any cons in suspended student loans debt?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’ve been a Dem for 34 years. This loan forgiveness issue is what is starting to make me a one issue voter for the first time (like abortion for some). If a candidate says their goal is to forgive student loans, I’m voting for (and likely campaigning for) the other candidate.

You took on the loan. Pay it back.

That’s noble of you, and I respect that.

But for every one of “you” in your party, there are a hundred or more who want default+forgiveness for loans.

You’re fighting an Alamo.

nope. moderate dems will run as independents and split the dem vote and the GOP will win, win, win. Democrats, of which I am one, need to get on the same page.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A few things would help the situation now and in the future. Immediately. All interest rates need to be lowered to a manageable level. One of my friends has a 20% interest rate. If that was lowered to even five or 8% that would be helpful. I got mine repaid back when they were all 2%.
Next we need to put a cap on college fees and the amount that can be borrowed. Say no more than 10% over an annual tuition cost at that specific college. I have a friend who took out thousands more each semester and now is struggling to pay it back because she didn't understand what she was doing at the time.
Which brings me to third. There needs to be financial education in all high schools and the first year of college talking about interest rates and exactly how to pay back college loans and refinancing options.

This became a "crisis" during Obama's term when the federal government took over student loans.
https://www.investors.com/politics/editorials/obama-created-student-loan-crisis-with-1-trillion-in-loans/

Prior to this horrible legislation, the interest rates on loans were much more competitive.
So, you can thank Obama.

Competitive- you mean you could get denied.

Competitive with what? The loans I took out under the Bush years were 8.5%, for what was basically a risk free investment.

You mean "risk free" for whom? For the lender, there's nothing to repossess and sell. You take a loan, you get your degree. A bank can't take that from you. So they're out the money. Lots of risk. And for the borrower the risk is you trash your credit if you don't pay, delaying all the adulting you hope to do. So please explain how it's a risk free investment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It is a regressive policy.

If ya'll want free college move to Florida. We have Bright Futures that covers college for our young students in Florida.

Right because when you are 16 you get to choose where you live.

I lived in FL in 10th grade (also birth-5th grade). I know all about Bright Futures. I would have met the qualifications but my parents divorced and I moved to MD. 3 of my good friends received the scholarships and went on to nursing school at FSU.

This is not helpful to the discussion unless you think it should be a national program and if yes, then I would have met the qualifications on the national stage. I hope you vote for someone who makes college free for all who meet the same qualifications as Bright Futures.

You didn't have to go to school immediately. I knew a family like yours, except that they moved because the father's job moved (not due to divorce). The son moved back to Florida after he graduated high school and he took a job working in an office for a year. Then he applied the following year under Bright Futures. You have 2 years after you graduate from HS to apply for Bright Futures.

Well I guess we all should do that then......

[Anonymous]

Anonymous wrote:Cry harder, cons. It's happening - deal with it.

Doubtful, but keep hoping.

[Anonymous]

Australia charges no interest on student loans. The loans are repayable over 20 years as a function of your wages. Anyone making over $100K pays 10% of their income per year. Anyone making under $33K pays only 1% of income.

https://studentloanhero.com/featured/international-student-loans-australia/

Get rid of the interest

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:any cons in suspended student loans debt? ?

GDP will go way down if they are not suspended. For an example I am looking forward in going to a concert, and spending more and more money, I will be unable to do this if they are not suspended.

Inflation is already sky high. Restarting student loan repayments is the key to reducing inflation, as millions of people like you, will have less money to spend on goods.

+100

+1. Sorry borrowers, pay your debts.

[Anonymous]

Anonymous wrote:Australia charges no interest on student loans. The loans are repayable over 20 years as a function of your wages. Anyone making over $100K pays 10% of their income per year. Anyone making under $33K pays only 1% of income.

https://studentloanhero.com/featured/international-student-loans-australia/

Get rid of the interest

Why didn't more people refinance their loans with private lenders when interest rates were almost zero? I suspect a lot of people were banking on Biden forgiving their loans instead. Moral hazard 101.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A few things would help the situation now and in the future. Immediately. All interest rates need to be lowered to a manageable level. One of my friends has a 20% interest rate. If that was lowered to even five or 8% that would be helpful. I got mine repaid back when they were all 2%.
Next we need to put a cap on college fees and the amount that can be borrowed. Say no more than 10% over an annual tuition cost at that specific college. I have a friend who took out thousands more each semester and now is struggling to pay it back because she didn't understand what she was doing at the time.
Which brings me to third. There needs to be financial education in all high schools and the first year of college talking about interest rates and exactly how to pay back college loans and refinancing options.

This became a "crisis" during Obama's term when the federal government took over student loans.
https://www.investors.com/politics/editorials/obama-created-student-loan-crisis-with-1-trillion-in-loans/

Prior to this horrible legislation, the interest rates on loans were much more competitive.
So, you can thank Obama.

Competitive- you mean you could get denied.

Competitive with what? The loans I took out under the Bush years were 8.5%, for what was basically a risk free investment.

You mean "risk free" for whom? For the lender, there's nothing to repossess and sell. You take a loan, you get your degree. A bank can't take that from you. So they're out the money. Lots of risk. And for the borrower the risk is you trash your credit if you don't pay, delaying all the adulting you hope to do. So please explain how it's a risk free investment.

The “risk free” investment is that it was a non-dischargeable debt. It was secured by my *life*, plus that of my co-signer’s. There isn’t any other debt like that out there. People who have been rendered 100% disabled have been unable to get the things discharged. Meanwhile, Don the Con rips people off and walks away.

[Anonymous]

Anonymous wrote:Australia charges no interest on student loans. The loans are repayable over 20 years as a function of your wages. Anyone making over $100K pays 10% of their income per year. Anyone making under $33K pays only 1% of income.

https://studentloanhero.com/featured/international-student-loans-australia/

Get rid of the interest

It's about to collapse. https://www.brookings.edu/research/australias-student-loan-problem-is-a-teachable-moment-for-the-u-s/

[Anonymous]

Anonymous wrote:

Anonymous wrote:Australia charges no interest on student loans. The loans are repayable over 20 years as a function of your wages. Anyone making over $100K pays 10% of their income per year. Anyone making under $33K pays only 1% of income.

https://studentloanhero.com/featured/international-student-loans-australia/

Get rid of the interest

It's about to collapse. https://www.brookings.edu/research/australias-student-loan-problem-is-a-teachable-moment-for-the-u-s/

[Anonymous]

Anonymous wrote:Australia charges no interest on student loans. The loans are repayable over 20 years as a function of your wages. Anyone making over $100K pays 10% of their income per year. Anyone making under $33K pays only 1% of income.

https://studentloanhero.com/featured/international-student-loans-australia/

Get rid of the interest

Well yeah except once youve already started paying and either havent even attacked the principal or have only paid off some that doesnt really help.....Fed loans get paid for 20 years and then forgiven- although I will have a huge tax bill . Consolidating them would mean you end up paying more because youd start with, in my case, the original amount owed and then start paying on it again....

When 50k in loans is 70k almost 10 years after graduating your plan does not make sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’ve been a Dem for 34 years. This loan forgiveness issue is what is starting to make me a one issue voter for the first time (like abortion for some). If a candidate says their goal is to forgive student loans, I’m voting for (and likely campaigning for) the other candidate.

You took on the loan. Pay it back.

That’s noble of you, and I respect that.

But for every one of “you” in your party, there are a hundred or more who want default+forgiveness for loans.

You’re fighting an Alamo.

nope. moderate dems will run as independents and split the dem vote and the GOP will win, win, win. Democrats, of which I am one, need to get on the same page.

You vastly overestimate how much independents care about a student loan pause. It's much more likely Millennial student loan debtors <40 yo either sit out the midterms or vote Republican if payments resume. Democrats have near zero political upside to resume student loan payments given the risks to the midterms. There are just too many student loan debtors now to be used as a solution to inflation or declining social responsibility, sorry!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A few things would help the situation now and in the future. Immediately. All interest rates need to be lowered to a manageable level. One of my friends has a 20% interest rate. If that was lowered to even five or 8% that would be helpful. I got mine repaid back when they were all 2%.
Next we need to put a cap on college fees and the amount that can be borrowed. Say no more than 10% over an annual tuition cost at that specific college. I have a friend who took out thousands more each semester and now is struggling to pay it back because she didn't understand what she was doing at the time.
Which brings me to third. There needs to be financial education in all high schools and the first year of college talking about interest rates and exactly how to pay back college loans and refinancing options.

This became a "crisis" during Obama's term when the federal government took over student loans.
https://www.investors.com/politics/editorials/obama-created-student-loan-crisis-with-1-trillion-in-loans/

Prior to this horrible legislation, the interest rates on loans were much more competitive.
So, you can thank Obama.

Competitive- you mean you could get denied.

Competitive with what? The loans I took out under the Bush years were 8.5%, for what was basically a risk free investment.

You mean "risk free" for whom? For the lender, there's nothing to repossess and sell. You take a loan, you get your degree. A bank can't take that from you. So they're out the money. Lots of risk. And for the borrower the risk is you trash your credit if you don't pay, delaying all the adulting you hope to do. So please explain how it's a risk free investment.

The “risk free” investment is that it was a non-dischargeable debt. It was secured by my *life*, plus that of my co-signer’s. There isn’t any other debt like that out there. People who have been rendered 100% disabled have been unable to get the things discharged. Meanwhile, Don the Con rips people off and walks away.

Among the student debt that Biden has already eliminated is for disabled borrowers. https://amp.theguardian.com/money/2021/aug/19/us-biden-student-loan-debt-severe-disabilities

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:A few things would help the situation now and in the future. Immediately. All interest rates need to be lowered to a manageable level. One of my friends has a 20% interest rate. If that was lowered to even five or 8% that would be helpful. I got mine repaid back when they were all 2%.
Next we need to put a cap on college fees and the amount that can be borrowed. Say no more than 10% over an annual tuition cost at that specific college. I have a friend who took out thousands more each semester and now is struggling to pay it back because she didn't understand what she was doing at the time.
Which brings me to third. There needs to be financial education in all high schools and the first year of college talking about interest rates and exactly how to pay back college loans and refinancing options.

This became a "crisis" during Obama's term when the federal government took over student loans.
https://www.investors.com/politics/editorials/obama-created-student-loan-crisis-with-1-trillion-in-loans/

Prior to this horrible legislation, the interest rates on loans were much more competitive.
So, you can thank Obama.

Competitive- you mean you could get denied.

Competitive with what? The loans I took out under the Bush years were 8.5%, for what was basically a risk free investment.

You mean "risk free" for whom? For the lender, there's nothing to repossess and sell. You take a loan, you get your degree. A bank can't take that from you. So they're out the money. Lots of risk. And for the borrower the risk is you trash your credit if you don't pay, delaying all the adulting you hope to do. So please explain how it's a risk free investment.

The “risk free” investment is that it was a non-dischargeable debt. It was secured by my *life*, plus that of my co-signer’s. There isn’t any other debt like that out there. People who have been rendered 100% disabled have been unable to get the things discharged. Meanwhile, Don the Con rips people off and walks away.

Among the student debt that Biden has already eliminated is for disabled borrowers. https://amp.theguardian.com/money/2021/aug/19/us-biden-student-loan-debt-severe-disabilities

It’s a good start. Sadly, it can still take years to even get approved for SS disability. If you’re not a vegetable, your initial application is always going to get rejected.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’ve been a Dem for 34 years. This loan forgiveness issue is what is starting to make me a one issue voter for the first time (like abortion for some). If a candidate says their goal is to forgive student loans, I’m voting for (and likely campaigning for) the other candidate.

You took on the loan. Pay it back.

That’s noble of you, and I respect that.

But for every one of “you” in your party, there are a hundred or more who want default+forgiveness for loans.

You’re fighting an Alamo.

nope. moderate dems will run as independents and split the dem vote and the GOP will win, win, win. Democrats, of which I am one, need to get on the same page.

You vastly overestimate how much independents care about a student loan pause. It's much more likely Millennial student loan debtors <40 yo either sit out the midterms or vote Republican if payments resume. Democrats have near zero political upside to resume student loan payments given the risks to the midterms. There are just too many student loan debtors now to be used as a solution to inflation or declining social responsibility, sorry!

Maybe. I'm an independent and the issue of student loan forgiveness irritates the heck out of me. I went to grad school part time at night and worked full time during the day to limit my student loan burden as much as possible.

Pay your debt.