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Started By
Message
In case you thought Student Loans was a dead issue...
Posted on 2/26/25 at 9:07 pm
Posted on 2/26/25 at 9:07 pm
It still needs major reforms.
They need to reform the interest rates to ensure payback of funds. Examining cutting interest rates. I understand there is a cost of carrying interest rate, but last I checked government was charging close to private rates.
Possibly reduced interest rates for STEM degrees.
Less forgiveness.
Cut PSLF program.
Give three simple repayment options.
Limit furloughs.
I have SL and I'm an advocate for payback. This isn't a hand out thread.
I think returning the principle at this point should be the governments goal.
They need to reform the interest rates to ensure payback of funds. Examining cutting interest rates. I understand there is a cost of carrying interest rate, but last I checked government was charging close to private rates.
Possibly reduced interest rates for STEM degrees.
Less forgiveness.
Cut PSLF program.
Give three simple repayment options.
Limit furloughs.
I have SL and I'm an advocate for payback. This isn't a hand out thread.
I think returning the principle at this point should be the governments goal.
21
Posted on 2/26/25 at 9:11 pm to DiamondDog
The federal government needs to get out of the student loan business. Either the banks or the universities should be responsible for backing student loans, not the taxpayers.
This post was edited on 2/26/25 at 9:29 pm
Posted on 2/26/25 at 9:11 pm to DiamondDog
Make colleges financially responsible for their own student loans.
Posted on 2/26/25 at 9:12 pm to Gifman
Great but thats not the reality we're in. You can reform the practice but there's a ton left on the books to be dealt with.
Posted on 2/26/25 at 9:14 pm to DiamondDog
quote:
Cut PSLF program.
Why?
Posted on 2/26/25 at 9:15 pm to DiamondDog
quote:
Great but thats not the reality we're in. You can reform the practice but there's a ton left on the books to be dealt with.
That’s the reality that will change the future. Forgiveness is a surface solution and shouldn’t be done. The debtors will just have to pay. I paid mine and they can do the same.
Posted on 2/26/25 at 9:16 pm to DiamondDog
quote:
but last I checked government was charging close to private rates.
What is a typical rate?
Posted on 2/26/25 at 9:17 pm to Gifman
quote:
The debtors will just have to pay. I paid mine and they can do the same.
Yeah, OK. Returning principle on millions of defaults should be your goal. Otherwise, you get nothing. Cutting the interest rates should be the step, not forgiveness.
Posted on 2/26/25 at 9:18 pm to thelawnwranglers
Mine is 6.5% and when I looked to refinance private was hanging close to that where it wasn't worth it.
Posted on 2/26/25 at 9:19 pm to LordSaintly
quote:
Why?
It encourages worthless degrees and funnels people to the government bureaucracy.
Posted on 2/26/25 at 9:23 pm to DiamondDog
quote:
Yeah, OK. Returning principle on millions of defaults should be your goal. Otherwise, you get nothing. Cutting the interest rates should be the step, not forgiveness.
How much more will you get eliminating interest? A lot of these people are not gonna pay regardless of an interest rate cut. Valiant effort though.
Posted on 2/26/25 at 9:24 pm to Bourre
quote:
I also think the federal government needs to get out of the student loan business. Either the banks or the universities should be responsible for backing student loans, not the taxpayers.
Yep. When the government subsidizes the loans, it removes risk from the schools since they know they're getting paid. Guarantees demand, which does what to price? It goes up.
Put the risk on the university and they'll stop letting people get $100,000 bachelors degrees with zero ROI.
Posted on 2/26/25 at 9:24 pm to DiamondDog
quote:
They need to reform the interest rates to ensure payback of funds. Examining cutting interest rates.
They signed a contract
Pay your fricking loan off
Posted on 2/26/25 at 9:25 pm to DiamondDog
1. Max loan is $5k per semester. Not enough money? Choose a cheaper school.
2. No Interest Rates like a loan. Amount you owe back is Amount you get +3%.
3. Repayment; Option A: 1% of your paycheck goes to paying the amount you owe. Option B (mandatory if you are paid in cash or non-electronic means): 3% of your loan must be paid off yearly.
4. I’d then take all currently unpaid student loans and place that as the ‘repayment amount’ in Step 2
2. No Interest Rates like a loan. Amount you owe back is Amount you get +3%.
3. Repayment; Option A: 1% of your paycheck goes to paying the amount you owe. Option B (mandatory if you are paid in cash or non-electronic means): 3% of your loan must be paid off yearly.
4. I’d then take all currently unpaid student loans and place that as the ‘repayment amount’ in Step 2
Posted on 2/26/25 at 9:26 pm to Cosmo
quote:Leave Trump out of this. His pronouns are he/him.
They signed a contract
Pay your fricking loan off
Posted on 2/26/25 at 9:27 pm to Cosmo
quote:
They signed a contract Pay your fricking loan off
Congrats, Potter. Keep squeezing that blood from a turnip.
Posted on 2/26/25 at 9:29 pm to Big Scrub TX
quote:
Leave Trump out of this. His pronouns are he/him.
Yikes. Take a lap.
Posted on 2/26/25 at 9:30 pm to DiamondDog
Put it back on bankruptcy. Make the penalties tougher, maybe it takes 10 years instead of 7 to roll off.
If not, one thing they need to do is stop the clock on the interest if you get to a certain point or so. That is what most creditors do, even without bankruptcy. Not student loan companies. Thus if you fall behind......
If not, one thing they need to do is stop the clock on the interest if you get to a certain point or so. That is what most creditors do, even without bankruptcy. Not student loan companies. Thus if you fall behind......
Posted on 2/26/25 at 9:31 pm to prplhze2000
quote:Eh. It's already more punitive than private lending given it's non-dischargeable in bankruptcy
Put it back on bankruptcy. Make the penalties tougher, maybe it takes 10 years instead of 7 to roll off.
If not, one thing they need to do is stop the clock on the interest if you get to a certain point or so. That is what most creditors do, even without bankruptcy. Not student loan companies. Thus if you fall behind......
Posted on 2/26/25 at 9:32 pm to Big Scrub TX
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