Student Loans

[kdonnel]

Loans will be forgiven only when it is politically advantageous.

 

[Moliphino]

I totally get that the student loan industry is a scheme. I don’t condone that. Reforming it is the key, not cancelling out student loan debt. My point is that canceling out student loan debt doesn’t hurt those companies at all. They will still get paid and they will continue to practice the same way they are now. It’s not helping anyone down the line. And it really is a slap in the face to all those who paid off their debt (even with how the system has been set up).

No it isn't. I paid my loans off (had about $70k graduating into the recession in '09 when it was incredibly difficult to find a job) and I would be perfectly happy to see others not have to struggle with theirs.

 

[Mackenzie Click-Mickelson]

300k= a lot of school=Maximum amount=advanced degree= no regrets= still sucks paying it

That's just still a lot when speaking from a degree aspect unless other factors were involved (usually interest and loan conditions contribute to it being that high). You usually don't see that unless it's from doctors or lawyers and even that's a lot when discussing those degrees. I'm sorry that's quite the burden

 

[cvjw]

I just wish the payments on student loans would be tied to the graduate's income. A new teacher making $40,000 per year should not have to make the same high payment as a new attorney making $100,000 per year.

Anyone that wants to be a teacher should not go to a college that will run them $100,000 in student debt. You can get a teaching degree anywhere. You know starting out what your teacher salary will be. It is public record.

My local university has an excellent teaching program and the tuition and fees are $2000 per semester. You could work at chick fil a part time and afford that. No need to go out of state or to an expensive in state university.

 

[Sinder]

Some used the word predators, knowing the word means targeted victims, and yet declare it's no excuse when ignorance and vulnerability is precisely the thing sought after by predators. That's tricky, it sounds like some don't think there is any such thing as a victim in financial schemes, so it sort of follows you might feel there is no such thing as criminals, just the crafty and the suckers. Not really how I see things, I can't follow where this thought train goes.
.

When you sign a contract the onus is on you to fo your due diligence on what you are signing.
Of course someone “selling” you something is going to try to get the most they can, try to convince you you need Y and Z instead of just X. That doesn’t absolve anyone from being responsible for agreeing to the terms of that loan.
Your criminal analogy is a strawman argument, unless you are specifically speaking about people who make some sort of an agreement to be robbed.

 

[CaptainAmerica]

I strongly hope this doesn’t happen. Blue collar workers should not be paying off white collar workers’ loans.

Nor should responsible white collar workers be paying off irresponsible white collar workers' loans.

 

[Sinder]

No it isn't. I paid my loans off (had about $70k graduating into the recession in '09 when it was incredibly difficult to find a job) and I would be perfectly happy to see others not have to struggle with theirs.

You are free to write an extra check to the IRS to help them then.

 

[CaptainAmerica]

I just wish the payments on student loans would be tied to the graduate's income.

That's... literally how it works already.

https://studentaid.gov/manage-loans/repayment/plans/income-driven.

 

[Disneychick13]

‘

No it isn't. I paid my loans off (had about $70k graduating into the recession in '09 when it was incredibly difficult to find a job) and I would be perfectly happy to see others not have to struggle with theirs.

That’s awesome that you feel that way. A lot of people don’t. (I shouldn’t have said “all” because obviously that’s not true).

 

[aprilgail]

Ugh, reach out to your lender, update your address & contact information. Just like a responsible adult does for all bills.

Exactly! I can't believe people even use that as an excuse. My daughter is one of those "covid era" college students/graduates (graduated in 2021). Even though payments have been paused she has been making payments the whole time in order to get ahead and cut down on interest. She has also moved three times and still managed to find out where to send her loan payments to! She only has 30,000 in student loans so shouldn't take too long to get those paid down. It is called being an adult! She also managed to purchase a house a couple months ago and is paying that loan too. If you take the loans you should pay them.

 

[wvjules]

I would not benefit from any forgiveness (if the income threshold stays where it is being discussed), but I have no problems if others get their loans forgiven. My taxes pay for all kinds of stuff that I don't necessarily agree with. Taxes are for the greater good, not just things that I want.

But I do agree that we also need to fix the root cause of the problem, this sky high tuitions, the predatory lending practices, high interest rates, etc.

 

[Kestryl]

My taxes pay for a lot of stuff I don’t agree with. I would be happy if it went towards some form of student loan relief (namely forgiven interest).

 

[CaptainAmerica]

But I do agree that we need to fix the root cause of the problem, this sky high tuitions, the predatory lending practices, high interest rates, etc.

Every time you see one of these people with mega balances, it's always from grad school. The maximum federal student loan for an undergraduate is $31,000. Not nothing, but also not the types of loans that make headlines.

I have zero sympathy for graduate students, who are, by definition, college-educated adults, crying about "predatory lending practices." I can maybe see the case that a 17 year old signing up for their first student loan might not have the financial literacy to make an informed decision, but people going into grad school have no excuse for not knowing better.

 

[Sinder]

College loan forgiveness = the greater good
That’s a good one

 

[Moliphino]

You are free to write an extra check to the IRS to help them then.

I'd rather my tax money go to help people with student loans than tax breaks for the rich and bailouts for giant banks and corporations.

 

[CaptainAmerica]

I'd rather my tax money go to help people with student loans than tax breaks for the rich and bailouts for giant banks and corporations.

You understand that a "tax break for the rich" would be the rich people keeping more of their own money, right? Under no circumstances do the rich people get any of your money.

You still might not like it, and that's a fine position to have, but "your tax money going to the rich" is not a thing.

 

[mom2rtk]

Nor should responsible white collar workers be paying off irresponsible white collar workers' loans.

Absolutely! I say that as a parent of 3 kids with school loans. We worked very closely with them to evaluate what they were majoring in, where they were going, and how much debt is reasonable.

 

[Disneychick13]

You understand that a "tax break for the rich" would be the rich people keeping more of their own money, right? Under no circumstances do the rich people get any of your money.

You still might not like it, and that's a fine position to have, but "your tax money going to the rich" is not a thing.

I mean if I could like this 100x I would……

 

[mom2rtk]

I would not benefit from any forgiveness (if the income threshold stays where it is being discussed), but I have no problems if others get their loans forgiven. My taxes pay for all kinds of stuff that I don't necessarily agree with. Taxes are for the greater good, not just things that I want.

But I do agree that we also need to fix the root cause of the problem, this sky high tuitions, the predatory lending practices, high interest rates, etc.

Student loan forgiveness will make the sky high tuition situation worse rather than better.

 

[CaptainAmerica]

Absolutely! I say that as a parent of 3 kids with school loans. We worked very closely with them to evaluate what they were majoring in, where they were going, and how much debt is reasonable.

You didn't send them to Vassar for a double-major in French Literature and Ballroom Dance?