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re: Allow student loans to be wiped out via bankruptcy?
Posted on 3/21/25 at 6:04 pm to TigerDeBaiter
Posted on 3/21/25 at 6:04 pm to TigerDeBaiter
quote:Federal student loan money goes straight to the educational institutions, not directly to the student.
Not to mention there’s very little policing on what people spend their student loans on. The fraud would be insane
2
Posted on 3/21/25 at 6:08 pm to GumboPot
quote:Of course. And they should be priced for the almost almost 30% default rate. There is zero reason student loan inerest should be priced less than credit card interest. That's all fine and dandy for new loans.
No, sanity is placing the risk were it belongs, on the lender not the tax payer.
That way lenders make better loans.
But... the billions in loans that many want "forgiven" come with a guarantee. There's not escaping that unfortunately, other the government telling debt holders to pound sand.
Posted on 3/21/25 at 6:15 pm to DakIsNoLB
quote:
"Government money" shouldn't be "offered" for ANY degree.
quote:See, here's the thing. If the future ability to pay is not in question, the loans don't need a government guarantee.
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.
It's odd that people say "a college degree is soooo valuable, that the government should pay for it" will argue against it being paid for by the people getting the benefit.
The student loan "crisis" is the best evidence that college degree isn't worth what many people pay for it.
Posted on 3/21/25 at 6:18 pm to Harry Boutte
quote:Best argument against student loan "forgiveness" that can be made.
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 6:19 pm to coolpapaboze
There are ways to cashflow a college degree.
What is wrong with encouraging kids to participate in dual-enrollment programs while in high school? What is wrong with 2 years of community college courses? Work jobs, save money and pay your tuition as you go?
It is not mandatory for everyone to attend a 4 yr college and rack up debt while taking freshman and sophomore courses.
It is not mandatory to complete a bachelor’s degree in 4 years. Take your time, work to make money to pay your way, take advantage of inexpensive community college tuition.
What is wrong with encouraging kids to participate in dual-enrollment programs while in high school? What is wrong with 2 years of community college courses? Work jobs, save money and pay your tuition as you go?
It is not mandatory for everyone to attend a 4 yr college and rack up debt while taking freshman and sophomore courses.
It is not mandatory to complete a bachelor’s degree in 4 years. Take your time, work to make money to pay your way, take advantage of inexpensive community college tuition.
Posted on 3/21/25 at 6:31 pm to Ag Zwin
The loans will not be "wiped out". They will be transfered to the taxpayers.
Posted on 3/22/25 at 4:22 am to Harry Boutte
quote:
I know a woman who got a degree in Art History and made quite a living working for an auction house.
For every one of those, you have ten of these.
Posted on 3/22/25 at 7:22 am to RT1941
quote:
What is wrong with encouraging kids to participate in dual-enrollment programs while in high school? What is wrong with 2 years of community college courses? Work jobs, save money and pay your tuition as you go? It is not mandatory for everyone to attend a 4 yr college and rack up debt while taking freshman and sophomore courses.
Amen to all of that. I went to community college and got a transfer scholarship to local university. Worked part time to pay for my books. Got a degree that I knew would pay decent-well and would have good job security (accounting/finance). Wife graduated from four year university on a scholarship.
Starting out a marriage with zero student loans is such a leg up it’s insane. You don’t realize how crippling student loans can be till you hear some of the stories.
Posted on 3/22/25 at 7:23 am to TigerCoon
quote:
your post made me happy.
Me too. When I think about how much money I paid for my kids college it doesn't bother me at all hearing how difficult it is for others to pay their own student loans.
Posted on 3/22/25 at 7:41 am to Ag Zwin
Absolutely Not
Posted on 3/22/25 at 7:50 am to Ag Zwin
Yes, but universities/colleges should be responsible for 25%.
So, if Johnnie Pholosophy Degree from Harvard has $200k of student loan debt and declares bankruptcy because the local philosophy factory closed down, Harvard should cough up $50k.
So, if Johnnie Pholosophy Degree from Harvard has $200k of student loan debt and declares bankruptcy because the local philosophy factory closed down, Harvard should cough up $50k.
Posted on 3/22/25 at 8:36 am to udtiger
You shouldn’t be allowed to borrow more than the 5 year average salary for the degree program you’re pursuing.
The University should hold 50% of the student loan debt. If the student defaults it’s on the school and lender. As stated in the thread this will end all of the worthless degrees as the rationalization of cost versus income would show only diminishings returns.
The loan documentation should state multiple times “The Loan amount is x and you will pay y per month for z years” If they just did this now most people wouldn’t take on such stupid amounts of debt. From the thread “The total loan amount is 200k and you will pay 1600 a month for 30 years”.
For existing loans they need to get the interest in the 3-5% range and allow the entire payment to be tax deductible.
The University should hold 50% of the student loan debt. If the student defaults it’s on the school and lender. As stated in the thread this will end all of the worthless degrees as the rationalization of cost versus income would show only diminishings returns.
The loan documentation should state multiple times “The Loan amount is x and you will pay y per month for z years” If they just did this now most people wouldn’t take on such stupid amounts of debt. From the thread “The total loan amount is 200k and you will pay 1600 a month for 30 years”.
For existing loans they need to get the interest in the 3-5% range and allow the entire payment to be tax deductible.
Posted on 3/22/25 at 9:36 am to BamaGradinTn
quote:
For every one of those, you have ten of these.
I don't really do YT videos.
But I've seen an awful lot of people express an awful lot of opinions, but no one yet has provided actual, real data.
Posted on 3/22/25 at 9:38 am 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. She can’t afford it. Goes to a finance guy to discuss and he says she’s going to have to make big chunk payments if she wants to lessen that monthly amount
Seems like she is freaking out over nothing.
I was enrolled in the Save plan. Payment was $350ish a month. It has been in forbearance since it went into the courts with no date for payments to start again. It will likely be a while before they sort all this out and figure out what to do with everyone in Save or Repaye. Saved up enough to pay off both our vehicles with lump sums next month while they have been in forbearance.
Will not be paying a dime until they tell me to. Work for a non profit, so will be paying bare minimum until I meet requirements for PSLF.
quote:
She has a chunk in savings for a down payment on a new house and she said she couldn’t spend that on student loans. The advisor says “ma’am, no lender is going to let you even sniff a home loan with this amount of debt you have”
This is also false unless she is someone that took out 100k for a degree that has 60k paying jobs.
My wife and I have over 200k in student loans, and have bought 2 houses in the last 5 years.
Posted on 3/22/25 at 9:40 am to Taxing Authority
quote:
Best argument against student loan "forgiveness" that can be made.
I would say, more broadly, it's an argument against government backed loans.
If universities want to offer those degrees, and they want to encourage young people to study them, they could simply offer scholarships for them. Likewise, any group of people, with adequate funding, could form some kind of non-profit or something to offer scholarships for whatever fields of study they think are important.
The government doesn't have anything to do with it except for the fact that many universities are public.
We need more scholarships and fewer loans.
Posted on 3/22/25 at 10:17 am to WaydownSouth
quote:
This is also false unless she is someone that took out 100k for a degree that has 60k paying jobs.
As I said earlier in the thread. Recently divorced woman with a low paying job that doesn’t even apply to her degree bc she could not pass the licensing exam for pharmacy and earn some good money.
She was also one of those that used test banks on every exam so of course she doesn’t understand the material like she should. Which is why she can’t pass the licensing exam.
Like I said, real world shite.
Posted on 3/22/25 at 10:19 am to Ag Zwin
When you signed the loan papers, you knew the consequences.....
Posted on 3/22/25 at 10:30 am to Ag Zwin
Simple solution. All universities should co-sign student loans for every degree offered.pl Perhaps then we have less career college students and less degrees that lead to “supersize that?”
Posted on 3/22/25 at 12:27 pm to RT1941
quote:
Federal student loan money goes straight to the educational institutions, not directly to the student.
Only partially true.
The portion that is allocated for tuition and fees goes directly to the institution.
But you can borrow more than that for "living expenses."
Posted on 3/22/25 at 12:28 pm to HoustonTigerNKaty
quote:
Simple solution. All universities should co-sign student loans for every degree offered
That is a simple solution. Literally.
As in, you have to be simple to think that's a solution.
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