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

[rabbit33]

No, it comes directly out of my pocket. I want MY $10,000. My wife wants HER $20,000. My neighbor who couldn't afford to go to college and has been paying income tax for the last 45 years wants HIS $10,000.

Terrible idea, and it will demotivate anyone from paying their student loan debts.

[MKTwet]

Biden is doing this to buy votes but I don't think it would buy much. Where's the bailout for higher gas prices? It is a tax on everybody, the cost of nearly everything rose because of gas. It's Biden that chose to sanction Russia without Americans approving it. A lot of folks have no idea that the Russian war lead to higher fuel prices. They just thought it was due to inflation.

[jtab4994]

Originally Posted by AnywhereElse

I think it is very obvious that it is for show, the mid-terms show! Hopefully, they used their other stimulus checks to pay toward their student loans.

A co-worker's son who graduated with an Accounting degree from 'Nova and walked into a $60k job at a Big 3 firm has not paid a dime on his student loans. His reasoning is quite sound: He can make a much bigger return on the money by investing it himself, rather than paying down a 4% or 5% loan during the forbearance period. The kid is now giddy over the $10k payment, and is planning on putting that money toward next year's golf vacation.

I am in favor of helping my fellow Americans who are in need. But my co-worker's son and my own kids are not "in need" and do not need this gift from the taxpayers.

[ChessieMom]

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.

Well, it helps my son. He still has a small chunk to pay, and has had a lot of unavoidable expenses the last couple of years. This won't wipe it all out, but it will come close. It's his debt, so pretty sure he is thrilled - though it really is contrary to his political leaning. Oh well.

[mollybygolly]

Originally Posted by KathrynAragon

I don't guess it helps those of us who worked 30 to 40 hours a week while going to school full time so that we didn't have to take out loans.

I also worked full time and supported myself while attending college. I did not qualify for any grants or aid, and I did not take out any loans.

But the average college tuition has increased 1473% since 1971, and the Federal minimum wage has only increased 353%. A student today would need to work 52 hours a week just to cover the average cost of attendance for one year at a four-year public institution.

That is not to say that I totally agree with student loan forgiveness. It's a complicated issue.

[modest]

Originally Posted by ChessieMom

Well, it helps my son. He still has a small chunk to pay, and has had a lot of unavoidable expenses the last couple of years. This won't wipe it all out, but it will come close. It's his debt, so pretty sure he is thrilled - though it really is contrary to his political leaning. Oh well.

It usually always is. Most people will take a handout if it helps, regardless of their deeply held convictions. I grew up in a family like that. Welfare their entire lives; free and reduced lunches, WIC, Medicaid, you name it. Even my father was wishy washy about it when I told him the news. Meanwhile he's like $150k in debt, owns nothing, and he just retired. I guess in his mind it was only okay for him to get the handouts when he had too many children on a salary that could not afford it.

[Grainraiser]

Originally Posted by mollybygolly

I also worked full time and supported myself while attending college. I did not qualify for any grants or aid, and I did not take out any loans.

But the average college tuition has increased 1473% since 1971, and the Federal minimum wage has only increased 353%. A student today would need to work 52 hours a week just to cover the average cost of attendance for one year at a four-year public institution.

That is not to say that I totally agree with student loan forgiveness. It's a complicated issue.

It's not complicated to me. This loan forgiveness is not a end all to be all. It's just offering some help to those who are struggling. The real issue is the cost of college. We have been told that college is the only way to get ahead and colleges have been increasing the cost at an alarming rate. I went to college in the mid 80's and my school teaching mom was able to pay for it out of pocket. A person could work a part time job and pay for school if that was the only option. This is no longer an option because the cost of college is beyond a part time job. I started saving for my sons college education when he turned 5 years old. When come time for him to go to school I was able to pay for half of it and took loans for the rest. I was frankly shocked at the cost. the University of Texas is making 6 millions a day off of some oil and gas properties they own in west Texas. The purpose of universities is not to serve the citizens of their states but rather to make as much money as possible. I have never ever been to college campus that did not have massive construction projects going. States really need to decide the purpose of college and make it affordable for your average joe.

[Countryfreak]

"Congrats to everyone who did not have college debt. Now you do."

Taken from another meme this am for the person this bugged this am.

[Countryfreak]

Originally Posted by USNRET04

What got us into this mess to begin with is not being addressed. We are just putting a band-aid on the problem which is extremely high tuition rates, degrees that are meaningless and loans that are easy to get.

Won't the next batch of college students end up in the same financial mess that the current ones are in if we don't address the underlying problems?

But the next batch of students probably won't ever see a bail out.

Wash, rinse, repeat.

I agree. The interest rates we paid on the loans for our kids were criminal and the govt allows it to happen and could do something about this. But way too many go to college when they are not ready. My son was at least smart enough to realize he should do a comm college first as he knew he was not ready for a 4-year. He did very well at the comm college and was accepted into a good school. Turns out he was still not mentally ready for a 4-year so we said he was done. When he matured he got a little older he paid for his own classes and eventually finished his 4-year. But the high costs you mention are stupid high and this is what needs to be addressed.

[modest]

Originally Posted by Grainraiser

It's not complicated to me. This loan forgiveness is not a end all to be all. It's just offering some help to those who are struggling. The real issue is the cost of college. We have been told that college is the only way to get ahead and colleges have been increasing the cost at an alarming rate. I went to college in the mid 80's and my school teaching mom was able to pay for it out of pocket. A person could work a part time job and pay for school if that was the only option. This is no longer an option because the cost of college is beyond a part time job. I started saving for my sons college education when he turned 5 years old. When come time for him to go to school I was able to pay for half of it and took loans for the rest. I was frankly shocked at the cost. the University of Texas is making 6 millions a day off of some oil and gas properties they own in west Texas. The purpose of universities is not to serve the citizens of their states but rather to make as much money as possible. I have never ever been to college campus that did not have massive construction projects going. States really need to decide the purpose of college and make it affordable for your average joe.

I'd start looking into online programs run by these same flagships if I were shopping for college today.

If you're a disciplined student, it's a great bargain compared to the brick & mortars. Lots of them are offered now, including at Purdue, Pepperdine, Colorado State, Arizona State, Maryland, etc.