Student loan 'Forgiveness",Too little to help anyone, just enough to make everyone angry

[SnoopLoggyDog]

Come on. They are not taking money away from us. They are piling even more debt onto the Federal Government. Our tax dollars were spent long before they would get around to this.

Will still result in an increased tax burden for those of us who pay taxes and higher prices for education. Bottom line, it is another redistribution of wealth from consevatives to liberals. Democrats love to spend other peoples money.

 

[jaymark6655]

I remember they started this loan forgiveness stuff back when I graduated with my degree. It was if you work the right kind of job, after 10 years of payments, we'll forgive your loan.

I didn't have a great paying job at the time so I called and had a graduated payment plan set up to repay. Basically they said it would be a low payment now and increase every so often because I should be getting raises or promotions. What they did was set it up so that everything would be paid of prior to the 10 year mark. If I hadn't had used every bit of extra money to pay off two of the loans, the payments this year would be over $500 a month in order to meet that 10 year deadline that I think they put in place to avoid forgiving any loans.

I noticed that 10 years of payments was required for this as well, I am skeptical that any loans will actually be forgiven. I think it is a "hey we're going to forgive your loans, so vote for us", but in reality required repayments during 10 year period will have loans payed off by the time a person becomes eligible or they failed to qualify because they couldn't afford the payments.

No matter what it seems to be vote buying and is a stupid idea that most voters won't think critically about before falling for the propaganda.

 

[AndreusMaximus]

Come on. They are not taking money away from us. They are piling even more debt onto the Federal Government. Our tax dollars were spent long before they would get around to this.

Fair point, I guess. So I guess the real people being stolen from are our children? When I look at my one-year-old daughter and realize that her future is being loaned away for this, it doesn't make me any less angry. Quite the contrary.

 

[KLB]

Fair point, I guess. So I guess the real people being stolen from are our children? When I look at my one-year-old daughter and realize that her future is being loaned away for this, it doesn't make me any less angry. Quite the contrary.

Yeah, or grandchildren, or beyond. I think what we are doing is setting them up for a huge crash at some point. I do not see how our government spending is sustainable.

 

[rooster]

Lets take a moment to unpack some of what’s being said.

A lot of people here are implying that those who went to college made poor decisions. You have the benefit of hindsight here whereas people who made the choice to take these loans did not and go to school did not.


In 2004-2012 was going to college considered a poor decision? Was anyone who had graduated during recently during those year bemoaning the cost of paying off student loans?

Was anyone in a position of authority in high school students lives putting options in front of kids for trade schools? Or where those who wanted to go to welding school, or a trade apprentice looked down on?

short and sweet answer is “ **** no” all all accounts.

 

[MCgrease08]

I'm just gonna leave this here.

Debt-Free Degree

The Step-by-Step Guide to Getting Your Kid Through College Without Student Loans

www.ramseysolutions.com

 

[Creedmoor]

You are probably correct...

...but I'm still leaning towards #4 being my favorite because he has made it clear that he has no interest in a 4 year degree.

What does he want to do?
Skilled Trades?

 

[AndreusMaximus]

Lets take a moment to unpack some of what’s being said.

A lot of people here are implying that those who went to college made poor decisions. You have the benefit of hindsight here whereas people who made the choice to take these loans did not and go to school did not.


In 2004-2012 was going to college considered a poor decision? Was anyone who had graduated during recently during those year bemoaning the cost of paying off student loans?

Was anyone in a position of authority in high school students lives putting options in front of kids for trade schools? Or where those who wanted to go to welding school, or a trade apprentice looked down on?

short and sweet answer is “ **** no” all all accounts.

There's a spectrum of people out there, from those who borrowed without thinking or caring to get a useless degree that no reasonable person would believe offered a chance of paying back the money borrowed, to those who maybe got a good degree but lived beyond their means a bit too much and are struggling now, to those who borrowed a large sum, got a good degree, and are now working to pay it back, all the way up to those who either never borrowed at all or worked themselves into the ground, sacrificing and scraping together every penny to pay off their debt.

The trouble is that this "student loan forgiveness" in general, rewards people the closer they are toward the "poor decisions" end of the spectrum, and gives less and less to people the closer they are towards the "hard working and responsible" end of the spectrum. And remember I said, "in general." There will always be exceptions, but people who are seeing their decision to borrow less and/or work harder now being essentially punished are justifiably angry, and I think we can forgive them if the overgeneralize a bit.

 

[jamil]

Till you get a glut on the market.
When I was in high school, computer programming was the "thing" to do.
4 years later, no money in it because TOO MANY people went in for it.
Pretty sure, this will make it worse

?

There’s a shortage of software engineers. Still. The biggest fear about job markets was jobs going to India and other foreign countries as we “offshored”. But that didn’t pan out like people thought. There were a few lean years as companies tested the waters. But it’s been a fairly hot market in the US since that all settled out.

 

[Creedmoor]

Unfortunately it's a vicious circle sponsored by Big Gov. As the student loans became much easier to acquire, the state colleges raised their tuitions. May have turned out to be a zero sum game.

In conjunction with this I'll add that many career paths with college degrees are not paying a living salary. I'd say a lot of this is intentional. Technical trades or a unique skillset looks like a good alternative in the future.

There are those here that condemned that I earned a Trade Union Penison, 401, Annuity and in two years 100% SS.
I laugh at them with only a 401 and SS.

 

[JTClark]

I saw on TV today they are installing these Narcan vending machines on college campus as well so the useless leeches can live to leech another day. They will need with that 10 grand in free drug money falling in their laps.

Of course it is FREE, meaning paid for with money stolen from YOU.

'This is life saving': New vending machine dispenses free Narcan kits in southern Indiana

Indiana's newest Narcan vending machine is already reversing opioid overdoses in Scottsburg.

www.wlky.com

 

[bobzilla]

Lets take a moment to unpack some of what’s being said.

A lot of people here are implying that those who went to college made poor decisions. You have the benefit of hindsight here whereas people who made the choice to take these loans did not and go to school did not.


In 2004-2012 was going to college considered a poor decision? Was anyone who had graduated during recently during those year bemoaning the cost of paying off student loans?

Was anyone in a position of authority in high school students lives putting options in front of kids for trade schools? Or where those who wanted to go to welding school, or a trade apprentice looked down on?

short and sweet answer is “ **** no” all all accounts.

You are reading more into this than what is being posted. No one is saying that "going to college is a poor decision". Not a single person. So drop that strawman right away. What we ARE saying is post college a of these same people are making more poor choices with job choice, spending habits etc. When the same person whining about their student loans not going down and they still owe $50k but 3 months ago they posted about buying their new dream home that starts in the $350k range and you know they lease new cars every year..... That's some poor decision making skills.

None of us are saying the system isn't broken. We all know it is. But this is not the fix. This does nothing to fix any of the underlying issues.

 

[Creedmoor]

After 24 years in the building & trades union I went back to school. First thing I did was get a second GED. The local school (Ivy-Tech) wouldn’t recognize my U.S.Army GED (1968).

Geesh, I bet you remember the First Run of
the 10 Commandments talkie movie.

 

[N9Zero]

MSN

$10,000 per.

Inflation not bad enough? Want a little help, but not enough to make a positive impact? Against "cancellation" in principle? This plan has something to make everyone disappointed. Can this administration do anything right?

Sorry man, but this has helped a lot of people that I know a few were even crying from an overwhelming sense of gratitude.

 

[jwamplerusa]

Lets take a moment to unpack some of what’s being said.

A lot of people here are implying that those who went to college made poor decisions. You have the benefit of hindsight here whereas people who made the choice to take these loans did not and go to school did not.


In 2004-2012 was going to college considered a poor decision? Was anyone who had graduated during recently during those year bemoaning the cost of paying off student loans?

Was anyone in a position of authority in high school students lives putting options in front of kids for trade schools? Or where those who wanted to go to welding school, or a trade apprentice looked down on?

short and sweet answer is “ **** no” all all accounts.

@rooster None of the above matter. The borrower made a decision and entered into a contract. The BORROWER needs to honor the contract, NOT ME!

As an example, when I decided to go to college and selected my major there was a predicted shortage of qualified people. To hear the guidance counselors and the University staff tell it, I should have walked out and had half a dozen employers haggling over my services.

The reality? The deregulation of the aviation industry begun in 1978 resulted in the first large airline liquidation in approximately '82 - '83. Guess when I graduated, 1983. You know what happened to my rosy outlook for employment? it was gone, utterly and completely. The industry had its pick of guys with 30 years experience and I was worth just a tad more than minimum wage.

You know what was also reality, I had borrowed money and I had to repay my debt. I found a job, lived in a hovel, and survived on a gallon of milk a box of cereal, cheap hotdogs, buns and store brand Mac 'n Cheese for a year and a half. I made the first payment and eventually paid off the loans early.

I don't care if the borrower made a bad choice or the market moved out from under them. THE BORROWER entered into a contract for money at X% with repayment by XX/XX/XXXX date. I DIDN'T. I should not under any circumstances be bailing out someone else for their debt, especially student debt.

I said it previously, as have others. What is being proposed is nothing more than naked theft through taxation and redistribution of wealth from others labor. These are hallmarks of communism and the tool of all communists. Communism is incompatible with the basis and ideals of this Nation's foundational documents. Subversion of those documents makes one a domestic enemy of the Constitution.

Yes, what is being proposed is vote buying. Yes, it is almost certainly unlawful and possibly unconstitutional. None of that matters if the current regime with a majority held by the Communist Party of the United States (AKA Democratic Party) retains power.

Consider this, if you are so enthusiastic about others paying off your debt. How are you going to feel when YOUR pay is taxed at 90% so someone else's mortgage can be paid off? You don't think it can happen, you need to learn a little history. Find the thing which would upset you if the Government proposed that thing, and you objected. Then recognize for the current crop of subversives in control of this Nation, that thing IS NOT unthinkable or off the table. In fact it could be the very next assault on the citizenry.

 

[rooster]

None of the above matter. The borrower made a decision and entered into a contract. The BORROWER needs to honor the contract, NOT ME!

The borrower is an 18 year old kid who is doing what those in positions of authority above them recommended they do. If those in positions in authority recommended trade schools then the IKORCC (carpenters union) wouldn’t be begging for people take jobs that pay the equivalent of a 45-50 dollar an hour non union job after 4 years.

You are reading more into this than what is being posted. No one is saying that "going to college is a poor decision". Not a single person

And yet you are, **** I will too for that matter because the comparable kid who gets out of high school at 18 and gets in a trade union will be looking at buying there dream home at age 25 but someone who went to school can’t afford the same at 30 how can anyone say that college isn’t a poor life decision……

Sure you will argue that some majors pay more than others. Of course they do but i would wager that if we tracked a cohort of 18 year olds who go to Purdue for engineering this year vs a cohort that gets in the union ( carpenters, electricians, lineman ect) that that kid in the union job will have greater lifetime earnings well into their 40’s.

Let’s work out the rough math


Purdue is 20k a year, say you spend another 12k to actually live. That leaves those on the college track with 128k in debt in same time that a tradesman has made 200-300k.

Purdue engineer gets a job at the utility company as an electrical engineer. Starting salary w/no ot is 78k. Same guy who went to line school is pulling in 100k a year only working mandatory OT. One who wants the OT is making 150-180.


How in the world can anyone say that college alone is a good proposition? And yet that’s what adults are telling these kids and have been for the last 20 years.

 

[bobzilla]

The flip side, just like no everyone is college material, not everyone is trades material. WE need both, but schools have neglected one and pushed the other. The stigma that trade schools and trades are subhuman needs to stop.

 

[oze]

The excitement will turn to anger in January 23, when they get letters from the IRS that the $10k counts as "income" and they have to pay taxes on it. By then, the midterms will be long over.

But it won't be counted as income.

 

[oze]

A silver lining that I see is that this handout has pissed off *a lot* of people, and not just our side. I have a seasonal job with a golf course maintenance crew of 10. All of us are retired, and all but yours truly are hard-core dems; I guess because all but yours truly are retired from union jobs.

To a man, the group is livid about this, and to a man, stated that they will not be voting donkey this year. Does this mean that they will be voting elephant? Yeah, when monkeys fly outta my butt. I do think though that it could make them stay home or throw away their respective votes vote 3rd party. Who knows, maybe enough middle class donkeys will do this to offset the conservative "The Senate Will Save Us" foot stompers.

 

[Mij]

Geesh, I bet you remember the First Run of
the 10 Commandments talkie movie.

Saw it **** I was there

i’ll be 73 in a couple months