involuntary collections of student loans

[Anonymous]

Anonymous wrote:

Anonymous wrote:Agree that no one should get significant loans for private schools. But, also agree that we should better manage the interest rates of these loans. Same with loans for urgent/emergent medical care loans.

I had 3 jobs after college- FT position, PT evening 3x week, and a 1 weekend a month job. I lived with my grandmother for 2 years to save $. It can be done but does take sacrifice and discipline.

And if you didnt have a grandmother to live with? What then? Screw those people? They shouldnt go to college? The lies you will tell about others while believing truths about yourself

Then live in a dorm or very cheap shared apt. Carpool to work.

[Anonymous]

If these college degrees are so valuable, why don't the colleges give out the loans to students?

[Anonymous]

Anonymous wrote:We really need a system that distinguishes between in-state public education and everything else. It is in society's interest to have an affordable public college system that doesn't burden 21 year olds with loans. That's what we need to build and subsidize - affordable public colleges for qualified students. And everything else - private universities, LACs - should sink or swim with market demand. There isn't ever going to be public support for forgiving the loans of someone who chose to go a gazillion dollars in debt to attend NYU or Colby. And retroactively forgiving those loans does nothing to make college more affordable for this generation of students. Focus on public education, and let market forces sort out how private universities go about attracting students. I strongly suspect the cost of private colleges will go down significantly if we make it difficult for teenagers to go into debt to attend, especially when they have very good and affordable in-state alternatives.

California has a system of reasonably-priced schools. I just looked up the current cost for the California State University campus I graduated from: $7500/year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why wont they set rates for student loans to 2% instead of 14% with daily compounding interest. God forbid.

There has been a bill floating around to do this.

this would be a tremendous help.

I did college the poor way that is always suggested here: I went to NVCC for 2 years and then transferred to an in-state school. I borrowed a pretty modest amount compared to my peers - only $16k. I thought that amount would be very easy to pay off. I was a fool! Yes, they tell you that you'll have to pay that amount back. No one is disputing that. What we didn't get a firm grasp of was the interest and how much and how crippling that would be.

I am now 35 and have paid $33,419.65 and still owe $11,890.02.

Imagine buying a crappy $16,000 car at age 20 and you're still paying it off at age 35. No one finances a car that long. No bank would finance a car that long!

I've almost paid back what I borrowed x2. That's what upsets me. That's what upsets most of my peers who have loans, too.

How long did you extend the loan for and what were the rates? What was your monthly payment? How many times did you stop payment during that time. You seem to lack any personal responsibility for this. Of course you have to pay back more than you borrowed and of course that number goes up the longer you keep the loan outstanding.

I've never not paid except for the short grace period you get upon graduation. Mine are federal loans, and my payment is $621 per month & my interest is 6.8%.

How am I lacking personal responsibility? I've been paying for years. I did college the way that so many here suggest, as well. I went to community college and worked to pay my way there. I saved thousands doing it that way. I transferred to an in-state school. I worked while in college then as well.

Like what more do you want from us? I found a job within 4 months of graduating college, so I didn't even need the full 6-month grace period. I've been lucky enough to always be employed during my career, too. Even during Covid when things were paused, I kept up my payments.

It's the interest that is crippling us.

Are you the PP? 16k at 6.8% over 10 years is $184 a month. You borrowed A LOT more than $16k to be at $621 a month.