Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:

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

Take out a student loan, go to school, apply for loan forgiveness. That’s how it works.

Nobody is sending checks to students.

This is a one time thing. Future students don't get any forgiveness that I've heard of.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Take out a student loan, go to school, apply for loan forgiveness. That’s how it works.

Nobody is sending checks to students.

This is a one time thing. Future students don't get any forgiveness that I've heard of.

That is so f'king unfair

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

$30,000 is not $35,000 plus interest. Your math does not add up. If you paid back your student loans for 36 months, you would know how much you paid each month.

Stop it. I told you approximately three years. And I was paying different amounts each month depending on my budget and it was in the 800 to 900 range because some months more some months less. I was paying more than the monthly minimum for the purpose of getting it paid off. You are just being antagonistic for no good reason.

[Anonymous]

Anonymous wrote:I think they should just lower the interest.

This. It's not simple interest. These people are paying the principal multiple times over decades! I had assumed it was a term loan where the principal/interest were paid fairly consistently. Not the case. It's more like a mortgage without a term, and no collateral to sell to alleviate the debt. No reason someone should have to pay $150k because they borrowed $50k. As close to usury I've seen.

- Had no debt, so learning late and glad people are getting some financial relief.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Take out a student loan, go to school, apply for loan forgiveness. That’s how it works.

Nobody is sending checks to students.

This is a one time thing. Future students don't get any forgiveness that I've heard of.

That is so f'king unfair

Agree. This is NOT the way to do any kind of loan forgiveness. I'm a true dem, and this has the stink of vote-buying to me. Any kind of loan forgiveness/educational assistance program needs to be something that is planned out far in advance and has a long trajectory. Something that people can use to plan. It's galling to think that if we had taken a loan on June 30th for my freshman's tuition or room/board, we'd be getting free money. But, if we are paying for it outright with income or savings, or even a home equity loan... then we are out of luck. Lucky-windfalls are NOT the way government programs should work.

I would MUCH prefer that the gov. spend money on making community college free, or certain degrees free (i.e. bachelors/associate in child development free if you work in a daycare setting for 5 yrs.; teachers degrees free if you work in education for 5 or 10 yrs), etc. Use gov. funds to train people for careers that we need. Pay off college loans after 10 yrs. (up to $XXXX), etc.

This doesn't feel right.

[Anonymous]

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.

The 1%er has spoken

+1 Jared Kushner, who received $6 million from the govt in PPP loans during the pandemic to his various businesses is also against student loan forgiveness. Bailouts are only for the rich!

You can add Nancy Pelosi and her DH to the list. It's about greed and lack on integrity, and not about partisan politics.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Take out a student loan, go to school, apply for loan forgiveness. That’s how it works.

Nobody is sending checks to students.

This is a one time thing. Future students don't get any forgiveness that I've heard of.

That is so f'king unfair

Agree. This is NOT the way to do any kind of loan forgiveness. I'm a true dem, and this has the stink of vote-buying to me. Any kind of loan forgiveness/educational assistance program needs to be something that is planned out far in advance and has a long trajectory. Something that people can use to plan. It's galling to think that if we had taken a loan on June 30th for my freshman's tuition or room/board, we'd be getting free money. But, if we are paying for it outright with income or savings, or even a home equity loan... then we are out of luck. Lucky-windfalls are NOT the way government programs should work.

I would MUCH prefer that the gov. spend money on making community college free, or certain degrees free (i.e. bachelors/associate in child development free if you work in a daycare setting for 5 yrs.; teachers degrees free if you work in education for 5 or 10 yrs), etc. Use gov. funds to train people for careers that we need. Pay off college loans after 10 yrs. (up to $XXXX), etc.

This doesn't feel right.

I'm also a deep blue Dem and agree completely!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Take out a student loan, go to school, apply for loan forgiveness. That’s how it works.

Nobody is sending checks to students.

This is a one time thing. Future students don't get any forgiveness that I've heard of.

That is so f'king unfair

Agree. This is NOT the way to do any kind of loan forgiveness. I'm a true dem, and this has the stink of vote-buying to me. Any kind of loan forgiveness/educational assistance program needs to be something that is planned out far in advance and has a long trajectory. Something that people can use to plan. It's galling to think that if we had taken a loan on June 30th for my freshman's tuition or room/board, we'd be getting free money. But, if we are paying for it outright with income or savings, or even a home equity loan... then we are out of luck. Lucky-windfalls are NOT the way government programs should work.

I would MUCH prefer that the gov. spend money on making community college free, or certain degrees free (i.e. bachelors/associate in child development free if you work in a daycare setting for 5 yrs.; teachers degrees free if you work in education for 5 or 10 yrs), etc. Use gov. funds to train people for careers that we need. Pay off college loans after 10 yrs. (up to $XXXX), etc.

This doesn't feel right.

Young people were struggling with student loans long before the pandemic. You can talk about punishing students all you want since they are the easiest target but none of us are going to willingly start repayment during inflation while schools continue to charge absurd amounts. We definitely aren't going to start paying these loans for more progressive wishful thinking on how to solve problems.

[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.

You can blather all you want, but you're the child. You're the one who is supporting grift and financial irresponsibility. She's the adult who chose to be fiscally responsible. Now she's asking where her cut is so she can better herself. What's YOUR problem with that?

[Anonymous]

Anonymous wrote:What really should be done is a change in the bankruptcy laws. Right now, it's insanely difficult to get student loans discharged in bankruptcy. We should NOT go back to the 1970s when too many doctors and lawyers declared bankruptcy as soon as they graduated and before they started earning any money. But, it should be that after some period of time, if it looks like you can never pay your student loans off, you can declare bankruptcy. If that happened, banks wouldn't hand out student loans as easily as they do now.

And if the "educational institution" you borrowed money to attend goes under you shouldn't have to pay off the loans. So many people borrowed money to attend programs like Trump's hotel "school." They get nothing, but the banks can still collect.

+1 to this except I think it should be like any other debt you are allowed to discharge in bankruptcy (doctors and lawyers included). Though would likely mean fewer loans being made b/c banks/companies doing the lending would actually have to do actual risk assessments on folks taking out loans. But that might result in lower tuitions b/c fewer folks could afford inflated tuitions based on neverending loan availability.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Take out a student loan, go to school, apply for loan forgiveness. That’s how it works.

Nobody is sending checks to students.

This is a one time thing. Future students don't get any forgiveness that I've heard of.

That is so f'king unfair

What is unfair? Just have your rich kid take a $10k Stafford loan and pay the rest from your 529 that is growing TAX FREE.

[Anonymous]

Life is not fair, deal with it people! So many sour peeps here, just be happy someone is getting something. How do you think lower income people are feeling about silly mortgage tax deduction giveaway, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Take out a loan, get it forgiven at graduation

That PP's daughter is doubly screwed, because the colleges are going to accelerate their tuition increases now, banking on the promise of another round of write-downs (which is what "forgiveness" really is). The college make even more money, and taxpayers will foot the bill.

This is what I'm worried about. We will have three in college next year - having saved and lived very modestly to be able to help fund their education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think they should just lower the interest.

This. It's not simple interest. These people are paying the principal multiple times over decades! I had assumed it was a term loan where the principal/interest were paid fairly consistently. Not the case. It's more like a mortgage without a term, and no collateral to sell to alleviate the debt. No reason someone should have to pay $150k because they borrowed $50k. As close to usury I've seen.

- Had no debt, so learning late and glad people are getting some financial relief.

My loan interest was in the 5% range and the amount of interest I paid over the life of the loan was comparatively small because I was proactively paying the loan down. I paid the loans off is just a few years by putting extra money every month towards the principle.

My best friend, is different. He had federal loans but chose to do income based repayment and various deferrals. It has been over 10 years and still has 50K on his loans. Periodically he asks me "what should I do to pay this off" but I frankly don't see him actually putting any effort into paying it off. He has 2 Harley bikes in his garage for example. If he sold those he could pay off half his student debt. But it isn't a priority for him. He takes vacations and is planning a trip down to Florida next month. The Florida trip may only be a few thousand dollars in total... but consider if he sold his bikes and skipped the tirp he could go from 50K down to maybe 23K.

You see, its only "relief" when someone is actually carrying the burden by working towards paying it off.

[Anonymous]

Anonymous wrote:I paid my loans back like a responsible adult. Everyone else can do the same.

So much ahole entitlement mentality these days. This country is going down the toilet.

First it is $10k. Then they'll demand $20k. Then it's $40k. When does it end? What does forgiveness actually do to control costs of college? 5 years from now when you have another generation of whiny ass borrowers, what's going to stop them from demanding another round of forgiveness?

It never ends. Why don't you forgive my mortgage while you are at it? People who didn't take out loans or who paid their back also deserve something.

m

I agree with you. I am a lifelong Democrat. I am also responsible, and despite being born dirt poor, I paid all of my student loans back before I saved even a dollar or bought anything for myself.