What is going on with student loans?

[Anonymous]

Anonymous wrote:$8 trillion from the treasury and into the pockets of the c-suite and Wall Street over the last two years and hypocritical right wing hacks only seethe that poor people might get some chump change in federal student loans deleted. Demonic scum.

Even my Porsche 911 driving dentist took nearly six figures of that money (public record). Republicans think corporate welfare = good. Dovetailing, see also all the taxpayer-funded agricultural scams fake poor farmers loot every year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Awesome……reward the losers who can’t repay the loans they took out! Brilliant. Go America!!!!

You again, barf.

I think most people would support forgiving student loans for those making below the median HHI, not this $150k stuff that Biden is proposing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yeah, as if some of you here complaining about this didn’t take CARES Act money you didn’t need.

CARES Act addressed a need. You just don't like living off $150k/year and pay $500 for your loans.

A lot of people with no “need” took a lot of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Awesome……reward the losers who can’t repay the loans they took out! Brilliant. Go America!!!!

You again, barf.

Ah, one of the deadbeats. I see you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:LOL. This didn't go quite as she was hoping......

Americans are selfish. What else is new?

The selfish are those that make a financial commitment to repay debt but expect a taxpayer handout because they've made poor decision and performed poorly in life. Those people are parasites.

All of these discussions of people’s personal choices let financial institutions (and the politicians who wrote lender-friendly laws) off the hook.

I finished my professional degree in 2000 and consolidated roughly $100k in loans at something like 8%. When interest rates went down, I couldn’t take my loans somewhere cheaper because there was a LAW that you could only change lenders once. Meanwhile, the lenders took on little risk in return for that interest-rate bonanza because there is? was? another law that borrowers can’t discharge student loans in bankruptcy.

FWIW, when I took out the loans the payback total didn’t deter me because I knew I could get a high-income job and pay them back. But life happens. In my case, I developed a disability after a few years and lost my income. I’ve never defaulted, but I’ve often had to pay the monthly minimum. Even with a few over-payments in flush times, including one of 5 figures, I’ll make my last payment in 2024. I paid back an amount equal to the actual principal by 2009 — the other 15 years have been servicing interest.

And that was with a professional degree that led immediately to a 6-figure job, not something like an undergrad degree that was the best hope to climb out of poverty. But sure, the problem is 100% individuals and their bad choices, not anything systemic.

The servicing of interest is what is so galling. When you sign for the loan, there is no info that you will spend 15+ years servicing interest after you paid off the original loan amount.

I paid off all my loans long ago. And my loans, adjusted for inflation, are comparable to some of today's figures as I got them at a time when colleges didn't give a crap then about first gen students and just dumped loans on us. (Ask me how I know.)

I do struggle a bit that some folks will get a pay off while my friends and siblings will continue to have lower retirement savings due to years of servicing interest even though they paid off the principal a long time ago - and they are right at retirement age. I'm fortunate - we've done well and my retirement is fine, but I know it is not that way for many.

[Anonymous]

Why this impending 10 k loan forgiveness arouses so much rage and jealousy in UMC white folks is a mystery.

[Anonymous]

I was raised by a college professor and a SAHM. They made choices every.single.day to ensure my brother and I would have money for school. My dad would walk a half a mile to the bus stop to take the city bus to work instead of driving. Our cars were always older than I was, in fact the car I drove when I first got my license was 4 years older than I was. My mother clipped coupons. My dad brought his lunch. We always drove and camped on our vacations. I never got on a plane until I was 16. My mom shopped at garage sales. They rarely ate out. A million little decisions executed routinely. We never had anything fancy but we had more than enough and a very happy childhood and family life. My brother and I were both able to go to private colleges and graduate debt free (we both did work study and worked every summer) and my parents are now comfortably retired. It can be done. Based on that I sure do resent the people who go on a Disney cruise and then complain that they don’t have enough money for school.

[Anonymous]

Anonymous wrote:Why this impending 10 k loan forgiveness arouses so much rage and jealousy in UMC white folks is a mystery.

If you can’t understand the stupidity of this proposal then you are likely a university of Phoenix dropout who’s behind on loan payments.

[Anonymous]

Anonymous wrote:Why this impending 10 k loan forgiveness arouses so much rage and jealousy in UMC white folks is a mystery.

Oh, FFS. It is not jealousy at all. There are simply millions of us that don't want to pay for a loan you assumed and now want someone else to foot the bill for.
Millions of Americans chose not to go to college because they couldn't afford it. And, they sure as hell don't want to pay for your degree.

[Anonymous]

Anonymous wrote:I was raised by a college professor and a SAHM. They made choices every.single.day to ensure my brother and I would have money for school. My dad would walk a half a mile to the bus stop to take the city bus to work instead of driving. Our cars were always older than I was, in fact the car I drove when I first got my license was 4 years older than I was. My mother clipped coupons. My dad brought his lunch. We always drove and camped on our vacations. I never got on a plane until I was 16. My mom shopped at garage sales. They rarely ate out. A million little decisions executed routinely. We never had anything fancy but we had more than enough and a very happy childhood and family life. My brother and I were both able to go to private colleges and graduate debt free (we both did work study and worked every summer) and my parents are now comfortably retired. It can be done. Based on that I sure do resent the people who go on a Disney cruise and then complain that they don’t have enough money for school.

So your parents paid for your college. You are lucky. And now you want everyone to suffer who doesn’t have parents who live like monks. Why should people have to live this way to pay some college administrator’s fat salary? Again, everyone’s anger should be at the colleges, not kids and their parents.

[Anonymous]

Anonymous wrote:I was raised by a college professor and a SAHM. They made choices every.single.day to ensure my brother and I would have money for school. My dad would walk a half a mile to the bus stop to take the city bus to work instead of driving. Our cars were always older than I was, in fact the car I drove when I first got my license was 4 years older than I was. My mother clipped coupons. My dad brought his lunch. We always drove and camped on our vacations. I never got on a plane until I was 16. My mom shopped at garage sales. They rarely ate out. A million little decisions executed routinely. We never had anything fancy but we had more than enough and a very happy childhood and family life. My brother and I were both able to go to private colleges and graduate debt free (we both did work study and worked every summer) and my parents are now comfortably retired. It can be done. Based on that I sure do resent the people who go on a Disney cruise and then complain that they don’t have enough money for school.

Yeah I am personally one of those people who dont think that others should suffer because of their parents. Its a bit of this Christian BS that cant help but enter our society with the sins of the father and all.
You are lucky. Not everyone else is. While they were busy clipping coupons and taking lunch from home, they forgot to teach you empathy and compassion.

[Anonymous]

Anonymous wrote:Why this impending 10 k loan forgiveness arouses so much rage and jealousy in UMC white folks is a mystery.

WHY SHOULD PEOPLE THAT PAID THEIR LOAN ALREADY BE FORCED TO FOR YOUR LOANS IN THEIR TAXES? SO WE HAVE TO PAY FOR OUR OWN LOAN AND SOMEONE ELSES? THATS THE CRAZY PART!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was raised by a college professor and a SAHM. They made choices every.single.day to ensure my brother and I would have money for school. My dad would walk a half a mile to the bus stop to take the city bus to work instead of driving. Our cars were always older than I was, in fact the car I drove when I first got my license was 4 years older than I was. My mother clipped coupons. My dad brought his lunch. We always drove and camped on our vacations. I never got on a plane until I was 16. My mom shopped at garage sales. They rarely ate out. A million little decisions executed routinely. We never had anything fancy but we had more than enough and a very happy childhood and family life. My brother and I were both able to go to private colleges and graduate debt free (we both did work study and worked every summer) and my parents are now comfortably retired. It can be done. Based on that I sure do resent the people who go on a Disney cruise and then complain that they don’t have enough money for school.

So your parents paid for your college. You are lucky. And now you want everyone to suffer who doesn’t have parents who live like monks. Why should people have to live this way to pay some college administrator’s fat salary? Again, everyone’s anger should be at the colleges, not kids and their parents.

Who forced you to lever up to afford a college degree? And why are so poor at your chosen vocation that you can’t meet your loan obligation?

[Anonymous]

Anonymous wrote:What's going on is leftists want to soak the taxpayer.

All of the loan forgiveness is a drop in the bucket compared to the DoD's bloated budget

[Anonymous]

Anonymous wrote:Why this impending 10 k loan forgiveness arouses so much rage and jealousy in UMC white folks is a mystery.

It doesn't. It's right wing think tank and dark money astroturfing. Totally fake. Exact same template they tried to pull with Obamacare.