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Posted on 12/21/22 at 1:47 pm to fareplay
This situation has me torn, as I have a hefty amount of outstanding loans.
I feel as though I am obligated to repay them. I took them out, it's my responsibility.
On the other hand, to remedy this entire situation, take all the existing government backed loans and set them at 0% plus an administrative servicing yearly fee.
Start payment July 1st. That seems like the best way to resolve this issue.
Government ensures principal is repaid, the politicians can throw a win out at reducing the interest rate and the taxpayer is not out any money.
I feel as though I am obligated to repay them. I took them out, it's my responsibility.
On the other hand, to remedy this entire situation, take all the existing government backed loans and set them at 0% plus an administrative servicing yearly fee.
Start payment July 1st. That seems like the best way to resolve this issue.
Government ensures principal is repaid, the politicians can throw a win out at reducing the interest rate and the taxpayer is not out any money.
This post was edited on 12/21/22 at 1:48 pm
Posted on 12/21/22 at 1:49 pm to DiamondDog
quote:
I feel as though I am obligated to repay them. I took them out, it's my responsibility.
Posts like this crack me up. I'm sure you'd be real up in arms should they pass law that would waive your entire loan balance.Posted on 12/21/22 at 1:50 pm to GentleJackJones
I don't feel that should be done. I'm against waiving any balance to be honest. That's not fair to the taxpayer or those who paid off their loans.
This post was edited on 12/21/22 at 1:52 pm
Posted on 12/21/22 at 2:25 pm to fareplay
I paid my loans off starting 90 days after graduation. frick em I don’t want to hear the sob stories
Posted on 12/21/22 at 2:27 pm to fareplay
I pay what I owe. Screw anyone who doesn't. I hope they never get paid off by the government.
Posted on 12/21/22 at 2:30 pm to DiamondDog
quote:
That's not fair to the taxpayer or those who paid off their loans.
What's not fair to you is how cheap school used to be. My first semester in 1983 was $526 for full-time classes, full meal plan, and a room in North Stadium Dormitory.
$526 in 1983 is about $1,500 today. LINK
LSU estimated in-state costs today are about $12,000 per semester. LINK
Costs for higher ed have outstripped inflation by an order of magnitude. How is that fair to the prospective student today?
Posted on 12/21/22 at 2:32 pm to WildTchoupitoulas
quote:It isn’t, but one unfair situation doesn’t absolve another.
Costs for higher ed have outstripped inflation by an order of magnitude. How is that fair to the prospective student today?
That doesn’t even address the fact that the existence of loans is a heavy driver in regards to tuition price increases.
This post was edited on 12/21/22 at 2:36 pm
Posted on 12/21/22 at 2:55 pm to Scruffy
quote:
It isn’t, but one unfair situation doesn’t absolve another.
Aktually, it kinda does.
Especially because, "...the existence of loans is a heavy driver in regards to tuition price increases." They're forced into it, where I was not.
This post was edited on 12/21/22 at 3:02 pm
Posted on 12/21/22 at 2:58 pm to fareplay
If these kids joined the Navy for 8 years wouldn't the Dept. of Defense pay off their student loans ?
Posted on 12/21/22 at 2:59 pm to SantaFe
quote:
If these kids joined the Navy for 8 years wouldn't the Dept. of Defense pay off their student loans ?
because that's the same as getting a liberal arts degree?
Posted on 12/21/22 at 3:03 pm to fareplay
quote:
I think this is pretty much a necessary decision due to rising rates
I shouldn't have to pay my mortgage loan because I think it's necessary due to rising rates. Do you not realize how stupid this is? People CHOOSE to get loans for VARIOUS reasons. The fact student loans are the reason is and always was for VOTES.
This post was edited on 12/21/22 at 3:03 pm
Posted on 12/21/22 at 3:03 pm to DiamondDog
quote:
On the other hand, to remedy this entire situation, take all the existing government backed loans and set them at 0% plus an administrative servicing yearly fee.
This is what I've been saying for a year. The government could leave the principle and forgive the interest and let holders pay back just the existing principal. Instead we get some arbitrary "loan forgiveness".
Posted on 12/21/22 at 3:08 pm to MrJimBeam
quote:
I shouldn't have to pay my mortgage loan because...
Difference is, people get out of their mortgages all the time. You can't get out of student loans. Why is that?
Posted on 12/21/22 at 3:14 pm to WildTchoupitoulas
quote:
Difference is, people get out of their mortgages all the time. You can't get out of student loans. Why is that?
Only form of debt that can't be discharged in bankruptcy.
Posted on 12/21/22 at 3:16 pm to WildTchoupitoulas
quote:
people get out of their mortgages all the time. You can't get out of student loans. Why is that?
Your home/property can be repossessed, your degree can't.
Posted on 12/21/22 at 3:18 pm to LSUfan4444
quote:
Your home/property can be repossessed, your degree can't.
So Chapter 7 only covers collateralized loans?
Posted on 12/21/22 at 3:23 pm to WildTchoupitoulas
edited..I was typing faster than my brain was processing...Chapter 7 cannot relieve student loans or owed child support judgements. Examples of unsecured where it can be applied is things like medical bills and lawsuit judgements
This post was edited on 12/21/22 at 3:26 pm
Posted on 12/21/22 at 3:55 pm to fareplay
quote:
I would expect this to continue until majority of loans are wiped.
Supremes about to end this BS permanently
A prez has zero authority to wipe out contractual debt between the govt and an individual. All debts taken on by the US govt has to have originated in the House, not the administration
Forgiving these loans adds immediate debt to the treasury, since that money has already been expended, with the expectation of return. Also, loans already forgiven, will be immediately reinstated
I hope you are mentally prepared for that
Posted on 12/21/22 at 4:01 pm to fareplay
quote:
largest loans are taken out by Doctors, Lawyers, Engineers, etc. These jobs do pay well but also force you to live in areas that are more expensive in general.
I dont think these people were getting their loans forgiven anyway. Isnt there a maximum income requirement?
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