Student loan forgiveness

[Anonymous]

Had a thought today as I was mapping out being able to afford undergrad and grad school for the kids. What if we cover it all and student loans are forgiven ... would we be better off borrowing money and paying it off just in case? Anyone else pondered this? (And for full disclosure I would probably still pay because we can afford but for 2 kids undergrad and grad it’s easily about $500K we are talking about ...)

[Anonymous]

Anonymous wrote:Had a thought today as I was mapping out being able to afford undergrad and grad school for the kids. What if we cover it all and student loans are forgiven ... would we be better off borrowing money and paying it off just in case? Anyone else pondered this? (And for full disclosure I would probably still pay because we can afford but for 2 kids undergrad and grad it’s easily about $500K we are talking about ...)

I don't understand what you are saying/asking?

[Anonymous]

I think op means - have the kids take out loans rather than pay out of pocket with an eye towards some type of federal loan forgiveness in the future.

[Anonymous]

Anonymous wrote:I think op means - have the kids take out loans rather than pay out of pocket with an eye towards some type of federal loan forgiveness in the future.

Pp here. Meant to add - this is why I disagree with Warren’s plan. It discourages financial independence and rewards bad financial decisions

[Anonymous]

Anonymous wrote:I think op means - have the kids take out loans rather than pay out of pocket with an eye towards some type of federal loan forgiveness in the future.

But your kid can only borrow about $27k in undergrad student loans over 4 years. That is a drop in the bucket when you are a talking about private college costs. And private loans will never be forgiven. So I don't see why one would consider this idea.

[Anonymous]

OP here. Yes the question is whether we are silly paying tuition if all student loans will be forgiven in the near future. As to the PP, it is possible to borrow $50K per year for student loans for undergrad per google search ... so I don’t know what the $27K limit is. (Agree that if this is an issue of saving $27K, not worth it - though still for 2 kids that is more than $50K (and like $80K needed to earn $50K net) - not a minuscule amount).

[Anonymous]

It won’t be forgiven. Look at Obamacare. Even when Dems held all 3 chambers there wasn’t political will for systemic change.

We owe a total of about $500k in student loans. Even if it were forgiven the tax bomb would be astronomical.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think op means - have the kids take out loans rather than pay out of pocket with an eye towards some type of federal loan forgiveness in the future.

Pp here. Meant to add - this is why I disagree with Warren’s plan. It discourages financial independence and rewards bad financial decisions

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think op means - have the kids take out loans rather than pay out of pocket with an eye towards some type of federal loan forgiveness in the future.

But your kid can only borrow about $27k in undergrad student loans over 4 years. That is a drop in the bucket when you are a talking about private college costs. And private loans will never be forgiven. So I don't see why one would consider this idea.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think op means - have the kids take out loans rather than pay out of pocket with an eye towards some type of federal loan forgiveness in the future.

Pp here. Meant to add - this is why I disagree with Warren’s plan. It discourages financial independence and rewards bad financial decisions

+1

Not the politics board.

[Anonymous]

Anonymous wrote:OP here. Yes the question is whether we are silly paying tuition if all student loans will be forgiven in the near future. As to the PP, it is possible to borrow $50K per year for student loans for undergrad per google search ... so I don’t know what the $27K limit is. (Agree that if this is an issue of saving $27K, not worth it - though still for 2 kids that is more than $50K (and like $80K needed to earn $50K net) - not a minuscule amount).

The maximum guaranteed student loan limits are $5500 freshman year, $6500 sophomore year, and $7500 for junior and senior year. Dependent kids whose parents don't qualify for parent plus loans due to insufficient income can borrow up to $57k for undergrad. But it does not sound like you are too poor to obtain parent plus loans so $27k is all your kid can borrow under government sponsored loan programs for undergrad studies.

See https://studentloanhero.com/featured/maximum-student-loan-amount-limit-federal-student-aid/

As I said, private loans are not in the conversation for loan forgiveness. So you are debating an issue that applies at most to $27k per kid. Not worth even thinking about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. Yes the question is whether we are silly paying tuition if all student loans will be forgiven in the near future. As to the PP, it is possible to borrow $50K per year for student loans for undergrad per google search ... so I don’t know what the $27K limit is. (Agree that if this is an issue of saving $27K, not worth it - though still for 2 kids that is more than $50K (and like $80K needed to earn $50K net) - not a minuscule amount).

The maximum guaranteed student loan limits are $5500 freshman year, $6500 sophomore year, and $7500 for junior and senior year. Dependent kids whose parents don't qualify for parent plus loans due to insufficient income can borrow up to $57k for undergrad. But it does not sound like you are too poor to obtain parent plus loans so $27k is all your kid can borrow under government sponsored loan programs for undergrad studies.

See https://studentloanhero.com/featured/maximum-student-loan-amount-limit-federal-student-aid/

As I said, private loans are not in the conversation for loan forgiveness. So you are debating an issue that applies at most to $27k per kid. Not worth even thinking about.

You are wrong. The plans would allow private loans to be refinanced into government loans and then be eligible for the forgiveness. Sanders plan would allow for 100% qualification. Warrens plan caps at $50k with an income phaseout.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. Yes the question is whether we are silly paying tuition if all student loans will be forgiven in the near future. As to the PP, it is possible to borrow $50K per year for student loans for undergrad per google search ... so I don’t know what the $27K limit is. (Agree that if this is an issue of saving $27K, not worth it - though still for 2 kids that is more than $50K (and like $80K needed to earn $50K net) - not a minuscule amount).

The maximum guaranteed student loan limits are $5500 freshman year, $6500 sophomore year, and $7500 for junior and senior year. Dependent kids whose parents don't qualify for parent plus loans due to insufficient income can borrow up to $57k for undergrad. But it does not sound like you are too poor to obtain parent plus loans so $27k is all your kid can borrow under government sponsored loan programs for undergrad studies.

See https://studentloanhero.com/featured/maximum-student-loan-amount-limit-federal-student-aid/

As I said, private loans are not in the conversation for loan forgiveness. So you are debating an issue that applies at most to $27k per kid. Not worth even thinking about.

You are wrong. The plans would allow private loans to be refinanced into government loans and then be eligible for the forgiveness. Sanders plan would allow for 100% qualification. Warrens plan caps at $50k with an income phaseout.

This is a good explanation with links out to each candidates. https://www.sofi.com/blog/sanders-vs-warren-student-loan-forgiveness-plans/

[Anonymous]

Anonymous wrote:OP here. Yes the question is whether we are silly paying tuition if all student loans will be forgiven in the near future. As to the PP, it is possible to borrow $50K per year for student loans for undergrad per google search ... so I don’t know what the $27K limit is. (Agree that if this is an issue of saving $27K, not worth it - though still for 2 kids that is more than $50K (and like $80K needed to earn $50K net) - not a minuscule amount).

How about acting like a responsible adult and only buying things you can actually afford? You’re one of those imbeciles that’s too stupid to know she should be embarrassed to ask these idiotic questions.....even on this odious anonymous sh*tboard.

[Anonymous]

Any of those plans would need a candidate to oust a popular president who has shown he will cheat to stay in power, then convince Congress, and then be implemented. If your kid is a junior or senior now, I wouldn’t count on any of the candidates’ plans in college planning.