looking out for our own, rather than starting wars in the Middle East. But who am I to speak of about int'l affairs.

[cowboyxjon]

Originally Posted by modest

Thank you, on behalf of all the "deadbeats".

Do you feel better now?

I hate people as much as the next person, but I think this is a lovely day to celebrate.

And no, I didn't get to partake in all this; I paid my $50k by myself.

No, you were responsible and paid your loans back. I want a “thank you” from the folks who stopped paying their loans in anticipation of this “forgiveness;” the ones who feel entitled to this. Not sure why this should be celebrated at all, given the fact that it’s legally questionable and will likely contribute to inflation.

[codeninja]

Originally Posted by jtab4994

My kids benefit, but not me. And my kids did not need the help, they are capable of paying their own loans.

Wasted money IMO, on many people who do not need the help. No means testing other than earning less than $125k. Please.

The NAACP complains that $10k is not enough, but that just means the Administration can give out another $10k whenever it needs to. If they gave the whole $50k at once there would be no future incentive to keep voting for them.

The reason why the NAACP says that $10k isn't enough is probably because black and brown students have to borrow more for their educations due to the historical, and continuing, income disparity issue. Their parents haven't been able to save money for college and there are no well off grands, etc to help out. Also, *HBCUs (Historically Black Colleges and Universities) don't get the same amount of funding that predominately white institutions (PWIs) get and, as a result, can't offer as much financial aid as predominately white colleges and universities, which results in students having to borrow more to attend.

I'm not giving my opinion, just what I think may be the reason the NAACP says $10k isn't enough. I'm not a member, so I can't say exactly what their reasoning is.

*About HBCUs

• HBCU is a federal designation that was given to colleges that existed to serve black students during segregation before 1968.
• HBCUs exist because they were the only way black students could get a college education during segregation.
• They continue to exist because there is a demand for them within the black community, and many of them will give academically challenged students a chance to prove themselves, instead of denying them admission right off the bat. These students get remedial classes and then move into college-level courses. (But, you'd best believe they'd better tow the GPA line or they're out.)
• Lastly, HBCUs have always admitted non-black students. Always. And there are some HBCUs that are now majority white.

To the third bullet point above, I do not believe that 4-year colleges should offer remedial courses. Anyone who needs remediation should attend community college first. But, they didn't ask me so...

[Ghost20]

The people whose loan is being forgiven also played by the rules. Not everyone “didn’t make payments” but some people were on income driven plans yet their income was not high straight out of college and their payment barely covered interest.

Most ppl who will be eligible for loan forgiveness will still have a balance & will gladly choose a lower interest rate over a one time payment but will take what they can get.

Now if you had a balance and weren’t eligible for forgiveness I would understand ur frustration. But ur mad that there is finally some sort of movement for an unfair system? That is absolutely so selfish. This is a great first step for future reform. If students need to take loans at the age of 18 to receive higher education, the terms of repayment should be manageable

[cowboyxjon]

Originally Posted by Ghost20

The people whose loan is being forgiven also played by the rules. Not everyone “didn’t make payments” but some people were on income driven plans yet their income was not high straight out of college and their payment barely covered interest.

Most ppl who will be eligible for loan forgiveness will still have a balance & will gladly choose a lower interest rate over a one time payment but will take what they can get.

Now if you had a balance and weren’t eligible for forgiveness I would understand ur frustration. But ur mad that there is finally some sort of movement for an unfair system? That is absolutely so selfish. This is a great first step for future reform. If students need to take loans at the age of 18 to receive higher education, the terms of repayment should be manageable

What about the system is “unfair?” It’s not like students were forced to sign up for loans.