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Started By
Message
re: Many student loan borrowers are in for a big, bad surprise in 2025
Posted on 12/10/24 at 2:16 pm to Joshjrn
Posted on 12/10/24 at 2:16 pm to Joshjrn
quote:
My loans will be 100% forgiven, 100% tax free, all under current law. None of this is of any moment to me. My explaining the law, and distinctions within the programs, to people is a purely academic exercise.
Plus it annoys me when people are wrong on the internet
I don't have a problem with people taking advantage of programs in place whether I agree with them or not. PSLF and similar programs are established and legal, like it or not; similar to PPP.
0
Posted on 12/10/24 at 2:17 pm to DakIsNoLB
quote:
It was known at the outset of student loans what the terms were
Buddy the loan lenders have a long history of changing the loan terms and not communicating it to the borrower. Interest rates, payment pauses, when to resume payments, etc that never got communicated to the borrower. The banks are there to make money. This is how they do it.
Posted on 12/10/24 at 2:20 pm to bradygolf98
We need to move to a tracked system in secondary public ed. At 15, students should have to take aptitude tests, then should be placed on a vocational track or a university track based on their results. Forcing kids who can barely read to take university prep course (looking at you, EBR) is a waste of money, and it is extremely discouraging to students. That same student who flunks out because he doesn't want to take Chemistry would probably do amazing and a contribute to society if he is tracked to take vo-tech classes.
Larry Sharpe proposed this when he ran for NY gov. He wanted to set graduation at 10th grade, then allow student funds to pay for prep school, vo-tech, or CC (for students who want a university track, but aren't there academically).
Larry Sharpe proposed this when he ran for NY gov. He wanted to set graduation at 10th grade, then allow student funds to pay for prep school, vo-tech, or CC (for students who want a university track, but aren't there academically).
Posted on 12/10/24 at 2:27 pm to bradygolf98
quote:
worthless liberal arts degree
It is amazing to me that so many people have no idea what a liberal arts degree is. When used in this type of context they generally mean a degree in humanities. Math and science are both potential liberal arts degrees. A liberal arts degree means the education includes a wide range of subject outside the major. For example, someone that majors in chemistry at a liberal arts college will also take classes like history, English, a foreign language, poli sci, economics, fine arts, etc. Someone getting an English degree will take math, science, history, etc.
Posted on 12/10/24 at 2:27 pm to BluegrassBelle
quote:
I attended a private college for my Masters. People in my cohort have been eligible for PSLF because they had federal loans and work in community mental health.
My daughter got her DPT from a private college and has been making her payments faithfully. The hospital she works for is non profit, but the division is being sold off to a for profit. So she made the decision to work for another non profit for 2 more years so her loan is forgiven.
Posted on 12/10/24 at 2:32 pm to LSU1SLU
quote:
You would have had to actually went to college to care.
Classic
Posted on 12/10/24 at 2:45 pm to idontyield
quote:
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.
The state spends over $10 million a year picking up litter. I’d rather volunteer my time to do that & shave off my student loan balance. Seems like a win win.
Posted on 12/10/24 at 3:18 pm to OysterPoBoy
quote:
At least make it conditional with some kind of community service or something positive for the rest of society also.
Oh it is. They are banking on you doing something nice for them come election time.
Posted on 12/10/24 at 3:20 pm to bradygolf98
Basically Biden kicked the can down the road, now Trump will get the heat for it
Posted on 12/10/24 at 4:20 pm to CrystalPreserves
quote:
Buddy the loan lenders have a long history of changing the loan terms and not communicating it to the borrower. Interest rates, payment pauses, when to resume payments, etc that never got communicated to the borrower. The banks are there to make money. This is how they do it.
That's not legal, and there's recourse lenders doing those things. I liked to see instances of it going down that way.
Posted on 12/10/24 at 4:32 pm to CrystalPreserves
If all of the current loans are forgiven.
What happens to every student in college, high school, middle school, are they going to get their loans forgiven in 2035? Nothing has been fixed, the same thing will repeat itself.
What happens to every student in college, high school, middle school, are they going to get their loans forgiven in 2035? Nothing has been fixed, the same thing will repeat itself.
Posted on 12/10/24 at 5:44 pm to TigerintheNO
quote:
If all of the current loans are forgiven.
What happens to every student in college, high school, middle school, are they going to get their loans forgiven in 2035? Nothing has been fixed, the same thing will repeat itself.
Thank you. It has to fundamentally change.
Posted on 12/10/24 at 5:54 pm to Alt26
And make student loans dischargeable in bankruptcy.
Posted on 12/10/24 at 6:05 pm to DakIsNoLB
quote:
If all of the current loans are forgiven. What happens to every student in college, high school, middle school, are they going to get their loans forgiven in 2035? Nothing has been fixed, the same thing will repeat itself. Thank you. It has to fundamentally change.
kind of NILish, not every kid is that good, certainly not good enough to get paid to “go to school”
Posted on 12/10/24 at 6:08 pm to 777Tiger
quote:
kind of NILish, not every kid is that good, certainly not good enough to get paid to “go to school”
They aren't, but he's just highlighting that blanket forgiveness merely takes care of everyone up to this point; in just a few years there's the next crop of borrowers with their hand out if nothing changes.
Posted on 12/10/24 at 6:49 pm to DakIsNoLB
My loans were forgiven this past year. It was supposedly over 50K, but when they did it they showed it as 28K for some reason. The balance is zeroed out, so that's all that mattered to me. The loan(s) were 25 years old (they aged out).
I graduated with a little over 35K in loans. I paid back close to 70K in 25 years. But they showed I still owed about 55K. I was on an income based plan and it barely covered the interest. So it was never supposed to be paid off. I don't feel guilty at all. I don't believe most understand the predatory lending system and they don't care..
I graduated with a little over 35K in loans. I paid back close to 70K in 25 years. But they showed I still owed about 55K. I was on an income based plan and it barely covered the interest. So it was never supposed to be paid off. I don't feel guilty at all. I don't believe most understand the predatory lending system and they don't care..
Posted on 12/10/24 at 7:02 pm to Bard
The real solution is to end student loans entirely, instead of propping up a market of artificial demand, with an artificial supply at infinite prices.
Posted on 12/10/24 at 7:03 pm to Proximo
quote:
I’d rather we pay off student loans than fund Ukraine
How about ….NEITHER
Posted on 12/10/24 at 7:05 pm to brmark70816
quote:
. I don't feel guilty at all. I don't believe most understand the predatory lending system and they don't care..
The real problem is high school students just hear they need a degree, and they get to magically get their dream job with any college major, without looking at the market or typical salaries at graduation.
Return on investment is not a consideration, nor is market conditions.
This post was edited on 12/10/24 at 7:06 pm
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