Have plenty in 529, but still taking out loans

[Anonymous]

Anonymous wrote:How do you demonstrate need to qualify for a federal student loan if you've got 4 years of tuition sitting in a 529?

Ding ding ding.

[Anonymous]

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.

How much was tuition when you went to college, granny? $600 a pop?

[Anonymous]

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.

How do you demonstrate need to qualify for a federal student loan if you've got 4 years of tuition sitting in a 529?

You don't, the troll is making it up. Although to be frank, I hope she's not.

Idiots here think that federal loans are available to everyone willy nilly.

It's not. If your family EFC covers the cost of attendance, your kid cannot take federal student loans. Someone with $300k in 529 plans is not going to quality of loans at any college in the US.

Your kid could take private student loans, but those won't get forgiven anyways. Lmao.

[Anonymous]

It sounds like your kids won’t qualify for federal subsidized or unsubsidized. They might only qualify for the Parent Plus loan which I doubt would ever be forgiven. Federal loans go to the neediest families and if someone forgives one of these loans, it would probably only be the subsidized ones.

[Anonymous]

Biden talked about, like, $10k of loan forgiveness for people making under a certain threshold annually. There will never be full cost of attendance loan forgiveness for anyone who wants it.

[Anonymous]

One of the biggest myths about financial aid is that you shouldn’t apply if your family makes too much money. But the reality is that there are no income limits with the Free Application for Federal Student Aid (FAFSA); any eligible student can fill out the FAFSA to see if they qualify for aid.

While some aid is based on financial need (such as subsidized loans and Pell Grants), other aid is not (such as unsubsidized federal loans).

[Anonymous]

Anonymous wrote:Biden talked about, like, $10k of loan forgiveness for people making under a certain threshold annually. There will never be full cost of attendance loan forgiveness for anyone who wants it.

You can’t take out federal loans for the full cost of attendance. Ex. capped at $5,000 for freshman,$6,500 t try or sophomores etc.

Biden reportedly told lawmakers he is open to forgiving more than $10,000 in debt.

"I am considering dealing with some [student] debt reduction, I am not considering $50,000 debt reduction but I'm in the process of taking a hard look at whether there will be additional debt forgiveness," Biden said Thursday when a reporter asked a question about student debt following a White House speech about aid to Ukraine. "And I'll have an answer for that in the next couple of weeks."

https://www.msn.com/en-us/money/careersandeducation/biden-says-hell-have-an-answer-on-student-loan-forgiveness-in-the-coming-weeks-e2-80-94-but-shuts-the-door-on-2450000-in-debt-relief/ar-AAWHP6x

[Anonymous]

Anonymous wrote:

Anonymous wrote:Biden talked about, like, $10k of loan forgiveness for people making under a certain threshold annually. There will never be full cost of attendance loan forgiveness for anyone who wants it.

You can’t take out federal loans for the full cost of attendance. Ex. capped at $5,000 for freshman,$6,500 t try or sophomores etc.

Biden reportedly told lawmakers he is open to forgiving more than $10,000 in debt.

"I am considering dealing with some [student] debt reduction, I am not considering $50,000 debt reduction but I'm in the process of taking a hard look at whether there will be additional debt forgiveness," Biden said Thursday when a reporter asked a question about student debt following a White House speech about aid to Ukraine. "And I'll have an answer for that in the next couple of weeks."

https://www.msn.com/en-us/money/careersandeducation/biden-says-hell-have-an-answer-on-student-loan-forgiveness-in-the-coming-weeks-e2-80-94-but-shuts-the-door-on-2450000-in-debt-relief/ar-AAWHP6x

Parents can take out up to the cost of attendance in parent plus loans for their kids. So $100k+ in loans. Those are considered federal loans as well.

[Anonymous]

This is so petty, and I say that as a millennial who self-funded college, and worked multiple jobs through most of my life to pay off my student loans. I wouldn’t benefit personally from this policy.

Student loan forgiveness is good for everyone. The fewer people who are burdened with this kind of debt, the better the economy is. And more people can actually live their lives instead of working 100 hours a week, like I did.

[Anonymous]

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.

So what are you going to do when you don’t qualify for student loan forgiveness and you have to take the huge penalties on all that money in savings? You can’t us that money prepenalty to pay loans.

[Anonymous]

Anonymous wrote:This is so petty, and I say that as a millennial who self-funded college, and worked multiple jobs through most of my life to pay off my student loans. I wouldn’t benefit personally from this policy.

Student loan forgiveness is good for everyone. The fewer people who are burdened with this kind of debt, the better the economy is. And more people can actually live their lives instead of working 100 hours a week, like I did.

So where is all this money going to come from? Someone actually has to pay it. Instead of telling all kids they have to go to college and go into debt, we should be guiding kids into trades that don’t require expensive degrees. It’s really irresponsible to pay $150000 for a degree in social work where your max salary is going to be $60k after 20 years. This sets a bad precedent for future generations who are the ones who are going to be saddled with our country’s debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is so petty, and I say that as a millennial who self-funded college, and worked multiple jobs through most of my life to pay off my student loans. I wouldn’t benefit personally from this policy.

Student loan forgiveness is good for everyone. The fewer people who are burdened with this kind of debt, the better the economy is. And more people can actually live their lives instead of working 100 hours a week, like I did.

So where is all this money going to come from? Someone actually has to pay it. Instead of telling all kids they have to go to college and go into debt, we should be guiding kids into trades that don’t require expensive degrees. It’s really irresponsible to pay $150000 for a degree in social work where your max salary is going to be $60k after 20 years. This sets a bad precedent for future generations who are the ones who are going to be saddled with our country’s debt.

Our society desperately needs more social workers. We really should be paying kids to become social workers - its the only way to fill the much needed but low wage professional jobs. Either that or we need to fund these services better so they can get paid a living wage. Either way we need the professionals, and they need to be able to afford to do the job.

[Anonymous]

Anonymous wrote:If Biden does forgive loans, every parent should be telling their child to take out some level of loans, at least $10K a year if in undergrad.

It’s a terrible policy for society, but if it happens in 2022, it’s likely to happen again in 2024.

It’s a naked attempt to buy voters and the unintended consequences will be dire and far-reaching.

[Anonymous]

If Biden forgives loans, I'd not vote for him or Dems in 2024. You borrowed with a promise to pay it back! What's wrong with you people?

[Anonymous]

I was up late watching TV and eating cookies and saw a commercial for credit card forgiveness so i am going shopping today in hopes some........