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It hurts me as I paid off my son's student loans to help him and we as a family work hard and pull our own weight in society. Why does it hurt me? I already paid the loans off working two jobs and now I will have my taxes raised to pay even more student debt. we are talking about over $500 Billion! Where is that money coming from? Yep, the working class.
It hurts me FOR you. This is just wrong. I hope you vote accordingly. That’s all we can do right now.
Lol there’s really no way to respond to this without insulting your intelligence but omg it’s taking all the willpower in the world
Quote:
Originally Posted by moguldreamer
I feel your pain.
It's almost as if some people can't decipher
Work that out for an adult who is already on Social Security paying the minimum amount for her child's college loan. Remember that she'll already be paying for the rest of life, and will die before paying it off.
Work that out for an adult who is already on Social Security paying the minimum amount for her child's college loan. Remember that she'll already be paying for the rest of life, and will die before paying it off.
She'll still die before paying it off.
Maybe I missed something but why is a mother on Social Security paying her child's college loan? And if the mother is going to die whether or not the loan gets paid, why pay it at all? Unless you are talking about private loans that the mother co-signed and is legally responsible for?
It's actually pretty hard to balloon 4 years of Stafford undergrad loans up to $100k. The first year is $5.5k, the second is $6.5k, and years 3 & 4 are $7.5k each. That's $27,000 total for 4 years. Add interest and maybe you're up to $30k. If you go to Grad school, that's where the money is, but by then you should be smart enough to get a job, or smart enough not to go to Grad school in the first place.
This reminds me of the checks they mailed out to everyone during Covid. Checks with no confirmations. All you had to have were kids. Friends of mine that were not impacted at all by the pandemic and were finically stable all unnecessarily received checks. They joked about it. It made no sense.
Now the latest on these payoffs of student loans the numbers are saying that it will cost $600 million... i.e. everyone will see an increase in taxes of $2500. Including impacting those that received the forgiveness. The $10-20k debt is less than a car purchase! I don't get it. Besides if your degree won't get you the earning power needed, then it seems you were scammed by the Universities. And passing out money with no controls put in place on the costs, to begin with? What’s to stop Universities from increasing their costs $10k a year?
My daughter went 2 years to community college first to reduce the financial burden. Then transfered all of the credits to a larger University. She worked while going to school for the entire 4 years. ...again to reduce the debt. While all of her school friends hung out and fooled around... she missed out on a lot because she was focused on not going into debt. She worked hard and now gets what? Nothing. She did everything right and this is a slap in the face. Madness.
Would have made more sense to pay off medical bills since that’s not typically something a person voluntarily signs up for.
This is obviously a Santa Clause passing out presents for votes move. At some point we have just got to stop spending money. Keep this up and inflation and taxes will eat up any savings these kids may receive in their careers. None of this makes any sense.
Maybe I missed something but why is a mother on Social Security paying her child's college loan? And if the mother is going to die whether or not the loan gets paid, why pay it at all? Unless you are talking about private loans that the mother co-signed and is legally responsible for?
It's actually pretty hard to balloon 4 years of Stafford undergrad loans up to $100k. The first year is $5.5k, the second is $6.5k, and years 3 & 4 are $7.5k each. That's $27,000 total for 4 years. Add interest and maybe you're up to $30k. If you go to Grad school, that's where the money is, but by then you should be smart enough to get a job, or smart enough not to go to Grad school in the first place.
I assume it is a ParentPLUS loan. There are no limits to those and interest rates are more than 7.5% with more than 4% origination. They are not subsidized, so it is pretty easy to end up with 100K with expected undergrad costs even from a state school. It’s not shocking that someone on social security would still be paying these off. I have a lot of friends who did not have their last child until they were in their late 30s or even early 40s, so they’ll be well into their 50s or nearing 60 by the time the youngest finishes undergrad. My early millennial friends who are in their late 30s/early 40s are still having kids and have lots of student loans, so I doubt they will be able to start saving for their own kids to go to school until they pay off their own loans. It is a pretty vicious cycle.
It hurts me as I paid off my son's student loans to help him and we as a family work hard and pull our own weight in society. Why does it hurt me? I already paid the loans off working two jobs and now I will have my taxes raised to pay even more student debt. we are talking about over $500 Billion! Where is that money coming from? Yep, the working class.
Exactly my thought. I went to a college that I could afford, even though I had admission from better ranking yet more expensive schools. While attending college, I worked anywhere from one to three part-time jobs, 20-50 hours a week depending on the semester workload, worked summers and winter breaks, cooked meals at home and often went hungry if I was short of money, lived within my means. I paid off my tuition debt within a year of graduating. There might be a small percentage of folks who couldn't finish college or couldn't find a job due to unplanned family or health reasons, or circumstances beyond their control, but for the vast majority of folks on student loans, why penalize people like me for the ones who spent beyond their means or had no clue what college was meant to be?
And rather than a loan forgiveness, why wouldn't the Treasury buy out the loan from the lender and have the students pay minimal or zero interest? It would be a relief for the payers, and a somewhat assurance the money would be recouped, as opposed to be a total write-off.
I assume it is a ParentPLUS loan. There are no limits to those and interest rates are more than 7.5% with more than 4% origination. They are not subsidized, so it is pretty easy to end up with 100K with expected undergrad costs even from a state school. It’s not shocking that someone on social security would still be paying these off. I have a lot of friends who did not have their last child until they were in their late 30s or even early 40s, so they’ll be well into their 50s or nearing 60 by the time the youngest finishes undergrad. My early millennial friends who are in their late 30s/early 40s are still having kids and have lots of student loans, so I doubt they will be able to start saving for their own kids to go to school until they pay off their own loans. It is a pretty vicious cycle.
OK thanks for telling me about Parent Plus loans. The idea that there is no limit is rather scary.
Also the idea that people who graduated 20+ years ago are still paying back student loans, is extremely scary. That means that with the College Hyperinflation of today, many people in their Teens and 20's now will be paying loans for 30+ years into the future, perhaps when they themselves are on Social Security.
Third scary thing that is just dawning on me: Rather than being happy for my sons that they can handle their own student loan payments by themselves, they may be suckers. Sure, they'll maybe get a $10k write-off but they and I will inevitably pay off everyone else's student loans, the way things are headed.
Going to college is supposed to help you financially, not hurt you. It seems like college is a scam.
This reminds me of the checks they mailed out to everyone during Covid. Checks with no confirmations. All you had to have were kids. Friends of mine that were not impacted at all by the pandemic and were finically stable all unnecessarily received checks. They joked about it. It made no sense.
Now the latest on these payoffs of student loans the numbers are saying that it will cost $600 million... i.e. everyone will see an increase in taxes of $2500. Including impacting those that received the forgiveness. The $10-20k debt is less than a car purchase! I don't get it. Besides if your degree won't get you the earning power needed, then it seems you were scammed by the Universities. And passing out money with no controls put in place on the costs, to begin with? What’s to stop Universities from increasing their costs $10k a year?
My daughter went 2 years to community college first to reduce the financial burden. Then transfered all of the credits to a larger University. She worked while going to school for the entire 4 years. ...again to reduce the debt. While all of her school friends hung out and fooled around... she missed out on a lot because she was focused on not going into debt. She worked hard and now gets what? Nothing. She did everything right and this is a slap in the face. Madness.
Would have made more sense to pay off medical bills since that’s not typically something a person voluntarily signs up for.
This is obviously a Santa Clause passing out presents for votes move. At some point we have just got to stop spending money. Keep this up and inflation and taxes will eat up any savings these kids may receive in their careers. None of this makes any sense.
The community college in my jurisdiction has increased its tuition by 80% in the last 10 years. It costs about 6k a year for a FT load. Much of the relief IS going to community college students.
My hope is that the outrage about this spurs people to demand their politicians to investigate college costs. I've been screaming for 10 years about how college costs have been rising 3-4x the rate of inflation. Students have compensated by going into more debt. No one seemed to care until the debt rose so much so fast we had to bail them out.
The college I went cost me about 11k a year. That was 15 years ago. Today it costs 26k a year. I want to know WHY and FOR WHAT?
Last edited by redguard57; 08-30-2022 at 01:13 PM..
The community college in my jurisdiction has increased its tuition by 80% in the last 10 years. It costs about 6k a year for a FT load. Much of the relief IS going to community college students.
My hope is that the outrage about this spurs people to demand their politicians to investigate college costs. I've been screaming for 10 years about how college costs have been rising 3-4x the rate of inflation. Students have compensated by going into more debt. No one seemed to care until the debt rose so much so fast we had to bail them out.
The college I went cost me about 11k a year. That was 15 years ago. Today it costs 26k a year. I want to know WHY and FOR WHAT?
I have seen a lot of research that also shows that students who have to work full or almost full time during school in order to pay for it end up more likely to do poorly or drop out entirely. While I am not sure one needs to make a 4.0, grades do make a difference when it comes to getting and maintaining scholarships, internships, and/or that first job out of school. It’s also harder to work opportunities in if you are worrying about having to do that part-time job that may not care if you are in school or working. I think now it is a bit easier, but I don’t think it is wise or realistic to expect people to go to school full-time and work 30+ hours a week.
Summer jobs and/or more part-time work? Sure but these days that’s not even going to make a dent since you wouldn’t even make enough to cover costs working full-time in a standard job you can get as a student making $15-16 an hour.
Location: Was Midvalley Oregon; Now Eastside Seattle area
12,342 posts, read 6,678,328 times
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Quote:
Originally Posted by RamenAddict
I assume it is a ParentPLUS loan. There are no limits to those and interest rates are more than 7.5% with more than 4% origination. They are not subsidized, so it is pretty easy to end up with 100K with expected undergrad costs even from a state school. It’s not shocking that someone on social security would still be paying these off. I have a lot of friends who did not have their last child until they were in their late 30s or even early 40s, so they’ll be well into their 50s or nearing 60 by the time the youngest finishes undergrad. My early millennial friends who are in their late 30s/early 40s are still having kids and have lots of student loans, so I doubt they will be able to start saving for their own kids to go to school until they pay off their own loans. It is a pretty vicious cycle.
Our PLUS (2002-2006 era) was limited to Cost of Attendence minus other federal student loans, scholarships and grants. Our PLUS was consolidated in 2005 and with the 2006 CoA added at DS's graduation. We still have 7 years to pay off, current age 75. We are a Boomer having a later child. DS is now 36 and is unmarried (but with GF of 3 yrs), essentially a DINK.
Have no idea of the terms for current student loans.
YLMV
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