any cons in suspended student loans debt?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A few things would help the situation now and in the future. Immediately. All interest rates need to be lowered to a manageable level. One of my friends has a 20% interest rate. If that was lowered to even five or 8% that would be helpful. I got mine repaid back when they were all 2%.
Next we need to put a cap on college fees and the amount that can be borrowed. Say no more than 10% over an annual tuition cost at that specific college. I have a friend who took out thousands more each semester and now is struggling to pay it back because she didn't understand what she was doing at the time.
Which brings me to third. There needs to be financial education in all high schools and the first year of college talking about interest rates and exactly how to pay back college loans and refinancing options.

This became a "crisis" during Obama's term when the federal government took over student loans.
https://www.investors.com/politics/editorials/obama-created-student-loan-crisis-with-1-trillion-in-loans/

Prior to this horrible legislation, the interest rates on loans were much more competitive.
So, you can thank Obama.

Lol what? Stafford loan interest rates were in the 6%+ range in the 2000s versus under 3% today. What are you smoking?

I graduated in 2001 undergrad and 2004 graduate school, only took stafford loans, and did not have anything over 3%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A few things would help the situation now and in the future. Immediately. All interest rates need to be lowered to a manageable level. One of my friends has a 20% interest rate. If that was lowered to even five or 8% that would be helpful. I got mine repaid back when they were all 2%.
Next we need to put a cap on college fees and the amount that can be borrowed. Say no more than 10% over an annual tuition cost at that specific college. I have a friend who took out thousands more each semester and now is struggling to pay it back because she didn't understand what she was doing at the time.
Which brings me to third. There needs to be financial education in all high schools and the first year of college talking about interest rates and exactly how to pay back college loans and refinancing options.

This became a "crisis" during Obama's term when the federal government took over student loans.
https://www.investors.com/politics/editorials/obama-created-student-loan-crisis-with-1-trillion-in-loans/

Prior to this horrible legislation, the interest rates on loans were much more competitive.
So, you can thank Obama.

Lol what? Stafford loan interest rates were in the 6%+ range in the 2000s versus under 3% today. What are you smoking?

Loans issued recently to current students are under 3%.

I graduated in 2001 undergrad and 2004 graduate school, only took stafford loans, and did not have anything over 3%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Australia charges no interest on student loans. The loans are repayable over 20 years as a function of your wages. Anyone making over $100K pays 10% of their income per year. Anyone making under $33K pays only 1% of income.

https://studentloanhero.com/featured/international-student-loans-australia/

Get rid of the interest

Why didn't more people refinance their loans with private lenders when interest rates were almost zero? I suspect a lot of people were banking on Biden forgiving their loans instead. Moral hazard 101.

You lose federal protections (such as PAYE and IBR) if you refinance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe people should have to take IQ tests before being allowed to sign contracts. Because it seems like "I was too dumb to understand what I signed" is trying to be passed off as a valid excuse for defaulting.

The parents are the ones doing the defaulting. Parents enter into ''agreements'' with their kids for Parent Plus Loans that even though it technically belongs to both the parent and the kid, the kid is usually the one expected to pay.

Maybe, I don't know, schools shouldn't have a COA that is the yearly equivalent of the yearly median income in some municipalities.

Maybe people should stop matriculating to these schools, and they would lower their fees. Why should they when they have more students than they can take? No one is making you go!

Employers of the most desirable jobs (WFH desk jobs) indeed require degrees.

Well, if you don't agree with the tuition they charge, I guess you should choose a non-degree job. Stop acting like a college education is an entitlement. Its not!

I went to college long ago, when you could pay tuition with a summer job. And I don’t think college pricing should be set up like customers choosing a car because a teenager has no control over the economic standing of their family. You’ve basically admitted that you think universities should care about how much money you parents have rather than how good of a student you are.

Correct. I don't believe college is an entitlement and that everyone should get to go regardless of cost or financial situation. You should not be able to borrow money that you can't pay back.

Hooray for a feudal system!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would not support debt forgiveness. I’d be pissed.
Maybe we need to recognize that 100% college participation goal is not justified or appropriate. What college graduates are going to want to drive a bus, or pick strawberries, or work in a meat processing plant?

My point is that the people who drive the bus, pick the strawberries, and process meat are important too. We need to make things suck less for people who work manual jobs or in the service industry, or in the trades, instead of college being the only “way out” of a hard life.

Our system needs to stop incentivizing the production of white collar workers because we are not that special. I am one of them - a fed paper pusher of sorts. I am paid well. Of all of the white collar positions I have held, the thing I am doing now is the most meaningful. But a lot of white collar work does not provide as great a benefit to society as the salaries would suggest.

I paid off my undergrad loans. I could not afford grad school and had to work up the ladder to get where I am. I do not wish to subsidize those who pursued advanced degrees and got a leg up, when I had to work very hard to get where I am.

If someone doesn’t go to college, it should be because they didn’t want to go and/or because they were not meritorious enough. It should not be because they couldn’t afford to.

Sorry, it drives me insane the cop-out mentality of “not everyone should go to college” that you hear from wealthy white right-wing folks who have degrees themselves and sent their own kids to college full pay. When all of Tucker Carlson kids went to boarding school, Harvard, and UVa, your argument holds no water. Practice what you preach.

They're right.

Some of the biggest losers of the increasing emphasis on college degrees are working class blacks, so this isn't exactly a racial issue, no matter how much you want to turn it into one.

The more people go to college, the less valued a college degree is while simultaneously being more required for no reason. And demanding people take on debts for something that serves as an effective barrier to progress is hardly helpful.

I don’t think they should have to take debts on to do it; it should be highly funded via taxes. They got their cushy air-conditioned desk job that requires a degree and think *those* people’s kids should have to go be plumbers instead of having to compete for white collar jobs with them. They’re hypocrites who’d never send their own kids to trade school. You’ve been duped. Do you seriously think Tucker Swanson Carlson is a champion of the working class?

If you are insulting plumbers, and it sounds like you are, then you are part of the problem.

Let's be honest. Would you rather be a plumber vs. a white-collar desk job in air-conditioning?

Plumber makes more, and can eventually own their own business, but keep looking down on them.

With your use of the word “they,” I know you’re not one. Why not if it’s so great?

Actually I used "their" instead of "his" because Women can be plumbers and business owners too.

[Anonymous]

If it isn’t good enough for your kid, why is it considered adequate for other kids.

[Anonymous]

Anonymous wrote:If it isn’t good enough for your kid, why is it considered adequate for other kids.

My kid is a plumber, he made $230k last year. How much did you make at 24?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If it isn’t good enough for your kid, why is it considered adequate for other kids.

My kid is a plumber, he made $230k last year. How much did you make at 24?

Anecdotes are cute.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe people should have to take IQ tests before being allowed to sign contracts. Because it seems like "I was too dumb to understand what I signed" is trying to be passed off as a valid excuse for defaulting.

The parents are the ones doing the defaulting. Parents enter into ''agreements'' with their kids for Parent Plus Loans that even though it technically belongs to both the parent and the kid, the kid is usually the one expected to pay.

Maybe, I don't know, schools shouldn't have a COA that is the yearly equivalent of the yearly median income in some municipalities.

Maybe people should stop matriculating to these schools, and they would lower their fees. Why should they when they have more students than they can take? No one is making you go!

Employers of the most desirable jobs (WFH desk jobs) indeed require degrees.

Well, if you don't agree with the tuition they charge, I guess you should choose a non-degree job. Stop acting like a college education is an entitlement. Its not!

I went to college long ago, when you could pay tuition with a summer job. And I don’t think college pricing should be set up like customers choosing a car because a teenager has no control over the economic standing of their family. You’ve basically admitted that you think universities should care about how much money you parents have rather than how good of a student you are.

Correct. I don't believe college is an entitlement and that everyone should get to go regardless of cost or financial situation. You should not be able to borrow money that you can't pay back.

Hooray for a feudal system!

It wouldn't need to be this way if people would just pay back their loans. But if you are going to beg for loan forgivness en masse, then yes we have to start scrutinizing who qualifies for loans and who goes to college. Don't like it? Then tell everyone to pay their own debts and stop expecting a government handout.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe people should have to take IQ tests before being allowed to sign contracts. Because it seems like "I was too dumb to understand what I signed" is trying to be passed off as a valid excuse for defaulting.

The parents are the ones doing the defaulting. Parents enter into ''agreements'' with their kids for Parent Plus Loans that even though it technically belongs to both the parent and the kid, the kid is usually the one expected to pay.

Maybe, I don't know, schools shouldn't have a COA that is the yearly equivalent of the yearly median income in some municipalities.

Maybe people should stop matriculating to these schools, and they would lower their fees. Why should they when they have more students than they can take? No one is making you go!

Employers of the most desirable jobs (WFH desk jobs) indeed require degrees.

Well, if you don't agree with the tuition they charge, I guess you should choose a non-degree job. Stop acting like a college education is an entitlement. Its not!

I went to college long ago, when you could pay tuition with a summer job. And I don’t think college pricing should be set up like customers choosing a car because a teenager has no control over the economic standing of their family. You’ve basically admitted that you think universities should care about how much money you parents have rather than how good of a student you are.

Correct. I don't believe college is an entitlement and that everyone should get to go regardless of cost or financial situation. You should not be able to borrow money that you can't pay back.

Hooray for a feudal system!

It wouldn't need to be this way if people would just pay back their loans. But if you are going to beg for loan forgivness en masse, then yes we have to start scrutinizing who qualifies for loans and who goes to college. Don't like it? Then tell everyone to pay their own debts and stop expecting a government handout.

Again I paid mine so don’t say “you.” I don’t think loans should be involved, I think tuition should be way, way lower.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe people should have to take IQ tests before being allowed to sign contracts. Because it seems like "I was too dumb to understand what I signed" is trying to be passed off as a valid excuse for defaulting.

The parents are the ones doing the defaulting. Parents enter into ''agreements'' with their kids for Parent Plus Loans that even though it technically belongs to both the parent and the kid, the kid is usually the one expected to pay.

Maybe, I don't know, schools shouldn't have a COA that is the yearly equivalent of the yearly median income in some municipalities.

Maybe people should stop matriculating to these schools, and they would lower their fees. Why should they when they have more students than they can take? No one is making you go!

Employers of the most desirable jobs (WFH desk jobs) indeed require degrees.

Well, if you don't agree with the tuition they charge, I guess you should choose a non-degree job. Stop acting like a college education is an entitlement. Its not!

I went to college long ago, when you could pay tuition with a summer job. And I don’t think college pricing should be set up like customers choosing a car because a teenager has no control over the economic standing of their family. You’ve basically admitted that you think universities should care about how much money you parents have rather than how good of a student you are.

Correct. I don't believe college is an entitlement and that everyone should get to go regardless of cost or financial situation. You should not be able to borrow money that you can't pay back.

Hooray for a feudal system!

It wouldn't need to be this way if people would just pay back their loans. But if you are going to beg for loan forgivness en masse, then yes we have to start scrutinizing who qualifies for loans and who goes to college. Don't like it? Then tell everyone to pay their own debts and stop expecting a government handout.

Again I paid mine so don’t say “you.” I don’t think loans should be involved, I think tuition should be way, way lower.

I agree with the bolded. My biggest question with loan forgiveness is really just whether it addresses this and if not, let’s address this, the cause.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe people should have to take IQ tests before being allowed to sign contracts. Because it seems like "I was too dumb to understand what I signed" is trying to be passed off as a valid excuse for defaulting.

The parents are the ones doing the defaulting. Parents enter into ''agreements'' with their kids for Parent Plus Loans that even though it technically belongs to both the parent and the kid, the kid is usually the one expected to pay.

Maybe, I don't know, schools shouldn't have a COA that is the yearly equivalent of the yearly median income in some municipalities.

Maybe people should stop matriculating to these schools, and they would lower their fees. Why should they when they have more students than they can take? No one is making you go!

Employers of the most desirable jobs (WFH desk jobs) indeed require degrees.

Well, if you don't agree with the tuition they charge, I guess you should choose a non-degree job. Stop acting like a college education is an entitlement. Its not!

I went to college long ago, when you could pay tuition with a summer job. And I don’t think college pricing should be set up like customers choosing a car because a teenager has no control over the economic standing of their family. You’ve basically admitted that you think universities should care about how much money you parents have rather than how good of a student you are.

Correct. I don't believe college is an entitlement and that everyone should get to go regardless of cost or financial situation. You should not be able to borrow money that you can't pay back.

Hooray for a feudal system!

It wouldn't need to be this way if people would just pay back their loans. But if you are going to beg for loan forgivness en masse, then yes we have to start scrutinizing who qualifies for loans and who goes to college. Don't like it? Then tell everyone to pay their own debts and stop expecting a government handout.

Again I paid mine so don’t say “you.” I don’t think loans should be involved, I think tuition should be way, way lower.

Great. Feel free to start a thread advocating that. This thread is about loan forgivness. Which you are apparently in support of, even without lower tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe people should have to take IQ tests before being allowed to sign contracts. Because it seems like "I was too dumb to understand what I signed" is trying to be passed off as a valid excuse for defaulting.

The parents are the ones doing the defaulting. Parents enter into ''agreements'' with their kids for Parent Plus Loans that even though it technically belongs to both the parent and the kid, the kid is usually the one expected to pay.

Maybe, I don't know, schools shouldn't have a COA that is the yearly equivalent of the yearly median income in some municipalities.

Maybe people should stop matriculating to these schools, and they would lower their fees. Why should they when they have more students than they can take? No one is making you go!

Employers of the most desirable jobs (WFH desk jobs) indeed require degrees.

Tuition is only high because everyone can get a loan.

Well, if you don't agree with the tuition they charge, I guess you should choose a non-degree job. Stop acting like a college education is an entitlement. Its not!

I went to college long ago, when you could pay tuition with a summer job. And I don’t think college pricing should be set up like customers choosing a car because a teenager has no control over the economic standing of their family. You’ve basically admitted that you think universities should care about how much money you parents have rather than how good of a student you are.

Correct. I don't believe college is an entitlement and that everyone should get to go regardless of cost or financial situation. You should not be able to borrow money that you can't pay back.

Hooray for a feudal system!

It wouldn't need to be this way if people would just pay back their loans. But if you are going to beg for loan forgivness en masse, then yes we have to start scrutinizing who qualifies for loans and who goes to college. Don't like it? Then tell everyone to pay their own debts and stop expecting a government handout.

Again I paid mine so don’t say “you.” I don’t think loans should be involved, I think tuition should be way, way lower.

I agree with the bolded. My biggest question with loan forgiveness is really just whether it addresses this and if not, let’s address this, the cause.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe people should have to take IQ tests before being allowed to sign contracts. Because it seems like "I was too dumb to understand what I signed" is trying to be passed off as a valid excuse for defaulting.

The parents are the ones doing the defaulting. Parents enter into ''agreements'' with their kids for Parent Plus Loans that even though it technically belongs to both the parent and the kid, the kid is usually the one expected to pay.

Maybe, I don't know, schools shouldn't have a COA that is the yearly equivalent of the yearly median income in some municipalities.

Maybe people should stop matriculating to these schools, and they would lower their fees. Why should they when they have more students than they can take? No one is making you go!

Employers of the most desirable jobs (WFH desk jobs) indeed require degrees.

Well, if you don't agree with the tuition they charge, I guess you should choose a non-degree job. Stop acting like a college education is an entitlement. Its not!

I went to college long ago, when you could pay tuition with a summer job. And I don’t think college pricing should be set up like customers choosing a car because a teenager has no control over the economic standing of their family. You’ve basically admitted that you think universities should care about how much money you parents have rather than how good of a student you are.

Correct. I don't believe college is an entitlement and that everyone should get to go regardless of cost or financial situation. You should not be able to borrow money that you can't pay back.

Hooray for a feudal system!

It wouldn't need to be this way if people would just pay back their loans. But if you are going to beg for loan forgivness en masse, then yes we have to start scrutinizing who qualifies for loans and who goes to college. Don't like it? Then tell everyone to pay their own debts and stop expecting a government handout.

Again I paid mine so don’t say “you.” I don’t think loans should be involved, I think tuition should be way, way lower.

I agree with the bolded. My biggest question with loan forgiveness is really just whether it addresses this and if not, let’s address this, the cause.

Loan forgiveness, as currently written, does not in anyway address tuition costs, or the problem of new students getting into the same loan trouble that current students are in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Maybe people should have to take IQ tests before being allowed to sign contracts. Because it seems like "I was too dumb to understand what I signed" is trying to be passed off as a valid excuse for defaulting.

The parents are the ones doing the defaulting. Parents enter into ''agreements'' with their kids for Parent Plus Loans that even though it technically belongs to both the parent and the kid, the kid is usually the one expected to pay.

Maybe, I don't know, schools shouldn't have a COA that is the yearly equivalent of the yearly median income in some municipalities.

Maybe people should stop matriculating to these schools, and they would lower their fees. Why should they when they have more students than they can take? No one is making you go!

Employers of the most desirable jobs (WFH desk jobs) indeed require degrees.

Well, if you don't agree with the tuition they charge, I guess you should choose a non-degree job. Stop acting like a college education is an entitlement. Its not!

I went to college long ago, when you could pay tuition with a summer job. And I don’t think college pricing should be set up like customers choosing a car because a teenager has no control over the economic standing of their family. You’ve basically admitted that you think universities should care about how much money you parents have rather than how good of a student you are.

Correct. I don't believe college is an entitlement and that everyone should get to go regardless of cost or financial situation. You should not be able to borrow money that you can't pay back.

Hooray for a feudal system!

It wouldn't need to be this way if people would just pay back their loans. But if you are going to beg for loan forgivness en masse, then yes we have to start scrutinizing who qualifies for loans and who goes to college. Don't like it? Then tell everyone to pay their own debts and stop expecting a government handout.

Again I paid mine so don’t say “you.” I don’t think loans should be involved, I think tuition should be way, way lower.

I agree with the bolded. My biggest question with loan forgiveness is really just whether it addresses this and if not, let’s address this, the cause.

Tuition is high because anyone can get a loan.