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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.
This is true. I worked part time, had a full room and board scholarship, and still graduated with $100K+ in loans because I had to pay all of my flight training costs out of pocket. I know folks who didn't have scholarships and were flight training and had $150K+ in loans when they graduated. In a recession. To take a job (right seat in a 50-seat jet) that at the time paid $18K-$20K per year and required a college degree (though recently pay has shot up and some airlines have begun relaxing the college degree requirement). Just completely unsustainable.
Admittedly, a lot of that is because flight training is just expensive period. But working full-time would have been, in my situation, a safety hazard and would have knocked maybe $20K off of the total loan bill (assuming $12 per hour) given the types of jobs I was qualified for at the time. It also would have put more pressure on me academically, which would have risked my scholarship as I had to maintain a minimum GPA in order to keep it. Full-time work wasn't really a solution for me, and I suspect, its a poor choice for a lot of folks, especially if you're doing something else in college, like playing sports, pledging, extracurriculars, etc. And though some may disagree, I do think those things are important as an element of college - you do want to leave not only more educated, but a more well-rounded person than when you arrived.
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.
I worked 3 jobs while in college and it wasn't enough to pay tuition AND my living costs. The jobs you can get as a young person with little experience and skills just didn't pay enough. It covered one one or the other. And that was back when tuition was about 8k a year for a full load. It did defray my loans though, for what that was worth. Most of my debt load came from the time I decided I couldn't work so much AND concentrate on doing well at school.
Another problem now is what's happened to the housing market. College towns almost everywhere have become desirable markets. Where I went to college, the town's housing values and rents have massively exploded, because the hip-desirable city nearby now has California-level housing prices. This college town which used to be semi-rural small town is now a suburb of said hip expensive city. The same crappy apartment I rented back in the day costs about 2.5x what I paid. The jobs I had pay maybe 0.5x more. So students today are starting considerably behind.
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.
Didn't OP ask for no "wah wah what about me" comments?
And I'm pretty sure it won't be anything, or at least nothing you'll notice, in terms of a burden on the individual taxpayers. It's not like they're giving these people money; they are forgiving an existing debt, like when someone declares bankruptcy. Will there be any impact on society or the economy as a whole? I guess. But I sincerely doubt you'll be suddenly paying more taxes because of this, especially if you aren't in the upper percent.
Well, in this case I'm a benefactor, for once, on this ruling. I paid off my first 4 years of loans.......but I returned to school in my 40's to further my degree program.
I didn't strategize this forgiveness, it just panned out this way this round.
So many people are resentful around me as if I had something directly to do with this...heck, I even voted conservatively.
Even my husband is grumpy and resentful.
I'm fairly certain this will come back to bite me in the arse as a capital gain or whatnot......
Mabey my degree program should have been in Economics.
Well, in this case I'm a benefactor, for once, on this ruling. I paid off my first 4 years of loans.......but I returned to school in my 40's to further my degree program.
I didn't strategize this forgiveness, it just panned out this way this round.
So many people are resentful around me as if I had something directly to do with this...heck, I even voted conservatively.
Even my husband is grumpy and resentful.
I'm fairly certain this will come back to bite me in the arse as a capital gain or whatnot......
Mabey my degree program should have been in Economics.
That's the thing. I am against this program and against the student loan pause, but that doesn't mean I would not take advantage of the law as it is written. I refuse to give the government more money than I'm legally required to.
The only effect will be to raise my taxes. My college was paid for as I went along. Lots of scholarship money for books and tuition and I lived at home. It took more than 4 years to finish, but there was no debt involved.
Also, a lot of my credits were earned at community colleges and not at the most expensive and prestigious schools in the nation. I would have been accepted into those schools, but I couldn't afford them, not even with the scholarships.
........ It's not like they're giving these people money; they are forgiving an existing debt, like when someone declares bankruptcy. Will there be any impact on society or the economy as a whole? I guess. But I sincerely doubt you'll be suddenly paying more taxes because of this, especially if you aren't in the upper percent.
You do understand that those student loans are federally backed. right? The taxpayers are going to make that good to whatever company or bank has issued the loans that got cancelled. The federal government makes it good with money they get from the taxpayers.
Honestly, I disrepair about the quality of education in this country.
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.
THANK YOU SO MUCH for pointing this out and breaking it down for all these ultra conservative (and often RACIST), everybody help yourself-type of folks. Racial disparities are REAL, and this is the type of stuff that privileged people and white people (aka the majority of America) who don't have to deal with any racial disparities in America often simply don't understand or often refuse to acknowledge. Yeah, "slavery ended 200 years ago," "Dr. King had a Dream," and "Barack Obama was president," but that doesn't change the fact that racial disparities and the economic gaps that come with them have always existed in America and CONTINUE to exist to this day. H*ll, White people had a 400 year head start in America and fight like h*ll overtly AND covertly to KEEP that advantage and to KEEP the disparity gap(s) wide, because they have always had white privilege in this country, they are ACCUSTOMED to having white privilege, and they don't ever want to lose their white privilege; even with a lot of the self-proclaimed liberal ones, threaten their white privilege and you will see a whole other side of them that they claimed didn't exist.
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68,329 posts, read 54,400,252 times
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Quote:
Originally Posted by chattyneighbor
People over 55 were completely neglected - people in default were also neglected.
Young kids who have their whole life ahead of them - may be helped.
People with graduate loan debts were not helped.
People earning over $125K were not helped.
Forgiveness without waiver of the accumulated interest and debt collection fees makes this plan hollow.
My opinion is that this was a lot of show - without any real teeth. Anybody else?
Really only interested in the opinions of people who HAVE student loan debt - I'd rather not hear from the bitter people - I already paid my loans, this isn't fair - wah wah wah. Leave that for another thread. Thanks.
I don't have student debt but simply don't believe basically telling young folks they're not responsible for commitments they willingly made will help them in the long run.
And I'm pretty sure it won't be anything, or at least nothing you'll notice, in terms of a burden on the individual taxpayers. It's not like they're giving these people money; they are forgiving an existing debt, like when someone declares bankruptcy.
No it's not like bankruptcy, where the courts absolve the applicant of the debt but do not reimburse the creditor for it. This program will be buying out the debt.
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