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Posted on 8/3/23 at 7:05 pm to elprez00
They should allow payments with pretax dollars similar to 401ks and health insurance.
Posted on 8/3/23 at 7:18 pm to Dayman
quote:
They should allow payments with pretax dollars similar to 401ks and health insurance.
Would be nice. I always enjoy reminding the “pay back ur loans hur dur” jackasses that mortgage interest is fully deductible while student loan interest is capped at $2,500 and phased out based on income.
Posted on 8/3/23 at 7:39 pm to Joshjrn
quote:
Would be nice. I always enjoy reminding the “pay back ur loans hur dur” jackasses that mortgage interest is fully deductible while student loan interest is capped at $2,500 and phased out based on income.
On the other hand, you can take the student loan deduction without filing itemized. Very very few people are able to take advantage of the home mortgage deduction since the TCJA.
Posted on 8/3/23 at 7:42 pm to AUVet21
SOFI finna eat.
Posted on 8/3/23 at 8:34 pm to slackster
quote:
On the other hand, you can take the student loan deduction without filing itemized. Very very few people are able to take advantage of the home mortgage deduction since the TCJA.
A fair retort. But that’s a fairly recent shift. Prior to that, even the most middle of middle class homeowners nestled into that deduction.
Posted on 8/4/23 at 7:18 am to JohnnyKilroy
quote:
Nope. My balance due today is the same as it was in March of 2020.
Thats weird because my daughter i thought had federal loans paused for the last 2 years and her's accrued interest and now shows she's owes more than original loan. Will dig a little deeper on this. Glad i clicked this thread.
This post was edited on 8/4/23 at 7:21 am
Posted on 8/4/23 at 7:50 am to Joshjrn
quote:
mortgage interest is fully deductible
Less of a problem now, but 20 years ago it was rather hard to do this. If you have no kids and a home, it had to be a big arse home in order to get a deduction.
Posted on 8/4/23 at 8:29 am to AUVet21
Zero percent is not good but paying 8% when the prime rate is 0% is horrible for the borrower. I would suggest they should charge rates on student loans like SBA loans. 1 to 3% seems reasonable.
Frankly, the student loan system needs to be reformed and focus less on universities. Georgia's hope scholarship or Louisiana TOPS for college but also certified trade schools would be the way to go. We need to focus on skilled labor in America more than university degrees.
Frankly, the student loan system needs to be reformed and focus less on universities. Georgia's hope scholarship or Louisiana TOPS for college but also certified trade schools would be the way to go. We need to focus on skilled labor in America more than university degrees.
This post was edited on 8/4/23 at 8:31 am
Posted on 8/4/23 at 11:30 am to Dayman
quote:
They should allow payments with pretax dollars similar to 401ks and health insurance.
Agree with this.
As far as solving the actual issue like some people have mentioned ITT, a revamp of the core classes you're forced to take is a good start. No one should have to take a physical education class to graduate with an engineering degree or something, even if it is good for you.
Maybe colleges should have to give loans to cover costs over a certain amount. More expensive schools take more risk/burden per student. Encourages them to get costs down closer to what the government will cover to reduce their risk exposure and encourages them to help students graduate and get a good job.
Posted on 8/4/23 at 1:03 pm to FreddieMac
quote:
Frankly, the student loan system needs to be reformed
Obama "reformed" it in 2010. It sure seems like that's working out well.
quote:
Louisiana TOPS
No. I was in college when it was implemented, and correctly predicted that fees would explode, and they did. Shifting the cost burden of 4-5 years of partying from a student/parents that need to consider what job they're going to get after college to a state bureaucracy just increases demand for mostly useless BA/BS degrees.
quote:
We need to focus on skilled labor
Agreed. If only someone had told me doing HVAC/Electrical/Plumbing wasn't about being stuck in an attic for 10 hours a day, it was about owning trucks, I totally would have done that. Or be a State Farm Agent. Those dudes riiiich.
Posted on 8/4/23 at 1:27 pm to AUVet21
Bidenomics
Posted on 8/4/23 at 2:10 pm to Joshjrn
quote:
Would be nice. I always enjoy reminding the “pay back ur loans hur dur” jackasses that mortgage interest is fully deductible while student loan interest is capped at $2,500 and phased out based on income.
I could get behind this idea.
Posted on 8/4/23 at 3:08 pm to FLObserver
quote:
I guess im out of the loop but where did you hear there was going to be no interest rates? Our oldest has already started paying back some of the loans she had out and they are at about 7.9%. Prepare yourself when you stopped paying those loans they were at about 3%. Those rates have gone up on avg about 5%. You will be paying more back in interest that is for sure.
Isn’t the interest accumulating over the time that passed? I would freak out about that.
Posted on 8/4/23 at 5:17 pm to Motownsix
I have no clue what FLObserver is talking about. My fed loans didn’t accrue interest during the pause and the rate is fixed.
Posted on 8/4/23 at 6:04 pm to AUVet21
Not going to happen - far too political and enmeshed and reduced to a find the pea under the walnut shell [which is never found]. These fackers have more ways to play - 'tag you are it' - than I have brain cells.
We satisfied the loans taken out for our children, one was a private, for profit found guilty of predatory practices. Was a class member in Sweet vs Education Department which was settled and knew monies paid were going to be refunded.
Not So fast, the ED had handlers handle the loans which made them private and not direct ED loans. Such horse doo doo. The ED could garnish wages, withhold SS but they weren't deemed direct ED loans. I can promise you the handlers didn't have the authority to tell the IRS or SSA what to do.
I am totally against loan forgiveness, period. Am grateful ours are settled. However, will never, ever trust anything our Branches of government conjure - it ain't about doing the right thing for every day folks.
P.S. wish to fix it, get the government the hell out of the loaning business - incoming cluster
We satisfied the loans taken out for our children, one was a private, for profit found guilty of predatory practices. Was a class member in Sweet vs Education Department which was settled and knew monies paid were going to be refunded.
Not So fast, the ED had handlers handle the loans which made them private and not direct ED loans. Such horse doo doo. The ED could garnish wages, withhold SS but they weren't deemed direct ED loans. I can promise you the handlers didn't have the authority to tell the IRS or SSA what to do.
I am totally against loan forgiveness, period. Am grateful ours are settled. However, will never, ever trust anything our Branches of government conjure - it ain't about doing the right thing for every day folks.
P.S. wish to fix it, get the government the hell out of the loaning business - incoming cluster
This post was edited on 8/4/23 at 6:07 pm
Posted on 8/4/23 at 9:26 pm to elprez00
quote:
It would be the best option for meeting in the middle. College cost is insane.
It's insane because the federal govt backs all these already cheap loans as a nearly unlimited money printer for everyone to go to college.
If you set the interest rate to 0% college cost would only continue to skyrocket because why not borrow as much money as you can at 0%.
Want to see college cost go down? The govt needs to turn off the money printer, not incentivize it to be even more appealing to borrow.
Posted on 8/5/23 at 6:26 am to thunderbird1100
We need tradesmen and women. No one must attend college to earn a living unless it's to study STEM. Colleges have become the scam of the century because of easy loans to undeserving dumbasses.
Posted on 8/5/23 at 8:28 am to AUVet21
So here's my idea.
Tuition, books, and academic fees are tied to a government loan, but only if you go to a state school. You need to get a 2.0 GPA on at least 15 credit hours per semester. If you do that, when your transcript grades post, your loan is forgiven. If you don't do that, then the loan terms kick in within 6 months.
No government loans / spending are allowed for room, board, travel, living expenses, etc. Most importantly, no government loans are allowed for non-state schools.
A similar system should be put in place for those who want to learn a trade.
I think our society would improve if everyone got a government - sponsored ability to learn a trade / skill / get a degree. But in no way should we be paying for students to get "extras".
In other words, we fund higher education similar to the same way we fund K-12 education, with the exception of an accountability system that requires repayment if you screw around.
And before anyone says I'm insane... what I have proposed is basically a more accountable form of TOPS.
Tuition, books, and academic fees are tied to a government loan, but only if you go to a state school. You need to get a 2.0 GPA on at least 15 credit hours per semester. If you do that, when your transcript grades post, your loan is forgiven. If you don't do that, then the loan terms kick in within 6 months.
No government loans / spending are allowed for room, board, travel, living expenses, etc. Most importantly, no government loans are allowed for non-state schools.
A similar system should be put in place for those who want to learn a trade.
I think our society would improve if everyone got a government - sponsored ability to learn a trade / skill / get a degree. But in no way should we be paying for students to get "extras".
In other words, we fund higher education similar to the same way we fund K-12 education, with the exception of an accountability system that requires repayment if you screw around.
And before anyone says I'm insane... what I have proposed is basically a more accountable form of TOPS.
This post was edited on 8/5/23 at 8:32 am
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