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Student loan forgiveness...
Posted on 8/7/12 at 2:51 pm
Posted on 8/7/12 at 2:51 pm
I found this website and I can not understand why people actually think this is a good idea.
Am I missing something here or is this ridiculous? I have one friend who thinks all his loans should be forgiven. However, it took him 6 years to graduate with a GS degree and used most of his loans on drugs and partying. Why should he be forgiven of his loans?
Is there something about student loan forgiveness that would really help the economy or is this just lazy asses who don't want to face the consequences of their past behavior?
Am I missing something here or is this ridiculous? I have one friend who thinks all his loans should be forgiven. However, it took him 6 years to graduate with a GS degree and used most of his loans on drugs and partying. Why should he be forgiven of his loans?
Is there something about student loan forgiveness that would really help the economy or is this just lazy asses who don't want to face the consequences of their past behavior?
7
Posted on 8/7/12 at 3:07 pm to NELAtigers
I do NOT think it is a good idea. While they are forgiving loans, maybe they can forgive my mortgage loan. Same principle, no?
ETA: I am with you. I have a friend just like you, parties, booze, women. Seven years later, general business degree and debt up to his eyeballs!
ETA: I am with you. I have a friend just like you, parties, booze, women. Seven years later, general business degree and debt up to his eyeballs!
This post was edited on 8/7/12 at 3:13 pm
Posted on 8/7/12 at 3:30 pm to NELAtigers
quote:
just lazy asses who don't want to face the consequences of their past behavior
Bingo.
If they get their loans forgiven, I want my lack of loans repaid as well.
Posted on 8/7/12 at 3:41 pm to NELAtigers
Majors and GPA need to start factoring in to student loan rates IMO.
Posted on 8/7/12 at 4:02 pm to TheHiddenFlask
Many years ago I put myself through college with a little help from my parents without student loans. I paid for the bulk of college myself. More recently I’ve put two children through college without student loans. My wife and I saved in advance for their education and paid for the rest from our hard earned incomes. I’m with Flask. If student loans are forgiven I want some back as well. And, don’t even start on student loans for overpriced trade schools.
Posted on 8/7/12 at 4:10 pm to Slickback
quote:
Majors and GPA need to start factoring in to student loan rates IMO.
Agree. The General Studies degree of mentioned friend put him about 40k in debt. Makes absolutely no sense for an 18 year old to be able and get his/her hands on that kind of money. Bad parenting and guess what, the guy is still an idiot when it comes to money.
The way I understand student loans is once you get one it is given in a lump sum payment to the individual. Has it ever been discussed to have the payments made directly to the universities?
I think this is how the GI Bill works.
Posted on 8/7/12 at 4:14 pm to NELAtigers
quote:
The way I understand student loans is once you get one it is given in a lump sum payment to the individual. Has it ever been discussed to have the payments made directly to the universities?
I think this is how the GI Bill works.
If it's done through the school's financial office, that's exactly what happens.
You get a check for the remainder after all fees are paid for that semester.
I have a lot of student loan debt, but I spent 8 years in undergrad (changed my major twice). I also graduated with an engineering degree, and will have them paid off 5 years after graduating.
Posted on 8/7/12 at 4:23 pm to LNCHBOX
quote:
LNCHBOX
Would you be "for" or "against" student loan forgiveness?
Posted on 8/7/12 at 4:23 pm to NELAtigers
quote:
The way I understand student loans is once you get one it is given in a lump sum payment to the individual. Has it ever been discussed to have the payments made directly to the universities?
I don't really care where the money is sent. I just want people to be responsible for their obligations. I received a few thousand in student loans to finish undergrad and took out loans for my 2 years of grad school. I consolidated and I'm steadily paying them down. I don't think anyone should have a student loan forgiven.
Posted on 8/7/12 at 4:28 pm to NELAtigers
quote:
Would you be "for" or "against" student loan forgiveness?
I'd take it if offered, but the idea is insane. When I took them out I knew exactly what I was getting myself into.
I think the financial aid office should do a much better job explaining the loans to prospective borrowers though. You almost don't need to interact with a person to get the money these days, and not everyone understands what they are signing.
Posted on 8/7/12 at 4:35 pm to LNCHBOX
quote:
I think the parents should do a much better job explaining the loans to prospective borrowers though. You almost don't need to interact with a person to get the money these days, and not everyone understands what they are signing
FIFY
This post was edited on 8/7/12 at 4:36 pm
Posted on 8/7/12 at 4:41 pm to NELAtigers
quote:
FIFY
No you really didn't. Parents should most definitely inform their children about sound financial principles, but what if you had dumb parents? For the ease with which student loans are handed out these days, the financial aid office, which is there to aid the student btw, should take some time to explain the process further. I'm not taking any responsibility away from the borrower, they signed just like I did. But some education, especially from an institution of higher learning, wouldn't hurt.
Posted on 8/7/12 at 4:50 pm to LNCHBOX
quote:
But some education, especially from an institution of higher learning, wouldn't hurt.
I get what you are saying but the information is out there and pretty easy to find. I personally think people do not care to know what the long term affects of the decisions are. They see easy money and want to take it.
I compare people with excessive student loans for irrelevant or low paying degrees to the people who use check cashing places. Their financial IQ is about the same.
Posted on 8/7/12 at 4:57 pm to NELAtigers
quote:
I compare people with excessive student loans for irrelevant or low paying degrees to the people who use check cashing places. Their financial IQ is about the same.
That's a little harsh. Check cashing places are profit hungry scum businesses feeding off people that don't know better IMO. They hide all the details in fine print.
A college financial aid office shouldn't be that way. They should take the time to educate the borrower. It could save everyone a lot of hassle.
Posted on 8/7/12 at 5:08 pm to LNCHBOX
There are so many things wrong with Student Loans
I didn't interact with a soul for any of my student loans ever. All over a computer.
The people this would help the most are doctors and lawyers who have obscene amounts of debt.
I knew that by going to law school it would cost a ton of money, but I am wearing it right now.
But if Barry wants to forgive all of my loans, who in their right mind would say no.
I didn't interact with a soul for any of my student loans ever. All over a computer.
The people this would help the most are doctors and lawyers who have obscene amounts of debt.
I knew that by going to law school it would cost a ton of money, but I am wearing it right now.
But if Barry wants to forgive all of my loans, who in their right mind would say no.
Posted on 8/8/12 at 2:33 am to NELAtigers
I've seen some solid arguments made that the system is set up in a predatory way. Students are taken advantage of and lied to by their university of choice about job prospects after graduation, etc. Student loan system needs to be reformed in a bad way.
I wouldn't wipe student loan debt.. but I would favor students who are paying on student loans getting very hefty tax breaks (while they are paying.. or for X amount of years post graduation). I would not give any benefit/wiping of student debt to those who did not graduate though.
I wouldn't wipe student loan debt.. but I would favor students who are paying on student loans getting very hefty tax breaks (while they are paying.. or for X amount of years post graduation). I would not give any benefit/wiping of student debt to those who did not graduate though.
This post was edited on 8/8/12 at 2:41 am
Posted on 8/8/12 at 2:35 am to LNCHBOX
quote:
I think the financial aid office should do a much better job explaining the loans to prospective borrowers though. You almost don't need to interact with a person to get the money these days, and not everyone understands what they are signing.
You don't need to speak to a person at all. It's all done online and it takes about 10 minutes.
Posted on 8/8/12 at 8:23 am to NELAtigers
Student loans should be done simular to home loans. Have a loan officer evaluate the student and offer %s based on past test scores and chosen major to determine ability to repay.
While you are at it the grant process needs to be redone as well. If a student is 21 and gets 0 aid from their parents then they should be eligible based on their salary alone.
While you are at it the grant process needs to be redone as well. If a student is 21 and gets 0 aid from their parents then they should be eligible based on their salary alone.
Posted on 8/8/12 at 8:34 am to Catman88
quote:
Student loans should be done simular to home loans. Have a loan officer evaluate the student and offer %s based on past test scores and chosen major to determine ability to repay.
While you are at it the grant process needs to be redone as well. If a student is 21 and gets 0 aid from their parents then they should be eligible based on their salary alone.
I'm okay with a lot of this, but I don't know about "selecting majors." The chances of you ever making BIG money in Archaeology or History are limited, but there is still societal benefit to be gained from those majors.
Otherwise, you could only justify funding finance, engineering and medicine. And even then, given the job market for twentysomethings, there's no guarantee that even those majors will be able to pay back immediately.
I'm okay with using test scores and GPAs as a barometer for loans. Maybe you can only qualify for 50% of tuition with low scores.
I think the "elephant in the student loan room" is for-profit colleges, though.
Posted on 8/8/12 at 10:12 am to schlow mo
quote:
But if Barry wants to forgive all of my loans, who in their right mind would say no.
So you want the government to take on even more debt?
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