Anonymous
Post 04/29/2022 12:01     Subject: Have plenty in 529, but still taking out loans
We have a decent amount saved for our son's college. We didn't use a 529 for most of it, but for some of the savings. Of course, parents are wondering about the loan forgiveness being on the horizon!
We are encouraging our kids to look at federal jobs once they graduate for the public servant loan forgiveness.

I get a loan for a car even though I have money in an investment that I could pull out to pay for it in cash. Why would I? Loans have been cheap overall and if someone said it's a decent chance car loans would be wiped away, I definitely would finance it!
Anonymous
Post 04/29/2022 12:00     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I was up late watching TV and eating cookies and saw a commercial for credit card forgiveness so i am going shopping today in hopes some........


We already have that for credit cards. It’s commonly known as bankruptcy.


Yeah, my extended family has figured out how to do this. Chapter 13 bankruptcy. Run up the bills, claim bankrupty, wait 7 years and do it all over again.


Sure they did. My point was that you cannot discharge any federal student loans in bankruptcy. You only can with private loans if you’re basically incapacitated.
Anonymous
Post 04/29/2022 11:58     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:
Anonymous wrote:I was up late watching TV and eating cookies and saw a commercial for credit card forgiveness so i am going shopping today in hopes some........


We already have that for credit cards. It’s commonly known as bankruptcy.


Yeah, my extended family has figured out how to do this. Chapter 13 bankruptcy. Run up the bills, claim bankrupty, wait 7 years and do it all over again.
Anonymous
Post 04/29/2022 11:04     Subject: Re:Have plenty in 529, but still taking out loans
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:This is so petty, and I say that as a millennial who self-funded college, and worked multiple jobs through most of my life to pay off my student loans. I wouldn’t benefit personally from this policy.

Student loan forgiveness is good for everyone. The fewer people who are burdened with this kind of debt, the better the economy is. And more people can actually live their lives instead of working 100 hours a week, like I did.


So where is all this money going to come from? Someone actually has to pay it. Instead of telling all kids they have to go to college and go into debt, we should be guiding kids into trades that don’t require expensive degrees. It’s really irresponsible to pay $150000 for a degree in social work where your max salary is going to be $60k after 20 years. This sets a bad precedent for future generations who are the ones who are going to be saddled with our country’s debt.


Our society desperately needs more social workers. We really should be paying kids to become social workers - its the only way to fill the much needed but low wage professional jobs. Either that or we need to fund these services better so they can get paid a living wage. Either way we need the professionals, and they need to be able to afford to do the job.


The point wasn’t that we don’t need social workers. Of course we need social workers. The point is that someone should not pay $150,000 to become a social worker and then expect loan forgiveness. Instead, they should go to local community college and get an associates and then follow up at a university for way less and graduate debt free. People should not be taking out loans that are unwarranted for the profession they are choosing.
Anonymous
Post 04/29/2022 11:04     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:We saved heavily for our DDs college and have about $250K in the oldest and $210K in the youngest. We should have enough to pay full freight for any school they get into.

However, since it looks like student loan forgiveness is going to happen, I’m inclined to change our plan and have them take out at least some level of loans just in case the next Democratic president decides to do another loan forgiveness right before an election. It looks like the interest will be subsidized while they are school and we can use the 529 funds for grandchildren or even take it out and pay a penalty.

Is anyone else thinking this way?


I'm not even going to read the replies because no one that was able to save 460K for college and would ask a question as stupid a question as this is a troll or someone who received a ton of money unearned. If it's the latter get as many loans as you can so you can wallow in your stupidity in the future.
Anonymous
Post 04/29/2022 10:58     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:If Biden forgives loans, I'd not vote for him or Dems in 2024. You borrowed with a promise to pay it back! What's wrong with you people?


I am against rampant loan repayment (though would support some kind of "in kind" repayment, be it as a trade for government service or limiting it to those who suffered from documented predatory lending.) And let those for-profit colleges, many of which ripped off veterans, kick in most of the costs as part of their legal remedies. Like Trump College.

I will vote Democrat regardless, however, because the alternative is to risk our Democracy. The Republicans are literally in lock step with an immoral tyrant who is out of touch with reality. They clearly put power ahead of country and have totally disregarded the rule of law in the "oversight" of the Trump administration. We cannot reward their tactics.
Anonymous
Post 04/29/2022 10:56     Subject: Have plenty in 529, but still taking out loans
OP, maybe you should spend less time thinking about what you can do and spend more time thinking about what you should do.
Anonymous
Post 04/29/2022 10:51     Subject: Re:Have plenty in 529, but still taking out loans
Anonymous wrote:
Anonymous wrote:This is a really tone deaf post.


Come on. You know that every parent is wondering if loans are actually the way to go now.


This never even crossed my mind.

Seriously, not everyone is as slimy as you.
Anonymous
Post 04/29/2022 10:50     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:We saved heavily for our DDs college and have about $250K in the oldest and $210K in the youngest. We should have enough to pay full freight for any school they get into.

However, since it looks like student loan forgiveness is going to happen, I’m inclined to change our plan and have them take out at least some level of loans just in case the next Democratic president decides to do another loan forgiveness right before an election. It looks like the interest will be subsidized while they are school and we can use the 529 funds for grandchildren or even take it out and pay a penalty.

Is anyone else thinking this way?


You think you are a genius, but you are so sleazy.

Why the HELL should my tax dollars pay for your kid's tuition, when you have plenty of money to pay for it yourself?

Most people with college loans never even finished college. They have a slim chance of being able to repay AND secure their own financial footing.

People like you are sickening, and are likely the same ones who complain about government handouts.
Anonymous
Post 04/29/2022 10:30     Subject: Have plenty in 529, but still taking out loans
To everyone saying the OP wouldn't qualify for subsidized loans, that's not necessarily true. Especially if the grandparents are the owners of the 529. FASFA only asks about parent ownership.
Anonymous
Post 04/29/2022 08:52     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:
Anonymous wrote:We did the same thing. We have 300K for each kid saved but we are having them take out max student loans because of the democratic idiots running the country (sorry to offend any libs). For example, in a period of record unemployment and huge wage growth and massive inflation, we have a payment freeze on loans. LOL, how stupid is that- lets flood people with more money to buy things that supply chains cant provide.

As someone who put themselves through school with loans and jobs, I am just stunned at this wiping out of debt. Where was this when I was a recent grad? Oh yeah, back then, we paid back what we borrowed in good faith.

So yes, we are also on the student loan gravy train. We told our kids we would pay them off at graduation if they graduated with a 3.5 or higher (gives them a little motivation not to have too much fun) but you arent paying attention if you arent taking out loans that could well be forgiven and have zero payments or interest during the school years.


So much for "Compassionate Conservatism." I guess it's all about taking at the expense of others. This demonstrates so much that is wrong with the "winning" mentality of the Right.


Gimme a break. Do you forego deductions that could lower your taxes? Do you tell your boss to give your bonus to someone who makes less than you?

PP is demonstrating why this proposal is ludicrous. That isn't his fault.
Anonymous
Post 04/29/2022 08:52     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:
Anonymous wrote:If Biden does forgive loans, every parent should be telling their child to take out some level of loans, at least $10K a year if in undergrad.

It’s a terrible policy for society, but if it happens in 2022, it’s likely to happen again in 2024.


It’s a naked attempt to buy voters and the unintended consequences will be dire and far-reaching.



-+1. And someone has to pay for the loan forgiveness program. It will be us, the taxpayers
Anonymous
Post 04/29/2022 08:50     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:
Anonymous wrote:We saved heavily for our DDs college and have about $250K in the oldest and $210K in the youngest. We should have enough to pay full freight for any school they get into.

However, since it looks like student loan forgiveness is going to happen, I’m inclined to change our plan and have them take out at least some level of loans just in case the next Democratic president decides to do another loan forgiveness right before an election. It looks like the interest will be subsidized while they are school and we can use the 529 funds for grandchildren or even take it out and pay a penalty.

Is anyone else thinking this way?


No one who needs a break can ever catch a break with gamers like you out there. I worked my ass off to graduate in the top of my class as well as on the job to have money to keep afloat as did my siblings. We paid back all our loans. We are people who needed help. You have enough to pay full freight and now you want to game the system and make it more expensive for kids and family who have to struggle to make it happen. LOTs of kids work in states making $7.25/hour, etc and you want to run up tuition because you've got the money to do it.

I don't care you who vote for - you're not better than those reaping corporate subsidies and paying zero taxes due to write offs - "only the little people pay for college."


I don't understand. You needed help, and you got help, in the form of loans. You paid them back. You're an argument against loan forgiveness, not for it.
Anonymous
Post 04/29/2022 08:47     Subject: Re:Have plenty in 529, but still taking out loans
Anonymous wrote:Seriously?!? My brother and I both struggled to pay for college and grad school. We both worked through both and took out loans which we paid off. We (with our spouses) have saved and our thrilled to be able to offer our kids the ability to go wherever they want (within reason). We both have parameters based on values (my kids are in school and my brother’s oldest is starting the application process). I find posts like this contemptible. Loan forgiveness is for people who really need it - not for people like op to game the system.


It's for everyone, whether you need it or not. Loans for lawyers making $400k/year will be forgiven, for example, just like every other loan.
Anonymous
Post 04/29/2022 08:42     Subject: Have plenty in 529, but still taking out loans
Anonymous wrote:I was up late watching TV and eating cookies and saw a commercial for credit card forgiveness so i am going shopping today in hopes some........


We already have that for credit cards. It’s commonly known as bankruptcy.