Student Loan Forgiveness is Set to Expire: This is Going to be Painful for Many!

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cmcartman

Member
Aug 19, 2007
178
30
101
1) far fewer jobs should require college degrees than currently do. Doubly so for master’s degrees.

2) the answer is to publicly fund education and abolish student loans. If someone wants to go to NYU they can pay for it themselves. Otherwise state school will be sufficient.
I generally agree here. I'm not for complete abolishment of student loans. I think students needs some skin in the game. But the cycle of more expensive tuition / bigger loans definitely needs to be changed.

There are too many mostly worthless degrees costing 10's of thousands of dollars. And too much of the idea that you must have a degree or at least a four year degree or you're useless.

Maybe something like an inexpensive 2 year trade / community college type program that is mostly funded by public funds. Four year public programs would be cheaper but not free. If you transferred in from one of the two year programs you're not going to come out of them with 10's of thousands of dollars in debt.

There are too many teens that are told they must follow their dreams and go to college with no idea how expensive it is, and how many of the degrees don't pay off at the end of the day. And that's assuming you even get a degree.
 
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fskimospy

Elite Member
Mar 10, 2006
84,250
48,448
136
I agree that the standing argument she made was very good. Enough that I question the rest of the merits of the case I do agree with. I didn't get a chance to finish reading it until today.
Well that’s a very reasonable reply and I appreciate it!

As I mentioned I share your idea that the policy is bad as it doesn’t do anything to solve the problem BUT as Kagan says fixing bad policies isn’t the job of the courts, that’s the job of the people accountable to the voters. If the voters don’t like it they can elect someone else.
 

Dave_5k

Golden Member
May 23, 2017
1,604
3,121
136
This is not a case about whether you think the policy is a good one or not - this is a case about the proper role of the courts and how they are usurping power from the elected branches of government. If they want to rewrite laws to make them ones they like better they should run for office.
Don't give them ideas... the humble President Chief Justice God-King Roberts will now hear your petition...
 
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fskimospy

Elite Member
Mar 10, 2006
84,250
48,448
136
I generally agree here. I'm not for complete abolishment of student loans. I think students needs some skin in the game. But the cycle of more expensive tuition / bigger loans definitely needs to be changed.

There are too many mostly worthless degrees costing 10's of thousands of dollars. And too much of the idea that you must have a degree or at least a four year degree or you're useless.

Maybe something like an inexpensive 2 year trade / community college type program that is mostly funded by public funds. Four year public programs would be cheaper but not free. If you transferred in from one of the two year programs you're not going to come out of them with 10's of thousands of dollars in debt.

There are too many teens that are told they must follow their dreams and go to college with no idea how expensive it is, and how many of the degrees don't pay off at the end of the day. And that's assuming you even get a degree.
Studies show even ‘worthless’ degrees are generally worth the investment although I think a big reason for that is the gatekeeping function they serve - you have to compete against a smaller group of job seekers for jobs that require a degree - so that’s not exactly a net payoff for society.

Broadly though yes, giving 18 year olds tens or hundreds of thousands in loans is a terrible idea. 18 year olds are idiots, and I include myself at 18 in that. I think publicly funded universities will necessarily be limited to who can be strong enough to get in and if you don’t perform you get the boot.
 

Zorba

Lifer
Oct 22, 1999
14,645
10,054
136
They should have been stopped after the first year. Let's just keep them on pause because all those with student loans have been spending the money elsewhere has been the excuse for the past two years. They're part of the reason, along with the PPP "loans" that inflation has been so high so yes of course stopping them is going to affect that. Let's just keep them on pause indefinitely because Republicans are definitely using this to tank the economy now.
I agree, loans shouldn't have been paused for this long. Really, ideally there shouldn't have been a blanket pause, but easy deferral.
 

Zorba

Lifer
Oct 22, 1999
14,645
10,054
136
Dude, you can spend a little time going to various areas around the country, looking up school supply lists and see how much they fluctuate between different areas, with different requirements.. It isn't rocket science. Low funding, or high funding doesn't really indicate anything if you don't know how the money is being spent. There are many high funded areas that have outrageous supply lists because of how they use that money, with some having fancy brand new schools being built. There are a lot of low funded areas that have schools that are falling apart or need replaced. There is more to the equation than just school supplies that dictates where that money goes in an area.

Why would your company be involve with school supply donations based on the quality of those items? How would they know anything about it, unless your company is part of the public education system? IF that is the case, you are bias, because you have been lead to believe you have to have name brand school supplies. If not, where do you think they got that excuse from? What's funny, is I bought all of my kids supplies at Walmart. Never had an issue with quality as you describe. Hmm.. maybe it's a local problem for you. OF course, I have never seen a #2 pencil cut up a piece of paper like a razer, unless it wasn't sharpened properly, where the wood hit the paper rather than the #2 lead..

Who said anything about community sharing had anything to do with shitty supplies? Parents buy what they can afford.. it has nothing to do with community sharing.. I understand why they do community sharing. But that wasn't a thing when we where in school, because school supply lists were reasonable and affordable for everyone. But really, you are adding stuff that was never said or implied, all to basically argue about quality of supplies.. Which really has nothing to do with my point of all levels of education are out of control.

I am curios, how do you know what other parents can afford, or not afford? It's impossible for you to know anything about their financial situation or what their obligations are, as you have no way of knowing such information unless you are directly involved in their finances.
You like to argue for the sake of arguing, so I'm moving on.
 

VRAMdemon

Diamond Member
Aug 16, 2012
6,504
7,726
136
Yes, the price increases at state teaching universities and community colleges is largely due to the reduction in government funding to them.

So basically the boomers denied the same funding to their kids that they got so that the boomers could cut their own taxes and then turned around and called their kids lazy.

The worst generation in history. For reals.

I was born in 1968, so Genx ... I also remember boomers buying single family homes for 10,000 - 20,000. For example I relocated to FLA last year because our children are going to school there and becoming residents. Now they can live at home and commute to school saving money. The home I bought in FLA for just under 500,000 sold for 65,000 in 1980. Baby boomers now make up 39% of home buyers – the most of any generation – an increase from 29% last year.

 

hal2kilo

Lifer
Feb 24, 2009
23,514
10,392
136
Studies show even ‘worthless’ degrees are generally worth the investment although I think a big reason for that is the gatekeeping function they serve - you have to compete against a smaller group of job seekers for jobs that require a degree - so that’s not exactly a net payoff for society.

Broadly though yes, giving 18 year olds tens or hundreds of thousands in loans is a terrible idea. 18 year olds are idiots, and I include myself at 18 in that. I think publicly funded universities will necessarily be limited to who can be strong enough to get in and if you don’t perform you get the boot.
I look at it a simple way, the HR department head had to have a degree. So why don't you? Last person I know who got a CS degree spread a virus through out his whole office trying to figure out what was going on.
Federal government is also a huge offender of requiring degrees for a lot of jobs that probably don't. Also, as a contractor for the feds, you get this, how do you justify your burden rates when so many of your people are not degreed.
 
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akugami

Diamond Member
Feb 14, 2005
5,710
1,927
136
That law isn't relevant and didn't pass. It was democrats first try and when it failed they went back again with the older law.

Your post is 100% wrong. But let me guess your excuse, you didn't read it. Just like all the other bullshit arguments you propose.
 

cmcartman

Member
Aug 19, 2007
178
30
101
Your post is 100% wrong. But let me guess your excuse, you didn't read it. Just like all the other bullshit arguments you propose.
There wasn't much point in reading it because the first page of your own link shows that HR 6800 passed the House and not the Senate.

It resulted in a different stimulus bill in Dec 2020.

The legislation that was being used to push student loan forgiveness was HR 1412 The Heroes Act of 2003.

I wasn't entirely correct though, they tried passing at least one other specific loan forgiveness bill before going back to the 2003 legislation.
 
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akugami

Diamond Member
Feb 14, 2005
5,710
1,927
136
There wasn't much point in reading it because the first page of your own link shows that HR 6800 passed the House and not the Senate.

It resulted in a different stimulus bill in Dec 2020.

The legislation that was being used to push student loan forgiveness was HR 1412 The Heroes Act of 2003.

I wasn't entirely correct though, they tried passing at least one other specific loan forgiveness bill before going back to the 2003 legislation.

I stand corrected. This bill did not pass the Senate.

Nevertheless, my comment about you citing articles you even read as evidence read still stands. And that's from your own admission.
 

NWRMidnight

Platinum Member
Jun 18, 2001
2,957
2,562
136
You like to argue for the sake of arguing, so I'm moving on.
? you started the argument because you can't fathom that what you experience isn't what everyone experiences, to the point you are acting privilege and stuck up to the point you are claiming you know what other's can and can't afford, as you slam families because they buy their school supplies at Walmart. You also threw shit in there that was never said, meant or implied. So, go look in the mirror as you say that buddy. You are the one who jumped in head first to argue with me about school supplies, all while missing the actual point of my post.
 

GoPackGo

Diamond Member
Oct 10, 2003
6,421
477
126
Congress should pass a law that adjusts the interest rate to 1 percent. Back dates that rate and applies all payments, minus the 1 percent to principal. You don't forgive the loan, but you also don't screw people over either. Also change the law so interest accrues but does not capitalize.
 

akugami

Diamond Member
Feb 14, 2005
5,710
1,927
136
Biden and his staff are looking to pursue student loan relief via the Higher Education Act of 1965.

It still blows my mind that the "think of the children" party wants to lay a big turd on the heads of every child trying to better themselves through education.
 

balloonshark

Diamond Member
Jun 5, 2008
6,347
2,779
136
Anyone get a letter about getting your loans out of default with "fresh start"?

Does it need to be done before Sept. 1st when loans start accruing interest again?

Would signing up for any of these programs hurt any chance of getting loan forgiveness if it ever happens?

I'm on a fixed income with a defaulted loan and by law they can take every penny above $750 a month. That will be my income once again when the pause ends and +25% of my income will go towards paying the debt. This sounds like I could get out of default and lower my payment amount. Any catches I need to know about?
 
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brycejones

Lifer
Oct 18, 2005
26,287
24,339
136
Anyone get a letter about getting your loans out of default with "fresh start"?

Does it need to be done before Sept. 1st when loans start accruing interest again?

Would signing up for any of these programs hurt any chance of getting loan forgiveness if it ever happens?

I'm on a fixed income with a defaulted loan and by law they can take every penny about $750 a month. That will be my income once again when the pause ends and +25% of my income will go towards paying the debt. This sounds like I could get out of default and lower my payment amount. Any catches I need to know about?
You want to sign up for the SAVE program. It’s possible you could qualify for zero dollar payments thet still count toward loan forgiveness after 10-20 years. Best part is interest that isn’t covered by your payment doesn’t accrue and capitalize to the loan.


 

thestrangebrew1

Diamond Member
Dec 7, 2011
3,465
403
126
You want to sign up for the SAVE program. It’s possible you could qualify for zero dollar payments thet still count toward loan forgiveness after 10-20 years. Best part is interest that isn’t covered by your payment doesn’t accrue and capitalize to the loan.


I completed the application process and calculated my payments and it doubled what I'm currently paying?!!!
 

brycejones

Lifer
Oct 18, 2005
26,287
24,339
136
I completed the application process and calculated my payments and it doubled what I'm currently paying?!!!
It’s an income driven plan. Yeah for me personally it increases my payments but moves the payoff date up by 8 years.

Also next July the amount of “disposable” income that is the maximum payment amount drops from 10% to 5%.
 

balloonshark

Diamond Member
Jun 5, 2008
6,347
2,779
136
Dear balloonshark,

Congratulations! The Biden-Harris Administration has forgiven your federal student loan(s) listed below with Nelnet in full.
This debt relief was processed as part of the Biden-Harris Administration’s one-time account adjustment because your student loan(s) have been in repayment of at least 20 or 25 years. An adjustment to your account updated the number of payments that qualify towards income-driven repayment (IDR) forgiveness. This forgiveness is effective as of 12/31/2023.

I received good news in an email today. I had nearly $5500 in loans that were forgiven. Without this help they would have been taking nearly 1/3 of my social security check each month. This is a big deal for someone in my situation. Plus that extra money in my pocket will go towards stimulating the economy.
 

GoPackGo

Diamond Member
Oct 10, 2003
6,421
477
126
I received good news in an email today. I had nearly $5500 in loans that were forgiven. Without this help they would have been taking nearly 1/3 of my social security check each month. This is a big deal for someone in my situation. Plus that extra money in my pocket will go towards stimulating the economy.
Very Nice
 

iRONic

Diamond Member
Jan 28, 2006
6,981
2,274
136
If I received that email from my loan servicer I would say:

It is a great system, and I consider myself lucky to have been born in this time and this place!
 
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