- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Allow student loans to be wiped out via bankruptcy?
Posted on 3/21/25 at 2:49 pm to ouflak
Posted on 3/21/25 at 2:49 pm to ouflak
quote:
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.
They students were party to the transaction. They need to pay back something. Settle on a lower amount to pay back and make them stick to it.
That their personal economics are paralyzed isn't a reason to wipe it all out.
0
Posted on 3/21/25 at 2:49 pm to deeprig9
quote:
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.
I believe the issue is all the regulatory chaos has led to people unable to move from the Biden-era plans to other IBR plans that are legal.
Posted on 3/21/25 at 3:05 pm to Ag Zwin
quote:
Allow student loans to be wiped out via bankruptcy?
Sure, interest rates on loans will increase though, to cover the ones that do declare bankruptcy.
Then the higher the interest rates go, the more enticing it becomes for a 22 year old with a lifetime to pay it back to declare bankruptcy. That'll cause more bankruptcies.
Then the interest rates go higher, and...
Well, hopefully you get the picture.
This post was edited on 3/21/25 at 3:06 pm
Posted on 3/21/25 at 3:08 pm to SlowFlowPro
quote:
Why are you bringing up Biden?
This law is from 2007, signed by George Bush.
A few moments earlier...
quote:
There is a shite storm coming with all of this manic action by the Trump admin and PSLF
Posted on 3/21/25 at 3:13 pm to Azkiger
Yes, and?
Those 2 comments aren't even addressing the same policy/issue, technically.
Loan forgiveness is from a law from 2007, by GWB. The poster to which that post was replied was under the belief that Biden created the loan forgiveness plan. I was educating him.
The other comment was about the repayment plan fiasco that is going on currently, which is related to forgiveness, but not technically the same thing. That is 100% on Trump. I even gave an example of the chaos, with the freeze on regulatory actions affecting statutorily-based income-based repayment programs.
Those 2 comments aren't even addressing the same policy/issue, technically.
Loan forgiveness is from a law from 2007, by GWB. The poster to which that post was replied was under the belief that Biden created the loan forgiveness plan. I was educating him.
The other comment was about the repayment plan fiasco that is going on currently, which is related to forgiveness, but not technically the same thing. That is 100% on Trump. I even gave an example of the chaos, with the freeze on regulatory actions affecting statutorily-based income-based repayment programs.
This post was edited on 3/21/25 at 3:14 pm
Posted on 3/21/25 at 3:16 pm to SlowFlowPro
quote:
Those 2 comments aren't even addressing the same policy/issue, technically.
This is where you pretend the difference between the left and right twix is worthy of distinction.
I have better shite to do. Just wanted to point out your blabtant doubt standards to those who have time to waste.
Posted on 3/21/25 at 3:18 pm to Azkiger
quote:
This is where you pretend the difference between the left and right twix is worthy of distinction.
You are the one who tried a pedantic argument. If you try that, don't do it poorly.
quote:
your blabtant doubt standards
You posted none.
Stating Biden did not create PSLF and Trump's regulatory chaos is affecting income-based repayment plans are not, in any way, a "double standard". They're just stating verifiable facts.
Posted on 3/21/25 at 3:19 pm to Ag Zwin
Or have the schools that charged then outrageous prices for worthless degrees give the money back to the banks.
This was a sh!tty agreement and scam between banks and schools at the default of idiot kids and their idiot parents. But they were kinda lied to by the universities and they were stolen from.
This was a sh!tty agreement and scam between banks and schools at the default of idiot kids and their idiot parents. But they were kinda lied to by the universities and they were stolen from.
Posted on 3/21/25 at 3:29 pm to Ag Zwin
Yes. Let it remain longer on their BK but it should be treated same as other debt.
Posted on 3/21/25 at 3:35 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. ,
Not to mention there’s very little policing on what people spend their student loans on. The fraud would be insane
Posted on 3/21/25 at 3:53 pm to prplhze2000
quote:
Yes. Let it remain longer on their BK but it should be treated same as other debt.
No.
Most other debt had some asset tied to it.
Unless they develope a men in black blinker that erases for years of memory then it’s just not a fair deal.
You go into debt on a house, they can take the house and sell it. Same with car, etc.
Posted on 3/21/25 at 3:55 pm to Bronson2017
quote:
Trump changed it to where it’s not based on income anymore so she finds out her monthly payment is now $1600 a month.
my federal loans still give me the option for repayment based on income
Posted on 3/21/25 at 4:34 pm to DakIsNoLB
quote:
Philosophy, communications and fine arts are all terrible ROI.
It's not for you to judge what someone's "return" is on their education. It's none of your business what anyone gets out of going to school. If someone wants to borrow money to go to school, and then turns around and gets a job that isn't directly related to what they learned, that's their personal business. I know quite a few people who borrowed quite a bit of money to go to law school, and now are either struggling to make ends meet, or have gone on to other careers.
For some people, education means more to them than just what they can sell it for. It's personal.
Posted on 3/21/25 at 4:48 pm to Harry Boutte
My daughter got a medical degree and her student loan was 6 figures. One of the options out of grad school was join the Peace Corp, go over to some 3rd world country I believe for 3 years and the loan would be forgiven. Said screw that. Next option was to work for a non profit hospital for XX years and make her payment every month. After so many years, not sure, the remaining loan would be forgiven. I think she has 2 years left.
Posted on 3/21/25 at 5:06 pm to concrete_tiger
I also would like the universities that offer bullshite degrees and allow shitty students to matriculate to suffer consequences.
They should also be barred from accepting financing for any degrees outside of core areas like business, engineering, medicine, education, agriculture, etc, etc. Like, what do you plan to do with your 18th century art history degree, sir? Make a college pay for that. Make a musuem pay for it. Make some donor pay for it.
They actively recruit students into programs with zero chance they'll ever actually make enough money to survive and pay off debt.
__________________________________
No one makes these students go to the Universities and pick lliberal arts degrees. That's on the student and the parents.
Why should a school be barred from accepting financing for these degrees?
Americans should have the right to borrow money for whatever they want as long as someone is willing to lend it to them shouldn't they?
Next, you should only by able to get a car loan for Teslas right?
They should also be barred from accepting financing for any degrees outside of core areas like business, engineering, medicine, education, agriculture, etc, etc. Like, what do you plan to do with your 18th century art history degree, sir? Make a college pay for that. Make a musuem pay for it. Make some donor pay for it.
They actively recruit students into programs with zero chance they'll ever actually make enough money to survive and pay off debt.
__________________________________
No one makes these students go to the Universities and pick lliberal arts degrees. That's on the student and the parents.
Why should a school be barred from accepting financing for these degrees?
Americans should have the right to borrow money for whatever they want as long as someone is willing to lend it to them shouldn't they?
Next, you should only by able to get a car loan for Teslas right?
This post was edited on 3/21/25 at 5:07 pm
Posted on 3/21/25 at 5:12 pm to ShinerHorns
quote:
Anyone with student loans is just lazy. Stop getting bullshite degrees and you’ll be fine.
That is a very ignorant statement
Ex
My wife got her Doctorate degree
My wife’s parents were 38 and 47 when she was born. Her dad got fixed and found out 5 years later it didn’t work. Her dad was disabled in Vietnam and was in a wheelchair or walked with a cane for over 30 years. He died when she was in high school. Her mom was disabled after a car accident when she was 16 and moved to assisted living when she was 17 and died while she was getting her Bachelors.
She worked 2 jobs while she got her Associates degree. After that she worked full-time for 14 months to save and go back to college. She worked 2 jobs while she got her Bachelor’s degree. When she started Grad school and her Doctorate program she had to quit her jobs and only have summer jobs, because she taught 2 or 3 classes and went to school full-time.
In 8 years she ended up with $50,000 in student loans, because of interest and late fees that $50,000 turned into around $75,000. She had problems with one of the loans. It didn’t get combined with the others, so it was put in default. We didn’t know for over 10 years. We went to buy our current house when it showed up on her credit report. It wasn’t on her credit report 5 years earlier when we bought our 1st house together.
I had mine paid off before we got married.
This post was edited on 3/21/25 at 5:19 pm
Posted on 3/21/25 at 5:14 pm to Ag Zwin
quote:
one of the issues with student loans is they can’t be wiped out with bankruptcy.
why is this an issue?
Posted on 3/21/25 at 5:16 pm to Bronson2017
your post made me happy. I assume she didn't major in Finance.
This post was edited on 3/21/25 at 5:17 pm
Posted on 3/21/25 at 5:17 pm to Ag Zwin
Student loan are no collateral loans. No one would lend money without collateral or non dischargeable through bankruptcy.
Page 4 of 7
Popular
Back to top
Follow TigerDroppings for LSU Football News