How will you feel if Biden wipes away all or part of student loan debt this Aug or Sept?
- Thread starter Orangeclad
- Start date
I'm okay with it, because it's really stupid to charge interest on these loans. If they'd just give a loan without interest, they'd probably get more people paying it back. Not everyone is wanting something for nothing. Most didn't receive these loans knowing beforehand they'd never pay it back. Otherwise, let the government lose the money. Will it hurt the economy? What doesn't hurt the economy anymore? And how is it hurting the government now as most folks aren't paying now anyway. Interest continues to increase and most folks will never be able to pay it all back anyway. As their debt increases, so does the deterrent to pay. It's all a big joke. Hit reset.
I've paid my fair share of loans off, and I still have loans left to pay. Of course, I'd love it if he cancelled my debt. I'm not bitter about paying the loans I've paid, but I ain't gonna complain if the rest of mine is wiped clean. That money isn't what's breaking America.
How will this play out when we all go to a single, global, paperless currency?
I've paid my fair share of loans off, and I still have loans left to pay. Of course, I'd love it if he cancelled my debt. I'm not bitter about paying the loans I've paid, but I ain't gonna complain if the rest of mine is wiped clean. That money isn't what's breaking America.
How will this play out when we all go to a single, global, paperless currency?
Let the government pay it off? Who the hell is the government? It's the people and their money. The govt has no money. So a lot of taxpayers would get stuck with taxes for something they didn't take out loans for or derive any benefits from.
I think it’s a poor response to people
Over paying woke professor’s indoctrinating them for an education that can’t pay for itself. The salaries being given to professors has risen to insanity proportions these days
Over paying woke professor’s indoctrinating them for an education that can’t pay for itself. The salaries being given to professors has risen to insanity proportions these days
I think it's ****ing stupid. What about all of those people who paid back their loans???WTF? How is that fair?
I'd rather he gave us back the 1.4% inflation and $1.70 a gallon gas that he inherited.
I never said the government will pay it off. They're gonna just let it fade away into the abyss of unpaid debt. It's all irrelevant for what's about to hit the good o' USA anyway. Our world is on a downward spiral and it seems everyone in position to stop it is enticed by the greed of money and deals. I don't know how many years we have left with what one would say a "normal" lifestyle, but if this world hasn't shaken you up yet, then you've got problems. If you are still seeing the world through horizontal, worldly eyes, you'll never see the spiritual battle raging all around you. The 2022 election will NOT change a thing. It may quite possibly stave off the thrust of evil corruption for a short while, but I even doubt that. It's like we are putting up sand bags around our lives to protect us from the hurricane that is about to hit with it's full force.
So make the case for why AOC need not pay back $70,000 in loan debt. She makes $174,000 in salary, drives a Tesla, and takes Florida vacations during the winter. Please explain.
The devil's advocate argument would be, why should the gal who has 25,000 left in student loans, and who has already paid off half the amount, plus another $50,000 in interest, have to paid off the remainder?
The big problem here is that a lot of people still carrying student loan debt now owe more in interest than the principle amount. So they will likely never pay it off. Many of them have already paid off more than the original balance, but when you add in the interest, the principle amount isn't touched. They will be paying off interest on top of interest from now on.
And that's where the credit/loan institutions make their living - interest i.e. debt. If they can keep you in debt, they own you.
The problem to me is that it is arbitrary to pay off student loan debt but not other loan debt. People, for better or worse, entered into an agreement to accept money for specific terms. I would love someone to forgive my housing loan debt, but no one is lining up. Eventually, someone has to pay for it. You cannot simply wash it away as if it never occurred. It is not only on paper, the government will have to tax other people to pay for the services it renders that these debts would pay for assuming they are collected.
People really don't understand the economy. We think we can just keep printing money, give away "free" stuff to people and it doesn't really cost us anything. That is not the way the world works. That is also why we are trillions of dollars in debt with no end in sight. Why should my kids pay more debt and interest on the national debt while someone who majored in african lesbian gender studies gets $150k wiped out?
People really don't understand the economy. We think we can just keep printing money, give away "free" stuff to people and it doesn't really cost us anything. That is not the way the world works. That is also why we are trillions of dollars in debt with no end in sight. Why should my kids pay more debt and interest on the national debt while someone who majored in african lesbian gender studies gets $150k wiped out?
Just another cheap attempt for a sh*t "president" and his destructive administration to buy votes and support. There are far too many freeloaders in this country who will be more than happy to "sell" their vote for a buyoff in some manner.
It's totally predatory lending. And the universities sell it as an investment. Take out $25,000 in loans to get a degree that will allow you to get a $100,000 a year job.
Sounds like a GREAT investment!
What happens if you don't get that $100,000 a year job that the university told you that you would? Loan payment is still due. And uh-oh....instead of being $400 a month, it's $800 a month due to 7% interest. So pay down the balance $100 a month, the other $700 goes to interest.
And BTW, you still don't have a job.
I totally get why the people that paid off their loans want to know why other former students should have their loans forgiven. But I am also sympathetic to the fact that most of the former students carrying student loan debt are doing so cause of high interest rates they weren't expecting, and a salary that's a lot lower than the university told them they could expect from their 'investment'.
7% interest? Is that what school loans are charging nowadays? I think my school loans interest was 2.5-3% back in the day.
In no way do I believe that student loans should be forgiven. There's a reason why bankruptcy laws do not allow discharge in bankruptcy. I do believe however, there should be student loan reform. There should be regulations that no one gets a loan whose path of study has zero ability to ever pay these loans off. In other words, no credit or loan for someone pursuing a degree in underwater basket weaving or Somolian gender studies.
I agree it is predatory lending, but just because someone makes a bad decision does not always mean they have their debt forgiven. If it is the interest rate, then cut it down but do not wipe out the principal. That would be reform I could somewhat agree with. However, wiping out the entire debt would be problematic and entirely inequitable to those who sacrificed to pay back their loans.
Not sure I completely buy the spin that those that paid off their loans are great and industrious people while those that didn't or haven't are simply lazy dummies that made bad life decisions.
Student A takes out a $5,000 loan to get their undergraduate degree. They pay back the $5,000 plus $2,000 interest back over 8 years. Good for them.
Student A takes out a $50,000 loan to get their masters. They have so far paid $20,000 back on the balance, and another $45,000 in interest, for a total of $65,000.
Student A paid back their loan.
Student B has so far paid back over $15,000 more than they borrowed, but still owes a balance of $30,000. By the time they pay the entire amount back, it will take another 25 years and total over $100,000 off a $50,000 loan.
And again, Student B borrowed more money to pay for a better degree that the school told her would pay for itself. It didn't. And the initial interest rate has now tripled, as has the amount of interest to be paid.
I think some of you that have paid off your loans are painting with a pretty wide brush those that haven't, and maybe yourselves as well.
Are you advocating forgiveness of just interest or P&I in total. Also think you meant student B for the 50,000 loan.
I can't. If they don't approve it, I ain't gonna cry. If they approve it I ain't gonna cry either. Yes, that pisses me off, but so does a million other things these politicians from both sides are getting away with.
I agree. I've paid back $$$$ and still owe $$$$. And was it worth it? Not when truck drivers take home more than I do. My overhead kills me. I fit that scenario you just described.
How will I feel???
Robbed, just like everyone else will that has paid their own way.... 😡
Robbed, just like everyone else will that has paid their own way.... 😡
So, if it was false advertising or fraud inducing the student, sue the university who gave you the worthless degree, dont forgive loan debt principle. The government did not force you to go to college, it was a free choice. Just like using credit cards with 22apr rates or buying a home with 100 percent financing back in the day.
It’s BS.
The better alternative would be to get govt out of the student loan business to begin with.
The better alternative would be to get govt out of the student loan business to begin with.
I paid for my kid’s tuition by working overtime plus my wife working full time. i’m generous but not to the point that i want to kick in any of my hard earned money to pay tuition for deadbeats i don’t even know who don’t want to pay their debts.
It is predatory and making the big loans so easy led to the crazy tuition rates we have now. I wonder if some change to allow a few people that have been chained to it for years discharge it in bankruptcy might help. I think only a fully disabled poor person has any chance of being allowed to do that now.
Like I need a refund since I repaid mine on my own.
Yep, I totally feel you.
Notice I never said the student loan debt should be forgiven. At the same time, former students shouldn't have to spend the rest of their lives paying back a student loan.
I have two friends with student loan debt. The first is an OU grad (ironically), and she makes 6 figures a year from her small business. Her student loan debt is mid 5 figures. She's been paying on it for over 20 years. The amount she still owes is DOUBLE what she borrowed.
Tell me she is a dummy that made poor life decisions.
Another friend made the comment "My student loan payment is more than my mortgage'.
I don't think the 'well I paid mine back, why shouldn't you?' crowd truly appreciates how much of student loan debt is actually interest. In many cases, the amount that's been paid back over the life of the loan is actually MORE than the amount initially borrowed, but they will still be paying interest for years.
I don't think all student loan debt should be forgiven. However, if someone has already paid back MORE than they initially borrowed, I think most if not all of their remaining balance should be forgiven. Since it's all interest anyway.
I don't think it's right to saddle someone with decades of paying back interest on a student loan when they have already paid back more than the amount they borrowed.
This is on Obama. Just another effed up liberal idea that turns to s**t.
President Obama’s horrible, terrible legacy on student loans
When he announced his candidacy in 2007, Barack Obama looked like he could be the one to finally stand up to the student lending system. He was one of only two members on the Senate Health, E…
thehill.com
I too back in 2009 believed in Obama until I realized who he was really working for. My youngest cousin is going to be saddled with immense debt once she graduates from UL-Lafayette soon.This is on Obama. Just another effed up liberal idea that turns to s**t.
President Obama’s horrible, terrible legacy on student loans
When he announced his candidacy in 2007, Barack Obama looked like he could be the one to finally stand up to the student lending system. He was one of only two members on the Senate Health, E…
Yeah....Biden is supposed to take the spotlight off of Obama as the worst president ever.This is on Obama. Just another effed up liberal idea that turns to s**t.
President Obama’s horrible, terrible legacy on student loans
When he announced his candidacy in 2007, Barack Obama looked like he could be the one to finally stand up to the student lending system. He was one of only two members on the Senate Health, E…
I am trying to understand the unfairness of these loans, i.e. are there elements that are surprises to the student/family when it's repayment time? Are there elements that are scam like?
Does the student have a complete picture of what the loan amount(s) is and the interest rate. Is it a fixed rate or adjustable rate?
Are a lot of students making poor college choices based on expenses and picking s**t majors that historically are low paying or not high paying?
Does the student bear NO responsibility for the "deal" they made?
Does the student have a complete picture of what the loan amount(s) is and the interest rate. Is it a fixed rate or adjustable rate?
Are a lot of students making poor college choices based on expenses and picking s**t majors that historically are low paying or not high paying?
Does the student bear NO responsibility for the "deal" they made?
100% disagree. Whatever they charged...someone had to sign papers in agreement. You CANNOT forgive debt. Those schools want their money. SOMEONE (American tax payer) will have to pay. That is NOT fair that people who did not go to college, paying off loans for people who went to college. Same goes for the people who borrowed AND paid their loans. Will they get their money back? No.
100% correct. There is ZERO justification for doing this, other than what you wrote here.
Could not disagree more that this is predatory lending. It is lending based on risk. As someone who has pulled and reviewed credit for over 30 years...it is a GREAT rate considering the amount of people who never pay their loans back. This is a loan without collateral, that in most cases are given to people without jobs, and little to no credit. Go try to borrow money with those credentials and get back with me on the rate. (there will not be a loan, because it will not be approved)
