- My Forums
- Tiger Rant
- LSU Score Board
- LSU Recruiting
- SEC Rant
- SEC Score Board
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Cancel student debt for nearly everyone?
Posted on 1/15/20 at 10:09 am to Papplesbeast
Posted on 1/15/20 at 10:09 am to Papplesbeast
quote:
Yeah, those tax changes actually increased my tax bill over what they would have otherwise been. I know I'm a rare case, but capping SALT deductions fricked us in the arse. I'm not happy about it,
True, but the federal government has no business subsidizing your states’s high taxes.
1
Posted on 1/15/20 at 10:13 am to Pelican fan99
quote:
WTF
I graduated law school with roughly $100k in debt. Because it was grad school, the interest rates on those loans vary, but average to about 7.5%. To pay that off in ten years, I would need to make payments of almost $1,200/mo. I would have paid a total of $142,442.
A payment plan over 15 years would cost $927/mo and run a total of $166,861.
A payment plan over 20 years would cost $805/mo and run a total of $193,341.
In the alternative, I can pay the minimum allowed by federal law (still roughly the monthly note on a nice used car) and after twenty years, once you combine what I've paid with the taxes due on the forgiven balance, I would end up having paid roughly exactly the original balance of my loan and saved tens of thousands of dollars, not to mention a tremendous amount of financial strain.
In short, even without the more exotic forms of loan forgiveness, straining to "pay off" high balance student loans makes basically zero financial sense. And that's with a measly $100k in debt. I know doctors with several times that.
Posted on 1/15/20 at 10:18 am to Joshjrn
quote:That was dumb.
I graduated law school with roughly $100k in debt
quote:Even dumber.
Because it was grad school, the interest rates on those loans vary, but average to about 7.5%.
quote:Taking those loans made zero financial sense.
In short, even without the more exotic forms of loan forgiveness, straining to "pay off" high balance student loans makes basically zero financial sense
quote:Can't afford the note, but describe the loan balance as measly. In what kind of alternate reality do you think student loans reside?
measly $100k in debt.
Posted on 1/15/20 at 10:21 am to PearlJam
quote:
Can't afford the note, but describe the loan balance as measly. In what kind of alternate reality do you think student loans reside?
The alternate universe in which they can't be discharged in bankruptcy, aren't collectible as a debt if the borrower dies, can be discharged as taxable income after 240 on time payments, can be discharged as non-taxed income after 120 on time payments depending on employment status, etc, etc, etc.
Again, none of the proposed plans matter to me, as they are highly unlikely to affect me, for a host of reasons.
Posted on 1/15/20 at 10:21 am to Joshjrn
I see you are rolling on that IDR Plan too. Law School loans are for the birds.
Posted on 1/15/20 at 10:40 am to MikeBRLA
quote:
True, but the federal government has no business subsidizing your states’s high taxes.
Missouri's state taxes aren't that high. They aren't low either. They are average (mediocre, typical Missouri), but whatever. State tax rates are only part of the equation. There's also the federal benefits side of the equation.
Historically, Missouri has been a state roughly at parity when it comes to federal taxes paid vs federal benefits received. Again, mediocre...typical Missouri. But Missouri has been becoming more of a taker since Trump's tax bill was passed. We've gone from being ranked around 30-35 (with 1 being the biggest taker) to being ranked 15-20. And why not? If the federal government isn't going to give us, as a state, any credit for managing our own affairs then frick it. Let's lower state taxes and take all of the federal money we can get. Let other states pay for our stuff. It's the American way.
This post was edited on 1/15/20 at 10:42 am
Posted on 1/15/20 at 10:46 am to Papplesbeast
(no message)
This post was edited on 1/20/20 at 12:38 pm
Posted on 1/15/20 at 10:48 am to Joshjrn
wonder why more ppl don't do your plan dude. seem pretty smart ngl
Posted on 1/15/20 at 10:51 am to fallguy_1978
quote:
What's she going to do, confiscate it?
Posted on 1/15/20 at 10:52 am to lsu xman
they should just be honest about lying and say if shr gets elected no one will ever have to pay their credit card bills again, all debt of any kind will be forgiven forever
i mean if you are going to lie just go all out and make it something all the iwants will cheer for and not just students
i mean if you are going to lie just go all out and make it something all the iwants will cheer for and not just students
Posted on 1/15/20 at 10:56 am to cahoots
quote:
I'm always curious about the way that stuff is calculated. I mean, if the fed gov opens some sort of military base or major regional office, that's tons of federal dollars. However, it's a necessary function that employs people and serves the interests of the whole country, in theory.
Then there's just federal dollars for housing or roads or what have you. That's a whole different animal.
So basically, dollars in vs. dollars out is going to be skewed by how the dollars are being spent.
I disagree that we need more military bases and regional offices. I don't think they provide a necessary function. We need some military bases, of course, but beyond a certain number (a number that's debatable) additional bases provide no benefit. The US has about 800 military bases in total with some of those being outside the US, but the vast majority are domestic. How many more do we need before we "have enough"?
Rural states get a disproportionate amount of federal money for roads. We could have a healthy debate over whether or not a state like Montana should be more responsible for its federal highways than it currently is. But the undeniable truth is that people in Montana benefit from the federal government spending lots of money to maintain the federal highways that cross their state. Without those highways they would be mostly isolated from the rest of the country. Those highways are a huge economic benefit that the rest of the country subsidizes and Montana residents get to pay lower state taxes because of that.
This post was edited on 1/15/20 at 10:58 am
Posted on 1/15/20 at 11:04 am to Mr Perfect
quote:
wonder why more ppl don't do your plan dude. seem pretty smart ngl
Honestly? Because the average person is a financial moron. They see the massive number on their first bill (the aforementioned $1,200 for me) because the ten year payment plan is the default, freak out, and go hide in a hole hoping it will all just disappear. I know people who made peanuts for years in public interest jobs who simply never made any payments instead of applying for IDR and having a monthly bill of about $100, working said job for the decade required to get full tax-free forgiveness, yet are stuck with their loans because they didn't make the "120 on time payments" required.
Last I heard, there is a huge lawsuit somewhere or another, alleging that the loan servicers owed a duty to their borrowers to advertise income driven repayment and forgiveness options, and because they didn't, they owe their borrowers damages. Now, I think said lawsuit is silly, but I cite it as an example of just how many people frick/have fricked themselves over because they didn't understand the rules to the game they were playing.
This post was edited on 1/15/20 at 11:07 am
Posted on 1/15/20 at 11:14 am to lsu xman
I don't think she can even do this.
She just wants votes from irresponsible young people with Liberal Art's degrees.
I have a Liberal Arts degree (History) so I can say this
At least I never took out loans for it. I did take out loans for my MBA but I am well on my way to paying that back.
She just wants votes from irresponsible young people with Liberal Art's degrees.
I have a Liberal Arts degree (History) so I can say this
At least I never took out loans for it. I did take out loans for my MBA but I am well on my way to paying that back.
Posted on 1/15/20 at 11:19 am to Smeg
quote:
To forgive these loans is basically spitting in the face of those who sacrificed to pay them off. It's essentially saying "you're a sucker for working those extra hours and not buying that newer car you wanted. You could have fricked off and you'd be in same place, financially, right now."
So freaking what. I have paid off my loans, but Im not a selfish prick like a lot of people on here. If this will help others then so be it.
Posted on 1/15/20 at 11:22 am to TheCaterpillar
quote:
don't think she can even do this
you thought wrong then dude
Posted on 1/15/20 at 11:25 am to dj30
funny thing is. rich business owners want st loans forgiven bc it put more $$$ back into economy
that why i know everyone who argue against it poor as hell
that why i know everyone who argue against it poor as hell
This post was edited on 1/15/20 at 11:25 am
Posted on 1/15/20 at 11:32 am to Mr Perfect
quote:
funny thing is. rich business owners want st loans forgiven bc it put more $$$ back into economy
Temporarily, but ultimately no it does not. Taxes will increase and you’ll end up just shifting around where the money that is being removed from the economy is coming from. And as a bonus, because you chose the bandaid solution of student loan forgiveness without actually solving the problems of what caused it to escalate, you’ve only provided an avenue for tuition to continue increasing unchecked, which in essence puts us in a worse spot than we already are in.
I view student loan forgiveness as short sighted pandering that temporarily solves a small problem while avoiding talking about and crafting solutions the big one, that the ROI of a college education is plummeting.
This post was edited on 1/15/20 at 11:34 am
Posted on 1/15/20 at 11:32 am to Papplesbeast
quote:
Yeah, those tax changes actually increased my tax bill over what they would have otherwise been. I know I'm a rare case, but capping SALT deductions fricked us in the arse. I'm not happy about it, but I'm glad pretty much everyone else got a tax cut.
That is your state governments fault for taxing the shite out of you.
Posted on 1/15/20 at 11:40 am to dj30
quote:
So freaking what. I have paid off my loans, but Im not a selfish prick like a lot of people on here. If this will help others then so be it.
wanting other people to pay for your stuff /= selfish
not wanting to pay for other people's stuff = selfish
This post was edited on 1/15/20 at 11:41 am
Posted on 1/15/20 at 11:43 am to 3nOut
quote:
not wanting to pay for other people's stuff = selfish
how you paying for it? oh that's right. you aint
Page 8 of 13
Popular
Back to top
Follow TigerDroppings for LSU Football News