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Started By
Message
REDI act H.R.1554
Posted on 8/6/21 at 10:53 pm
Posted on 8/6/21 at 10:53 pm
lots of folks against anything student loan related because they are anti agender studies PhD loan forgiveness which is understandable. but what we have here is relief specifically for medical/dental folks who will definitely be contributors. seems to have pretty bipartisan support in the house too.
6-7% on ~250k loans is probably about 40-50% of take-home pay for these folks for the duration of their 3+ year residency training. this will help with prepare for overhead to establish new practices, investing/spending in the economy until their salary allows them to more gracefully shoulder that debt/interest burden. smart, targeted loan relief that isn't just forgiveness for chad to party in art college for years for free.
quote:
This bill makes student loan borrowers eligible for interest-free deferment on loans under the William D. Ford Federal Direct Loan Program if the borrowers are serving in medical or dental internships or residency programs.
6-7% on ~250k loans is probably about 40-50% of take-home pay for these folks for the duration of their 3+ year residency training. this will help with prepare for overhead to establish new practices, investing/spending in the economy until their salary allows them to more gracefully shoulder that debt/interest burden. smart, targeted loan relief that isn't just forgiveness for chad to party in art college for years for free.
9
Posted on 8/6/21 at 10:57 pm to AMS
If you can’t afford the loan don’t take it and sign the papers.
Posted on 8/6/21 at 10:58 pm to AMS
Would have been nice to have for my wife's (no pics) 6 figure loans at 6+% that we paid off already.
Posted on 8/6/21 at 11:17 pm to CDawson
quote:
If you can’t afford the loan don’t take it and sign the papers.
your response doesn't make much sense considering the obvious fact that they will still be repaying the loan.
Its not forgiveness, its basically a grace period that offers a more beneficial timeframe.
also its arguably better fiscal policy to collect the repayment while allowing contributors back into the economy sooner and more vigorously vs keeping them sidelined for government interest.
Posted on 8/6/21 at 11:19 pm to Witty_Username
quote:
Witty_Username
Member since Jul 2021
7 posts
quote:
Would have been nice to have for my wife's (no pics) 6 figure loans at 6+% that we paid off already.
figured out the wife lol no pics nuance before posting your 7th post I see. obvious alt is obvious.
Posted on 8/6/21 at 11:23 pm to AMS
I've actually been lurking for about a year, but I picked that up quickly. You baws are vultures.
Posted on 8/7/21 at 12:49 am to Witty_Username
quote:
I've actually been lurking for about a year, but I picked that up quickly. You baws are vultures.
Posted on 8/7/21 at 1:18 am to TerryDawg03
This post was edited on 8/7/21 at 1:20 am
Posted on 8/7/21 at 2:50 am to AMS
So the govt is going to solve the problems caused by the govt guaranteeing loans and the govt demanding they be made available to all kids, by the govt saying they dont need to be paid back. More govt to solve problems caused by govt...that'll work. Full circle.
Govt guarantees loans / removes bankruptcy -> lenders make bad loans with no risk -> govt makes these loans accessible to everyone -> borrows who never should have gotten loans in the first place cant pay them -> govt takes over debt
Furthermore, these loan forgiveness proposals are just about the most racist things you could ever propose. An upword transfer of wealth directly to the rich, white, advantaged, and entitled who are not economically weak. Nurses and medical professionals are ridiculously overpaid already
The implications on debt/lending, destructive perverse incentives, and the behavior of our kids when they reach working age if they forgive student loans if they complete this schizophrenic loop of govt intervention...student debt forgiveness alone could cause irreversible chaos in the economy & society
Govt guarantees loans / removes bankruptcy -> lenders make bad loans with no risk -> govt makes these loans accessible to everyone -> borrows who never should have gotten loans in the first place cant pay them -> govt takes over debt
Furthermore, these loan forgiveness proposals are just about the most racist things you could ever propose. An upword transfer of wealth directly to the rich, white, advantaged, and entitled who are not economically weak. Nurses and medical professionals are ridiculously overpaid already
The implications on debt/lending, destructive perverse incentives, and the behavior of our kids when they reach working age if they forgive student loans if they complete this schizophrenic loop of govt intervention...student debt forgiveness alone could cause irreversible chaos in the economy & society
This post was edited on 8/7/21 at 2:52 am
Posted on 8/7/21 at 3:46 am to IceburgSlim
quote:
Nurses and medical professionals are ridiculously overpaid already
Ermmm...you might want to look at the administrators and higher ups at the hospitals rather than the working grunts on the floors.
I have almost 30 years in medical...my nephew, on his first day out of school in construction management, makes the same salary as I do today.
But no...I do not agree with op.
Posted on 8/7/21 at 5:16 am to AMS
If all it does is defer interest for medical and dental students, then I have no problem with it.
Posted on 8/7/21 at 6:27 am to AMS
So give loan relief to the higher earners of today’s income brackets ? That would make the least possible sense !
Posted on 8/7/21 at 6:37 am to IceburgSlim
If Bob doesn’t go to college and doesn’t charge up 10’s of thousands or maybe 100,000K but gets a job does fairly well ands starts to build a steady but simple life . Gets a car loan then a house loan and starts increasing his income. Pays taxes accordingly and raises a family with no desire to get a flamboyant lifestyle suddenly decides that he chooses not to pay back his loans but wants forgiveness because he’s added to the needs of his community would that be okay ? How would this be any different then a doctor not paying off his loans or wanting forgiveness ?
Posted on 8/7/21 at 6:41 am to DMAN1968
Right out of school with a Const Management degree maybe gets 60k . I have multiple sons with them . After 30 years in medical field even a nurse makes a 100k plus so your take doesn’t compute
Posted on 8/7/21 at 8:05 am to AMS
Defer interest during their residency? It’s not a terrible idea. As long as they’re paying it all back in the end.
But it’s slapping a bandaid on a bullet would. Feds subsidizing higher education has made higher education worth less than it was 2 decades ago.
It’s a degree mill, bloated with administration. Guaranteed nearly unlimited federal funding has to stop.
But it’s slapping a bandaid on a bullet would. Feds subsidizing higher education has made higher education worth less than it was 2 decades ago.
It’s a degree mill, bloated with administration. Guaranteed nearly unlimited federal funding has to stop.
Posted on 8/7/21 at 8:36 am to AMS
Here’s an easier plan. Make the interest a tax credit up to 100% of your tax liability. You can’t have a negative tax rate, but you can wipe out any taxes owed.
Posted on 8/7/21 at 10:10 am to Nosevens
quote:
Right out of school with a Const Management degree maybe gets 60k . I have multiple sons with them . After 30 years in medical field even a nurse makes a 100k plus so your take doesn’t compute
this does not apply to nurses, its for physicians and dentists so your take is entirely a non-sequitur.
fresh out of undergrad your sons will be out-earning a large amount of resident physicians who have gov imposed artificial caps on their incomes during residency. This is while those docs have over 2.5x their debt. your sons will probably pay off their entire debt before doctors can are scratching at their principal.
This post was edited on 8/7/21 at 10:48 am
Posted on 8/7/21 at 10:14 am to IceburgSlim
quote:
So the govt is going to solve the problems caused by the govt guaranteeing loans and the govt demanding they be made available to all kids, by the govt saying they dont need to be paid back. More govt to solve problems caused by govt...that'll work. Full circle.
you fail at reading comprehension.
1) this is specifically for dentists and doctors, who have completed their school and are in residency.
2) the loan is still to be paid back in full.
This post was edited on 8/7/21 at 10:39 am
Posted on 8/7/21 at 10:36 am to fjlee90
quote:
Defer interest during their residency? It’s not a terrible idea. As long as they’re paying it all back in the end.
yup. will still be paid in full.
quote:
But it’s slapping a bandaid on a bullet would. Feds subsidizing higher education has made higher education worth less than it was 2 decades ago.
agreed, but its a solid step considering how wild its gotten. in 2000 the avg medical education debt was like 88k, 2010 was like 1. Today its 250k with 6-7% interest while residents are making maybe 60k before tax. that's an entire residency of only paying down interest if even able to cover that. that's a significant amount of relief for people who pursued valuable degrees that will provide needed services. this is not relief for underwater basketweavers united.
quote:
It’s a degree mill, bloated with administration. Guaranteed nearly unlimited federal funding has to stop.
but residency is not the same. there are essentially a fixed number of residency spots. this is a much different approach than blanket loan forgiveness. But I agree that in general the diploma mill needs to stop.
Posted on 8/7/21 at 11:46 am to AMS
First of all there are no loans on my sons schooling . And bs on a across the board statement that residents and doctors starting out make little or no money and in line with Const Management . Family friend son is about finish up residency in couple weeks and currently over 100k . I know you sad nursing doesn’t factor in this debate but they are part of the medical field and discussion was on the medical field .
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