Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:Why do people care so much? Nobody said a peep during the trump tax cuts, since is a drop in the buck compared to them. We came out like bandits from the trump cuts and then the PPP free money. (small business owners)

Let the peons have a small piece of cake. Bread and circus and all that. The republicans really need to shut up on TV about this.

At least the Biden White House is pointing out their hypocricy. Today they retweeted a string of loan forgiveness criticism from Greene, Buchanan, Gaetz and others, the White House account replied to each with the large Paycheck Protection Program loan sums that those same politicians had had forgiven by the federal government, including $183,504 for Marjorie Taylor Greene Greene, $482,321 forMatt Gaetz and $2.3 million for Vern Buchanan. Now if you want to talk about stupid policies? Giving out $800 bn in loans to businesses and giving a big chunk to Congresspeople even though other small businesses have greater needs.
https://deadline.com/2022/08/white-house-trolls-gop-critics-twitter-1235100727/

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm someone who's not going to benefit from this and I'm 100% on board. My first job out of college was working with low income kids and the student loan debt problem really hit them disproportionately.

But again, what about the low income kids graduating next year or the year after? This isn’t a recurring program. It’s a one time wealth redistribution going to mostly higher income people.

My sister is a SAHM in a LCOL area. Gorgeous large new construction home. Husband makes $140k. They got every round of stimulus, all the child tax credit money, and now they each get $10k of loan forgiveness.

Is she the person you are all intending to receive all this free money? Because I’m sure there are tons more like her. They’ve spent it all on pricey cars and travel. It’s insanity. What’s even crazier is they are Fox News republicans. Jokes on the Dems!

Don't be a hater!

[Anonymous]

Anonymous wrote:

Anonymous wrote:What if this had been done differently? What if Biden had said…

I know you haven’t had to make a payment since March 2020 and interest has not accrued.

We are going to resume payments on January 1st, but for 2023 you can make principal only payments to pay down as much as possible through 2023.

Loan terms will resume on January 1, 2024.

Who would pay as much as they could?

Interesting idea.

The President could have reduced interest rates to 1% on all existing loans in order to encourage and to facilitate paying back loans.

The current student loan crisis benefits future students and their families since they are forewarned.

People would gripe about that too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm someone who's not going to benefit from this and I'm 100% on board. My first job out of college was working with low income kids and the student loan debt problem really hit them disproportionately.

But again, what about the low income kids graduating next year or the year after? This isn’t a recurring program. It’s a one time wealth redistribution going to mostly higher income people.

My sister is a SAHM in a LCOL area. Gorgeous large new construction home. Husband makes $140k. They got every round of stimulus, all the child tax credit money, and now they each get $10k of loan forgiveness.

Is she the person you are all intending to receive all this free money? Because I’m sure there are tons more like her. They’ve spent it all on pricey cars and travel. It’s insanity. What’s even crazier is they are Fox News republicans. Jokes on the Dems!

I would love to know which low cost of living area a family with two student loans can do all of this on a salary of $140,000 a year.

[Anonymous]

Anonymous wrote:To the poster with an income of $62,000 and student debt of $35,000 that was paid off in three years; You did it right. Your student loan debt totaled less than one year of take home pay.

The student loan debtors with real problems owe more than one year of gross salary. This occurred with a lot of law students who finished law schools during a 5 year recession period in the legal field. Many took out loans of well over $100,000 expecting to land a job paying anywhere from $120,000 to $160,000 plus bonus about 10 years ago. Many could not get a position as an attorney & had to work at gross salaries equal to just 50% of their student loan debt. Minimum payments (based on their income) resulted in a growing loan balance due to compound interest.

Law schools sent out very misleading literature regarding legal job placements and earnings. At least a few law students were sued by former students (I recall one against New York Law School--NOT NYU). Ultimately, the case was dismissed, but many believe that the case had merit.

I think that for 5 or 6 years legal employment came to a near standstill and large law firms started farming out routine legal matters to India. When the legal market picked up, many layers had already missed out on any real opportunity in biglaw at biglaw salaries. Debt grew to $200,000 and even much higher.

Unfortunately, law school are viewed as cash cows by many universities. Student loans were not limited to $27,000 or so as they were for undergrads. Without any chance of bankruptcy discharge, lenders lent without collateral, credit checks, or any other standard credit lending safeguards for this large unsecured debt. In fact, law grads without out-of-control debt can be denied clearance to sit for a bar exam or to join some state bars.

Legal journals reported lots of incidents regarding potential suicide situations.

Too many liberal arts majors who thought that law school would be the path to a lucrative career.

An organization called law school transparency was born out of this financial mess. LST gets law schools to share real data regarding employment of their law graduates. Law schools lied & massaged figures for marketing purposes and for US News rankings that mislead many of their customers--law students--and prospective customers.

Law school transparency is the product of several Vanderbilt law students and Vanderbilt law school graduates.

Medical school student debt is a much different situation as doctors have remained in high demand with fairly predictable salaries. Nevertheless, many end up with debt above $300,000--even to $400,000. Repayment often takes 20 years.

Thanks. With regard to law students, I know a few and several of them used a portion of their student loans to purchase a new car their first semester. From what I understand it was a common practice because they reasoned "I'll get a high paying job and student loans are low interest so its a smart financial move." Now, that is not the schools are the loan providers being predatory. That is the borrowers misusing the system.

I have one friend who went back to grad school in his 30's and used student loans to help finance his divorce/buy his wife out of assets. Again, that isn't predatory lenders, that is the borrower misusing the system. That same guy has been making minimum payments for a decade and will benefit from this loan forgiveness.

I don't have much sympathy for people with student loans because I know too many people who misused the system and never put effort into paying back their loans. I personally do not know anyone who actually needed forgiveness. Everyone I know that still has outstanding loans have stuff like 4 wheelers and other toys.

[Anonymous]

Anonymous wrote:

Anonymous wrote:To the poster with an income of $62,000 and student debt of $35,000 that was paid off in three years; You did it right. Your student loan debt totaled less than one year of take home pay.

The student loan debtors with real problems owe more than one year of gross salary. This occurred with a lot of law students who finished law schools during a 5 year recession period in the legal field. Many took out loans of well over $100,000 expecting to land a job paying anywhere from $120,000 to $160,000 plus bonus about 10 years ago. Many could not get a position as an attorney & had to work at gross salaries equal to just 50% of their student loan debt. Minimum payments (based on their income) resulted in a growing loan balance due to compound interest.

Law schools sent out very misleading literature regarding legal job placements and earnings. At least a few law students were sued by former students (I recall one against New York Law School--NOT NYU). Ultimately, the case was dismissed, but many believe that the case had merit.

I think that for 5 or 6 years legal employment came to a near standstill and large law firms started farming out routine legal matters to India. When the legal market picked up, many layers had already missed out on any real opportunity in biglaw at biglaw salaries. Debt grew to $200,000 and even much higher.

Unfortunately, law school are viewed as cash cows by many universities. Student loans were not limited to $27,000 or so as they were for undergrads. Without any chance of bankruptcy discharge, lenders lent without collateral, credit checks, or any other standard credit lending safeguards for this large unsecured debt. In fact, law grads without out-of-control debt can be denied clearance to sit for a bar exam or to join some state bars.

Legal journals reported lots of incidents regarding potential suicide situations.

Too many liberal arts majors who thought that law school would be the path to a lucrative career.

An organization called law school transparency was born out of this financial mess. LST gets law schools to share real data regarding employment of their law graduates. Law schools lied & massaged figures for marketing purposes and for US News rankings that mislead many of their customers--law students--and prospective customers.

Law school transparency is the product of several Vanderbilt law students and Vanderbilt law school graduates.

Medical school student debt is a much different situation as doctors have remained in high demand with fairly predictable salaries. Nevertheless, many end up with debt above $300,000--even to $400,000. Repayment often takes 20 years.

Thanks. With regard to law students, I know a few and several of them used a portion of their student loans to purchase a new car their first semester. From what I understand it was a common practice because they reasoned "I'll get a high paying job and student loans are low interest so its a smart financial move." Now, that is not the schools are the loan providers being predatory. That is the borrowers misusing the system.

I have one friend who went back to grad school in his 30's and used student loans to help finance his divorce/buy his wife out of assets. Again, that isn't predatory lenders, that is the borrower misusing the system. That same guy has been making minimum payments for a decade and will benefit from this loan forgiveness.

I don't have much sympathy for people with student loans because I know too many people who misused the system and never put effort into paying back their loans. I personally do not know anyone who actually needed forgiveness. Everyone I know that still has outstanding loans have stuff like 4 wheelers and other toys.

You hang with a different crowd.

I have read about law school graduates who have committed and attempted suicide because they were overwhelmed by student loan debt. This, of course, is extreme. But many delay marriage, cannot engage in a serious long-term relationship as most are now schooled to inquire about a dating partner's student loan obligations, forego having children, and are unable to purchase a home. The market for lawyers took an unexpected drastic downturn for about 5 or 6 years. When mega sized law firms stopped farming out business to India and to West Virginia, they time had passed for a very large number of young lawyers to get a crack at biglaw and to earn sufficient funds to repay their student loan debt.

I have never heard or read about the practices that you describe. I have read of some using student loan money to invest in the stock market until the payment deadline.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To the poster with an income of $62,000 and student debt of $35,000 that was paid off in three years; You did it right. Your student loan debt totaled less than one year of take home pay.

The student loan debtors with real problems owe more than one year of gross salary. This occurred with a lot of law students who finished law schools during a 5 year recession period in the legal field. Many took out loans of well over $100,000 expecting to land a job paying anywhere from $120,000 to $160,000 plus bonus about 10 years ago. Many could not get a position as an attorney & had to work at gross salaries equal to just 50% of their student loan debt. Minimum payments (based on their income) resulted in a growing loan balance due to compound interest.

Law schools sent out very misleading literature regarding legal job placements and earnings. At least a few law students were sued by former students (I recall one against New York Law School--NOT NYU). Ultimately, the case was dismissed, but many believe that the case had merit.

I think that for 5 or 6 years legal employment came to a near standstill and large law firms started farming out routine legal matters to India. When the legal market picked up, many layers had already missed out on any real opportunity in biglaw at biglaw salaries. Debt grew to $200,000 and even much higher.

Unfortunately, law school are viewed as cash cows by many universities. Student loans were not limited to $27,000 or so as they were for undergrads. Without any chance of bankruptcy discharge, lenders lent without collateral, credit checks, or any other standard credit lending safeguards for this large unsecured debt. In fact, law grads without out-of-control debt can be denied clearance to sit for a bar exam or to join some state bars.

Legal journals reported lots of incidents regarding potential suicide situations.

Too many liberal arts majors who thought that law school would be the path to a lucrative career.

An organization called law school transparency was born out of this financial mess. LST gets law schools to share real data regarding employment of their law graduates. Law schools lied & massaged figures for marketing purposes and for US News rankings that mislead many of their customers--law students--and prospective customers.

Law school transparency is the product of several Vanderbilt law students and Vanderbilt law school graduates.

Medical school student debt is a much different situation as doctors have remained in high demand with fairly predictable salaries. Nevertheless, many end up with debt above $300,000--even to $400,000. Repayment often takes 20 years.

Thanks. With regard to law students, I know a few and several of them used a portion of their student loans to purchase a new car their first semester. From what I understand it was a common practice because they reasoned "I'll get a high paying job and student loans are low interest so its a smart financial move." Now, that is not the schools are the loan providers being predatory. That is the borrowers misusing the system.

I have one friend who went back to grad school in his 30's and used student loans to help finance his divorce/buy his wife out of assets. Again, that isn't predatory lenders, that is the borrower misusing the system. That same guy has been making minimum payments for a decade and will benefit from this loan forgiveness.

I don't have much sympathy for people with student loans because I know too many people who misused the system and never put effort into paying back their loans. I personally do not know anyone who actually needed forgiveness. Everyone I know that still has outstanding loans have stuff like 4 wheelers and other toys.

You hang with a different crowd.

I have read about law school graduates who have committed and attempted suicide because they were overwhelmed by student loan debt. This, of course, is extreme. But many delay marriage, cannot engage in a serious long-term relationship as most are now schooled to inquire about a dating partner's student loan obligations, forego having children, and are unable to purchase a home. The market for lawyers took an unexpected drastic downturn for about 5 or 6 years. When mega sized law firms stopped farming out business to India and to West Virginia, they time had passed for a very large number of young lawyers to get a crack at biglaw and to earn sufficient funds to repay their student loan debt.

I have never heard or read about the practices that you describe. I have read of some using student loan money to invest in the stock market until the payment deadline.

Buying a new car your first semester with law school loans is pure fantasy. You would have to be rich enough to not need those loans for living expenses and also stupid enough to use 8% student loans rather than the 0% car loans that were common place. I actually kept my surplus in a high-yield savings account to get a few extra cases of beer by end of semester.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why do people care so much? Nobody said a peep during the trump tax cuts, since is a drop in the buck compared to them. We came out like bandits from the trump cuts and then the PPP free money. (small business owners)

Let the peons have a small piece of cake. Bread and circus and all that. The republicans really need to shut up on TV about this.

At least the Biden White House is pointing out their hypocricy. Today they retweeted a string of loan forgiveness criticism from Greene, Buchanan, Gaetz and others, the White House account replied to each with the large Paycheck Protection Program loan sums that those same politicians had had forgiven by the federal government, including $183,504 for Marjorie Taylor Greene Greene, $482,321 forMatt Gaetz and $2.3 million for Vern Buchanan. Now if you want to talk about stupid policies? Giving out $800 bn in loans to businesses and giving a big chunk to Congresspeople even though other small businesses have greater needs.
https://deadline.com/2022/08/white-house-trolls-gop-critics-twitter-1235100727/

Remember the part about government shutting down businesses and gatherings with law enforcement agencies arresting those who disobeyed the directives? The government literally forced businesses to close. The government did not force anyone to take out a loan for an art history degree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do people care so much? Nobody said a peep during the trump tax cuts, since is a drop in the buck compared to them. We came out like bandits from the trump cuts and then the PPP free money. (small business owners)

Let the peons have a small piece of cake. Bread and circus and all that. The republicans really need to shut up on TV about this.

At least the Biden White House is pointing out their hypocricy. Today they retweeted a string of loan forgiveness criticism from Greene, Buchanan, Gaetz and others, the White House account replied to each with the large Paycheck Protection Program loan sums that those same politicians had had forgiven by the federal government, including $183,504 for Marjorie Taylor Greene Greene, $482,321 forMatt Gaetz and $2.3 million for Vern Buchanan. Now if you want to talk about stupid policies? Giving out $800 bn in loans to businesses and giving a big chunk to Congresspeople even though other small businesses have greater needs.
https://deadline.com/2022/08/white-house-trolls-gop-critics-twitter-1235100727/

Remember the part about government shutting down businesses and gatherings with law enforcement agencies arresting those who disobeyed the directives? The government literally forced businesses to close. The government did not force anyone to take out a loan for an art history degree.

So members of Congress like Matt Gaetz are considered a business and worthy of $500k forgivable loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do people care so much? Nobody said a peep during the trump tax cuts, since is a drop in the buck compared to them. We came out like bandits from the trump cuts and then the PPP free money. (small business owners)

Let the peons have a small piece of cake. Bread and circus and all that. The republicans really need to shut up on TV about this.

At least the Biden White House is pointing out their hypocricy. Today they retweeted a string of loan forgiveness criticism from Greene, Buchanan, Gaetz and others, the White House account replied to each with the large Paycheck Protection Program loan sums that those same politicians had had forgiven by the federal government, including $183,504 for Marjorie Taylor Greene Greene, $482,321 forMatt Gaetz and $2.3 million for Vern Buchanan. Now if you want to talk about stupid policies? Giving out $800 bn in loans to businesses and giving a big chunk to Congresspeople even though other small businesses have greater needs.
https://deadline.com/2022/08/white-house-trolls-gop-critics-twitter-1235100727/

Remember the part about government shutting down businesses and gatherings with law enforcement agencies arresting those who disobeyed the directives? The government literally forced businesses to close. The government did not force anyone to take out a loan for an art history degree.

So members of Congress like Matt Gaetz are considered a business and worthy of $500k forgivable loans?

This is going to blow your mind, but many Members of Congress (particularly Republicans) are business owners. POTUS had been a Goverment employee his entire adult life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:To the poster with an income of $62,000 and student debt of $35,000 that was paid off in three years; You did it right. Your student loan debt totaled less than one year of take home pay.

The student loan debtors with real problems owe more than one year of gross salary. This occurred with a lot of law students who finished law schools during a 5 year recession period in the legal field. Many took out loans of well over $100,000 expecting to land a job paying anywhere from $120,000 to $160,000 plus bonus about 10 years ago. Many could not get a position as an attorney & had to work at gross salaries equal to just 50% of their student loan debt. Minimum payments (based on their income) resulted in a growing loan balance due to compound interest.

Law schools sent out very misleading literature regarding legal job placements and earnings. At least a few law students were sued by former students (I recall one against New York Law School--NOT NYU). Ultimately, the case was dismissed, but many believe that the case had merit.

I think that for 5 or 6 years legal employment came to a near standstill and large law firms started farming out routine legal matters to India. When the legal market picked up, many layers had already missed out on any real opportunity in biglaw at biglaw salaries. Debt grew to $200,000 and even much higher.

Unfortunately, law school are viewed as cash cows by many universities. Student loans were not limited to $27,000 or so as they were for undergrads. Without any chance of bankruptcy discharge, lenders lent without collateral, credit checks, or any other standard credit lending safeguards for this large unsecured debt. In fact, law grads without out-of-control debt can be denied clearance to sit for a bar exam or to join some state bars.

Legal journals reported lots of incidents regarding potential suicide situations.

Too many liberal arts majors who thought that law school would be the path to a lucrative career.

An organization called law school transparency was born out of this financial mess. LST gets law schools to share real data regarding employment of their law graduates. Law schools lied & massaged figures for marketing purposes and for US News rankings that mislead many of their customers--law students--and prospective customers.

Law school transparency is the product of several Vanderbilt law students and Vanderbilt law school graduates.

Medical school student debt is a much different situation as doctors have remained in high demand with fairly predictable salaries. Nevertheless, many end up with debt above $300,000--even to $400,000. Repayment often takes 20 years.

What I don't understand, and am hoping someone can explain the thinking I'm about to write down without being sparky.

"I chose a arts, liberal arts, classics, humanities,, course of study in my undergraduate years. Now that I graduated I'm going to take the LSAT(or Sr yr of UG) so I can go to law school for three years, rack up more debt, and then study like I've never studied before to pass the bar exam. I am going to law school because my chosen major was not practical and didn't lead to many lucrative job prospects. I'm going through the entire law school process to obtain many lucrative job prospects."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do people care so much? Nobody said a peep during the trump tax cuts, since is a drop in the buck compared to them. We came out like bandits from the trump cuts and then the PPP free money. (small business owners)

Let the peons have a small piece of cake. Bread and circus and all that. The republicans really need to shut up on TV about this.

At least the Biden White House is pointing out their hypocricy. Today they retweeted a string of loan forgiveness criticism from Greene, Buchanan, Gaetz and others, the White House account replied to each with the large Paycheck Protection Program loan sums that those same politicians had had forgiven by the federal government, including $183,504 for Marjorie Taylor Greene Greene, $482,321 forMatt Gaetz and $2.3 million for Vern Buchanan. Now if you want to talk about stupid policies? Giving out $800 bn in loans to businesses and giving a big chunk to Congresspeople even though other small businesses have greater needs.
https://deadline.com/2022/08/white-house-trolls-gop-critics-twitter-1235100727/

Remember the part about government shutting down businesses and gatherings with law enforcement agencies arresting those who disobeyed the directives? The government literally forced businesses to close. The government did not force anyone to take out a loan for an art history degree.

This is not about people not being able to pay back loans because they did an "art history degree." It's about people not being able to pay back loans because the cost of a higher education (which is increasingly necessary for stable employment) is prohibitively high in America, and a once in a century pandemic hit that affected employment and employment prospects. I don't know why you're defending $500,000-2.3 million being forgiven for the businesses of Jared Kushner, Matt Gaetz and Vern Buchanan who are already wealthy or had their stable government salaries, but begrudge the average young person graduating with crippling debt a much smaller support.

[Anonymous]

If you don't like the idea of $10,000 being forgiven by the federal government for the average student after a pandemic, you're really going to hate that your Congresspeople have received $100,000 to $4.3 million in loans forgiven by the government, while collecting a generous and stable taxpayer-funded salary throughout. And many of them are from the GOP and are the same people screaming about how it's irresponsible to forgive all this debt.

[Anonymous]

Well the good thing is Biden just sealed the deal for a Republican president in 2026. This is going to backfire. Thanks Joe!

[Anonymous]

Anonymous wrote:Well the good thing is Biden just sealed the deal for a Republican president in 2026. This is going to backfire. Thanks Joe!

The next presidential election is in 2024, but feel free to wait til 2026 to vote for trump or desantis, hater!