Reply to Trump will rollback student loan forgiveness

Forum Index » Political Discussion

Reply to "Trump will rollback student loan forgiveness"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]I think the thing that needs forgiven in terms of student loans is the interest.

It took me 8-10 years of working after graduation to be in a good financial place to make payments on mine that were more than the minimum monthly payment. I borrowed $27k over 4 years, so relatively low compared to many I know, but when all was said and done, I paid back $46k.

My sister has paid back her original student loan amount of $40k but still owes like $39k because of Interest.

Most people I know aren't averse to paying back what they borrowed. It's the interest that is crippling to them. [/quote]

Loans have interest. Why is this advanced calculus for people?

We already give tax breaks for student loan interest payments.

There is zero incentive to provide loans unless a lender can obtain interest. Credit markets don't exist without interest.  Welcome to adulthood teacups. I'd like a mortgage too with zero interest, lol.  You don't borrow $40k and have the mindset that you paid back your fair share when you paid back $40k.   In what realm of reality is anyone entitled to borrowing other peoples' money for free?  So much delusional entitlement.  You already get tax breaks for it anyway.[/quote]

Apples to oranges. And no one is saying ZERO interest. Everyone with a brain understands that lenders make their profit on the interest. We want reasonable interest rates.

My mortgage interest rate is 3.65%. I took this on at age 32.

Credit card interest rates are high because the credit lines are usually pretty small.

For college, I had a private loan with 12% interest, another with 9%, and the third with 7.5%. Those loans were also my first loans ever in my life. Did I know how loans worked at 17/18? Of course. Did I fully understand how crippling the interest debt would be? No, not at all. My initial monthly loan payment due was around $635 and very little of that went to the Principle. I've now paid off what I borrowed x2 but still owe about what I borrowed. And I didn't borrow an exorbitant amount, either. I basically borrowed the cost of a new car, in the 30,000-40,000 range. How many people do you know who took out a $35k car loan at 18 who are still paying off that car in their late 40s?

Apples to oranges. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics