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Stop spreading fake news. There's no group of people in large numbers that are not paying back their student loans on time. The vast majority are making timely payments.
So if the vast majority are making timely payments, why not allow them to continue to do so - and honor their contractual obligations, rather than expecting high-school educated workers to pay off a portion of loans for accountants, architects, engineers, etc?
I suggested a middle ground, two posts above. Why is that ignored? I'll repost it for ease of reference:
I could go along with something like that.
I've been fortunate enough to make enough money to pay back (almost) $50K in student loans. I'm on my last $15K, so maybe Dopey Joe will take care of $10K of that.
The Bankruptcy Reform Act of 1978 provided for a five-year period from when a student loan first became payable before it could be discharged. The Bankruptcy Amendments and Federal Judgeship Act of 1984 raised that to seven years. I forget whether 1994 or 2005 legislation expanded the period to a permanent one unless there was "hardship" such as becoming blind. My suggestion would be to restore the 1984 state of affairs.
I suggested a middle ground, two posts above. Why is that ignored? I'll repost it for ease of reference:
I ignored it because I didn’t like the idea, but since you asked....
All it will do is encourage people five years out to shirk the remainder of their loans. When I was 26, I was still renting an apartment and had a few thousand dollars in my savings accounts. Now....I didn’t actually have any loans....but if I had borrowed, say, $40,000, and had “made good” on the first $15,000, what would keep me from simply crying “bankruptcy!” and from letting other people pay off the remainder of $25,000?
You can’t repossesses a college education. I say people pay their loans off. If they are running into temporary trouble, they can put the loan into forbearance; if their earnings are low, they can go with an income-adjusted repayment schedule.
I don’t think it’s right to force secretaries, assistant managers at Walmart, salesmen at the furniture store, car mechanics, and the like to pay off loans of accountants, computer programmers, journalists*, etc., etc.
I ignored it because I didn’t like the idea, but since you asked....
All it will do is encourage people five years out to shirk the remainder of their loans. When I was 26, I was still renting an apartment and had a few thousand dollars in my savings accounts. Now....I didn’t actually have any loans....but if I had borrowed, say, $40,000, and had “made good” on the first $15,000, what would keep me from simply crying “bankruptcy!” and from letting other people pay off the remainder of $25,000?
You can’t repossesses a college education. I say people pay their loans off. If they are running into temporary trouble, they can put the loan into forbearance; if their earnings are low, they can go with an income-adjusted repayment schedule.
I don’t think it’s right to force secretaries, assistant managers at Walmart, salesmen at the furniture store, car mechanics, and the like to pay off loans of accountants, computer programmers, journalists*, etc., etc.
*Especially the ones at CNN - ick!
That's why I suggested seven years. But the reasoning is that bankruptcy may negatively impact on their credit for ten years. 22 (at graduation) + 7 (for nondischargeabiliity) + 10 (on credit reports) = 39. Most people don't want that kind of disruption if they can avoid it. And it's till later for those to go on to business, law, medical or other graduate school.
False as usual. Even if leftists like you are actually paying back student loans, they would gladly take some government cheese, i.e. a handout from other taxpayers.
Honestly, who the hell wouldn't? How many of us leave tax deductions off of our income taxes? How many of us who got stimulus checks sent them back to the government? This is a silly argument.
I've been fortunate enough to make enough money to pay back (almost) $50K in student loans. I'm on my last $15K, so maybe Dopey Joe will take care of $10K of that.
So I guess it's not just leftists who would willingly take that "government cheese" after all...
Quote:
Originally Posted by RowingFiend
False as usual. Even if leftists like you are actually paying back student loans, they would gladly take some government cheese, i.e. a handout from other taxpayers.
That's why I suggested seven years. But the reasoning is that bankruptcy may negatively impact on their credit for ten years. 22 (at graduation) + 7 (for nondischargeabiliity) + 10 (on credit reports) = 39. Most people don't want that kind of disruption if they can avoid it. And it's till later for those to go on to business, law, medical or other graduate school.
This is actually a pretty good deterrent. Plus, it actually takes money to file for bankruptcy, and people often don't even have the money to do that. And there are probably jobs that these graduates wouldn't be able to accept if they had a bankruptcy on their credit report.
That's why I suggested seven years. But the reasoning is that bankruptcy may negatively impact on their credit for ten years. 22 (at graduation) + 7 (for nondischargeabiliity) + 10 (on credit reports) = 39. Most people don't want that kind of disruption if they can avoid it. And it's till later for those to go on to business, law, medical or other graduate school.
Oh, I skimmed too quickly - I thought you were suggesting we drop to 5 years.
I’m still not a fan. Other people will be absorbing the costs of the loans.
Maybe we should just extend forbearance. (Not sure how long it runs.) If someone is 29, and struggling with repayment (even after taking advantage of income-based repayment), I’d be OK with them putting their loans into forbearance for up to 3 years. At that point, they’d be 32, and 10 years out of college.
If at that point they STILL haven’t been able to get and hold a job that allows a college graduate to honor their financial obligations, then have their wages garnished by 2% (so someone with a so-so job paying $50,000 would pay a measly $1000 a year). That would continue until age 45, when all remaining is forgiven.
I think we need to be hard on this. Let kids (and their parents) think twice about taking out loans beginning with freshman year. As I’ve said elsewhere on this thread, most* people who need to borrow large sums of money for university (and aren’t able to win academic scholarships) should begin their first two years at community college, and then transfer.
*This wouldn’t work for some very challenging majors, like engineering. But for those who major in more “regular” fields, the first two years of community college would be fine.
This is actually a pretty good deterrent. Plus, it actually takes money to file for bankruptcy, and people often don't even have the money to do that. And there are probably jobs that these graduates wouldn't be able to accept if they had a bankruptcy on their credit report.
I don't see how that just isn't kicking the ball down to a later time.
If they are complaining about paying back their loans now then they'll definitely be complaining about how Bankruptcy is destroying their credit and opportunities and want forgiveness for that too.
False as usual. Even if leftists like you are actually paying back student loans, they would gladly take some government cheese, i.e. a handout from other taxpayers.
You liberals always like to spread fake news. Everyone would take free payouts. Look at how your liberal President handed out checks for no reason.
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