Student loan forgiveness

[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.

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?!?

It is the loan companies giving bad information and not being transparent about how to file the paperwork. Have you not been paying attention to the processing debacle and the issue with information that has been in the news? Keep up!

You have no idea how financial aid works
Most of the time, it is the rich families that cause the headaches calling to ask for more money when their yacht gets caught in a hurricane. Such programs are for families without intergenerational wealth and those who want to go into public service, which does NOT pay!

[Anonymous]

Anonymous wrote:

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.

For far few hours and under far cushier wage conditions. Your choice.

[Anonymous]

Probably not a good idea OP

[Anonymous]

Anonymous wrote:

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

There are agencies that do it.

It comes from the agency budget so they have to set it up and it’s not a universal benefit.

There was an Obama-era public service loan forgiveness plan that was largely a sham. Very few people got any money. If you looked at the terms, they were so strict it was very hard to obtain and people would keep applying and being rejected.

When I looked at it I had maybe $12K left and it would take me so long to get to where anything would be forgiven I’d have ended up paying off anyway. This was also true for people with higher amounts because it was like a percentage you had to pay.

https://thecollegeinvestor.com/15148/obama-student-loan-forgiveness/

[Anonymous]

Today Mr. Biden said he was going to continue to search for ways to relieve the strain of student loans. Seems like the simplest solution would be:

1. Identify those with over $100,000 in debt.
2. Get their bank account information.
3. Have Hunter procure one of those sweet $85,000/mo. jobs with that Ukrainian oil company for each person.
4.Problem solved.

[Anonymous]

Anonymous wrote:

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.

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?!?

It is the loan companies giving bad information and not being transparent about how to file the paperwork. Have you not been paying attention to the processing debacle and the issue with information that has been in the news? Keep up!

You have no idea how financial aid works
Most of the time, it is the rich families that cause the headaches calling to ask for more money when their yacht gets caught in a hurricane. Such programs are for families without intergenerational wealth and those who want to go into public service, which does NOT pay!

Apparently you do not have a clue. Rich families that own yachts do not "call to ask for more money". They simply full pay.

[Anonymous]

Anonymous wrote:Today Mr. Biden said he was going to continue to search for ways to relieve the strain of student loans. Seems like the simplest solution would be:

1. Identify those with over $100,000 in debt.
2. Get their bank account information.
3. Have Hunter procure one of those sweet $85,000/mo. jobs with that Ukrainian oil company for each person.
4.Problem solved.

+1
I can't even believe "Mr. Biden" promoted this idiotic idea and that the Supreme Court actually had to intervene. It should never have even gotten that far.

[Anonymous]

I took and and paid 40k in student loans 20 years ago. Colleges are way overpriced today and kids should be counseled to limit loans and go to in state or community colleges to keep debt reasonable. Kids taking out loans is not the taxpayers responsibility to repay and will only encourage more price hikes and recklessness. The proposal was absurd on many levels and it was such clear vote pandering it should have been illegal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Today Mr. Biden said he was going to continue to search for ways to relieve the strain of student loans. Seems like the simplest solution would be:

1. Identify those with over $100,000 in debt.
2. Get their bank account information.
3. Have Hunter procure one of those sweet $85,000/mo. jobs with that Ukrainian oil company for each person.
4.Problem solved.

+1
I can't even believe "Mr. Biden" promoted this idiotic idea and that the Supreme Court actually had to intervene. It should never have even gotten that far.

+1000000
It's so incredibly embarrassing for him and the Democratic party. It's totally unconsistutional.

[Anonymous]

There’s a lot of talk about students taking out loans, private loans in large amounts. Personally, I don’t know of any kids taking out loans. The parents are paying for college, and if they can’t, it’s the parents taking out the loans. If my husband and I take out loans, we will be elderly and paying. We will probably have our DC take out the student federal loans up to the 27,000 to ease cash flow and hopefully can pay , or help with, those loans when it’s time to pay.

[Anonymous]

I see kids take out loans- not in my neighborhood but in my extended family and they aren’t just loans for tuition as they were in my day, now they give you loans for “living” “expenses” and this to me is where it went off the rails - I cooped through college to pay my living expenses and not only was able to do it but also got amazing work experience and went right into big 4 consulting. Today you can take so much out in loans and you never are compelled to work and then you wake up one day with a very big loan hangover. That said I don’t feel I should be paying for this - bad policy, bad decisions, but these are private financial transactions I never agree to guarantee.

[Anonymous]

Uncle Joe has a backup plan.