Student Debt Forgiveness

[mikemcE]

Understand? Yes, sympathetic? , Yes.
Forgiveness/ clean slate? Yes, That’s what bankruptcy is all about. Then you can start all over again.


Hang up and Drive

[Panther6834]

Originally Posted by mikemcE

Understand? Yes, sympathetic? , Yes.
Forgiveness/ clean slate? Yes, That’s what bankruptcy is all about. Then you can start all over again.


Hang up and Drive

Except for student loans, which don't get included in bankruptcy filing. plus, for most filing bankruptcy, it's not entirely a "clean start". If you have high dollar items you are making payments on, such as mortgage and/or vehicle, those payments would, obviously, continue.


~ More peace, love, laughter, & kindness would make the world a MUCH better place

[HumboldtEF]

One thing that always stuck with me was the predatory nature of College. One tiny example is the bookstore, you'll buy books at a premium and at the end of the year the bookstore buys back the used books for pennies on the dollar. Then next semester they sell these used books again and of course its not a bargain to buy those. I kept a lot of my books not because I wanted them but because what they offered to buy them back was insulting.

I've always felt like colleges are sorely lacking at career training compared to trade schools that actually train you for your future job. Trade schools often help with housing and job opportunities after graduation.

How many students go because they're pushed to do so but their heart really isnt in it? Sadly college is a expensive vacation for many after HS.

I chose to go to a community college because.... money. I have no student debt because of this.

[BJoe]

Originally Posted by Panther6834

"Glad" to see your viewing this with a VERY "one-sided" view. Obviously, you haven't bothered to take into consideration things that happen in life. A person can do to college (in student loans), FULLY intending on posting those loans...but then, as CAN happen, things 'happen'.

What if someone ended up in an accident, preventing them from working? Should those people still be required to pay back their student loans? What about all those who graduated in the Spring/Fall of 2019, who either lost their jobs, or couldn't find jobs, in 2020, due to this coronavirus crap? Should they be held responsible? Then, there's the matter of the federal entities who holds the student loans, who can "sell" them to another federal entity any time they want...and, when they do so, they tack the 'fees' (which can easily be in the thousands of dollars) onto your bala!nce...why should we, the borrower, be forced to pay the fees (not to mention any interest added) they chose to incur?

Instead of viewing matters such as this with your one-sided view (as your HAVE often done), it would behoove you to start looking at things from both sides. Learn to see the positives AND negatives of any situation, so that you can PROPERLY evaluate. Viewing things from only one side is not only improper, it's a very SCREWED UP way of going about things.

I am a student loan borrower, who originally had a balance of somewhat under $40K. Due to family matters, and other circumstances beyond my control, I had to leave before graduating, and was only able to work a part-time job. After 6 months, when u was required to stay repaying the loans, I wasn't earning enough to pay (they wanted more per month than I was earning). Because of this, I was forced into entering they're "Economic Deferment" program. While this defers loan repayment, they continue adding interest

Moving forward over the years, the federal entities holding the loans have sold my student loans back-and-forth MULTIPLE times...and, each time they've done so, they've tacked on $4k-6K to my balance. That original balance of less than $40K has "ballooned" to almost $130K, with at least $50K of that coming from then selling my loans back-and-forth. On top of all that, due to something that was NOT my fault (medical), I was on SSDI for 8.5 years. During that time, I was barely getting enough to live on...instead of having my own place, I was forced into renting a room...a friggn' 12x12ft room...THAT was my entire "living area".

I might have been employed full-time prior to this whole coronavirus crap, but not even that had me earning enough to make monthly payments in the amount they want, so I had to enter their "Income Driven Repayment" plan...however, once COVID-19 hit, and I went from working 40-50 hours per week, down to 5-8 hours per month, is should be obvious that there was NO way I could even make the IDR payment amounts.

So...now...let me ask you - after reading all of what I've gone through (and, u am, by far, NOT the only one to have gone through similar situations), do you still believe that student loan forgiveness isn't necessary under certain circumstances? Put yourself in my shoes...if you had gone through even half of what I've gone through (and, I can tell you, there are PLENTY who've gone through even worse than me), would you still say student loan forgiveness shouldn't be done?


~ More peace, love, laughter, & kindness would make the world a MUCH better place

Geezus, how much of that extra $90k+ was interest vs reselling of the loan?! The reselling Shit like that should be illegal, no matter what the loan was written for!

[Panther6834]

Originally Posted by BJoe

Geezus, how much of that extra $90k+ was interest vs reselling of the loan?! The reselling Shit like that should be illegal, no matter what the loan was written for!

My loans have been sold six or seven times, and each time I incurred between $4-6K added to the principal. Most of the time, occurrences were 2-4 years apart, but two of them were within 12 months of each other.


~ More peace, love, laughter, & kindness would make the world a MUCH better place

[HumboldtEF]

That is messed up.

The Whole student lending framework sounds like it needs a re-work.

Most loans require you prove you can re-pay them but with student loans I guess its just wishfull thinking that they can repay it eventually.

[Highmark]

We don't have a penny of student debt (all paid off early ) in this household and I have zero issues with up 50K of debt forgiveness for people who make under 100K (which is what's being proposed). From a practical perspective, that would free up billions of dollars that would go back into the local economy from the bottom-up. That's money better spent than another round of relief checks for people like me (who don't need it).


From a moral perspective, there are a lot of teachers, and nurses, ect. who went into their fields knowing they wouldn't be wealthy and would be laden with loans for decades. I know an RN that has been paying his loans for 10 + years, which planned for, but honestly, with the hours he's put in this year, he deserves much more than having his student loans forgiven. I'd 20 to 1 rather pay for that than give the GD airlines another bail-out.

[BJoe]

Originally Posted by Highmark

We don't have a penny of student debt (all paid off early ) in this household and I have zero issues with up 50K of debt forgiveness for people who make under 100K (which is what's being proposed). From a practical perspective, that would free up billions of dollars that would go back into the local economy from the bottom-up. That's money better spent than another round of relief checks for people like me (who don't need it).


From a moral perspective, there are a lot of teachers, and nurses, ect. who went into their fields knowing they wouldn't be wealthy and would be laden with loans for decades. I know an RN that has been paying his loans for 10 + years, which planned for, but honestly, with the hours he's put in this year, he deserves much more than having his student loans forgiven. I'd 20 to 1 rather pay for that than give the GD airlines another bail-out.

That’s what I’ve heard as well, seems to make sense as a way to kick start the economy, knock out that $50k in debt in a large number of our population would allow those funds to be spent elsewhere, like rent, home loans, new vehicle purchases, etc.

[Phildirt]

I think people inherently look for the evil in things these days though. I blame Facebook lol.



For real though there's a lack of critical thought in general and we tend to go straight to the blaming/shaming. Not just in politics, economics, I see it everywhere anymore.

[elRayRay]

Originally Posted by Phildirt

I graduated with zero debt working full time. Rented used books, paid for classes as I could afford them. 4 year degree in 3 years. While married with 2 kids to feed as well. God gets the glory, I just used a little common sense and have a wife that is very good at the nuts and bolts of adulting to encourage me.

Was that a B.A. or B.S. degree? Was your wife working/earning at the time? If so, how much did the 2nd income help out?

[crunky]

I know I joked about it in my initial reply but in all honesty... if we're going to forgive the student loan bullshit then we really need to reevaluate how much doctors, lawyers, engineers or anyone else that attended a university and got themselves a college identity earn for their respective jobs. You're cheapening the system down if we're giving it away for nothing. Earning upwards of six figures should be something that the basic laborer should get paid now. Education isn't worth shit.

What about those that paid their loans back ? Do they get any reprise ?

What about those people that intentionally stay in school as a career student pursuing prestigious credentials to hang on the wall of some silly office ? We're supposed to just pat them on the back and give them a high five ?

What about the dumbbells like myself that went to the school of hard knocks and engaged in smashed knuckle courses in the regular ? What the hell is in it for me ? Where's my freebie ? Will this entitle me to any handouts ?

I understand everything is a case by case basis but for the most part this is a wet cardboard box full of dogshit, dreamt up by people that obviously know way more than this newbie could ever afford to know. Just let's not lose sight of the fact NOTHING in life is Free.

[Panther6834]

Originally Posted by crunky

I know I joked about it in my initial reply but in all honesty... if we're going to forgive the student loan bullshit then we really need to reevaluate how much doctors, lawyers, engineers or anyone else that attended a university and got themselves a college identity earn for their respective jobs. You're cheapening the system down if we're giving it away for nothing. Earning upwards of six figures should be something that the basic laborer should get paid now. Education isn't worth shit.

What about those that paid their loans back ? Do they get any reprise ?

What about those people that intentionally stay in school as a career student pursuing prestigious credentials to hang on the wall of some silly office ? We're supposed to just pat them on the back and give them a high five ?

What about the dumbbells like myself that went to the school of hard knocks and engaged in smashed knuckle courses in the regular ? What the hell is in it for me ? Where's my freebie ? Will this entitle me to any handouts ?

I understand everything is a case by case basis but for the most part this is a wet cardboard box full of dogshit, dreamt up by people that obviously know way more than this newbie could ever afford to know. Just let's not lose sight of the fact NOTHING in life is Free.

Just remember what you said if it ever comes down to you and/or your wife losing your job, and your about to lose ensuring because you can't afford to pay your bills, food, etc.


~ More peace, love, laughter, & kindness would make the world a MUCH better place

[crunky]

Originally Posted by Panther6834

Just remember what you said if it ever comes down to you and/or your wife losing your job, and your about to lose ensuring because you can't afford to pay your bills, food, etc.


~ More peace, love, laughter, & kindness would make the world a MUCH better place

Bubs, I'm one paycheck away from an ugly situation myself... I'm not above that at all. In fact, I did lose my job when those planes smashed into the buildings in New York. We went through financial hardships. I had to take a consolidation loan, I still owe 50K on my house... who's coming to my rescue ?
Remember, I did say nothing in life was free.

[GA Dawg]

Originally Posted by Panther6834

What if someone ended up in an accident, preventing them from working? Should those people still be required to pay back their student loans? What about all those who graduated in the Spring/Fall of 2019, who either lost their jobs, or couldn't find jobs, in 2020, due to this coronavirus crap? Should they be held responsible?

Better them than me. I didn't take out those loans. Why should I be the one responsible for paying them back?

My wife and I are 44 and on pace to retire comfortably in about 12 years. We have started looking at what we can do to speed that up because we don't want to be saddled with working our asses off to pay higher taxes so that deadbeats don't have to be responsible for their decisions.

[ScaleLifeNewbie]

Originally Posted by MaX-D

I'm sorry you fell on hard times and couldn't finish school, along with not being able to pay your bills. Why should the rest of us have to pay for it though?

Sent from my LM-G710VM using Tapatalk

Exactly.


Sent from my iPad using Tapatalk

[themountain]

Originally Posted by GA Dawg

.... so that deadbeats don't have to be responsible for their decisions.

Jesus...you are one nice fella , are you?
Now people who are not born with a golden spoon in their mouth who want to study are "deadbeats" Thats a stunner .

Originally Posted by ScaleLifeNewbie

Exactly.

You are 14 ...do you think your opinion matters in this case ?

[ScaleLifeNewbie]

Originally Posted by themountain

Jesus...you are one nice fellar , are you? Now people who are not born with a golden spoon in their mouth who want to study are "deadbeats" Thats a stunner .

You are 14 ...do you think your opinion matters in this case ?

Umm my age doesn't matter....

And yes, my opinion DOES matter. Im an American citizen that WILL pay taxes, so yes my opinion does matter.

[themountain]

Originally Posted by Phildirt

I think people inherently look for the evil in things these days though. I blame Facebook lol.
For real though there's a lack of critical thought in general and we tend to go straight to the blaming/shaming. Not just in politics, economics, I see it everywhere anymore.

Well said!

[themountain]

Originally Posted by ScaleLifeNewbie

Umm my age doesn't matter....
And yes, my opinion DOES matter. Im an American citizen that WILL pay taxes, so yes my opinion does matter.

Until you do so STFU then

[ScaleLifeNewbie]

Originally Posted by themountain

Until you do so STFU then

nah, ill keep speaking my mind