I do not mind giving assistance. I DO mind people not paying off their debts that they signed their name to...and then cry that they got taken advantage of. That is 100% BULLCHIT. They made BAD CHOICES. I promise 99.9% of them could NEVER get a non collateralized loan without proof of stable employment for an average rate of 5.7%. But I never went to college, and do not feel that it is my responsibility to pay someone's loan off that made bad choices.
The largest lender in the nation just settled a lawsuit with 39 states and had to forgive $1.7 B in loans that were acquired via shady practices.
Yes, as long as the additional $3 million in salary is guaranteed.
What about the people who worked and sacrificed and have for the last 10 years and have paid their student loans back and now owe more than they did 10 years ago?
You are making the perfect argument for the college experience today is a ripoff and not nearly worth the ridiculous expense and in your word, a GAMBLE. So lots of people are making stupid gambles and the old saying is true: Let the buyer beware. But if we just forgive the loans, there's no more gamble. So what do we do? Do we follow all the people we forgave their loans and determine that if they made 3 mil, they then have to repay the loan back or do they just get a double benefit?
I've already said the loans shouldn't be forgiven
I thought I asked that in "42 and thought you could or would provide some of the answers to the questions I asked.
Did you read the articles I linked to? That gives you insights into the lending procedure and how the loans are being handled.
From Business Insider, why this crisis is so bad. My take is a combination of gov't making loans too easy and consumers taking on way more than they should. This reminds me of the housing bust when loans were made to so many people who had no ability to pay.
www.businessinsider.com
I have a son in law who graduated from UF medical school and instead of paying back his loans over 20 years, will have them finished in 10. And though the Government gave everyone a 2 year pause, he continued to pay as he wants it over. While doing so, he and my daughter drove older vehicles and were conservative financially while friends of theirs were buying new $80 K cars and expensive boats and other toys. I can guarantee you, they would be pissed to see those who have been irresponsible rewarded while they have done the right thing.
And there it is. The people that paid off their loans did the 'right' thing, the ones that are still paying or who didn't pay off as fast as SIL are 'irresponsible' and just bought 'toys' instead of paying off their loans.
I think the point is that this is not a one-size-fits-all issue. There are examples of both people being drowned in debt while legitimately trying to pay off loans and people who just don't care and would be given a windfall. The issue I have is if these were predatory loan practices, the companies should be held responsible if they did anything wrong. Kind of like usury in lending practices.
Shady practices has nothing to do with unfair practices. Face it...people signed their loans. END OF STORY. No one grabbed their hand and forced them. The lender is the one that will have problems with shady practices. That mean people that were arranging the loans are in trouble. They may not be the same party as the actual lender. Anyway, all that is beside the point. I do not owe for anyone's college education. And you CANNOT be a conservative if you think it should be free. In fact, what law would enable the gubment to pay anyway? This would have to be passed by law...not executive order
you sound like a lib here. That is NOT what we are saying. Let me be VERY clear. This IS what we are saying. If yo borrowed money..it is YOUR job to pay the loan back...not mine.
Again, this has ZERO to do with this. Solution...IF YOU borrowed money...YOU pay that money back. VERY simple
Can't use bankruptcy, not sure about being disabled. You may be right.
I haven't seen anywhere that Biden plans on using tax dollars to pay down or payoff student loans, he is just going to wipe them out. The Lenders might scream bloody murder, but as Ghost has pointed out, on a lot of student loans, the amount borrowed has already been paid back and Biden is only cutting into their profits on the loans. YOU, on the other hand, would not paying anything if it were to happen.
And I've said repeatedly in this thread that I don't think the debt should be forgiven. So you aren't listening, which makes you sound like a lib.
True…with typical loans there’s obviously something of value that can be recouped by the lender to offset a loan if it’s not repaid. You can’t really do that when you are loaning money to someone for basically an intangible asset. Unless it needs to change where the parents are putting up their assets but in the cases the parents have none then what?
And BTW, that IS what you are saying! This entire thread has been one long character assassination on anyone that has a student loan balance. Because all of you in the 'well I paid for MY loans!' camp seem to think that:
Did you read the articles I linked to earlier on the Navient lawsuit? One of the elements said that Navient pushes to get more loans accepted because once they hit a certain threshold, they can have 'preferred lender' status with that university. So obviously they have an incentive to get the loan signed regardless of whether or not they think the borrower can pay it back. Apparently, having that status makes it worth signing up a certain number of borrowers that they know can never pay them back.
Brandon does not have the authority to absolve debt. That money went to the schools. There were loan agreements. This I BELIEVE will take a Bill being passed..which will never happen
NOPE....I NEVER said that ANYWHERE...Jesus...did you switch parties? LOL MOST do not pay their loans back. Or a VERY high %. Lastly..YES...you sound like a lib. NO LIB EVER has EVER said a loan must be paid back. They are FREEBIE professionals. But in all seriousness, and I do not know this...I do not think an executive order can accomplish this. So if it takes passing a bill...this is dead anyway. Too many snowflakes are under water in the polls
You make it sound like the interest is no longer part of the debt if the borrower has paid more than the original principal. The interest is every part of the debt per the signed contract. Your mortgage debt is principal plus interest. People pay on debt until the total debt of p&i is fulfilled so I don't buy people are no longer paying on the debt but paying interest on the debt. The p&i are BOTH the debt.
Nope, just adding context. I'll say again, I don't think the loans should be forgiven.
If you don't think loans should be forgiven, what is your main point of disagreement with many who also think loans should not be forgiven?
It really isn't that simple. YES, there are deadbeats. But the cost of education has skyrocketed and the interest on these large loans are not fun to deal with. Not everyone is a bum about it. I'd take dismissal now in a heartbeat. I've paid and paid the best I can, and I doubt I'll ever get it all paid before I die. If they didn't have the interest that's a different scenario where I won't have to include on my headstone, "he still owed student loans."
And what is the quality of college educations these days for the cost. Good value? I think 90% of colleges and universities are nothing but liberal indoctrination petri dishes.
Bingo. I have a hard time calling someone who has paid back 150% of the amount borrowed back over 20 years, and who has 30 years of payments left a 'deadbeat'. And no, @Orangeclad it's not as simple as 'well they signed the contract and they should pay it back!'
And no ghost, you confused me with somebody else. At least get your gd quotes and who said them, correct.
Reported. You can disagree with me all you want, but don't take the Lord's name in vain here.
If I was taking the Lord's name in vain, it would have been completely spelled out in caps, which was neither, so you can make up anything you want. And don't lie to this board and quote me on stuff somebody else said and then can't even own up to it.
Trying to justify it is an even worse look than doing it but you do you. And I didn't lie to the board, I never said that was your quote. If I was quoting you, I would have done this:
This is why I said you need to talk to some friends who have actually gone through this.
I'm sorry you don't understand what are and are not references to our one true God. There are plenty of gods mentioned in the bible, and they are referenced differently from the one true God. But if you don't get the difference, so be it. I won't lose any sleep.
