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Started By
Message
re: Student Loan payments restarting
Posted on 8/5/23 at 3:20 pm to LSUFanHouston
Posted on 8/5/23 at 3:20 pm to LSUFanHouston
quote:
And before anyone says I'm insane... what I have proposed is basically a more accountable form of TOPS.
Meh, I don't necessarily think it should just be free if you basically graduate. It would likely also cause such high demand for the state schools that admission standards would get so high potentially causing other perceived problems.
My idea:
- interest fixed at 0%
- all repayments are done based on income
- 0 repayments when below a certain income (say <$50k and increases with inflation)
- just need to find the right % for those over the limit for paying back
- upon death the student loan balance is pulled from the estate and whatever is above the total estate amount is forgiven
In this scenario when someone is not making good money they don't have to pay back anything and the balance doesn't grow. If they become successful later in life well they have to pay back that money they borrowed. It doesn't transfer to heirs so it is never an undue burden on their heirs. Could put an exclusion criteria to fund a funeral before estate pays back the student loans.
Ultimately if you are successful then the taxpayers should not be on the hook for paying for the tools you used to make good money. We also should not be crippling people who are just trying to get by (crippling their current life or digging their hole so big that when they get their life together they can't get out). It is hard for me to think a secretary making $50k who pays taxes should be paying for a Doctor to receive his education to start making $400k after residency.
Posted on 8/5/23 at 4:56 pm to bod312
Nm
This post was edited on 8/5/23 at 4:58 pm
Posted on 8/6/23 at 8:58 am to bod312
Or……..
How about you borrow money, you pay it back???
Maybe we need to do a better job of educating students before they take out a loan on what their monthly note will be, what the anticipated salary for their major is, and how that will fit into a monthly budget
Maybe we should cap the amount of money a student can borrow based on major and anticipated salary
How about you borrow money, you pay it back???
Maybe we need to do a better job of educating students before they take out a loan on what their monthly note will be, what the anticipated salary for their major is, and how that will fit into a monthly budget
Maybe we should cap the amount of money a student can borrow based on major and anticipated salary
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