Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I paid 35,000 of in three years after I graduated making 62,000.

I didn't eat out, or go to the movies, I lived is a crappy cheap apartment, and I didn't buy a new car.
I paid around 800 - 900 per month over aprox 3 years.

Where is my refund? I sacrificed and kept my word. The excuse everyone is using is that people don't make enough to pay off their debt. my debt was 50% of my gross pay (more of my net pay) and yet, I paid it off. Why can't other people do the same?

Math major ?

Your numbers don't work out.

yes the do... 800 or 900 per month X 12 months = 10,000 per year X 3 years = 30,000. So yes, I paid off my student loans in approximately 3 years. I still have all the cancelled checks and statements to prove it.
You just don't like the fact that someone can actually pay off their debt making a normal salary.

[Anonymous]

I couldn’t afford to take on that kind of debt, so I didn’t go to college and now have to work as a nanny. Can I have $10k to go back to school? I’d love to do something else, but what else can I do, and get paid $35/hr? It’s not fair and I will use my vote to show my displeasure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I paid off well north of $200k in student loans from college and law school. While I’m happy that people are getting debt relief, and I don’t want people to unnecessarily suffer, I am frustrated by the narrative that every person getting loans forgiven simply never had a shot to pay them off. Those people exist for sure - and I’m happy to give them help even if they maybe didn’t make the best decisions on school and major. I do think the system is predatory.

But let’s not pretend like there aren’t people getting loan forgiveness who simply deprioritized pay back because they didn’t care all that much. Because they would rather job hop, buy nice clothes, engage in super nice travel. They made a choice not to really work on loans and they just got a $10k windfall. On top of the freeze during COVID. Man, having 0 interest would have helped me out so much when I was paying back my loans.

That’s what frustrates me. I don’t want offers to suffer, but man, I would love some of that money back I sent to the government.

As a lawyer you have a higher income than most.

Which is why my complaint isn’t about the person making $50k getting loan forgiveness. I want them to get help, even if they took out $200k in loans for a degree in art history. The system is badly broken.

My complaint is about people who have the means (you know, people making $100k as individuals) who simply chose not to pay them.

Well there are only about 4% of the people who are eligible to receive loan forgiveness that earn over 100k as individuals. And many of those had undergraduate loans and graduate loans and have paid back their balance many times over in interest. Many are in their 30s and 40s at this point and are finally making over 100k and likely have forgone other tax breaks because they were paying off student loans--like mortgage interest deduction, retirement deductions etc. To be sure, there's bound to be a few folks that slip in and get a 10k windfall that they don't really need, but this is actually a fairly well-targeted policy--esp. with its adjustments to income-based repayment and higher loan forgiveness for Pell grant recipients. Far better targeted on genuine LMC and MC than tax policies have been for just about ever.

A policy that does absolutely nothing to solve the actual underlying problem is what passes for “well targeted” these days? Sheesh, what a low bar.

Well-targeted relief for the class of people most affected by the underlying problem. It will take congress--not an executive order--to solve the underlying problem. SO look at who you are voting for and question them about their platforms for that.

[Anonymous]

Nanny again- with that $10k, I could go to a trades school and it would change my life.

[Anonymous]

Anonymous wrote:I couldn’t afford to take on that kind of debt, so I didn’t go to college and now have to work as a nanny. Can I have $10k to go back to school? I’d love to do something else, but what else can I do, and get paid $35/hr? It’s not fair and I will use my vote to show my displeasure.

At $35/hr you're earning more than the majority of people who are getting student loan relief.

[Anonymous]

I remember earlier in the pandemic people were on here bragging About how they weren’t paying back their loans waiting for the free 10 K

[Anonymous]

Anonymous wrote:Nanny again- with that $10k, I could go to a trades school and it would change my life.

Community colleges and trade schools are free in many democrat run states and the democrats have a proposal to make them free/far more affordable nationwide. They just don't have enough people in congress to pass the vote.

[Anonymous]

Any restrictions on the loan dates ? Or can take out a $10,000 student loan today & be covered under Biden's forgiveness plan ?

[Anonymous]

What about my daughter? She starts college next year. Where is her 10K for school?

Where are all the people who get this free money demanding equity for everyone?
Oh, I guess they just want it for themselves.

[Anonymous]

I borrowed nearly $150k between grad and undergrad. I just paid it off, and am trying not against canceling loan debt because a smart, educated population just makes good sense for our society.

What I DO think we need to instill in people, many of whom post on this forum, is that you really do need to pull yourself up by the bootstraps once you get that degree. You don’t get to work in a non profit making $60k a year and then complain how everything related to financial health is stacked against you. You have a masters degree, so clearly you’re no dummy. You know exactly what you need to do to make $300k and up, you just tell yourself it’s not possible. You need to be scrappy and spin your experience, your worth, and move companies if you’re not getting paid what you’re worth. So few people do this for themselves, and it’s a shame. Your liberal arts degree is only the limit that you make it.

[Anonymous]

Anonymous wrote:What about my daughter? She starts college next year. Where is her 10K for school?

Where are all the people who get this free money demanding equity for everyone?
Oh, I guess they just want it for themselves.

I hope your daughter isn't as selfish as you. She will benefit by living in a country with more educated people, and having peers that aren't as crushed by debt. Just because someone else is getting something and you don't, doesn't mean it's wrong. I paid back all of my student loans and can still be happy that others will have some help paying back their student loans.

[Anonymous]

Anonymous wrote:I borrowed nearly $150k between grad and undergrad. I just paid it off, and am trying not against canceling loan debt because a smart, educated population just makes good sense for our society.

What I DO think we need to instill in people, many of whom post on this forum, is that you really do need to pull yourself up by the bootstraps once you get that degree. You don’t get to work in a non profit making $60k a year and then complain how everything related to financial health is stacked against you. You have a masters degree, so clearly you’re no dummy. You know exactly what you need to do to make $300k and up, you just tell yourself it’s not possible. You need to be scrappy and spin your experience, your worth, and move companies if you’re not getting paid what you’re worth. So few people do this for themselves, and it’s a shame. Your liberal arts degree is only the limit that you make it.

uh, what exactly do you need to make $300k and up? because I would love to have that information. As would the 99% of people in this country that make less than that.

[Anonymous]

Anonymous wrote:I couldn’t afford to take on that kind of debt, so I didn’t go to college and now have to work as a nanny. Can I have $10k to go back to school? I’d love to do something else, but what else can I do, and get paid $35/hr? It’s not fair and I will use my vote to show my displeasure.

As a nanny, you should know that just because you don't have something, doesn't mean no one else should have it. You're acting like a child. A nanny of all people should know how much education can benefit young people.

[Anonymous]

Anonymous wrote:why should Pell GRANT recipients get more money"
They already got the GRANT which is free money to start with.

When you consider the GRANT ($5,500 per year) along with the forgiveness, then they are actually getting $22,000 + 20,000 = $42,000 of free money.

That is approximately 2 years of tuition room and board at an state school.

Pell Grants are for people who are objectively low-income. Stop being so resentful. Grants (or GRANTS as you like to call them) are not the same as loans. They take on loans as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I couldn’t afford to take on that kind of debt, so I didn’t go to college and now have to work as a nanny. Can I have $10k to go back to school? I’d love to do something else, but what else can I do, and get paid $35/hr? It’s not fair and I will use my vote to show my displeasure.

As a nanny, you should know that just because you don't have something, doesn't mean no one else should have it. You're acting like a child. A nanny of all people should know how much education can benefit young people.

I would like to think most children are not as selfish as these nanny.