Anyone plan on not paying back student loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:i paid mine back from 2012-2020, then the pandemic pause hit. I'm at my 120 payments currently. My employer (fed agency) has been sending payments on my behalf.

so no, not going to pay those back any more! just going to file the paperwork for forgiveness and let the gov pay itself back.

Wait, what?? Your federal agency is currently PAYING your loan amount? And, then the federal government will grant forgiveness?

DP but it's a benefit you have to apply for every year, and they only pay up to a certain amount, and the amount they pay is counted as taxable income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone explain to me who (what jobs) are eligible for loan forgiveness? I assume teachers, but does that also include all federal employees? Is this for federal loans only? Are Parent Plus loans are excluded?

Another dumb question: From what I understand, the repayment plan is based on the person’s salary who has the loan. Does your spouses salary affect your payment amount?

Work for a 503c or public entity. I think people working in ministry were recently included. For profit employers are excluded. So nurse at for profit hospital does not qualify. Accountant at not for profit hospital does qualify. Feds, state workers, and municipal workers all qualify. Teachers qualify as long as they are not working for a for-profit. All Direct Loans qualify. FFLE and Parent Plus loans can qualify if the person holding the loan does a direct loan consolidation.

If a married person wants to do a income-based repayment including only their own income, they must file as married filing separately.

For profit employees should actually get the break while all the other categories should pay. We have too many tales and not enough makers these days. Time to reorient the incentives.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nobody wants to address universities requiring students to live in their expensive on-campus housing, buying their expensive meal plans, restrictive zoning (in some primarily college towns, students can only live in certain parts of the town by law, driving up demand and prices that students need to pay for rent), amenities like rock climbing walls, the astounding number of deans and “coordinators,” and I could go on.

Attend a different university. You make it seem that this is a universal requirement at all universities. It is not.

+1 The plots don’t deserve a top notch education

At my state university, an in-state high academic achieving student with a 0 EFC on the FAFSA will like have at least a 10k gap between financial aid and cost of attendance. So that is 10k x 4+ fed sub and unsub loans x 4. This is the only public institution in the state offering certain majors, such as engineering. Some students make poor choices. I was one of them. My professors steered me away from a practical grad degree and toward a useless one. I was flattered and took their advice and hiring in my field of study also got worse while I was getting my degree. So there are people like me who made a bad choice, but society would still probably be better off if I could save for retirement rather than paying a huge amount of interest on my debt. Then we have poor, smart kids who have to take on debt to get a basic education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone explain to me who (what jobs) are eligible for loan forgiveness? I assume teachers, but does that also include all federal employees? Is this for federal loans only? Are Parent Plus loans are excluded?

Another dumb question: From what I understand, the repayment plan is based on the person’s salary who has the loan. Does your spouses salary affect your payment amount?

Work for a

503c or public entity. I think people working in ministry were recently included. For profit employers are excluded. So nurse at for profit hospital does not qualify. Accountant at not for profit hospital does qualify. Feds, state workers, and municipal workers all qualify. Teachers qualify as long as they are not working for a for-profit. All Direct Loans qualify. FFLE and Parent Plus loans can qualify if the person holding the loan does a direct loan consolidation.

If a married person wants to do a income-based repayment including only their own income, they must file as married filing separately.

For profit employees should actually get the break while all the other categories should pay. We have too many tales and not enough makers these days. Time to reorient the incentives.

For-profit employees make more money than public sector employees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nobody wants to address universities requiring students to live in their expensive on-campus housing, buying their expensive meal plans, restrictive zoning (in some primarily college towns, students can only live in certain parts of the town by law, driving up demand and prices that students need to pay for rent), amenities like rock climbing walls, the astounding number of deans and “coordinators,” and I could go on.

Attend a different university. You make it seem that this is a universal requirement at all universities. It is not.

+1 The plots don’t deserve a top notch education

At my state university, an in-state high academic achieving student with a 0 EFC on the FAFSA will like have at least a 10k gap between financial aid and cost of attendance. So that is 10k x 4+ fed sub and unsub loans x 4. This is the only public institution in the state offering certain majors, such as engineering. Some students make poor choices. I was one of them. My professors steered me away from a practical grad degree and toward a useless one. I was flattered and took their advice and hiring in my field of study also got worse while I was getting my degree. So there are people like me who made a bad choice, but society would still probably be better off if I could save for retirement rather than paying a huge amount of interest on my debt. Then we have poor, smart kids who have to take on debt to get a basic education.

Pennsylvania?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can someone explain to me who (what jobs) are eligible for loan forgiveness? I assume teachers, but does that also include all federal employees? Is this for federal loans only? Are Parent Plus loans are excluded?

Another dumb question: From what I understand, the repayment plan is based on the person’s salary who has the loan. Does your spouses salary affect your payment amount?

Work for a 503c or public entity. I think people working in ministry were recently included. For profit employers are excluded. So nurse at for profit hospital does not qualify. Accountant at not for profit hospital does qualify. Feds, state workers, and municipal workers all qualify. Teachers qualify as long as they are not working for a for-profit. All Direct Loans qualify. FFLE and Parent Plus loans can qualify if the person holding the loan does a direct loan consolidation.

If a married person wants to do a income-based repayment including only their own income, they must file as married filing separately.

For profit employees should actually get the break while all the other categories should pay. We have too many tales and not enough makers these days. Time to reorient the incentives.

Yup all those teachers, nurses, and accountants at non-for profit orgs are definitely the takers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nobody wants to address universities requiring students to live in their expensive on-campus housing, buying their expensive meal plans, restrictive zoning (in some primarily college towns, students can only live in certain parts of the town by law, driving up demand and prices that students need to pay for rent), amenities like rock climbing walls, the astounding number of deans and “coordinators,” and I could go on.

Attend a different university. You make it seem that this is a universal requirement at all universities. It is not.

+1 The plots don’t deserve a top notch education

At my state university, an in-state high academic achieving student with a 0 EFC on the FAFSA will like have at least a 10k gap between financial aid and cost of attendance. So that is 10k x 4+ fed sub and unsub loans x 4. This is the only public institution in the state offering certain majors, such as engineering. Some students make poor choices. I was one of them. My professors steered me away from a practical grad degree and toward a useless one. I was flattered and took their advice and hiring in my field of study also got worse while I was getting my degree. So there are people like me who made a bad choice, but society would still probably be better off if I could save for retirement rather than paying a huge amount of interest on my debt. Then we have poor, smart kids who have to take on debt to get a basic education.

Pennsylvania?

RI, which has one public university and one public college, so students really cannot shop around.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nobody wants to address universities requiring students to live in their expensive on-campus housing, buying their expensive meal plans, restrictive zoning (in some primarily college towns, students can only live in certain parts of the town by law, driving up demand and prices that students need to pay for rent), amenities like rock climbing walls, the astounding number of deans and “coordinators,” and I could go on.

Attend a different university. You make it seem that this is a universal requirement at all universities. It is not.

Name a university that doesn’t require freshman to live on-campus or with their parents within X radius of the school.

[Anonymous]

Gen Z and younger Millennials think everything should be free.

I don't want to hear any more criticism of Boomers. Gen Z and Mils are the worst.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nobody wants to address universities requiring students to live in their expensive on-campus housing, buying their expensive meal plans, restrictive zoning (in some primarily college towns, students can only live in certain parts of the town by law, driving up demand and prices that students need to pay for rent), amenities like rock climbing walls, the astounding number of deans and “coordinators,” and I could go on.

Attend a different university. You make it seem that this is a universal requirement at all universities. It is not.

+1 The plots don’t deserve a top notch education

At my state university, an in-state high academic achieving student with a 0 EFC on the FAFSA will like have at least a 10k gap between financial aid and cost of attendance. So that is 10k x 4+ fed sub and unsub loans x 4. This is the only public institution in the state offering certain majors, such as engineering. Some students make poor choices. I was one of them. My professors steered me away from a practical grad degree and toward a useless one. I was flattered and took their advice and hiring in my field of study also got worse while I was getting my degree. So there are people like me who made a bad choice, but society would still probably be better off if I could save for retirement rather than paying a huge amount of interest on my debt. Then we have poor, smart kids who have to take on debt to get a basic education.

Pennsylvania?

RI, which has one public university and one public college, so students really cannot shop around.

Ah, I see.

Pennsylvania has similar issues. The “good” state-affiliated universities, Pitt, PSU, and Temple, cost nearly $37,000/year. Penn State has branch campuses that are located for instate kids to commute to for the first two years, but they are way more expensive than a community college. Penn State does not give any need-based grant financial aid to my knowledge. The true state schools, known as PASSHE, are severely underfunded and only a couple (2-3?) offer engineering. They are much cheaper but not necessarily cheap and have a poor reputation in the job market unless you’re majoring education. These schools don’t give much financial aid either. Governor Wolf tried to mitigate this, but the state legislature is controlled by the GOP. I envy programs like Bright Futures (FL) and the California community college system.

The northeast and mid-Atlantic, as a whole, never invested in its public universities. Instead, there’s a gazillion tiny private colleges. Which are often a better deal with merit aid.

[Anonymous]

Anonymous wrote:Gen Z and younger Millennials think everything should be free.

I don't want to hear any more criticism of Boomers. Gen Z and Mils are the worst.

Boomers got really inexpensive education. And jobs that didn’t need college degrees. Nowadays practically every job needs a degree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was talking with friends after the latest extension was announced and was surprised to find that a few of them have no intention of ever paying them off.

One said even before the pandemic pause, they made the minimum payment every other month and didn't care about interest accruing. I'm baffled at how this is a good strategy. They seem to think I was crazy for having continued making payments throughout the pandemic.

I’m never paying off my lane school loans. I’m also borrowing all of the money for my kids’ college. (Roughly $300,000). When they’re done, I am going to roll my loans and my Parent loans into a consolidation loan. Then I’m going to set it to an income sensitive payment. I figure I will owe the government around $200,000 when I die. The loans die when I do, though. And even if it didn’t, I can set my estate so everything passes outside of the estate, so there’s nothing to claim against in probate. My kids will owe nothing for college.

Yeesh. And you wonder why no one likes lawyers!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is a student loan forum on Reddit that I find informative at times for repayment strategies and news on covid stuff related to loans, but the ethos on it is that degrees are “worthless.”

Most are. See Mr MBA on this thread.

Also see Mr. I dont have a dog in this fight. 90% of the people commenting don't have a student loan. people that took these loans are real people, with real jobs and financial challenges. We all have challenges but simply saying "you have the means to pay" or "you knew what you were getting into" is narrow minded. 9 out of every 10 dollars of stimulus money ever given was printed in the last 3 years. The student loan "crisis" ( yes it is a crisis) should be addressed as a stimulus. The gov't would get a huge chunk if not all the money back in other ways. Saddling loan payers with decades of payments is not the answer regardless of their ability to pay.

This is the framing that drives people nuts, and makes loan forgiveness less likely. The implication here is that student loan payments were foisted on unsuspecting victims who couldn't avoid them, and had no choice but to accept them, and therefore need to be rescued from them. That's simply not the case.

That said, I'm in favor of some type of forgiveness, if it is paired with systemic changed that address the "crisis." Otherwise, we're just going to be having this debate again in 3 years.

And any blanket forgiveness should be limited to undergraduate degrees. Under no circumstances should one dime be spent on forgiveness for graduate school loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nobody wants to address universities requiring students to live in their expensive on-campus housing, buying their expensive meal plans, restrictive zoning (in some primarily college towns, students can only live in certain parts of the town by law, driving up demand and prices that students need to pay for rent), amenities like rock climbing walls, the astounding number of deans and “coordinators,” and I could go on.

Attend a different university. You make it seem that this is a universal requirement at all universities. It is not.

+1 The plots don’t deserve a top notch education

At my state university, an in-state high academic achieving student with a 0 EFC on the FAFSA will like have at least a 10k gap between financial aid and cost of attendance. So that is 10k x 4+ fed sub and unsub loans x 4. This is the only public institution in the state offering certain majors, such as engineering. Some students make poor choices. I was one of them. My professors steered me away from a practical grad degree and toward a useless one. I was flattered and took their advice and hiring in my field of study also got worse while I was getting my degree. So there are people like me who made a bad choice, but society would still probably be better off if I could save for retirement rather than paying a huge amount of interest on my debt. Then we have poor, smart kids who have to take on debt to get a basic education.

Yes, society probably would be better off. But that's not the right analysis. The real question is whether paying off $100k? more? in student loans for one person is the best use of taxpayer funds, or whether society would be better off if those finds ere used elsewhere - anti-poverty programs, ten $10k scholarships for poor kids, etc. The list of better uses for that money is, in my opinion, pretty long.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nobody wants to address universities requiring students to live in their expensive on-campus housing, buying their expensive meal plans, restrictive zoning (in some primarily college towns, students can only live in certain parts of the town by law, driving up demand and prices that students need to pay for rent), amenities like rock climbing walls, the astounding number of deans and “coordinators,” and I could go on.

Attend a different university. You make it seem that this is a universal requirement at all universities. It is not.

+1 The plots don’t deserve a top notch education

At my state university, an in-state high academic achieving student with a 0 EFC on the FAFSA will like have at least a 10k gap between financial aid and cost of attendance. So that is 10k x 4+ fed sub and unsub loans x 4. This is the only public institution in the state offering certain majors, such as engineering. Some students make poor choices. I was one of them. My professors steered me away from a practical grad degree and toward a useless one. I was flattered and took their advice and hiring in my field of study also got worse while I was getting my degree. So there are people like me who made a bad choice, but society would still probably be better off if I could save for retirement rather than paying a huge amount of interest on my debt. Then we have poor, smart kids who have to take on debt to get a basic education.

Yes, society probably would be better off. But that's not the right analysis. The real question is whether paying off $100k? more? in student loans for one person is the best use of taxpayer funds, or whether society would be better off if those finds ere used elsewhere - anti-poverty programs, ten $10k scholarships for poor kids, etc. The list of better uses for that money is, in my opinion, pretty long.

Can we ask the same question about corporate incentives or military procurement?