Student Loans

Should we discuss attending a college you can't afford? I applied for Harvard and I was accepted, but never ended attending as I didn't realize how much it would cost until I really put the numbers together as I was picking my classes and looking at boarding. I chose to go to the University of Wisconsin instead so that I could afford the student loan payments back then. If you can't afford it, then don't do it. Don't make the taxpayers incur your expense and choice for attending a college that is $70K a year.

Then to make Laura look bad, why the f*** did you make your mom work so hard and long to pay for YOUR college. YOU should have been working 3 or 4 jobs (like I did) to pay for college. You and your siblings are f***ing idiots. My parents didn't contribute a dime (they offered), but they did help me get approved my for student loans.

Predatory lending? My student loan was through Great Lakes Higher Education Corporation. I was at a rate of less than 2%, deferred payments (and no interest) during classes. I made all of my payments, as expected, paid off the student loans timely (and early at times).
 
Should we discuss attending a college you can't afford? I applied for Harvard and I was accepted, but never ended attending as I didn't realize how much it would cost until I really put the numbers together as I was picking my classes and looking at boarding. I chose to go to the University of Wisconsin instead so that I could afford the student loan payments back then. If you can't afford it, then don't do it. Don't make the taxpayers incur your expense and choice for attending a college that is $70K a year.

Then to make Laura look bad, why the f*** did you make your mom work so hard and long to pay for YOUR college. YOU should have been working 3 or 4 jobs (like I did) to pay for college. You and your siblings are f***ing idiots. My parents didn't contribute a dime (they offered), but they did help me get approved my for student loans.

Predatory lending? My student loan was through Great Lakes Higher Education Corporation. I was at a rate of less than 2%, deferred payments (and no interest) during classes. I made all of my payments, as expected, paid off the student loans timely (and early at times).
Average schools are upwards of $40,000 a year and go higher. College tuition has risen more than 1000 times faster than wages and inflation.

Student loan interest rates were as high as 18% before government mandates and capping.

I paid for my undergrad with cash out of pocket to the tune of $55,000 when all said and done. I support washing out student loans.
 
Average schools are upwards of $40,000 a year and go higher. College tuition has risen more than 1000 times faster than wages and inflation.

Student loan interest rates were as high as 18% before government mandates and capping.

I paid for my undergrad with cash out of pocket to the tune of $55,000 when all said and done. I support washing out student loans.
No worries! We all don't have to agree all the time!
 
I still think a lot of the problem is people who should have been able to afford it, but didn't get placed in a proper job in the field they studied for, so they get trapped in Underemployment. Or, they were over sold and hyped on the field career path and wind up the equivalent of help desk.

They might even be willing to 'start at the bottom' as many say is necessary, but the wages at the bottom won't cover cost of living and repayment. Maybe they'll use a tool like Forbearance, but then the interest still gets them.

I'm not sure how much the naive big university student thing happens, but in that case even if those are the small outlier, the financial hardship is more severe.
 
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Horrible idea. What about other people's debt from other types of predatory lenders? Bad car loans, home loans, credit card and medical debt. Just wipe it all out while we can't afford to.
 
My undergrad was about $40k per year. I did an online masters for a fraction of the price 10 years later and have seen a much better return.
 
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Horrible idea. What about other people's debt from other types of predatory lenders? Bad car loans, home loans, credit card and medical debt. Just wipe it all out while we can't afford to.

The car or home is repossessed? Not an ideal outcome probably having damaged credit, but a person doesn't have these things hung on them forever with no escape. A person might be able to suck it up and take the bus or subway or for housing move in with friends or family while trying to bounce back.

I think accumulation of to many debts like medical or even credit cards could be processed in Bankruptcy. Not a good situation or easy process either, and it shouldn't be, and then probably losing any valuable personal items to be auctioned, but hope of starting over.

Student Loans for some reason can't be touched by Bankruptcy no matter what though; the system sticks them on you forever. Some people might even pay the principal, but struggle to catchup with the interest.
 
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I went to a community college so I have no loans, but I'd rather my tax money went to help them than tax cuts for the rich or some mega corporation.
 
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Horrible idea. What about other people's debt from other types of predatory lenders? Bad car loans, home loans, credit card and medical debt. Just wipe it all out while we can't afford to.
You can discharge all those in bankruptcy, you can't discharge student loans. I agree we need to take on predatory lending, but student loans are a financial detriment to an entire generation that were told they would have jobs to pay them off on the other side.
 
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The car or home is repossessed? Not an ideal outcome probably having damaged credit, but a person doesn't have these things hung on them forever with no escape. A person might be able to suck it up and take the bus or subway or for housing move in with friends or family while trying to bounce back.

I think accumulation of to many debts like medical or even credit cards could be processed in Bankruptcy. Not a good situation or easy process either, and it shouldn't be, and then probably losing any valuable personal items to be auctioned, but hope of starting over.

Student Loans for some reason can't be touched by Bankruptcy no matter what though; the system sticks them on you forever. Some people might even pay the principal, but struggle to catchup with the interest.

They can't repo that education. This is an all around batsh*t crazy idea. People made bad decisions and paid too much for their education. That decision is on them. How about some personal accountability.
 
They can't repo that education. This is an all around batsh*t crazy idea. People made bad decisions and paid too much for their education. That decision is on them. How about some personal accountability.


This seems like a huge thing to dump on someone over a decision made when they're still borderline considered a minor during or right after high school.

Or maybe someone asks for direction on how to be responsible, starts the more affordable Income Based payment, but if the payment is to low to tackle the interest they will sink financially. If a person ops for IBR because they're underemployed, I'm not sure what they're supposed to do to ever get out of it.

Otherwise, I didn't mean to say that the education or even the Degree could or should be repoed, I was just referencing the examples of personal financial crisis that do allow a path to start over. The Degree should not be forfeitted because that may yet help the individual earn more in longterm and if they succeed in the future, be a better Tax Payer so that is a little bit of a trade off from the Federal Loan standpoint.
 
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One thing, for sure, is all school loans should be interest free unless secured by a parent.

With mortgages, car loans, etc., there are barriers on who can get loans, i.e., financial records, income history, current income. With financial aid for school, pretty much anyone can get it regardless of income. Many kids haven’t had a job before they go to college, yet they’re approved for a $100,000 loan over four years as soon as they file FAFSA.
 
One thing, for sure, is all school loans should be interest free unless secured by a parent.

With mortgages, car loans, etc., there are barriers on who can get loans, i.e., financial records, income history, current income. With financial aid for school, pretty much anyone can get it regardless of income. Many kids haven’t had a job before they go to college, yet they’re approved for a $100,000 loan over four years as soon as they file FAFSA.


Maybe at the least some kind of cap on how far the interest goes?

If they borrowed something like 100,000 and it becomes about 107,000 then cut the interest to Zero at the point so it doesn't continue becoming a deepening financial pit they can't get out of.

I guess I wonder why there is interest in the first place other then that it's just typically apart of money lending. Maybe it's a mix of generating revenue and some of that goes into administration the loans or Department of Education? If so, maybe it's reasonable for some obligation to come with it, but it needs to have a limit.
 
$10k is a drop in the bucket compared to what many owe, but I suppose it's better than nothing. Of course Republicans would have issue with the bare minimum. Never mind the fact that the last couple of years have ruined many people financially, and this economy is still recovering from the fallout.
 
I thought 50k was mentioned during the campaign. I owe about 40k it would be so amazing to see that disappear.

As for why Biden does seem to both legit want to do something, but also dragging his feet at the same time, I think there is a perception that government spending is somehow the cause of inflation or the Federal Reserve printed to much money or some BS. So, it would be a public relations mine field as on one hand students are elated, but the public might think this would connect to soaring prices.

Nevermind inflation or fuel prices is an international problem.

Or some people think it's 'unfair' or some kind of 'moral hazard' to give a chunk of people a bailout.
 
I thought 50k was mentioned during the campaign. I owe about 40k it would be so amazing to see that disappear.

As for why Biden does seem to both legit want to do something, but also dragging his feet at the same time, I think there is a perception that government spending is somehow the cause of inflation or the Federal Reserve printed to much money or some BS. So, it would be a public relations mine field as on one hand students are elated, but the public might think this would connect to soaring prices.

Nevermind inflation or fuel prices is an international problem.

Or some people think it's 'unfair' or some kind of 'moral hazard' to give a chunk of people a bailout.
Students should band together and form a corporation, then ask the government for the bailout? Seems to make more sense and may happen fast hat way, no?
 
 
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