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Message
re: Many student loan borrowers are in for a big, bad surprise in 2025
Posted on 12/10/24 at 9:44 am to OysterPoBoy
Posted on 12/10/24 at 9:44 am to OysterPoBoy
Nearly all (if not all) loans that have been "forgiven by Biden" have come from borrowers completing their PSLF obligations. Can you guess what the PS in PSLF stands for?
2
Posted on 12/10/24 at 9:45 am to OysterPoBoy
quote:
I don't understand outright forging loans even if you think it's a good thing. At least make it conditional with some kind of community service or something positive for the rest of society also.
Most of the people I know who have been forgiven are ones that took non-profit and public sector jobs with intentional lower salaries than the private sector because they were told their loans would be forgiven after 120 payments.
I don’t have any issue with that. That’s how you keep lower wage public sector jobs filled. It’s no different than incentives given to people in private sector jobs. The fact this has been demonized is stupid.
This post was edited on 12/10/24 at 9:46 am
Posted on 12/10/24 at 9:45 am to whoa
quote:
I’ve suggested this for years.
Get this guy to washington. We got a novel idea over here baws!
Posted on 12/10/24 at 9:45 am to bradygolf98
quote:
Maybe if they didn't get student loans to stay in college for 6 years in order to earn a worthless liberal arts degree they wouldn't have to default on their loans.
I agree on the liberal arts degrees, but the largest loans belong to first generation MDs, dentists, and lawyers like me. My parents could not have afforded to to send me to law school which cost around $150K grand AFTER college. That said, I have never defaulted on my loans, but if something happened and I lost a job or became unable to work, the past due debt could pile up fast.
The real issue is the rising cost of higher ed in the US. Society needs people with higher ed profession degrees to function (doctors, lawyers ect), and we don't want only the wealthy to be able to afford those degrees. Otherwise, we would be creating a defacto aristocracy.
Posted on 12/10/24 at 9:46 am to bradygolf98
Killing government-sponsored student loans all together would solve most of the problem.
Tuition would go down
Academic bloat would be eliminated
Less useless degrees
Increases incentive for proliferation of trade schools
Tuition would go down
Academic bloat would be eliminated
Less useless degrees
Increases incentive for proliferation of trade schools
This post was edited on 12/10/24 at 9:47 am
Posted on 12/10/24 at 9:47 am to JohnnyKilroy
quote:
Get this guy to washington. We got a novel idea over here baws!
Posted on 12/10/24 at 9:47 am to JohnnyKilroy
quote:
Nearly all (if not all) loans that have been "forgiven by Biden" have come from borrowers completing their PSLF obligations. Can you guess what the PS in PSLF stands for?
Well then I'm fine with nearly all of these (if not all). If that was the program and these people signed up for it that's ok in my book.
Posted on 12/10/24 at 9:47 am to Major Dutch Schaefer
quote:
Trump will reverse this policy.
Funny, since he has had an issue paying his debts in the past as well.
Posted on 12/10/24 at 9:48 am to bradygolf98
Who is going to do all these collection actions once the Department of Education is abolished?
Posted on 12/10/24 at 9:48 am to bradygolf98
quote:
Maybe if they didn't get student loans to stay in college for 6 years in order to earn a worthless liberal arts degree they wouldn't have to default on their loans.
Lol at you for thinking these are the only people behind on tuition debt.
Posted on 12/10/24 at 9:48 am to JohnnyKilroy
quote:
I’ve suggested this for years. Get this guy to washington. We got a novel idea over here baws!
Is there some kind of program already where I can pick up trash and shave off some of my balance? In addition to PSLF?
Posted on 12/10/24 at 9:49 am to Suntiger
quote:
Who is going to do all these collection actions once the Department of Education is abolished?
87,000 IRS agents will be free.
Posted on 12/10/24 at 9:52 am to bradygolf98
So happy my wife and I kept paying our loans even in the pause.
Posted on 12/10/24 at 9:53 am to bradygolf98
Get the FEDGOV out of the student loan business. That is the reason the cost of college tuition has skyrocketed over the last few decades. The universities don't have to compete in a true marketplace. They can charge whatever they want, secure in the fact the FEDGOV will back every loan for any amount and the colleges will get their money.
In a true marketplace lenders would be leery to give a $100k loan to a marginally successful HS student who wants to attend a $40k a year private liberal arts college no one outside of their alumni have ever heard of to major in gender studies. The default risk on that loan is tremendous.
A loan for that amount wouldn't be given in a true marketplace. That would either force the unnecessary colleges to close or force the schools to lower their tuition in order to compete in the market.
In a true marketplace lenders would be leery to give a $100k loan to a marginally successful HS student who wants to attend a $40k a year private liberal arts college no one outside of their alumni have ever heard of to major in gender studies. The default risk on that loan is tremendous.
A loan for that amount wouldn't be given in a true marketplace. That would either force the unnecessary colleges to close or force the schools to lower their tuition in order to compete in the market.
Posted on 12/10/24 at 9:55 am to whoa
quote:
Is there some kind of program already where I can pick up trash and shave off some of my balance?
It is called a second job and you would use the money from that job to make payments on the loan balance to pay it off faster. People have done it for years.
Posted on 12/10/24 at 9:59 am to TripleBarrelBluff1
damn Early, you've been racking up a ton of posts on this new alter.
Posted on 12/10/24 at 10:01 am to stout
quote:
as part of his last 40 days he is going to forgive more loans in January
Never applies to your average borrower
Posted on 12/10/24 at 10:04 am to bradygolf98
Nursing
Medical school
Architecture
Engineering
Accounting
Dental school
Teacher
Vet school
Any stem related degrees
If not one of those degrees, then student loans should not be in the equation.
Medical school
Architecture
Engineering
Accounting
Dental school
Teacher
Vet school
Any stem related degrees
If not one of those degrees, then student loans should not be in the equation.
Posted on 12/10/24 at 10:06 am to Alt26
quote:
Get the FEDGOV out of the student loan business.
yep, this is a straight up racket, probably abused as much or moreso as the welfare system
Posted on 12/10/24 at 10:07 am to BluegrassBelle
quote:
Most of the people I know who have been forgiven are ones that took non-profit and public sector jobs with intentional lower salaries than the private sector because they were told their loans would be forgiven after 120 payments.
I don’t have any issue with that. That’s how you keep lower wage public sector jobs filled. It’s no different than incentives given to people in private sector jobs. The fact this has been demonized is stupid.
PSLF was so botched during implementation that I found it easier to pay off my loans early (which was during Trump's first term).
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