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Started By
Message
re: Govt should incentivize student loan payback by allowing all payments to be deducted.
Posted on 11/16/17 at 6:16 am to 50_Tiger
Posted on 11/16/17 at 6:16 am to 50_Tiger
quote:
Pre-tax payments would be I think a great middle ground to reel in the 1 trillion dollar debt load.
The government is still making money in interest payments. No reason to be double dipped on taxable income as well.
If you think this will reign in the student debt load, you're sadly mistaken.
A move like this only incentivizes more borrowing. If you knew the payback was tax deductible, you'd borrow for more shite you didn't need.
1
Posted on 11/16/17 at 6:25 am to kingbob
quote:
If they stopped, the laws of supply and demand would cause tuition prices to plummet back to reality.
Absolutely! I've made this point for years. However, if you choose to mention this publicly, you'll be called all kinds of nasty names and be accused of wanting to deny "children" their "right" to a college education.
Posted on 11/16/17 at 6:30 am to slackster
That’s short sighted thinking.
You can always set a threshold in the legislation for up to a certain dollar amount.
If you think some 18 year old is going to deduce that because his payments that are 4 years plus down the road are going to be pre tax he will borrow an extra 20k, I have a bridge to nowhere to sell you.
Regardless of how you feel, the 1 trillion dollar albatross will eventually have to be addressed.
You can always set a threshold in the legislation for up to a certain dollar amount.
If you think some 18 year old is going to deduce that because his payments that are 4 years plus down the road are going to be pre tax he will borrow an extra 20k, I have a bridge to nowhere to sell you.
Regardless of how you feel, the 1 trillion dollar albatross will eventually have to be addressed.
Posted on 11/16/17 at 6:31 am to 50_Tiger
quote:
I have a bridge to nowhere to sell you.
Ooooh is it suspension?
Posted on 11/16/17 at 6:44 am to CapperVin
quote:
I love how the same people who complain about any type of student loan reform are the same people who have 3 kids who receive TOPS. Total fricking hypocrites!
Exactly. And students shouldn't be incentivized to pay their loans back, but all of them are probably using the mortgage interest deduction.
Posted on 11/16/17 at 7:02 am to chillygentilly
A mortgage is secured debt and a house is an asset dumbass. Terrible comparison.
Posted on 11/16/17 at 7:12 am to TheOcean
quote:
I still have $120k in student loans. That's insane.
Yeah, and YOU asked for and applied for the loan. YOU signed the promissory note. Nobody but YOU chose to saddle yourself with that debt.
Pay YOUR obligations that YOU asked for that YOU agreed to, snowflake.
Posted on 11/16/17 at 7:12 am to 50_Tiger
quote:
Regardless of how you feel, the 1 trillion dollar albatross will eventually have to be addressed.
The program just needs to stop altogether. Pay back what you borrowed and let the market dictate how new loans will be handled.
Posted on 11/16/17 at 7:13 am to chillygentilly
quote:
Exactly. And students shouldn't be incentivized to pay their loans back, but all of them are probably using the mortgage interest deduction.
Because it exists. I don't think it should be a thing either, but until it's repealed, it would be asinine to ignore it.
This post was edited on 11/16/17 at 7:14 am
Posted on 11/16/17 at 7:14 am to TigerstuckinMS
quote:
Pay YOUR obligations that YOU asked for that YOU agreed to, snowflake.
He didn't say he wasn't dude.
Posted on 11/16/17 at 7:14 am to Azazello
quote:
Schools jacked up tuition prices to take advantage of the influx of cash and built new buildings, created thousands of new administrative jobs i.e. diversity coordinators.
ya, really edu took advantage of insane govt policy
both should bailout these students (to some degree); i think anything over ~$50k should be dischargeable
the govt has bailed out other industry for far less egregious errors.
Posted on 11/16/17 at 7:16 am to TH03
People with the holier than thou stance on this subject fail to see how this will eventually impact them in some fashion.
Posted on 11/16/17 at 7:16 am to TH03
quote:
He didn't say he wasn't dude.
I wasn't necessarily replying directly and only to him. That post was just the one I picked to reply to.
Posted on 11/16/17 at 7:20 am to TheOcean
quote:
We've been thrust into a shite system that we had no control over and now we are being fricked so that we can subsidize an older generation that did a shite job of saving and planning for the future.
free spirited baby boomers who were promised by Reagan that trickle down would work, only to be left poor and broke into older age. just lol
these same idiots are "conservative" now to cope with the fact they were duped.
This post was edited on 11/16/17 at 7:21 am
Posted on 11/16/17 at 7:26 am to rocket31
quote:
both should bailout these students (to some degree); i think anything over ~$50k should be dischargeable
the govt has bailed out other industry for far less egregious errors.
Auto bailout was $80B and about $66B was paid back. TARP was paid back in full and then some, although it was still a loss in real dollar terms.
Discharging debt above $50k is 100% a loss. It would likely be the biggest bailout/loss in US history, all over debt that is far below market rates.
Posted on 11/16/17 at 7:27 am to slackster
quote:
Discharging debt above $50k is 100% a loss
So you are trying to tell me that the Government hasn't been collecting interest payments on that money?
Posted on 11/16/17 at 7:28 am to rocket31
20yrs ago I was given far more student loan money than I needed to pay my tuition.
Know what I did with the extra? Spent it like a dumbass.
Know what else I did? Paid it all back as fast as I could when I graduated without complaint because that is what a god damn adult does.
Know what I did with the extra? Spent it like a dumbass.
Know what else I did? Paid it all back as fast as I could when I graduated without complaint because that is what a god damn adult does.
This post was edited on 11/16/17 at 7:31 am
Posted on 11/16/17 at 7:31 am to 50_Tiger
quote:
So you are trying to tell me that the Government hasn't been collecting interest payments on that money?
Sure, at absurdly low interest rates. If you write off the debt above $50k, you'll never get it back. This isn't a bailout designed to stabilize an industry and then get repaid. You're asking for it to be forgiven completely.
Posted on 11/16/17 at 7:31 am to Upperaltiger06
Suck it up buttercup. If I can pay off my student loan, you can as well.
Posted on 11/16/17 at 7:31 am to SG_Geaux
quote:
20yrs ago
Tuition was probably 1/3 of what it is today.
Stop trying to compare.
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