Student loan forgiveness

[Anonymous]

Anonymous wrote:Dh and I seriously busted our butts to pay off his student loans last year. I mean we lived in a den of a house (No closet) and shared a bathroom even after marriage. We delayed kids and drove ancient cars (dhs was a 1999 that we sold 2 years ago). So many people could have done this but preferred to pay them off over a larger time period. Their choice. It would really hurt to know that we pinched pennies and could have had them all repaid in full. We’re not high income but paid off 80k in 4 years.

It’s great you’re student loan-free! Another perspective is that I went to a fine but not great school, which had cheap tuition, and worked a full-time job while living in a studio apartment. My nieces are living at home and grinding it out at community college while working part-time, because that’s what they and my sibling can afford. It’s irritating to think that people who spent a lot on a more luxury college experience might now get that debt wiped out. How is that fair?

[Anonymous]

Why would you feel responsible for borrowing money for Grad school? Just get you kid thru undergrad. If their professional career plan requires grad school, then that should be their problem.

Undergrad loan forgiveness? I could see it happening for people who have tried for 10 years and still haven't been able to pay it off. But not for new borrowers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Dh and I seriously busted our butts to pay off his student loans last year. I mean we lived in a den of a house (No closet) and shared a bathroom even after marriage. We delayed kids and drove ancient cars (dhs was a 1999 that we sold 2 years ago). So many people could have done this but preferred to pay them off over a larger time period. Their choice. It would really hurt to know that we pinched pennies and could have had them all repaid in full. We’re not high income but paid off 80k in 4 years.

It’s great you’re student loan-free! Another perspective is that I went to a fine but not great school, which had cheap tuition, and worked a full-time job while living in a studio apartment. My nieces are living at home and grinding it out at community college while working part-time, because that’s what they and my sibling can afford. It’s irritating to think that people who spent a lot on a more luxury college experience might now get that debt wiped out. How is that fair?

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dh and I seriously busted our butts to pay off his student loans last year. I mean we lived in a den of a house (No closet) and shared a bathroom even after marriage. We delayed kids and drove ancient cars (dhs was a 1999 that we sold 2 years ago). So many people could have done this but preferred to pay them off over a larger time period. Their choice. It would really hurt to know that we pinched pennies and could have had them all repaid in full. We’re not high income but paid off 80k in 4 years.

It’s great you’re student loan-free! Another perspective is that I went to a fine but not great school, which had cheap tuition, and worked a full-time job while living in a studio apartment. My nieces are living at home and grinding it out at community college while working part-time, because that’s what they and my sibling can afford. It’s irritating to think that people who spent a lot on a more luxury college experience might now get that debt wiped out. How is that fair?

+1

It isn't about fair. It is about equitable. OP doesn't realized that financial aid packages analyze your finances and decide a monthly family contribution. Unless OP is going to hide assets, they might not be offered loans and if they are offered loans, they might not be federal loans that are eligible for forgiveness. In addition, loan forgiveness only comes with certain jobs--teaching, nursing, federal government, non-profit and some education (higher ed) jobs. So their child would have to work ten years making little money and filing the paperwork perfectly (which 99 percent of people have failed to do).

I think OP is a troll who wants to rile up people who are upset at the idea of loan forgiveness for individuals who are under employed or not earning a living wage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dh and I seriously busted our butts to pay off his student loans last year. I mean we lived in a den of a house (No closet) and shared a bathroom even after marriage. We delayed kids and drove ancient cars (dhs was a 1999 that we sold 2 years ago). So many people could have done this but preferred to pay them off over a larger time period. Their choice. It would really hurt to know that we pinched pennies and could have had them all repaid in full. We’re not high income but paid off 80k in 4 years.

It’s great you’re student loan-free! Another perspective is that I went to a fine but not great school, which had cheap tuition, and worked a full-time job while living in a studio apartment. My nieces are living at home and grinding it out at community college while working part-time, because that’s what they and my sibling can afford. It’s irritating to think that people who spent a lot on a more luxury college experience might now get that debt wiped out. How is that fair?

+1

It isn't about fair. It is about equitable. OP doesn't realized that financial aid packages analyze your finances and decide a monthly family contribution. Unless OP is going to hide assets, they might not be offered loans and if they are offered loans, they might not be federal loans that are eligible for forgiveness. In addition, loan forgiveness only comes with certain jobs--teaching, nursing, federal government, non-profit and some education (higher ed) jobs. So their child would have to work ten years making little money and filing the paperwork perfectly (which 99 percent of people have failed to do).

I think OP is a troll who wants to rile up people who are upset at the idea of loan forgiveness for individuals who are under employed or not earning a living wage.

You don’t understand what equitable means. James Carville nailed it when he pointed out how loan forgiveness awards irresponsible behavior. Many students forego fancy schools and work their way through college and many parents sacrifice to save for their child’s education. Irresponsible families spend beyond their means, don’t require their child to contribute and let their child to go to a school they’d can’t afford. Those behaviors should be punished, not rewarded. And that student signed a contract that should be honored....nobody forced them down that path. Finally, college isn’t a prerequisite for success nowadays. Go to a coding boot camp and get a job in 12 months. I’m not going to subsidize your irresponsible behaviors.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dh and I seriously busted our butts to pay off his student loans last year. I mean we lived in a den of a house (No closet) and shared a bathroom even after marriage. We delayed kids and drove ancient cars (dhs was a 1999 that we sold 2 years ago). So many people could have done this but preferred to pay them off over a larger time period. Their choice. It would really hurt to know that we pinched pennies and could have had them all repaid in full. We’re not high income but paid off 80k in 4 years.

It’s great you’re student loan-free! Another perspective is that I went to a fine but not great school, which had cheap tuition, and worked a full-time job while living in a studio apartment. My nieces are living at home and grinding it out at community college while working part-time, because that’s what they and my sibling can afford. It’s irritating to think that people who spent a lot on a more luxury college experience might now get that debt wiped out. How is that fair?

+1

It isn't about fair. It is about equitable. OP doesn't realized that financial aid packages analyze your finances and decide a monthly family contribution. Unless OP is going to hide assets, they might not be offered loans and if they are offered loans, they might not be federal loans that are eligible for forgiveness. In addition, loan forgiveness only comes with certain jobs--teaching, nursing, federal government, non-profit and some education (higher ed) jobs. So their child would have to work ten years making little money and filing the paperwork perfectly (which 99 percent of people have failed to do).

I think OP is a troll who wants to rile up people who are upset at the idea of loan forgiveness for individuals who are under employed or not earning a living wage.

You don’t understand what equitable means. James Carville nailed it when he pointed out how loan forgiveness awards irresponsible behavior. Many students forego fancy schools and work their way through college and many parents sacrifice to save for their child’s education. Irresponsible families spend beyond their means, don’t require their child to contribute and let their child to go to a school they’d can’t afford. Those behaviors should be punished, not rewarded. And that student signed a contract that should be honored....nobody forced them down that path. Finally, college isn’t a prerequisite for success nowadays. Go to a coding boot camp and get a job in 12 months. I’m not going to subsidize your irresponsible behaviors.

This x1000

Took me until I was 44 yo to pay off my $146,000 school loan but I paid off every penny of it because going to grad school was my choice. End of story.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dh and I seriously busted our butts to pay off his student loans last year. I mean we lived in a den of a house (No closet) and shared a bathroom even after marriage. We delayed kids and drove ancient cars (dhs was a 1999 that we sold 2 years ago). So many people could have done this but preferred to pay them off over a larger time period. Their choice. It would really hurt to know that we pinched pennies and could have had them all repaid in full. We’re not high income but paid off 80k in 4 years.

It’s great you’re student loan-free! Another perspective is that I went to a fine but not great school, which had cheap tuition, and worked a full-time job while living in a studio apartment. My nieces are living at home and grinding it out at community college while working part-time, because that’s what they and my sibling can afford. It’s irritating to think that people who spent a lot on a more luxury college experience might now get that debt wiped out. How is that fair?

+1

It isn't about fair. It is about equitable. OP doesn't realized that financial aid packages analyze your finances and decide a monthly family contribution. Unless OP is going to hide assets, they might not be offered loans and if they are offered loans, they might not be federal loans that are eligible for forgiveness. In addition, loan forgiveness only comes with certain jobs--teaching, nursing, federal government, non-profit and some education (higher ed) jobs. So their child would have to work ten years making little money and filing the paperwork perfectly (which 99 percent of people have failed to do).

I think OP is a troll who wants to rile up people who are upset at the idea of loan forgiveness for individuals who are under employed or not earning a living wage.

What?!? You expect someone to forgive tens of thousands of dollars worth of loans and it’s too difficult to keep track of or file the paperwork?!?

[Anonymous]

Anonymous wrote:OP here. Yes the question is whether we are silly paying tuition if all student loans will be forgiven in the near future. As to the PP, it is possible to borrow $50K per year for student loans for undergrad per google search ... so I don’t know what the $27K limit is. (Agree that if this is an issue of saving $27K, not worth it - though still for 2 kids that is more than $50K (and like $80K needed to earn $50K net) - not a minuscule amount).

NO

WRONG

NO

Get the point.

[Anonymous]

Unsubsidized loans accrue interest from the inception of the loan.

[Anonymous]

As a teacher at a Title I school I know of three young colleagues who have tried to have their loans forgiven because they teach at our school. On the face of it they each qualify for the forgiveness of the full amount allowed; however, when each has applied, each has been denied. They have appealed and the responses have been contradictory.

One young woman applied and reapplied four or five times. Each application she spent significant time "correcting" her application using the previous guidance and yet she still has not had her loans forgiven.

My advice is don't plan on loan forgiveness. I haven't seen it work. Granted I only have access to three examples but it is hard to believe that out of the three of them, each very capable and competent individuals, none has had the forgiveness program work as it should for them.

[Anonymous]

Teachers can get all of their loans forgiven after ten years. My loans were all forgiven due to disability. There are several programs that offer student loan forgiveness.

[Anonymous]

Anonymous wrote:Had a thought today as I was mapping out being able to afford undergrad and grad school for the kids. What if we cover it all and student loans are forgiven ... would we be better off borrowing money and paying it off just in case? Anyone else pondered this? (And for full disclosure I would probably still pay because we can afford but for 2 kids undergrad and grad it’s easily about $500K we are talking about ...)

Why would graduate and professional school be forgiven? I am okay with undergrad debt being forgiven but I'm not NOT okay forgiving all the debt that dentists, lawyers, surgeons, and MBAs took out.

[Anonymous]

My DC got a letter from the college FA office that said DC qualifies for 5500 in unsubsidized loans. Is this the stuff that might get forgiven?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought government employees were able to get loan forgiveness? If not, who exactly is eligible for loan forgiveness?

If by government employees, you mean feds- no.

Depends. My agency does at least law school loan forgiveness. I have friends in the program

[Anonymous]

Anonymous wrote:

Anonymous wrote:Had a thought today as I was mapping out being able to afford undergrad and grad school for the kids. What if we cover it all and student loans are forgiven ... would we be better off borrowing money and paying it off just in case? Anyone else pondered this? (And for full disclosure I would probably still pay because we can afford but for 2 kids undergrad and grad it’s easily about $500K we are talking about ...)

Why would graduate and professional school be forgiven? I am okay with undergrad debt being forgiven but I'm not NOT okay forgiving all the debt that dentists, lawyers, surgeons, and MBAs took out.

I had some of my law school loans forgiven by the State of Maryland (federal program wasn't available at the time) because I work with low-income families (at the time I provided direct representation to kids in foster care). I went to a state school and took as little in loans as I could ($40k) but I would not have been able to do this work without loan forgiveness.
Please don't assume that all lawyers make a lot of money. Many of us opt for public service and non-profit work.