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Started By
Message
re: Allow student loans to be wiped out via bankruptcy?
Posted on 3/21/25 at 1:25 pm to Bronson2017
Posted on 3/21/25 at 1:25 pm to Bronson2017
quote:
Her payment was $28 a month…… Trump changed it to where it’s not based on income anymore so she finds out her monthly payment is now $1600 a month
This situation is a little fricked. Oscillating between what the government is going to allow you to pay isn’t right.
4
Posted on 3/21/25 at 1:27 pm to Megasaurus
quote:
no doubt. Unfortunately, there are alot of people that were duped and now on the hook for big financial problems..granted, they should have just paid the loans back then..bad stuff, but they did this to themselves
The people on repayment plans WERE paying their loans back. The terms of their plan were just changed overnight. You would throw a fit if that happened to you on any type of debt.
This post was edited on 3/21/25 at 1:28 pm
Posted on 3/21/25 at 1:47 pm to Indefatigable
quote:
This situation is a little fricked. Oscillating between what the government is going to allow you to pay isn’t right.
quote:What’s also fricked it that she chose to only pay $28/mo for 4 yrs, less than $1,500 over 4 freaking years while she supposedly squirreled away a huge savings for a down payment on a house. She chose to “ride out” the student loan forgiveness scheme Biden sold.
Her payment was $28 a month…… Trump changed it to where it’s not based on income anymore so she finds out her monthly payment is now $1600 a month
In reality, she’s now on the hook for the full loan amount with minimum payments of $1,600/mo (more than she paid in 4 yrs), interest rates are high and home prices have skyrocketed.
Posted on 3/21/25 at 2:14 pm to Indefatigable
quote:
This situation is a little fricked. Oscillating between what the government is going to allow you to pay isn’t right.
Well when you have the right mindset of “I need to pay these loans off and do it sooner rather than later” you won’t have this issue. Pay your shite off regardless of what a politician promises you.
Posted on 3/21/25 at 2:16 pm to Bronson2017
quote:
Well when you have the right mindset of “I need to pay these loans off and do it sooner rather than later” you won’t have this issue. Pay your shite off regardless of what a politician promises you.
I mean I get that. Everyone's goal should be to pay off debt ASAP as a matter of personal financial prudence.
But its not like these people got their information from Joe Biden. It was a payment plan offered by the entity that gave them the loan.
Changing the terms midstream rubs me the wrong way.
Posted on 3/21/25 at 2:18 pm to Indefatigable
quote:
But its not like these people got their information from Joe Biden.
But that’s exactly what she did (and tons of others like her). I think you are giving people like her way too much credit.
Posted on 3/21/25 at 2:19 pm to RT1941
quote:
What’s also fricked it that she chose to only pay $28/mo for 4 yrs, less than $1,500 over 4 freaking years while she supposedly squirreled away a huge savings for a down payment on a house. She chose to “ride out” the student loan forgiveness scheme Biden sold.
I'm just not to the point where I support pulling the rug out from under people who took an option that was extended to them.
This post was edited on 3/21/25 at 2:20 pm
Posted on 3/21/25 at 2:22 pm to Bronson2017
quote:
I think you are giving people like her way too much credit.
I think you are looking at this woman and thinking that she is representative of the population that signed on to the Biden-era repayment plans.
Why would anyone pay more, when they could pay less?
I certainly wouldn't have said "No, no, federal government, I'll pay the full balance of my loan over the next 20 years. I definitely would not just take this miniscule payment that you're offering after which it will go away"Posted on 3/21/25 at 2:25 pm to Indefatigable
quote:
I certainly wouldn't have said "No, no, federal government, I'll pay the full balance of my loan over the next 20 years. I definitely would not just take this miniscule payment that you're offering after which it will go away"
Well then you would be just as gullible as the people that are on the hook again for the loan THEY took out. These people are fools for thinking that debt was going to be forgiven. And also taking that statement from Biden at face value. They are back to reality.
Posted on 3/21/25 at 2:25 pm to Indefatigable
quote:
This situation is a little fricked. Oscillating between what the government is going to allow you to pay isn’t right.
Correct. There is a shite storm coming with all of this manic action by the Trump admin and PSLF, especially with the injunction out of the 8th Circuit.
There are income-based repayment plans in the statutory language of the PSLF law, too.
Posted on 3/21/25 at 2:26 pm to Bronson2017
quote:
Well when you have the right mindset of “I need to pay these loans off and do it sooner rather than later” you won’t have this issue. Pay your shite off regardless of what a politician promises you.
People took out loans and entered employment/plans in good faith based on laws (not Biden regulations)
Posted on 3/21/25 at 2:28 pm to Bronson2017
quote:
These people are fools for thinking that debt was going to be forgiven. And also taking that statement from Biden at face value.
Why are you bringing up Biden?
This law is from 2007, signed by George Bush.
Biden just enacted some policy changes under the law that offered different plans, but the original statute for PSLF specifically discusses IBR plans.
Posted on 3/21/25 at 2:28 pm to Harry Boutte
quote:
Not that.
People should be able to borrow whatever they want for whatever they want as long as they can find someone who will lend them the money on acceptable terms. But if they can't meet the terms, the government shouldn't be the ones stepping in. But if the borrowers father wants to guarantee the loan, that's on them.
The subprime lending crisis would like to have a word with you; those were considered acceptable terms at the time. This is playing out the exact same way.
Student loans need to be underwritten based on:
1. High School GPA
2. Academic Strength of High School
3. ACT/SAT score
4. Intended major (i.e. earning potential)
The better these are, the more likely one is to get a loan. The loans are also on an annual basis. If the GPA drops below a 3.0, then they are cut off. Will probably never happen since universities are big business and this would seriously cut into their revenue.
Posted on 3/21/25 at 2:31 pm to Bronson2017
quote:
Well then you would be just as gullible as the people that are on the hook again for the loan THEY took out. These people are fools for thinking that debt was going to be forgiven. And also taking that statement from Biden at face value. They are back to reality.
I'm not talking about forgiveness. I am talking about the repayment plans.
Seems shitty to have the entity that gave you the loan offer you terms, that you agree to and fulfill, just to have that oscillate every time someone else takes office.
Posted on 3/21/25 at 2:32 pm to Indefatigable
Not only that, they've frozen the ability to change plans and from what I read, it's basically impossible to discuss this with someone at the DOE (for obvious reasons).
Posted on 3/21/25 at 2:35 pm to Harry Boutte
quote:
There are others. I know quite a few people who studied Fine Arts, and none of them are unemployed.
Generally, it's the English majors who struggle - but then, not even half of the ones I know.
Fine arts typically aren't worth taking out loans for. Quite a few doesn't equate to tens of thousands. Philosophy, communications and fine arts are all terrible ROI.
quote:
Just because you're ignorant doesn't mean you have to show it off.
Your sample size is small; it's ignorant to project onto to all fine arts majors.
quote:
"Government money" shouldn't be "offered" for ANY degree.
Debatable. It's far more palatable to do it for degrees with proven track records of stable employment and adequate earnings relative to the cost of the education.
Posted on 3/21/25 at 2:41 pm to Ag Zwin
No. Allow the students to get a refund from the university.
Posted on 3/21/25 at 2:42 pm to geauxpurple
quote:
The reason for this law is that when these students graduate they have huge student loans, low income and no assets. It would be too easy for a large percentage of them to declare bankruptcy and the loans would never get paid back.
Perfectly logical, but those loans aren't getting paid back anyway. It's like a gigantic economic garret around the nation's neck. I agree with the earlier poster, make the universities pay for those scammy loans for worthless degrees. That would solve a lot of problems, and do so real fast.
Posted on 3/21/25 at 2:46 pm to Bronson2017
quote:
Trump changed it to where it’s not based on income anymore
That's a popular talking point by the left but it's not true, it only applies to certain types of student loans. The PAYE and REPAYE is still income-based repayment.
Posted on 3/21/25 at 2:47 pm to Ag Zwin
The problem with students loans is that barrack Hussein Obama tied this money to Obamacare. Fact. No getting out from it. Somebody gotta pay. It was also directly linked to the IRS for enforcement. Trump changed that.
These loans are predatory in nature with a high interest rate. These should be simple loans at very low percent rate
These loans are predatory in nature with a high interest rate. These should be simple loans at very low percent rate
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