Have plenty in 529, but still taking out loans

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did the same thing. We have 300K for each kid saved but we are having them take out max student loans because of the democratic idiots running the country (sorry to offend any libs). For example, in a period of record unemployment and huge wage growth and massive inflation, we have a payment freeze on loans. LOL, how stupid is that- lets flood people with more money to buy things that supply chains cant provide.

As someone who put themselves through school with loans and jobs, I am just stunned at this wiping out of debt. Where was this when I was a recent grad? Oh yeah, back then, we paid back what we borrowed in good faith.

So yes, we are also on the student loan gravy train. We told our kids we would pay them off at graduation if they graduated with a 3.5 or higher (gives them a little motivation not to have too much fun) but you arent paying attention if you arent taking out loans that could well be forgiven and have zero payments or interest during the school years.

Hey. No need to be mean. I am a registered Democrat for lack of better choices. There are plenty of republicans who are also hoping for a loan forgiveness with that said, I agree that school loans should not be frozen now and wiped clean later, minus public service. I too am debating using school loans for DC first year of school versus parents funds. I would be financially stupid not to take advantage of a possible loan forgiveness for DC, instead of using my household income. The 529 can then be used for grad school because I cannot imagine the loan forgiveness extending beyond undergraduate loans.

Also, if PP has $600,000 (!!!) saved for college, I’m sure they “hate the libs.” That is rich.

It's actually 900,000 - I have 3 kids. I don't mean to preach here but I put myself through school as a business major and then worked really hard and invested. It's honestly not that hard to accumulate 1M for college over 20 years if you make reasonable financial choices.

This is the most ignorant post I’ve read in a long long time.

[Anonymous]

Anonymous wrote:OP is horribly selfish.

OP is horribly rational.

It actually makes perfect economic sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did the same thing. We have 300K for each kid saved but we are having them take out max student loans because of the democratic idiots running the country (sorry to offend any libs). For example, in a period of record unemployment and huge wage growth and massive inflation, we have a payment freeze on loans. LOL, how stupid is that- lets flood people with more money to buy things that supply chains cant provide.

As someone who put themselves through school with loans and jobs, I am just stunned at this wiping out of debt. Where was this when I was a recent grad? Oh yeah, back then, we paid back what we borrowed in good faith.

So yes, we are also on the student loan gravy train. We told our kids we would pay them off at graduation if they graduated with a 3.5 or higher (gives them a little motivation not to have too much fun) but you arent paying attention if you arent taking out loans that could well be forgiven and have zero payments or interest during the school years.

Hey. No need to be mean. I am a registered Democrat for lack of better choices. There are plenty of republicans who are also hoping for a loan forgiveness with that said, I agree that school loans should not be frozen now and wiped clean later, minus public service. I too am debating using school loans for DC first year of school versus parents funds. I would be financially stupid not to take advantage of a possible loan forgiveness for DC, instead of using my household income. The 529 can then be used for grad school because I cannot imagine the loan forgiveness extending beyond undergraduate loans.

Also, if PP has $600,000 (!!!) saved for college, I’m sure they “hate the libs.” That is rich.

It's actually 900,000 - I have 3 kids. I don't mean to preach here but I put myself through school as a business major and then worked really hard and invested. It's honestly not that hard to accumulate 1M for college over 20 years if you make reasonable financial choices.

This is the most ignorant post I’ve read in a long long time.

You must be Gen X. You could actually work your way through college back then and have a reasonable amount of debt, not the insurmountable amounts seen today. Did your parents pay for your wedding or did you elope? You were able to secure long-term employment with lots of opportunities for advancement, maybe had your parents help with childcare or else you used a nanny share to save money. You bought in McLean back in 1999 or very early 2000s before the prices skyrocketed. You kept your kids in FCPS, hand-waving away its decline because you couldn’t abide paying for private.
There’s always a backstory. I hate these pronouncement -type posts in which people DO preach to others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did the same thing. We have 300K for each kid saved but we are having them take out max student loans because of the democratic idiots running the country (sorry to offend any libs). For example, in a period of record unemployment and huge wage growth and massive inflation, we have a payment freeze on loans. LOL, how stupid is that- lets flood people with more money to buy things that supply chains cant provide.

As someone who put themselves through school with loans and jobs, I am just stunned at this wiping out of debt. Where was this when I was a recent grad? Oh yeah, back then, we paid back what we borrowed in good faith.

So yes, we are also on the student loan gravy train. We told our kids we would pay them off at graduation if they graduated with a 3.5 or higher (gives them a little motivation not to have too much fun) but you arent paying attention if you arent taking out loans that could well be forgiven and have zero payments or interest during the school years.

Hey. No need to be mean. I am a registered Democrat for lack of better choices. There are plenty of republicans who are also hoping for a loan forgiveness with that said, I agree that school loans should not be frozen now and wiped clean later, minus public service. I too am debating using school loans for DC first year of school versus parents funds. I would be financially stupid not to take advantage of a possible loan forgiveness for DC, instead of using my household income. The 529 can then be used for grad school because I cannot imagine the loan forgiveness extending beyond undergraduate loans.

Also, if PP has $600,000 (!!!) saved for college, I’m sure they “hate the libs.” That is rich.

It's actually 900,000 - I have 3 kids. I don't mean to preach here but I put myself through school as a business major and then worked really hard and invested. It's honestly not that hard to accumulate 1M for college over 20 years if you make reasonable financial choices.

This is the most ignorant post I’ve read in a long long time.

You must be Gen X. You could actually work your way through college back then and have a reasonable amount of debt, not the insurmountable amounts seen today. Did your parents pay for your wedding or did you elope? You were able to secure long-term employment with lots of opportunities for advancement, maybe had your parents help with childcare or else you used a nanny share to save money. You bought in McLean back in 1999 or very early 2000s before the prices skyrocketed. You kept your kids in FCPS, hand-waving away its decline because you couldn’t abide paying for private.
There’s always a backstory. I hate these pronouncement -type posts in which people DO preach to others.

You can still do it easy. I am older but me and all three siblings went to cheapest local college. Lived at home and drive a junker car. My wife worked 40 hours a week in Giant as a supermarket Checker and graduated in time.

I actually work at MasterCard. I recall I worked 4-8 Monday to Thursday and all day Saturday during school year. In winter and summer worked full time. Also did painting, moving, ticket scalping and side hustles. I lived at home and drove an uninsured $200 car that was falling apart and only took side roads.

My daughter in college makes $20,000 a year in her job. She could pay University of Maryland and live at home. Kids don’t do that anymore

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did the same thing. We have 300K for each kid saved but we are having them take out max student loans because of the democratic idiots running the country (sorry to offend any libs). For example, in a period of record unemployment and huge wage growth and massive inflation, we have a payment freeze on loans. LOL, how stupid is that- lets flood people with more money to buy things that supply chains cant provide.

As someone who put themselves through school with loans and jobs, I am just stunned at this wiping out of debt. Where was this when I was a recent grad? Oh yeah, back then, we paid back what we borrowed in good faith.

So yes, we are also on the student loan gravy train. We told our kids we would pay them off at graduation if they graduated with a 3.5 or higher (gives them a little motivation not to have too much fun) but you arent paying attention if you arent taking out loans that could well be forgiven and have zero payments or interest during the school years.

Hey. No need to be mean. I am a registered Democrat for lack of better choices. There are plenty of republicans who are also hoping for a loan forgiveness with that said, I agree that school loans should not be frozen now and wiped clean later, minus public service. I too am debating using school loans for DC first year of school versus parents funds. I would be financially stupid not to take advantage of a possible loan forgiveness for DC, instead of using my household income. The 529 can then be used for grad school because I cannot imagine the loan forgiveness extending beyond undergraduate loans.

Also, if PP has $600,000 (!!!) saved for college, I’m sure they “hate the libs.” That is rich.

It's actually 900,000 - I have 3 kids. I don't mean to preach here but I put myself through school as a business major and then worked really hard and invested. It's honestly not that hard to accumulate 1M for college over 20 years if you make reasonable financial choices.

This is the most ignorant post I’ve read in a long long time.

You must be Gen X. You could actually work your way through college back then and have a reasonable amount of debt, not the insurmountable amounts seen today. Did your parents pay for your wedding or did you elope? You were able to secure long-term employment with lots of opportunities for advancement, maybe had your parents help with childcare or else you used a nanny share to save money. You bought in McLean back in 1999 or very early 2000s before the prices skyrocketed. You kept your kids in FCPS, hand-waving away its decline because you couldn’t abide paying for private.
There’s always a backstory. I hate these pronouncement -type posts in which people DO preach to others.

What on earth makes you think Gen Y has to take out more loans than Gen X? Please, educate yourself before you come on here with those ridiculously ignorant posts.

[Anonymous]

Anonymous wrote:LOL. NO!! THAT’S NOT HOW IT WORKS!!

That's exactly how it works. If you want to take a loan - do it. If you want to use the 529 for your grandkids - do it. If you want to take it out with penalties - do it.
thats how it works.

[Anonymous]

A couple of thoughts.

This is entirely a troll thread. It simply is not going to happen, and what OP was supposing was never proposed. Trying to gin up support for GOP talking points that are based on an idea that is NEVER GOING TO HAPPEN.

Also, there is no world in which any student "has to" borrow 100K or more to go to college. There are alternatives. There is CC plus state college. There are choices in where to go to college. Yes, a donut hole family with a child that gets into HYPS with no financial aide and no savings may have to make a hard decision but that same child has a full ride somewhere so do not complain about the debt should you choose to take it on

I will spend a lot of money sending my kids to college because we have saved the money and that is what's important to DH and I for our kids. I also spend more than most on sleep away camp. This is a parenting choice.

There are a lot of changes that need to be made, a lot of them educational for students and parents about the cost of college and alternatives.

But, this whole chain is just a GOP troll trying to get people worked up.

[Anonymous]

It looks like interest and payments are paused for current borrowers still. Does this include kids in college? Is there no interest on all federal loans for kids who have not yet graduated?

[Anonymous]

Anonymous wrote:

Anonymous wrote:LOL. NO!! THAT’S NOT HOW IT WORKS!!

That's exactly how it works. If you want to take a loan - do it. If you want to use the 529 for your grandkids - do it. If you want to take it out with penalties - do it.
thats how it works.

+1

I’m not sure why people are trying to argue that this is somehow a moral issue. The Federal Government has lowered the costs of borrowing. That was the policy choice and people responded. Of course lowering the cost of student loans will cause more people to borrow who otherwise might not have.

Did no one take Econ 101?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We did the same thing. We have 300K for each kid saved but we are having them take out max student loans because of the democratic idiots running the country (sorry to offend any libs). For example, in a period of record unemployment and huge wage growth and massive inflation, we have a payment freeze on loans. LOL, how stupid is that- lets flood people with more money to buy things that supply chains cant provide.

As someone who put themselves through school with loans and jobs, I am just stunned at this wiping out of debt. Where was this when I was a recent grad? Oh yeah, back then, we paid back what we borrowed in good faith.

So yes, we are also on the student loan gravy train. We told our kids we would pay them off at graduation if they graduated with a 3.5 or higher (gives them a little motivation not to have too much fun) but you arent paying attention if you arent taking out loans that could well be forgiven and have zero payments or interest during the school years.

Hey. No need to be mean. I am a registered Democrat for lack of better choices. There are plenty of republicans who are also hoping for a loan forgiveness with that said, I agree that school loans should not be frozen now and wiped clean later, minus public service. I too am debating using school loans for DC first year of school versus parents funds. I would be financially stupid not to take advantage of a possible loan forgiveness for DC, instead of using my household income. The 529 can then be used for grad school because I cannot imagine the loan forgiveness extending beyond undergraduate loans.

Also, if PP has $600,000 (!!!) saved for college, I’m sure they “hate the libs.” That is rich.

It's actually 900,000 - I have 3 kids. I don't mean to preach here but I put myself through school as a business major and then worked really hard and invested. It's honestly not that hard to accumulate 1M for college over 20 years if you make reasonable financial choices.

This is the most ignorant post I’ve read in a long long time.

You must be Gen X. You could actually work your way through college back then and have a reasonable amount of debt, not the insurmountable amounts seen today. Did your parents pay for your wedding or did you elope? You were able to secure long-term employment with lots of opportunities for advancement, maybe had your parents help with childcare or else you used a nanny share to save money. You bought in McLean back in 1999 or very early 2000s before the prices skyrocketed. You kept your kids in FCPS, hand-waving away its decline because you couldn’t abide paying for private.
There’s always a backstory. I hate these pronouncement -type posts in which people DO preach to others.

Pretty close. I am Gen X. I paid for my own wedding. Putting myself through school led to a better job at graduation and I went to the Big 4. I graduated in one of the worst economies on record but again, having worked through school gave me connections and a leg up. We shared a nanny with friends, no help from parents. I worked non stop and did not take any years off. I did buy a house in the late 90s and I did keep my kids in FCPS. So is this a backstory? Recall this is all about whether or not it makes to take out student loans if they are going to be forgiven willy nilly.

[Anonymous]

Huh, all this without any parental help, good work. Don’t know how you did it with working and going to school. Hats off