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Message
re: Today's issue of personal responsibility: student loans
Posted on 7/29/14 at 11:24 am to TK421
Posted on 7/29/14 at 11:24 am to TK421
quote:
I apologize for my comments. That was too personal.
No need for that.
I do not get offended and you are free to have your own opinion about child rearing OR me personally. AND, I certainly understand that you can think I'm an a-hole on one issue without thinking I'm an a-hole in general.
ETA: And, you are free to think I'm an a-hole in general. Didn't want to eliminate that possibility
This post was edited on 7/29/14 at 11:26 am
0
Posted on 7/29/14 at 11:27 am to TK421
quote:
If you aren't willing to help your children succeed because you are too worried about your goals of a beach house in retirement, then don't have kids.
There is also a difference between small loans to fill a gap and 100K to go to nursing school. I probably wouldn't do the latter, but to swear off all co-signing makes you a shitty parent.
i disagree strongly with this sentiment. i said something mean, but edited it because it was unkind.
i live in Texas in the Austin/Waco area. Say my kid wants a degree in education/nursing/business/general non-specialized and says "hey i want to go to Baylor, co-sign my loan for $100k."
i would be remiss as a parent to not direct them to A&M or tU to get a degree that pays the same dividends for the fraction of the cost.
Swearing off co-signing a low ROI doesn't make you a shitty parent, it helps your kids learn responsibility.
ETA: i'm in the same boat as BHP. i worked 40 hours a week and starved through school and my parents didn't pay a penny, or let me live at home. they would not co-sign a loan for me and i love them all the more for it.
This post was edited on 7/29/14 at 11:32 am
Posted on 7/29/14 at 11:30 am to TK421
quote:
Well, this is kind of ridiculous and selfish.
No it isn't. Its sensable.
Why would a responsable parent sign a lifetime obligation so their child can go to college and party for five years.
Posted on 7/29/14 at 11:30 am to 3nOut
quote:
i would be remiss as a parent to not direct them to A&M or tU to get a degree that pays the same dividends for the fraction of the cost
What the frick do you think I said in the post you quoted?
quote:
just wanted to chime in that this is the stupidest post i've seen on this board in a long time
Interesting, since your post completely misinterpreted my post, I would say your's is the stupidest I've ever seen.
Go back to texags.
Posted on 7/29/14 at 11:32 am to Mo Jeaux
quote:
It would be nice if the banks had to fully bear the risks of their lending habits with respect to student loans too.
Most loans are backed up by some tangible asset. Student loans are not. They're different.
Posted on 7/29/14 at 11:33 am to Rickety Cricket
The responsible solution would have been to take out a life insurance policy to cover the debt in case of death..
Posted on 7/29/14 at 11:34 am to TK421
quote:
What the frick do you think I said in the post you quoted?
you said a shitty parent would not co-sign any loan. pretty broad strokes. maybe i misread the first time. i agree about the 100k for nursing school, but i mean if my kids chooses to go to Baylor in that scenario for any reason, i'm not signing anything. tU or A&M? sure. let's talk about it. most likely, it's going to be a reasonable amount.
quote:
Interesting, since your post completely misinterpreted my post, I would say your's is the stupidest I've ever seen.
i recanted and said it was unkind and i apologize. still disagree to the fullest, with the intent.
quote:
Go back to texags.
**** texags.
This post was edited on 7/29/14 at 11:40 am
Posted on 7/29/14 at 11:38 am to TK421
quote:
I have sympathy. Not only did the lose their daughter prematurely, they got caught with a shite load of debt they didn't ever anticipate. To not have sympathy for any parent after the death of their child suggests you may be a sociopath.
There's the rub. Who should bear the burden of that debt?
Posted on 7/29/14 at 11:38 am to mauser
quote:
How much would a simple 100K term life policy for a person in their 20s cost?
Would have been a whole lot less than $200K, that's for sure.
Posted on 7/29/14 at 11:41 am to mtntiger
quote:
Would have been a whole lot less than $200K, that's for sure.
i pay $30 a month for myself at 500k, my wife at 100k, and kids at 10k a piece. and i'm a dipper. so it wouldn't have been bad
Posted on 7/29/14 at 11:43 am to Rickety Cricket
If you, the borrower, die, then your federal student loans will be discharged. If you are a parent PLUS loan borrower, then the loan may be discharged if you die, or if the student on whose behalf you obtained the loan dies.
The loan will be discharged if a family member or other representative provides a certified copy of the death certificate to the school (for a Federal Perkins Loan) or to the loan servicer (for a Direct Loan or FFEL Program loan). For more information, contact your loan servicer.
FWIW
The loan will be discharged if a family member or other representative provides a certified copy of the death certificate to the school (for a Federal Perkins Loan) or to the loan servicer (for a Direct Loan or FFEL Program loan). For more information, contact your loan servicer.
FWIW
Posted on 7/29/14 at 11:44 am to 3nOut
quote:
ou said a shitty parent would not co-sign any loan
No, I didn't.
quote:
but i mean if my kids chooses to go to Baylor in that scenario for any reason
It depends. If their out of pocket costs are similar between Baylor and UT due to increased scholarship and grant opportunities, it can make sense.
Posted on 7/29/14 at 11:45 am to Tigerlaff
quote:
There's the rub. Who should bear the burden of that debt?
They should, but it sucks.
Posted on 7/29/14 at 11:45 am to Rickety Cricket
quote:
Then an exchange that perfectly illustrates the liberal mindset at work. No appeal to personal responsibility will be tolerated. POSTER 1: I don't understand how a parent can co-sign for a loan. I am sorry but I would never. Although I would never recommend my children to go to a private college in the first place. $100,000 for a nursing degree? That is just insane. A two year community college and then two years at the state school would still get you the same degree and a chance for a job. I feel bad for the parents in this case, but I think they were thinking with emotion and not necessarily the best way to get a degree. POSTER 2: Blaming the individual yet again - can you not see the systemic problems at issue here? POSTER 1: Yes I do see a systematic problem. Applying to colleges that are 50K a year is a huge problem. POSTER 2:You're mindfully siding with the banks on this - very appalling to see this type of message on a democratic party message board.
I take it that you have never had student loans or, if so, have never been jerked around by your bank. You are probably in the minority, if so.
I come down in the camp that there is a real need for reform of how our young people are put into debt servitude for a generation in order to get an education that we demand they must have. This is what the "liberal" poster was trying to convey.
Having said that, in this particular instance, it doesn't look like good judgement was used...either in the co-signing or in the paying 10X the amount needed to get an equivalent degree at another schools program.
This post was edited on 7/29/14 at 11:48 am
Posted on 7/29/14 at 11:50 am to Rickety Cricket
quote:
POSTER 2:You're mindfully siding with the banks on this - very appalling to see this type of message on a democratic party message board.
Who the frick do they think Hillary sides with? Who do they think Obama sided with?
Posted on 7/29/14 at 11:51 am to TROLA
caserocket?
There is a guy at another site that uses the same sig pic as you and uses the name caserocket.
There is a guy at another site that uses the same sig pic as you and uses the name caserocket.
This post was edited on 7/29/14 at 11:56 am
Posted on 7/29/14 at 11:53 am to Tigerlaff
quote:
There's the rub. Who should bear the burden of that debt?
there is no rub. the parents are stuck with the debt, this is what co-signing is all about
co-signing a loan is very risky, and why banks often require it
I am just blown away that with a co-signor they had 12% interest.
Posted on 7/29/14 at 11:59 am to Numberwang
quote:
Most loans are backed up by some tangible asset. Student loans are not. They're different.
Hmm. Seems like the prudent thing to do in this scenario is for the lender to recognize that risk and tailor its lending activity accordingly. And yet, the student loan spigot is running full blast.
Posted on 7/29/14 at 12:13 pm to Mo Jeaux
Cut the rate equal to the inflation rate.
Allow you to be able to pull from 401k/retirement without penalty. Get your employer matching contributions to help out.
Allow you to consolidate private and government loans together.
let you write off the interest in a deduction no matter how much you make. Right now if you make more than $75k you dont get to deduct any student loan interest. while you could be making $10 mil a year and write off your mortgage interest.
the problem with the system now is it favors the banks. there is very little flexibility to pay back the loans.
Allow you to be able to pull from 401k/retirement without penalty. Get your employer matching contributions to help out.
Allow you to consolidate private and government loans together.
let you write off the interest in a deduction no matter how much you make. Right now if you make more than $75k you dont get to deduct any student loan interest. while you could be making $10 mil a year and write off your mortgage interest.
the problem with the system now is it favors the banks. there is very little flexibility to pay back the loans.
This post was edited on 7/29/14 at 12:15 pm
Posted on 7/29/14 at 12:13 pm to Hawkeye95
their rate probably got jacked up after the missed payments. in this scenario there should be some protection for the borrower.
This post was edited on 7/29/14 at 12:14 pm
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