Reply to any cons in suspended student loans debt?

Forum Index » Political Discussion

Reply to "any cons in suspended student loans debt? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am 100% against ANY forgiveness UNTIL we solve the issue going forward. There is absolutely no point in wiping the slate clean just to find ourselves back in the same exact spot in a few years. Its like paying off the credit card debt of someone but not cutting up their credit cards.

I personally think the government should stop back stopping the loans. The lenders should have to qualify borrowers based upon their own criteria and if the person doesn't qualify then they don't. They can improve their credit score and try again later, just like buying a house or a car. The reason we are in this situation is that lenders will give a loan to anyone because the federal government is insuring the loan. Hogwash. [/quote]

Again, the loans that any student can get without a co-signer or credit check only go up to $27k total, spread over 4 years. Those aren’t really causing any issues. [/quote]

They let poor parents making poverty wages with no hope of repaying the loans co-sign the private loans.

And even $27k is way too much to borrow if you don’t graduate or pick a stupid major without good income potential.[/quote]

If you don't graduate you will not end up taking out $27k--you can only take out certain amounts per school year. The data is clear that those who do graduate and who do not take out more than $27k have no issues paying it back. If they did, they could go on IBR since it's a federal loan. I don't support ending that program if it means reducing college access, because it works fine now. It's a low monthly payment even on a five-year payback plan.

The interesting thing is that you can default without garnishment on private loans, but not on federal loans (stafford or parent plus). However, if you can't pay your private loans you're effed. With federal loans there is IBR, PSLF, REPAYE, etc so you should not be defaulting, but if you do, they will garnish your wages. You can declare bankruptcy in some circumstances on private loans currently.

I wish there were a way to outlaw private & parent plus loans altogether. [/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