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Started By
Message
re: U.S. poised to forgive $108 billion in student debt
Posted on 11/30/16 at 11:16 am to GetCocky11
Posted on 11/30/16 at 11:16 am to GetCocky11
quote:
I like how condescending you are to millennials for what you perceive to be this generation's poor financial skills while at the same time admitting that you were a poor financial decision maker when you were the same age.
Facebook and social media makes it easier for her to generalize and blame a demographic or group. She finally has her shite together so she wants to take a shite on an age group that is trying to get their shite together.
0
Posted on 11/30/16 at 11:16 am to RLDSC FAN
quote:
The report, to be released on Wednesday by the Government Accountability Office, shows the ______ administration’s main strategy for helping ___________ is proving far more costly than previously thought.
Just fill in the fricking blank!
Medicare, medicaid, loan forgiveness, social security, infrastructure builds, etc...
We suck at "estimating".
Posted on 11/30/16 at 11:16 am to Dire Wolf
quote:
-94 is peak millennial, IMO and I am 1990. I think the extreme ends of 82 and 99 is pushing it
This is a stupid and meaningless designation.
Posted on 11/30/16 at 11:18 am to RLDSC FAN
Does this mean they'll give me back the 17k we repaid last year?
Posted on 11/30/16 at 11:18 am to LucasP
quote:
This is a stupid and meaningless designation.
"you see that millinials, I'm on the tail end of my 30's, finally have a career, got out of the partying, shite decisions, and growing up out of my system, and got myself together! Be more like me!" lulz
This post was edited on 11/30/16 at 11:19 am
Posted on 11/30/16 at 11:19 am to LucasP
quote:
This is a stupid and meaningless designation.
By definition "generation" is a general catch all that is fairly meaningless.
My point with "peak millennial" is that people born from 88-94 have no other generation they are close to. Them and any close sibling is going to be considered a millennial.
This post was edited on 11/30/16 at 11:23 am
Posted on 11/30/16 at 11:19 am to RLDSC FAN
It just so happens that my income based repayment is equal to my 10 year to pay off plan. Sucks for me.
Posted on 11/30/16 at 11:19 am to CorporateTiger
gotcha.
haven't had a student loan in decades, but thought there were options similar to this in place.
haven't had a student loan in decades, but thought there were options similar to this in place.
Posted on 11/30/16 at 11:20 am to Dire Wolf
quote:
Now-a-days millennial is just a catch all term for young people, which is retarded
This.
People are getting so lazy.
Posted on 11/30/16 at 11:23 am to hombreman9
quote:and it will cost waayyyyy more than 100 billion. thanks boomers.
Don't loose too much sleep over it. They will spend the rest of their lives bailing out boomer pensions, social security and Medicare. You are winning.
Posted on 11/30/16 at 11:24 am to TbirdSpur2010
the problem is these generational tags are so short now b/c technology changes our interactions/culture so quickly these days
Posted on 11/30/16 at 11:24 am to upgrayedd
quote:
Yeah, because the bloated salaries of professors teaching transgender studies classes are totally worth the investment, right?
I don't think it's a good investment, but another university will gladly take those experienced and qualified professors. These programs are almost always severely underfunded and the professors in the program are paid far less than bigger programs. Singling them out and removing them provides very little in terms of cost relief.
quote:
you think a "market" is legitimate or free when a bunch of government-created debt floods in, massively increasing the supply of capital?
It's just as legitimate as any other major nationwide market. No industry is completely free market in the US. We have far too much regulation for anyone to claim that. Just because the government has created more consumers (which is just in reaction to the ingrained notion that all kids need to go to a 4 year university) doesn't mean they're not pushing each other and fighting over the best professors and researchers.
This post was edited on 11/30/16 at 11:27 am
Posted on 11/30/16 at 11:24 am to AUCE05
Investing in education for Americans?
What is frustrating to me is this mindset is common.
In reality, the government TAKES from one group of people and GIVES to others. They get away with this because bleeding heart liberals say things like "i'm glad the government is investing in education, healthcare, cell phones, foreign aid, etc."
What is frustrating to me is this mindset is common.
In reality, the government TAKES from one group of people and GIVES to others. They get away with this because bleeding heart liberals say things like "i'm glad the government is investing in education, healthcare, cell phones, foreign aid, etc."
Posted on 11/30/16 at 11:25 am to caliegeaux
It's been an option for years and Obama passed a law to open up the availability of one plan to even more borrowers.
I do see a time in the future where they start adjusting it/putting caps on the amount forgiven.
For example: The bill for the first set of Public Service Loan Forgiveness borrowers will come due next year and currently there is no cap. So, someone under PSLF who has 100k in loans and has paid 40k could potentially have 60k forgiven. Once the govt has to forgive those balances and sees how much it will cost them, they'll likely put a cap on how much can be forgiven under each program.
I do see a time in the future where they start adjusting it/putting caps on the amount forgiven.
For example: The bill for the first set of Public Service Loan Forgiveness borrowers will come due next year and currently there is no cap. So, someone under PSLF who has 100k in loans and has paid 40k could potentially have 60k forgiven. Once the govt has to forgive those balances and sees how much it will cost them, they'll likely put a cap on how much can be forgiven under each program.
Posted on 11/30/16 at 11:26 am to SlowFlowPro
quote:
but the government under-estimated the cost of the forgiveness (a shocking result I tell you...SHOCKING) which will cost us more in taxes.
How will this cost more in taxes? Even on one of the cheapest plans, after 20-25 years the principal amount borrowed has been more than paid back. Since its a loan of course, mostly that went to interest and a large principal balance seems to remain. In actuality, if someone had loans for say...40,000, after 25 years they'' have probably paid 50000 or more. So the government isn't actually losing money, they're just not making that much money... well why the hell should they make money off citizens to go to school in the first place. Yet somehow in all of this, the schools charging astronomical tuition leads to government loans that have collected over the amount originally borrowed, by the time they're forgiven, and they're still having budget issues?
[Question to government]: How the hell do you come up short when you've collected more than you originally lent to someone?
[Government Answer]: Idk, but we're going to call this forgiveness so we look innocent.
Posted on 11/30/16 at 11:27 am to oauron
quote:
I don't think it's a good investment, but another university will gladly take those experienced and qualified professors. These programs are almost always severely underfunded and the professors in the program are paid far less than bigger programs. Singling them out and removing them provides very little in terms of cost relief.
So invest in programs that leave students with no hope for a job to recoup the cost that the govt helped them subsidize just so the govt can come back and take care of ALL the cost in the end? Sounds like a winning plan.
This post was edited on 11/30/16 at 11:31 am
Posted on 11/30/16 at 11:28 am to Steadyhands
I went through nine years of post grad school and have one law degree and one masters in a well paying field. 75% of my college degree was paid for and my law degree was completely free -- I still racked up 100k in debt. And the job market is still so shitty that my starting income doesn't match the student loan debt accrued. Something needs to change and the people talking about how forgiveness is bullshite (a) know nothing about basic economics, (b) are clueless about what's going on (likely helped cause the issue), and (c) likely went to school when education cost a tenth of what it does currently.
TLDR: older generations can frick off for creating this mess
TLDR: older generations can frick off for creating this mess
Posted on 11/30/16 at 11:29 am to Steadyhands
quote:
How will this cost more in taxes? Even on one of the cheapest plans, after 20-25 years the principal amount borrowed has been more than paid back. Since its a loan of course, mostly that went to interest and a large principal balance seems to remain. In actuality, if someone had loans for say...40,000, after 25 years they'' have probably paid 50000 or more. So the government isn't actually losing money, they're just not making that much money... well why the hell should they make money off citizens to go to school in the first place. Yet somehow in all of this, the schools charging astronomical tuition leads to government loans that have collected over the amount originally borrowed, by the time they're forgiven, and they're still having budget issues?
[Question to government]: How the hell do you come up short when you've collected more than you originally lent to someone?
[Government Answer]: Idk, but we're going to call this forgiveness so we look innocent.
Because government cost of capital is not zero.
That is a cash short-fall on future government revenue that must be made up elsewhere, i.e. higher taxes on someone else at a future date.
Posted on 11/30/16 at 11:29 am to lsunurse
sweet! I refinanced my wife's Sallie Mae loans about a year ago so I guess we wont benefit from this.
Posted on 11/30/16 at 11:29 am to Steadyhands
quote:
How will this cost more in taxes?
the money the government lent is already spent
where do you think that balance will come from?
quote:
why the hell should they make money off citizens to go to school in the first place.
i don't disagree, but then the alternative is a fully private student loan market and that would offend progressives even more
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