Student Loan Forgiveness (MERGED) (2 Viewers)

[el caliente]

Rumors floating around is that today President Biden will be canceling a portion of student loans. That’s fine and all, but what’s your take on it? If it truly is only $10k in forgiveness, is that enough to make much of an impact? Is student loan forgiveness just tax payer funded student loan bribery?

Should be interesting to see how this plays out.

 

[JimEverett]

I don't think that's accurate, but if say so. Not something I've really looked into. Just what I think would be a fair course of action given the current situation.

I'm sure it could be done in a legal way, if so desired. I also think it would help a lot. I wasn't really trying to argue the legal technicalities of it.

Its not a legal "technicality" it is a basic Constitutional right.

 

[Eeyore]

I'm still salty about this. Now we can both be angry.

 

[coldseat]

Its not a legal "technicality" it is a basic Constitutional right.

If you insist. You're right!

 

[Eeyore]

Of all of the reactions to today's announcement, this is my favorite.

 

[insidejob]

I would be more receptive if universities were not infested with postmodern crap. As it stands, I don't care to fund the demise of Western civilization with our tax dollars. We do too much of that already.

That's where the fraud is. Students go into college with healthy brains. They leave confused about which bathroom to use.

This is quite possibly the dumbest thing I've read about higher education in my lifetime.

Yeah, I was totally confused about which bathroom to use when I completed my degree. Score those Trump points though. You're winning by far.

 

[MT15]

These replies are why something had to be done. This stops the ballooning interest that was actually predatory.



The people who benefit are not the Ivy League grads. It’s the people who went to trade school or community college for 2 years and took out a smallish $15,000 loan only to see it balloon into $30,000 after ten years because of compounding interest and predatory lending practices. Their jobs as 2-year RNs, CMAs or EMTs are not going to allow them to deal with this type of debt and also buy a house or start a family. The most important part of this is the way it stops the interest from allowing the principle to balloon in the future.

It doesn’t address increasing college costs - it wasn’t designed to do that. That has to be done by the states generally.

I had student loans and made my payments many years ago - I never saw this happen to me. Something is wrong with the way these borrowers have been treated. You shouldn’t have to pay back 5x your original loan.

 

[JimEverett]

This is quite possibly the dumbest thing I've read about higher education in my lifetime.

It is not even the dumbest thing written in this thread

 

[Bigdaddysaints]

The feeling i get from most who are upset about this are basically mad someone is getting money and not them..lol

 

[wardorican]

One thing I would definitely change with student loans, is this whole "daily interest" crap.

right now my wife took out a small loan for grad school. She's still in her grace period, but we've been making payments to keep the interest/principal lower.

I finally got past the interest (the don't reduce a cent of principal until you pay off all of the interest.).

If you make a payment, early in the month. Let's say $200.. and let's say $15 was interest, and the rest was principal. Now, if 2 weeks later, you decide you can make another 100-200 payment, well guess what showed up again.. Interest.. another 15-20 in interest, before the rest of that "early payment" goes to principal.

Credit cards don't work that way.

Not sure if Mortgages do (don't have one), or other loans.

It's just built to allow a low interest rate (6.6%), really eat your lunch with compound interest.

 

[brandon]

I went to school on Stafford loans, Pell grants, work study, and side jobs; cut me a 20k check.

Lol you got a Pell grant and you’re asking where your free government money is?

The feeling i get from most who are upset about this are basically mad someone is getting money and not them..lol

100% this.

 

[wardorican]

Congress cannot pass a law that violates the Constitution. The government cannot just take property without giving compensation - it is in the 5th Amendment. The promissory note has value and the terms should be clear. If such a law were passed the taxpayers would be paying those banks.

Was that the case for the various other debt forgiveness plans in the past?

 

[samiam5211]

The cost of this is less than the 2008 wall street bailout, and it helps far more people. Adjusted for inflation, and it's much less expensive.

The people griping the loudest are the same people who were bailed out in 2008.

 

[JimEverett]

Was that the case for the various other debt forgiveness plans in the past?

The multitude of federal loan forgiveness programs are paid for by the taxpayers.

 

[zztop]

The feeling i get from most who are upset about this are basically mad someone is getting money and not them..lol

well that, or they are hypocrites...

Marjorie Taylor Greene criticized Biden's student loan forgiveness plans as "completely unfair," despite records showing that her own company had $183,504 worth of Paycheck Protection Program (PPP) loans forgiven in 2020

Data from ProPublica, a tracking site that uses data from the Small Business Association, shows that Taylor Green was one of several Republican members of Congress who had private loans forgiven.

 

[coldseat]

One thing I would definitely change with student loans, is this whole "daily interest" crap.

right now my wife took out a small loan for grad school. She's still in her grace period, but we've been making payments to keep the interest/principal lower.

I finally got past the interest (the don't reduce a cent of principal until you pay off all of the interest.).

If you make a payment, early in the month. Let's say $200.. and let's say $15 was interest, and the rest was principal. Now, if 2 weeks later, you decide you can make another 100-200 payment, well guess what showed up again.. Interest.. another 15-20 in interest, before the rest of that "early payment" goes to principal.

Credit cards don't work that way.

Not sure if Mortgages do (don't have one), or other loans.

It's just built to allow a low interest rate (6.6%), really eat your lunch with compound interest.

That's basically the reason I'd be in favor of capping interest repayment to a fixed percentage of the original loan amount (not considering legality or how to make it legal). I think it's ridiculous that you could loan somebody 10,000, but then manage to make $20,000 in profit from that original loan amount, regardless of how that loan is paid back.

 

[el caliente]

I’m still chuckling at the thought that this $10-$20k is somehow life changing (even more so in this economy). The folks who will benefit most are going to still be salty that they have to pay their student loans, and thus, will probably be in the same situation 10 years from now as they were 10 years ago.

The amount of relief necessary for this to be life changing will need to be

 

[B4YOU]

Lol you got a Pell grant and you’re asking where your free government money is?


100% this.

Pell grants and Stafford loans are means tested and provided prior to attending college. I’m advocating for an expansion of those programs vs a one-time Executive office payout for political purposes.

But lol away while offering nothing.

 

[BrewDrees9]

my daughter has a top 5 ranking at her high school. she is in all AP classes and Talented art. she did not make a B until freshman AP History. She plays sports for school and did so in middle school as well.

all that said "dad, I am not going to college unless it is 100% free and even then I will be done in 3 years" I asked what her plan was if she did not go to college and she said "anything but fall into debt"