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re: Student loan debt: Could we be headed toward another economic crisis similar to 08?
Posted on 7/9/18 at 5:10 pm to rowbear1922
Posted on 7/9/18 at 5:10 pm to rowbear1922
quote:
I think the highest is ~6-7% but paying interest is just pissing away money.
At those rates, generally true, but you should be maxing out 401k to the point that the company won’t match.
1
Posted on 7/9/18 at 5:44 pm to TheDrunkenTigah
I do max my 401k+. I just want the loans done so i can save for a house and truck
Posted on 7/9/18 at 6:16 pm to TDcline
First, congrats on not making this La. centered or focused. Second, everything you say is accurate albeit old news. Since it’s individuals that owe and not corporations, I doubt the feds will let every borrower off the hook for the loans. They don’t have the clout individually to get a bail out and they won’t ever be that well organized. But they may get part of the debt forgiven by a politician who wants to buy votes.
So no, this won’t cause the same type of crisis IMO.
So no, this won’t cause the same type of crisis IMO.
Posted on 7/9/18 at 6:31 pm to TDcline
When the federal government took over the student loan system, they committed an egregious disservice to the people. The government should charge ZERO interest for those loans especially since they are absolutely committed even if one declares bankruptcy. These guys in DC are absolute crooks. This is an investment in our country and all loans should be recalculated.
Posted on 7/9/18 at 7:10 pm to Picayuner
This is an investment in our country and all loans should be recalculated.
Why? The borrower agreed to the terms. Why should they be recalculated?
Why? The borrower agreed to the terms. Why should they be recalculated?
Posted on 7/9/18 at 7:21 pm to TDcline
No. It would be a crisis, but not like 2008. Even though student loans are bundled together like home mortgages, the market for student loans is much smaller than the housing market and many are guaranteed by the federal government.
Thus, a student loan bubble could result in increasing the public debt and, thereby, inflation, but it will probably not lead to the collapse of major investment banks.
Thus, a student loan bubble could result in increasing the public debt and, thereby, inflation, but it will probably not lead to the collapse of major investment banks.
Posted on 7/9/18 at 7:30 pm to TxTiger82
Why is no one mentioning the Public Serivce Loan Forgiveness program? Ten years worth of payments while working for a qualifying public service agency and your student loan balance is forgiven
Posted on 7/9/18 at 7:44 pm to FreddieMac
quote:
The federal student loan program is one of the main reasons America is a super wealthy nation.
No it's not. That's because the US had a stranglehold on production after WWII due to not having to rebuild ruins.
It is, however, one of the reasons this country is so far in debt it will never be paid off.
Posted on 7/9/18 at 7:51 pm to EarlyCuyler3
I fricked up big time after leaving school and am paying dearly for that - driving cross country and shoveling 50-60% of my check each week to get rid of it instead of crying for a bailout. That and hoping to nail the Powerball 
Posted on 7/9/18 at 9:21 pm to Horsemeat
Yes
Posted on 7/9/18 at 11:04 pm to TDcline
All I know is that shite better not be wiped out. I’m looking at paying off the 40k I had inside of 4 years, and I certainly exercised some long term restraint in doing so once I got my job.
Those folks need to pay, even it means making payments for the rest of their lives
Those folks need to pay, even it means making payments for the rest of their lives
Posted on 7/10/18 at 9:07 am to Turbeauxdog
Not big enough to affect the economy?!?!?
Student loan debt is the single largest liability on the balance sheet of the US Treasury.
(interestingly the US Treasury does not include the future liabilities of Medicare and social security, which total over $100 trillion together)
Student loan debt is the single largest liability on the balance sheet of the US Treasury.
(interestingly the US Treasury does not include the future liabilities of Medicare and social security, which total over $100 trillion together)
Posted on 7/10/18 at 9:10 am to shotcaller1
Like I said, it won't get bailed out because the people who owe on the loans don't donate enough to the RNC/DNC. It'll only go away when they die.
Posted on 7/10/18 at 9:20 am to Armytiger87
I looked into the Public Service Loan forgiveness. Turns out my student loans are on a 10 year pay off plan. This means at the end of my 120 payments there will be nothing left to forgive.
Sounds about right.
Sounds about right.
Posted on 7/10/18 at 9:26 am to TDcline
Don't borrow money for lousy degrees. Simple as that.
Posted on 7/10/18 at 9:26 am to scottfruget
quote:
I looked into the Public Service Loan forgiveness. Turns out my student loans are on a 10 year pay off plan. This means at the end of my 120 payments there will be nothing left to forgive.
Sounds about right.
You can switch to one of the longer repayment options and still qualify. I don't remember the specifics of the program though.
Posted on 7/10/18 at 10:55 am to scottfruget
You can restructure your payment plan to have a longer payoff then make minimum payments. You just have to make sure that you double check the definition of "qualifying payments" and have all your paper work and ducks in a row at the front.
Posted on 7/10/18 at 11:25 am to Picayuner
quote:
The government should charge ZERO interest for those loans especially since they are absolutely committed even if one declares bankruptcy
Us treasuries are guaranteed by the federal government. What's the rate on those (it's not zero)
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