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re: Biden leaning towards canceling 10K in student loan debt if u earn less than 125K
Posted on 8/24/22 at 6:55 pm to Bonkers119
Posted on 8/24/22 at 6:55 pm to Bonkers119
quote:
I'm pumped, 20% of my current debt is student loans. This will be massive.
Look, I’m happy for you and everyone like you in my age bracket that was sold a false bill of goods regarding the ROI of a college degree.
However; college tuition skyrocketing is a direct result of the government lending money out to these ignorant and misled parties, and backing the loans upon default so there is almost zero risk to the lenders and to the colleges. These lending practices give colleges nigh infinite pricing power as long as they can keep people convinced that going to college is the only path towards a good life. Reinforcing the notion that this money comes risk free and right off the printing press is not going to solve anything with respect to getting tuition under control; it will do the opposite.
Additionally, if it is so immoral and oppressive to saddle 18 year olds with this debt that the government feels compelled to forgive the debt, they shouldn’t be in the business of giving these loans out in the first place.
4
Posted on 8/24/22 at 6:59 pm to GRTiger
quote:
He also plans to lower the minimum payment requirement by half, extended the payment holiday through the rest of the year, and a few other things I can't recall.
I honestly haven't spent much time on this aspect yet, just because it's still currently so amorphous.
Posted on 8/24/22 at 7:01 pm to Joshjrn
quote:
just because it's still currently so amorphous.
You're amorphous.
What's the OT say? Is this bad or good? I really don't care. My girlfriend is going to benefit from it and I paid mine off like a decent borrower.
Posted on 8/24/22 at 7:03 pm to Joshjrn
quote:
On a month to month basis, this isn't going to change people's budgets markedly.
It likely won't change anyone's month to month budget at all. None of the people receiving forgiveness were required to make monthly payments the past 2.5 years.
This post was edited on 8/24/22 at 7:03 pm
Posted on 8/24/22 at 7:03 pm to mikelbr
I think the $10k doesn't matter a whole lot for most people who find their loans to be a "burden". If he makes more meaningful changes to the repayment plans, that could be a very big deal.
Posted on 8/24/22 at 7:04 pm to Ross
Do you even have to have a degree to qualify? Or just be indebted to an institution of higher learning?
Posted on 8/24/22 at 7:05 pm to GRTiger
quote:
He also plans to lower the minimum payment requirement by half
Correct me if I'm wrong, because I only skimmed it all but I think that's just for people on IBR aka people who generally don't make shite.
Posted on 8/24/22 at 7:09 pm to JohnnyKilroy
Looks like I’ll be getting 10k, I’ll take it. I’ve paid 9 years straight up until last year when I paused it. I already paid 50k in interest, seems like setting interests rate to 0 would provide more relief. My rates are 6+
Posted on 8/24/22 at 7:10 pm to JohnnyKilroy
Everything I'm seeing, including directly from Biden, says if you have undergraduate loans, you can cap payments to 5% of your income, as opposed to 10%.
If that's not right, he certainly wants everyone to think it is.
If that's not right, he certainly wants everyone to think it is.
Posted on 8/24/22 at 7:13 pm to mikelbr
quote:
What's the OT say? Is this bad or good?
Every debt gets paid by someone. In this case you'll have middle class people who never went to college paying the debt that others agreed to repay and perhaps make more money than they do
Posted on 8/24/22 at 7:13 pm to JohnnyKilroy
quote:
Correct me if I'm wrong, because I only skimmed it all but I think that's just for people on IBR aka people who generally don't make shite.
Depending on how much you owe, you can make quite a bit and still get a benefit from one of the income based repayment plans, like rePAYE.
With that said, from what I'm seeing, most of the benefits are going to undergraduate loans, so professionals with moderate to high income but very large loan balances likely won't see much relief.
Posted on 8/24/22 at 7:15 pm to fallguy_1978
quote:
Every debt gets paid by someone. In this case you'll have middle class people who never went to college paying the debt that others agreed to repay and perhaps make more money than they do
Every debt is indeed paid by someone else. But I assume you never spent a lot of time thinking about wealthy people taking massive mortgage interest deductions that were "paid for" by the middle class with low mortgage payments and therefore low interest deductions
Posted on 8/24/22 at 7:25 pm to DaBeerz
quote:
seems like setting interests rate to 0 would provide more relief. My rates are 6+
Well shite man we'll get right on that for you. Is there anything else you need?
quote:
I already paid 50k in interest
In 9 years? $150k in loans for yourself?
Posted on 8/24/22 at 7:44 pm to Ross
quote:
However; college tuition skyrocketing is a direct result of the government lending money out to these ignorant and misled parties, and backing the loans upon default so there is almost zero risk to the lenders and to the colleges. These lending practices give colleges nigh infinite pricing power as long as they can keep people convinced that going to college is the only path towards a good life. Reinforcing the notion that this money comes risk free and right off the printing press is not going to solve anything with respect to getting tuition under control; it will do the opposite.
While I agree with this I also hold the universities somewhat responsible as well. With multi million dollar REC centers, administrative bloat and countless other unnecessary expenditures they need to be reigned in as well.
Posted on 8/24/22 at 8:35 pm to thejuiceisloose
If Republicans weren’t a bunch of cowards, they would demand the $300B that this costs come out of university endowments.
Posted on 8/24/22 at 8:38 pm to GRTiger
quote:
In 9 years? $150k in loans for yourself?
Yes, more than 150k, graduate school
This post was edited on 8/24/22 at 8:41 pm
Posted on 8/24/22 at 8:38 pm to Ronaldo Burgundiaz
quote:
If Republicans weren’t a bunch of cowards, they would demand the $300B that this costs come out of university endowments.
What do you believe a university endowment is?
Posted on 8/24/22 at 8:40 pm to RogerTheShrubber
quote:
Eventually the taxpayer WILL pay more in taxes as the deficit is out of control. The more immediate impact is inflation .
Everyone pays more. Nothing is free.
The problem with college cost will be made much worse by forgiving student loans. Subsidies lead to higher prices. Its reinforcing poor behavior, and yes, it adds to both consumer and taxpayer burden
There are no free lunches. It's amazing the number of so-called "conservative" OT Baws can be bought and sold with a government handout. It was the same with the stimulus checks.
The government knows it. That's why they're doing it. And why they're doing it NOW.
What a nation of fricking freeloaders.
Posted on 8/24/22 at 8:44 pm to Ross
quote:
However; college tuition skyrocketing is a direct result of the government lending money out to these ignorant and misled parties, and backing the loans upon default so there is almost zero risk to the lenders and to the colleges.
Colleges need skin in the game, they need to be responsible for letting kids in who will never make it.
Also, starting your own business is the fastest way to prosperity, but it can also suck the life out of you... I will make less working for someone with a degree but I can put in 40.. well I am looking for a 3 day 36 hour week schedule that pays 40 hours... and not have to worry the rest of my time.
Posted on 8/24/22 at 8:45 pm to Grievous Angel
quote:
What a nation of fricking freeloaders.
The United States federal government spends over $20,000 per person every year. Family of four? $80,000 per year.
I have a hard time blaming people who want a small fraction of that directed to them instead of some items on a ledger they don't care about and feel like they get no benefit from.
And I say that as someone who would like to see the power of the federal government shrunk to basically nothing.
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