Student Debt?

[Maggot]

My key takeaway from this article:



"Instead, come January 2022, we’re expected to start paying off our student loans again. It’s a slap in the face."

Wow, so youll actually have to pay your debt...just like I py my mortgage. What a crime.

If Biden Won't Cancel Student Loans, Here's One Reason Why​

https://www.forbes.com › zackfriedman › 2021/04/20



Apr 20, 2021 — If Biden won't cancel your student loans, here's why. Here's what you need to know — and what it means for your student loans.

 

[davsco]

cancelling already established debts is just friggin wrong. why do the dems want to pay for everything for everyone? college is supposed to be an investment of time and money, not some taxpayer-funded boondoggle.

 

[Maggot]

cancelling already established debts is just friggin wrong. why do the dems want to pay for everything for everyone? college is supposed to be an investment of time and money, not some taxpayer-funded boondoggle.

As fare as I can determine it that you bought something, an education, just like I bought my car or house. So because I made a poor investment should I have my debts forgiven and get a free car or house?

Sounds good to me.

Does that work for you, Potato Joe?

 

[Jrb572]

Should they repay people that have already paid their student debt off also?

 

[archangel485]

Should they repay people that have already paid their student debt off also?

Exactly. And what about those who were even more proactive and just paid bills as they went?

My wife and I chose a college we could afford for starters, then we held jobs, paid our bills and paid our tuition as we went. The actual slap in the face is to anyone who made it through college with any semblance of financial responsibility. These guys are all about taking from the hard working and giving it to the irresponsible, student loan forgiveness is just a step towards full fledged communism.

 

[Jgunner]

I mean, I’d want to not pay for the bunch of bullshit a pile of socialists tried to teach me.

 

[Maggot]

Exactly. And what about those who were even more proactive and just paid bills as they went?

My wife and I chose a college we could afford for starters, then we held jobs, paid our bills and paid our tuition as we went. The actual slap in the face is to anyone who made it through college with any semblance of financial responsibility. These guys are all about taking from the hard working and giving it to the irresponsible, student loan forgiveness is just a step towards full fledged communism.

Exactly.

I went back at 40 and incurred a bit of debt but like a responsible citizen I "PAID IT OFF"

 

[Jrb572]

Yep I want all my college payments back then.

 

[Boon20]

Mabey if people didnt go to college just to party or for some art degree that is meaning less they wouldnt have a debt.

 

[DustBun]

I paid for my degree and never took out a loan. Worked, saved money, took classes, repeat. Took me a long time to get through it but I did it.

People that want their student loans paid off should have to forfeit their degree and never receive an income tax return. If you can't pay for your car, they repo it. If you can't pay for your house, they foreclose.

 

[Sean the Nailer]

I refuse to support OR acknowledge anyone whom is a professor of "underwater basket-weaving" and the like.

As it is, I remember being fiscally responsible when I was in college in the early 90's, and due to "supporting a family and home" while away and living in a dorm.... I had a food budget of $20.00 a week. I can't deny that was a rough 4 months, before things 'got better' and such.

My point that I'm making here, is that I too did it, and I too did what was needed to be done so that I was not taking any 'loans' or anything. And no, I wasn't whoring myself out there, either. If I had to, I'd have starved to death. HAaaaaaa

 

[...]

I refuse to support OR acknowledge anyone whom is a professor of "underwater basket-weaving" and the like.

.......well shit.......

 

[Shooter McGavin]

I don't care what the loan is, you made the decision to takeout the loan and should be responsible to pay it back. What's not fair is asking people who didn't take out that loan to repay it. People who didn't go to college are going to be hit with higher taxes for someone else's bad decision, that's bullshit.

 

[hlee]

Somehow my student loan was never in danger of being cancelled.

 

[davsco]

I don't care what the loan is, you made the decision to takeout the loan and should be responsible and pay it back. What's not fair is asking people who didn't take out that loan to repay it. People who didn't go to college are going to be hit with higher taxes for someone else's bad decision, that's bullshit.

are they even asking? just seems dems are throwing money at folks that have already made bad decisions.

 

[HeavyAssault]

I wish we could start a fake news story that the GOV will soon pay off credit card purchases for guns and ammo as well as purchases over the last 4 years. ROTFLMAO

 

[ZiaHunter]

Forgiving student debt is an affront to anyone who worked and paid for their own or children's education. The increase in levels of student debt is directly correlated with the steep escalation in tuition and are co-dependent. I attended a state university in the 70's and was able to save enough money by working my ass off as a welder/mechanic in the oil field during the summer and winter break to pay for my education. That is simply not possible today. Today the cost of a college education for non-stem degrees simply does not provide the economic benefit.

 

[Shooter McGavin]

Forgiving student debt is an affront to anyone who worked and paid for their own or children's education. The increase in levels of student debt is directly correlated with the steep escalation in tuition and are co-dependent. I attended a state university in the 70's and was able to save enough money by working my ass off as a welder/mechanic in the oil field during the summer and winter break to pay for my education. That is simply not possible today. Today the cost of a college education for non-stem degrees simply does not provide the economic benefit.

Unintended consequences of guaranteed student loans. Banks had nothing to lose, so they gave loans out like candy and schools kept jacking up their tuition schedules because of the amount of students applying to colleges. Simple Econ 101.

 

[Aussieusa]

I have a feeling uncle joe is going to keep that carrot dangled infront of those idiots who fell for it last year.

 

[softcock]

So basically ??? is this how it went down ? was just a simple scam ? , a Fed. Gov. educational Scam that has now ran it's course ?
Going into the Money-$$$ lending business .The Federal government takes over the student loan with taxpayers virtually liable on all of the default risk .
The profiteer of Scam, being the educational institutes . That knowing Kids were and are stupid with making life choices. Greedily set-up in-house departments to speedily process without conscience all applicants and deposit the easy obtained Fed. Money -$$$ .
Now the Fed. Gov. is wanting to wash hands of the Scam and just add the defaulted Trillion+ Debt to our National Debt.'scam' that they greedily facilitate, and have no intention of ever paying off .
There must be more to it that this ?

.

 

[vinniedelpino]

Hell, I worked a full time job and another part time job while going to school full time. This was with a newborn at 22 years old. We lived in a one room apartment and I spent a lot of time at our parents, mostly to eat when we couldn't afford food. Fucking brutal. I started my first job at 4am and my last class ended at 10pm some days.

Student loan forgiveness is my red line. When I hear people bitch about their student loans it makes my eye twitch.

 

[BillyNg]

I don't see the problem. I really want to help these people out.

 

[roostercogburn98]

Student debt, never heard of her

 

[archangel485]

Forgiving student debt is an affront to anyone who worked and paid for their own or children's education. The increase in levels of student debt is directly correlated with the steep escalation in tuition and are co-dependent. I attended a state university in the 70's and was able to save enough money by working my ass off as a welder/mechanic in the oil field during the summer and winter break to pay for my education. That is simply not possible today. Today the cost of a college education for non-stem degrees simply does not provide the economic benefit.

I agree with most of what you said. Two things though, 1) I would say escalation in tuition is due to availability of loans, not loans due to escalation in tuition. Same reason that cars have escalated beyond inflation rates which is, people "buy" WAY more than they can afford because the loan gives you the ability to spend money you won't earn for years to come and manufacturers raise their rates given the additional available money/demand. Gavin made a similar, great point.

2) It absolutely is possible today to graduate from school without a loan. My wife and I did it in the late 00s. But, like I stated in a post above, you first have to select one that you can actually afford, starting in community college is a great route as well, and then you have to work a job, be cheap on your expenditures and be focused enough to get your degree and get out of there rather than hanging around for 6 years.

Unintended consequences of guaranteed student loans. Banks had nothing to lose, so they gave loans out like candy and schools kept jacking up their tuition schedules because of the amount of students applying to colleges. Simple Econ 101.

 

[Ruff 364]

why do the dems want to pay for everything for everyone?

It's pretty simple....They are attempting to buy vote using taxpayer's money.

Same reason they dangle shit in front of illegals to get them to come then ship them to red states. They know they will get on the public dole and become dependent. They will also vote Democratic if they blanket amnesty them all.

 

[earthquake]

There's a LOT more to the issue than just morons taking on debt they can't repay. I just finished this book and it was pretty eye opening. Leave it to the Gov and greedy schools to fuck up a good thing. (Affordable higher-Ed.)

 

[vinniedelpino]

Is the analysis of the macroeconomic factors contributing to the rise of student loans really necessary? This is being made out to be way more complicated than it needs to be. Nobody's forcing anyone to take out student loans. If we're being honest with ourselves, the root cause of the issue is that we have too many morons walking around that should've been claimed by Darwin long before they were ever in a position to take on this debt in the first place and instead of letting the natural order of things run its course, we reward their irresponsibility and spin the situation in a way that paints the deadbeat as a victim of "predatory lending," whatever the fuck that means. It's stupid.

I'd prefer to keep it simple.

If you borrow money and don't pay it back you're a deadbeat loser.

Don't blame the government, the lender, the illuminati or the Chinese. That only makes you more of a loser. Either own up to the fact that you're a bum that can't support himself and settle his debts, or do the right thing, work hard and pay what you owe.

Nobody gives a shit about your feelings, life's not always fair and you're responsible for your poor decisions.

If you took out student loans that you can't pay, YOU fucked up. Own it and fix it. Stop bitching.

End of story.

 

[acudaowner]

lol I had a dream fortunately I had to wake up and get a job and work .

 

[AngryKoala]

Yea, pay those loans daddy.

 

[Carlos Danger]

cancelling already established debts is just friggin wrong. why do the dems want to pay for everything for everyone? college is supposed to be an investment of time and money, not some taxpayer-funded boondoggle.

"Dems" aren't going to pat for a fucking thing......you and I are. I'm sick of hearing about free this, free that, debt forgiveness, and these debt relief shitbags. You rung up the debt, you fuckin pay it off. I / we should not have to pay the bills of others. You get the education, big screen TV, new furniture and I get to go to work so you can enjoy it. Fuck off.

 

[Carlos Danger]

So basically ??? is this how it went down ? was just a simple scam ? , a Fed. Gov. educational Scam that has now ran it's course ?
Going into the Money-$$$ lending business .The Federal government takes over the student loan with taxpayers virtually liable on all of the default risk .
The profiteer of Scam, being the educational institutes . That knowing Kids were and are stupid with making life choices. Greedily set-up in-house departments to speedily process without conscience all applicants and deposit the easy obtained Fed. Money -$$$ .
Now the Fed. Gov. is wanting to wash hands of the Scam and just add the defaulted Trillion+ Debt to our National Debt.'scam' that they greedily facilitate, and have no intention of ever paying off .
There must be more to it that this ?

.

So basically a socialist education program.

 

[AngryKoala]

"Dems" aren't going to pat for a fucking thing......you and I are. I'm sick of hearing about free this, free that, debt forgiveness, and these debt relief shitbags. You rung up the debt, you fuckin pay it off. I / we should not have to pay the bills of others. You get the education, big screen TV, new furniture and I get to go to work so you can enjoy it. Fuck off.

Exactly how I feel about welfare, medicaid, social security and Medicare. Others shouldn't have to pay for my loans as I shouldn't have to pay for others poor life choices and health issues.

 

[Howland]

Don't blame the government...

Government will not allow student loans to be discharged by bankruptcy, meaning zero risk to lenders. This means there is nothing to constrain hundreds of billions from flowing, all of it to educational institutions. Of which a predictable amount flows to...

Wait for it.

...those who opened the floodgates.

To say nothing of academia being an infectious agent in our society. Completely unrelated. Unless it isn't.

 

[Texascbr]

Agreed, take a loan pay it back.

The answer to student loans is to get the interest rates to a realistic level. I know grads that are paying 7% interest (and more) on six figure loans but paying half that on home loans and auto loans are less than 2%. The lenders have a loan that cannot be extinguished by bankruptcy, is insured by the government against default and has little service or origination responsibility. These should be low interest loans not a meal ticket for lenders.

I would like to see an investigation into how student loan lenders were able to get such a sweetheart deal.

 

[jrhtx]

"Student Loans" aren't used just to pay tuition/room/board. They use the money for spring break travel, buy cars, parties, etc. I have heard people brag about what "Student Loan" money was spent on. It's BS.

You signed a contract, you owe the money. If you have a degree in basket weaving and can't get a job on Wall St, well you better be a hell of a basket weaver because you have to pay back the money.

Oh, and please don't tell me you asked your grandparents to cosign the loan. You better have 2-3 jobs to pay it back and ON TIME!

 

[Major Wader]

I paid for my degree and never took out a loan. Worked, saved money, took classes, repeat. Took me a long time to get through it but I did it.

People that want their student loans paid off should have to forfeit their degree and never receive an income tax return. If you can't pay for your car, they repo it. If you can't pay for your house, they foreclose.

I did it on the 6 year plan and graduated with no debt. Not sure why colleges allow anyone to borrow more than their selected degree can earn.

 

[kenny1773]

Its pretty fucking clear we need to stop subsidizing left wing liberal insane colleges that are making the blue vote worse
but that isn't the reason

The country needs more Farmers, Oil and gas workers, dock workers, truckers, plumbers, electricians, you know, people that actually DO SHIT! as opposed to people that sit at a desk and think they are better than everyone else....

yeah fuck you if you took a loan that you can't pay back, go be homeless in California where someone might care.

 

[theLBC]

meanwhile, my daughter got her masters last year, already got a job (before her diploma) and her college is paid off.

 

[dustingaunder]

I ended up with about $9k for my bachelors. Paid it off in a couple years. Used the bonus from my career one year to take care of it. School was a pretty good investment for me. Similar story for my wife.

I want paid back for 100% of my tuition and fees if they forgive student loans. About $60k should do it. And I want my interest too.

 

[alpine44]

I refuse to support OR acknowledge anyone whom is a professor of "underwater basket-weaving" and the like...

.......well shit.......

View attachment 7733833

Yup, that upline over your right shoulder could turn into a memorable basket weaving lesson.

 

[theLBC]

Hell, I worked a full time job and another part time job while going to school full time. This was with a newborn at 22 years old. We lived in a one room apartment and I spent a lot of time at our parents, mostly to eat when we couldn't afford food. Fucking brutal. I started my first job at 4am and my last class ended at 10pm some days.

Student loan forgiveness is my red line. When I hear people bitch about their student loans it makes my eye twitch.

i survived on top ramen. bisquick, $0.25 pot pies and white rice.

these days, kids eat lunch at the campus panera bread.

once they graduate they whine about student debt while sipping on starbucks coffee.

 

[Runnineh]

I mean, I’d want to not pay for the bunch of bullshit a pile of socialists tried to teach me.

I disagree with this garbage notion that someone other than the borrower pay for the loans... however you make a very good point.

 

[Jgunner]

I disagree with this garbage notion that someone other than the borrower pay for the loans... however you make a very good point.

Yeah, they should definitely pay, but incan uderstand why they are salty. Shitty teachers, learning bullshit and useless information and paying way too much for it. Told their early lives “to make good money, you gotta go to school” and then to struggle to even find a job in their bs majors or even their majors that are not asinine, just overcrowded industries.

 

[...]

Yup, that upline over your right shoulder could turn into a memorable basket weaving lesson.

Yup...but it didn't ....soooooo

 

[BoilerUP]

Wife and I paid a combined $70k+ in student loans off within 6 years of graduating college.

It took hard work. Sacrifice. A rigid budget. Older vehicles. Minimal travel. Diligence and discretion in accepting employment. Choosing to live in a modest cost of living area.

But we still put 10% into our 401k plans, bought a house, bolstered cash savings and had our first son.

I have zero - ZERO - sympathy for so-called adults who willingly paid on the dotted line and accepted student loan debt. Get a GD job and meet your obligations.

 

[brianf]

I think the real subject is being overlooked.

Let’s say the below is (or not) true, but we agree for the example.

Student debt is ok
Helping pay off that debt might be ok
Paying for it yourself is ok

The biggest issue is we should start looking at income potential vs education cost.

If the cost of a education is above a certain factor/percentage of the education loans that are given out should be considered predatory loans.

Everyone should have to ability to advance themselves, and not everyone has a skill set that allows them to pay for it themselves…so loans are a “good” thing.

Issue is when the loan and interest is given knowing the education being received will not support the payments in the future.

We are making students who we know are unable to decipher good from bad …because of lack of education…make decisions they do not understand.

Above..underwater basket weaving for example.

It should be considered illegal to loan that particular student more than X$ knowing the income potential of that degree is minimum wage.

Possible debt relief may be used for a doctor who stays in a small town. The doctor needs the same education as a “big city” doctor but they’re income potential is much lower…yet the small town needs a doctor.

Possible loan help could be arranged with a contract that the small town doctor has to stay in that town for X years after loan is paid so they perform the service needed.

We need to think outside the box in this one.

 

[AngryKoala]

I think the real subject is being overlooked.

Let’s say the below is (or not) true, but we agree for the example.

Student debt is ok
Helping pay off that debt might be ok
Paying for it yourself is ok

The biggest issue is we should start looking at income potential vs education cost.

If the cost of a education is above a certain factor/percentage of the education loans that are given out should be considered predatory loans.

Everyone should have to ability to advance themselves, and not everyone has a skill set that allows them to pay for it themselves…so loans are a “good” thing.

Issue is when the loan and interest is given knowing the education being received will not support the payments in the future.

We are making students who we know are unable to decipher good from bad …because of lack of education…make decisions they do not understand.

Above..underwater basket weaving for example.

It should be considered illegal to loan that particular student more than X$ knowing the income potential of that degree is minimum wage.

Possible debt relief may be used for a doctor who stays in a small town. The doctor needs the same education as a “big city” doctor but they’re income potential is much lower…yet the small town needs a doctor.

Possible loan help could be arranged with a contract that the small town doctor has to stay in that town for X years after loan is paid so they perform the service needed.

We need to think outside the box in this one.

They do this for teachers in the form of a grant. 5 years in a poverty area and 15k of the student loan debt is paid off. This usually amounts to 30ish percent.

College loans are predatory at $400/credit hour at a typical public 4 year college. They require fluff classes to lengthen the time spent at the institution. Wages have not kept up with the cost of college.

 

[vinniedelpino]

i survived on top ramen. bisquick, $0.25 pot pies and white rice.

these days, kids eat lunch at the campus panera bread.

once they graduate they whine about student debt while sipping on starbucks coffee.

My man! My wife did the extreme coupon thing and it actually worked. Not consistently, but every once in a while we hit the jackpot.

I lived on magnum ice cream bars for a couple weeks, hungry man dinners and frozen Jamaican beef patties another. It was something like “buy three qualifying items and get two boxes of patties for free. Bagged veggies qualified and she had doubled manufacturers coupons for them. We wound up with like 60 bags of veggies of 40 boxes of patties for $10. Thank God for her couponing.

Every time I run across those patties I smile knowing I’ll never have to eat that crap again.

 

[vinniedelpino]

I think the real subject is being overlooked.

Let’s say the below is (or not) true, but we agree for the example.

Student debt is ok
Helping pay off that debt might be ok
Paying for it yourself is ok

The biggest issue is we should start looking at income potential vs education cost.

If the cost of a education is above a certain factor/percentage of the education loans that are given out should be considered predatory loans.

Everyone should have to ability to advance themselves, and not everyone has a skill set that allows them to pay for it themselves…so loans are a “good” thing.

Issue is when the loan and interest is given knowing the education being received will not support the payments in the future.

We are making students who we know are unable to decipher good from bad …because of lack of education…make decisions they do not understand.

Above..underwater basket weaving for example.

It should be considered illegal to loan that particular student more than X$ knowing the income potential of that degree is minimum wage.

Possible debt relief may be used for a doctor who stays in a small town. The doctor needs the same education as a “big city” doctor but they’re income potential is much lower…yet the small town needs a doctor.

Possible loan help could be arranged with a contract that the small town doctor has to stay in that town for X years after loan is paid so they perform the service needed.

We need to think outside the box in this one.

That’s what telemedicine is for. The public doesn’t need to be paying off that doctors half a million in loans.

 

[brianf]

That’s what telemedicine is for. The public doesn’t need to be paying off that doctors half a million in loans.

If it works …that’s one more way to skin the cat

People have to open their eyes and minds to ideas like that and see how they can be implemented and monitored for effectiveness

How do you eat a elephant…one bite at a time