student loans...what will happen when payments start

[Anonymous]

Anonymous wrote:

Anonymous wrote:crazy how much milllions Mcdonald's got from PPP Loan...
not sure why because they were never closed

https://projects.propublica.org/coronavirus/bailouts/search?q=mcdonalds+&v=3

I don’t understand why people keep coming to PPP to justify student loan forgiveness?? That moment in time when the world was going to hell and in order to pump money to keep things afloat it made sense, did some get it when they didn’t qualify yes, but was it needed in that moment?? Yes. We would be 1000x worst if it was not done. Student loans are a different beast. People signed on the dotted line, got the degree of choice and it has to be paid back. If you do a blanket forgiveness, will people get it that don’t deserve it? Yes of course, who making 100k a year needs help?? Doesn’t make sense. I think this is a problem that needs greater thought. You forgive people in the work force currently, what about the ones in school right now? Their tuition is still darn high for no good reason. When that liberal arts guy/gal finishes with 100k in tuition, how are they gonna pay it back? Do we go back and forgive that too 10 yrs down the road? Get my drift? People opposing it are saying please fix the problem, don’t bandage it. Also another problem is that inflation is too damn high right now, it’s a terrible time to pump more money into the system. Timing is also a big hurdle right now.

Back to the topic, yes it’s gonna be a major problem when a whole group of people go into default. Not to the scale of the housing issue by any stretch but still a big problem. We need to fix education problems to fix this problem. For as long as I have been alive I have heard that teachers are broke and their pay is not enough, anyone argue with that? Then if their pay is not increasing with times, why is tuition up so big? Are schools pocketing all this money? Wonder how many education institutions got ppp? Please fix the problem at its core!

People are pissed off that republicans find one category of federal loan forgiveness to be perfectly fine. Some politicians even went so far as to take them out for nominally existent businesses, but another category is a great moral hazard

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think there will be a lot of babysitters available.

Seriously, did they really think this wouldn’t happen?

(Also hoping the Sup ct goes against the admin’s forgiveness program, unless I can get my car loan forgiven and the first $10k of my kids college bill written off.)

The people with these loans are teachers, building inspectors, business owners. They aren't college kids, they are middle aged people with jobs who have been paying for years. And they still can't pay off these loans.

Mine are already forgiven, thankfully, but navigating PSLF was a nightmare. What a mess.

I totally support the first $X of your kid's college being free, by the way. State schools should be low-cost to all and free to most. It's wrong to tell people they need college degrees to work (required even for many jobs that shouldn't really need them), then make those degrees unaffordable without predatory loans.

Why in the hell would anyone take out a large loan to be a freaking teacher??

I don't think you can take out large loans for undergrad. The issue is that they don't make much and are paying the minimum but the interest is compounding faster. So their balance may have been $25k and now it's like $50k

We need financial literacy courses in high school. There are way too many folks walking around that don’t think about money and how it works in the greatest debted country. Our great nation is built on credit, other nations are like this but not to the same degree. If you don’t learn how to plan the game, it will cost you. Like saying I’m gonna pursue my passion and not thinking about the consequences of borrowing the money to make this 18 yo fantasy a reality. Unfortunately I side with those who are against forgiving because it comes down to your own decisions, not predatory lending etc.

I think for undergrad the forgiveness is fine. But it seems like people are able to take much larger loans for graduate school. I think that's the bigger issue.

A middle class student pursuing art history at a school that charges $70k/year is not “fine.”

A student cannot take out loans on their own for $70k/year. Not even close. Enabling parents can.

And that far exceeds federal loan limits for undergraduate so they wouldn't be forgiven anyway.

What about PSLF?

If they were a public school art history teacher for 10 years, fine with me!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think there will be a lot of babysitters available.

Seriously, did they really think this wouldn’t happen?

(Also hoping the Sup ct goes against the admin’s forgiveness program, unless I can get my car loan forgiven and the first $10k of my kids college bill written off.)

The people with these loans are teachers, building inspectors, business owners. They aren't college kids, they are middle aged people with jobs who have been paying for years. And they still can't pay off these loans.

Mine are already forgiven, thankfully, but navigating PSLF was a nightmare. What a mess.

I totally support the first $X of your kid's college being free, by the way. State schools should be low-cost to all and free to most. It's wrong to tell people they need college degrees to work (required even for many jobs that shouldn't really need them), then make those degrees unaffordable without predatory loans.

Why in the hell would anyone take out a large loan to be a freaking teacher??

I don't think you can take out large loans for undergrad. The issue is that they don't make much and are paying the minimum but the interest is compounding faster. So their balance may have been $25k and now it's like $50k

We need financial literacy courses in high school. There are way too many folks walking around that don’t think about money and how it works in the greatest debted country. Our great nation is built on credit, other nations are like this but not to the same degree. If you don’t learn how to plan the game, it will cost you. Like saying I’m gonna pursue my passion and not thinking about the consequences of borrowing the money to make this 18 yo fantasy a reality. Unfortunately I side with those who are against forgiving because it comes down to your own decisions, not predatory lending etc.

I think for undergrad the forgiveness is fine. But it seems like people are able to take much larger loans for graduate school. I think that's the bigger issue.

A middle class student pursuing art history at a school that charges $70k/year is not “fine.”

It is fine because they can't take out much more than $30k total I believe. If they have like $200k from undergrad then some of that has to be private or parent loans. Private loans aren't part of any forgiveness.

[Anonymous]

Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:crazy how much milllions Mcdonald's got from PPP Loan...
not sure why because they were never closed

https://projects.propublica.org/coronavirus/bailouts/search?q=mcdonalds+&v=3

I don’t understand why people keep coming to PPP to justify student loan forgiveness?? That moment in time when the world was going to hell and in order to pump money to keep things afloat it made sense, did some get it when they didn’t qualify yes, but was it needed in that moment?? Yes. We would be 1000x worst if it was not done. Student loans are a different beast. People signed on the dotted line, got the degree of choice and it has to be paid back. If you do a blanket forgiveness, will people get it that don’t deserve it? Yes of course, who making 100k a year needs help?? Doesn’t make sense. I think this is a problem that needs greater thought. You forgive people in the work force currently, what about the ones in school right now? Their tuition is still darn high for no good reason. When that liberal arts guy/gal finishes with 100k in tuition, how are they gonna pay it back? Do we go back and forgive that too 10 yrs down the road? Get my drift? People opposing it are saying please fix the problem, don’t bandage it. Also another problem is that inflation is too damn high right now, it’s a terrible time to pump more money into the system. Timing is also a big hurdle right now.

Back to the topic, yes it’s gonna be a major problem when a whole group of people go into default. Not to the scale of the housing issue by any stretch but still a big problem. We need to fix education problems to fix this problem. For as long as I have been alive I have heard that teachers are broke and their pay is not enough, anyone argue with that? Then if their pay is not increasing with times, why is tuition up so big? Are schools pocketing all this money? Wonder how many education institutions got ppp? Please fix the problem at its core!

People are pissed off that republicans find one category of federal loan forgiveness to be perfectly fine. Some politicians even went so far as to take them out for nominally existent businesses, but another category is a great moral hazard

+1 Especially when a college-educated workforce isn't just a private good but a societal good as well. Businesses want to go where there are well-educated people. This is why many businesses will hq in locations without the best taxes, but with educated workforce (and in places where educated workforce wants to live).

[Anonymous]

Anonymous wrote:Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

The GOP has made itself the face of the student loan slavemaster. If you think folks are going to blame Biden for anything bad with student loans, you better think again.

[Anonymous]

people with these loans should have been putting the money aside anyway, since they knew it was a TEMPORARY thing to not have to pay. then when payments resumed, they would have plenty of money saved up just for that. most people with student loans did not lose their income during covid, so they didn't really need the payments to stop. once they start again, as they should, it's time to pay up. party's over!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

The GOP has made itself the face of the student loan slavemaster. If you think folks are going to blame Biden for anything bad with student loans, you better think again.

There is a huge difference between blaming Republicans for the loan forgiveness failure and restarting payments. Restarting payments will take away $300-$1000/month of income, throw millions into default on their student loans or other debt, and generally make a lot of people angry. I can't really see a valid argument for blaming Republicans for repayment unless they force the issue, which would be a gift to Democrats straight from God.

[Anonymous]

I’m really hoping student loan repayment restarts this summer/fall. I rent in a city similar to DC and am in early thirties. It’s so expensive compared to five years ago. I think rents will go down because people will need to get roommates or not live in desirable neighborhoods as much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

The GOP has made itself the face of the student loan slavemaster. If you think folks are going to blame Biden for anything bad with student loans, you better think again.

There is a huge difference between blaming Republicans for the loan forgiveness failure and restarting payments. Restarting payments will take away $300-$1000/month of income, throw millions into default on their student loans or other debt, and generally make a lot of people angry. I can't really see a valid argument for blaming Republicans for repayment unless they force the issue, which would be a gift to Democrats straight from God.

C'mon--anyone with political sense can see that Democrats are fighting for lessening the student loan burden and Republicans are fighting against that. They are not going to be paying attention to details when the broad strokes are so apparent. Fortunately Biden's Income Driven Repayment plan will (hopefully) begin which will make repayment a LOT easier for most borrowers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

The GOP has made itself the face of the student loan slavemaster. If you think folks are going to blame Biden for anything bad with student loans, you better think again.

There is a huge difference between blaming Republicans for the loan forgiveness failure and restarting payments. Restarting payments will take away $300-$1000/month of income, throw millions into default on their student loans or other debt, and generally make a lot of people angry. I can't really see a valid argument for blaming Republicans for repayment unless they force the issue, which would be a gift to Democrats straight from God.

C'mon--anyone with political sense can see that Democrats are fighting for lessening the student loan burden and Republicans are fighting against that. They are not going to be paying attention to details when the broad strokes are so apparent. Fortunately Biden's Income Driven Repayment plan will (hopefully) begin which will make repayment a LOT easier for most borrowers.

Biden is about to bail out Silicon Valley's bank for free but make student loan debtors go back into repayment. It's not going to end well for Democrats.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

The GOP has made itself the face of the student loan slavemaster. If you think folks are going to blame Biden for anything bad with student loans, you better think again.

There is a huge difference between blaming Republicans for the loan forgiveness failure and restarting payments. Restarting payments will take away $300-$1000/month of income, throw millions into default on their student loans or other debt, and generally make a lot of people angry. I can't really see a valid argument for blaming Republicans for repayment unless they force the issue, which would be a gift to Democrats straight from God.

C'mon--anyone with political sense can see that Democrats are fighting for lessening the student loan burden and Republicans are fighting against that. They are not going to be paying attention to details when the broad strokes are so apparent. Fortunately Biden's Income Driven Repayment plan will (hopefully) begin which will make repayment a LOT easier for most borrowers.

Biden is about to bail out Silicon Valley's bank for free but make student loan debtors go back into repayment. It's not going to end well for Democrats.

Screw those people. Let the bank go under.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

The GOP has made itself the face of the student loan slavemaster. If you think folks are going to blame Biden for anything bad with student loans, you better think again.

There is a huge difference between blaming Republicans for the loan forgiveness failure and restarting payments. Restarting payments will take away $300-$1000/month of income, throw millions into default on their student loans or other debt, and generally make a lot of people angry. I can't really see a valid argument for blaming Republicans for repayment unless they force the issue, which would be a gift to Democrats straight from God.

C'mon--anyone with political sense can see that Democrats are fighting for lessening the student loan burden and Republicans are fighting against that. They are not going to be paying attention to details when the broad strokes are so apparent. Fortunately Biden's Income Driven Repayment plan will (hopefully) begin which will make repayment a LOT easier for most borrowers.

Biden is about to bail out Silicon Valley's bank for free but make student loan debtors go back into repayment. It's not going to end well for Democrats.

Screw those people. Let the bank go under.

Seriously. "These are adults! They signed the papers! They knew that their accounts were only insured to $250K! Actions, consequences!"

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

The GOP has made itself the face of the student loan slavemaster. If you think folks are going to blame Biden for anything bad with student loans, you better think again.

There is a huge difference between blaming Republicans for the loan forgiveness failure and restarting payments. Restarting payments will take away $300-$1000/month of income, throw millions into default on their student loans or other debt, and generally make a lot of people angry. I can't really see a valid argument for blaming Republicans for repayment unless they force the issue, which would be a gift to Democrats straight from God.

C'mon--anyone with political sense can see that Democrats are fighting for lessening the student loan burden and Republicans are fighting against that. They are not going to be paying attention to details when the broad strokes are so apparent. Fortunately Biden's Income Driven Repayment plan will (hopefully) begin which will make repayment a LOT easier for most borrowers.

Biden is about to bail out Silicon Valley's bank for free but make student loan debtors go back into repayment. It's not going to end well for Democrats.

Screw those people. Let the bank go under.

Not banks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Credit card debt is at record highs and millions are starting to fall behind. There's currently a run on a Silicon Valley bank which means all the kids' crypto investments are about to go kaput. If Biden resumes payments he will be Herbert Hoover and Democrats will lose next 2 presidential elections.

The GOP has made itself the face of the student loan slavemaster. If you think folks are going to blame Biden for anything bad with student loans, you better think again.

There is a huge difference between blaming Republicans for the loan forgiveness failure and restarting payments. Restarting payments will take away $300-$1000/month of income, throw millions into default on their student loans or other debt, and generally make a lot of people angry. I can't really see a valid argument for blaming Republicans for repayment unless they force the issue, which would be a gift to Democrats straight from God.

C'mon--anyone with political sense can see that Democrats are fighting for lessening the student loan burden and Republicans are fighting against that. They are not going to be paying attention to details when the broad strokes are so apparent. Fortunately Biden's Income Driven Repayment plan will (hopefully) begin which will make repayment a LOT easier for most borrowers.

Biden is about to bail out Silicon Valley's bank for free but make student loan debtors go back into repayment. It's not going to end well for Democrats.

Biden just used tax payer dollars to bail out the tech sector and NYC but is going to put y'all back into repayment.