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Started By
Message
re: U.S. poised to forgive $108 billion in student debt
Posted on 11/30/16 at 11:31 am to oauron
Posted on 11/30/16 at 11:31 am to oauron
quote:
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.
No market is completely free, but do you think it's just coincidence the two largest industries with heavy government distortion of risk (education and healthcare) are the two in which we have the most problems containing costs? This isn't rocket science.
0
Posted on 11/30/16 at 11:32 am to TheOcean
quote:
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.
i could have gone to much more prestigious (and costly) universities and chose not to for budget reasons. i did have to take out loans to finish out my first shot at education (via the law degree). if i had known i'd get a hail mary down the road, i would have a much, much more impressive resume
why do you want to frick me for making the smart decisions?
Posted on 11/30/16 at 11:32 am to rondo
Isn't Sallie Mae, private?
These are federal loans
These are federal loans
Posted on 11/30/16 at 11:33 am to rocket31
quote:
Isn't Sallie Mae, private?
These are federal loans
pretty sure they're federal loans in a quasi public/private distribution (via Sallie Mae)
kind of like how the Federal Reserve is "private"
This post was edited on 11/30/16 at 11:34 am
Posted on 11/30/16 at 11:33 am to rocket31
quote:
Isn't Sallie Mae, private?
These are federal loans
IDK...I recall them being government backed though.
Posted on 11/30/16 at 11:35 am to SlowFlowPro
It will be a very depressing day when higher education comes crashing down.
Posted on 11/30/16 at 11:35 am to rondo
Sallie Mae is a private business that handles and services federally backed loans.
Posted on 11/30/16 at 11:36 am to TheOcean
quote:
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 bull shite (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.
Forgiveness is bullshite.
I know a lot about economics and finance - likely as much or more than you do. I currently also have six figures in debt, and just graduated from grad school.
The moral hazard alone would poison our political economy.
Posted on 11/30/16 at 11:36 am to CorporateTiger
yeah...my understanding was it was a federal loan.
They sent us shite all the time about eliminating the balance if we maintained good standing and my wife kept her government job for 10 years
They sent us shite all the time about eliminating the balance if we maintained good standing and my wife kept her government job for 10 years
Posted on 11/30/16 at 11:36 am to SlowFlowPro
quote:
why do you want to frick me for making the smart decisions
Sucks
Just as it sucks being a healthy young person who takes care of themselves
Posted on 11/30/16 at 11:37 am to Steadyhands
Tell you what, if this comes to fruition I'll be thankful.
Didn't have any financial help from my single mom through college. So I had to work for minimum wage during school. $7.25 hour barely pays for me to eat, much less insurance, rent, utilities, etc... I wasn't a bigger party guy. Was drinking Natty Light in college.
Accrued ~80k for my master's in Geology. So now I'm sitting here, only allowed to work 30 hrs a week thanks to Obamacare at 10 bucks an hour. Just started making payments.
A debt forgiveness will allow me and my wife to have kids sooner and start putting back into the economy once oil comes back. Otherwise, I'll be paying back for 10-12 years, hopefully less.
Looking back I wouldn't have gone to college, nothing but a scam these days with a million degrees all for prime dollar.
Didn't have any financial help from my single mom through college. So I had to work for minimum wage during school. $7.25 hour barely pays for me to eat, much less insurance, rent, utilities, etc... I wasn't a bigger party guy. Was drinking Natty Light in college.
Accrued ~80k for my master's in Geology. So now I'm sitting here, only allowed to work 30 hrs a week thanks to Obamacare at 10 bucks an hour. Just started making payments.
A debt forgiveness will allow me and my wife to have kids sooner and start putting back into the economy once oil comes back. Otherwise, I'll be paying back for 10-12 years, hopefully less.
Looking back I wouldn't have gone to college, nothing but a scam these days with a million degrees all for prime dollar.
Posted on 11/30/16 at 11:38 am to Y.A. Tittle
quote:
Are there provisions for retroactive forgiveness?
No shite. I want my money back!
Posted on 11/30/16 at 11:38 am to rocket31
quote:
Just as it sucks being a healthy young person who takes care of themselves
i ask the same question in that realm, too
Posted on 11/30/16 at 11:39 am to rocket31
They're both a federal loan servicer (Sallie Mae) and a private lender (Navient).
Posted on 11/30/16 at 11:39 am to AbuTheMonkey
Forgiveness is such a difficult concept to sell, but the federal government allowed universities to turn students into a risk free revenue stream. Unless they fix that soon (and it doesn't look like they will), the amount of future voters that will back forgiveness is only going to increase.
This post was edited on 11/30/16 at 11:42 am
Posted on 11/30/16 at 11:40 am to tigerpimpbot
Are you working a low wage public service job?
Posted on 11/30/16 at 11:40 am to CorporateTiger
quote:
Forgiveness is such a difficult concept to sell, but the federal government allowed universities to turn students into a risk free revenue stream. Unless they fix that soon (and it doesn't look like they will), the amount of future voters that will back foregiveness is only going to increase.
Truth.
Posted on 11/30/16 at 11:42 am to CorporateTiger
quote:
Forgiveness is such a difficult concept to sell, but the federal government allowed universities to turn students into a risk free revenue stream. Unless they fix that soon (and it doesn't look like they will), the amount of future voters that will back foregiveness is only going to increase.
Hence my suggestion we put universities on the hook. It's either that or let lenders properly assign interest rates (and the American left will never, ever, ever let that happen) as serious steps in that direction.
Posted on 11/30/16 at 11:45 am to rocket31
quote:add white and male into that- it's tough out chea
Just as it sucks being a healthy young person who takes care of themselves
Posted on 11/30/16 at 11:45 am to AbuTheMonkey
quote:
Because government cost of capital is not zero.
Its not zero, but its also not 2 times what the original balance was.
I'm actually on one of these plans and I'm going to be screwed. After 25 years I will have paid 150% of original amount borrowed and yet will probably still have a balance of several thousand dollars, maybe more. Every monthly payment magically is equivalent to some figured interest amount. Every time I get a raise, my amount goes up accordingly, but no principal seems to get paid still... WTF. My question is at some point will there be principal paid, or does that only happen when I pay extra? Or, in 25 years will I still show 40 grand in debt, yet I would have paid 60 grand already, and then they'll call the 40 grand forgiveness?
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