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re: Who owes all that student debt? And who’d benefit if it were forgiven?
Posted on 2/12/22 at 3:47 pm to Taxing Authority
Posted on 2/12/22 at 3:47 pm to Taxing Authority
I'm 71 and have an undergrad degree from 1973. Can I apply for a $50K loan to go to grad school but put it in an investment strategy and let it sit there collecting interest/dividends. And then wait for debt forgiveness? Or pay it back later and pocket the net income?
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Posted on 2/12/22 at 3:52 pm to The_Duke
The default rate under obama was far less than it is now.
Want to know why. When they saw what a shell game it was, they used "companies" do go out and collect on the bad debt. I forget the amounts but the ratio is clear. If the bad debtor made three payments on the loan they were no longer considered in default and the collection agency collected a fee from the govt. The fee to collect was far greater than three payments......so guess who payed the installments and then received the pot of gold at the end of the rainbow....and the loans fell right back into default.
I agree the schools should own this debt, when the govt took over this program they immediately started to skyrocket tuition, they should have the liability to pay it back if the student defaults.
Want to know why. When they saw what a shell game it was, they used "companies" do go out and collect on the bad debt. I forget the amounts but the ratio is clear. If the bad debtor made three payments on the loan they were no longer considered in default and the collection agency collected a fee from the govt. The fee to collect was far greater than three payments......so guess who payed the installments and then received the pot of gold at the end of the rainbow....and the loans fell right back into default.
I agree the schools should own this debt, when the govt took over this program they immediately started to skyrocket tuition, they should have the liability to pay it back if the student defaults.
Posted on 2/12/22 at 3:52 pm to Taxing Authority
quote:
Then, why won’t they pay their bills?
Just as with business and business loans (just as many defaults there as with student loans)--there will be losers and there will be winners. Seems to be far more winners that are repaying student loans. Don't focus on the small negative
Posted on 2/12/22 at 3:53 pm to Mo Jeaux
quote:So, you must owe a ton.
I understood what you were saying. I didn't find the purported reasons very persuasive at all.
I was also asking philosophically.
Posted on 2/12/22 at 3:55 pm to The_Duke
quote:You think average white people have generational wealth?
Most black ppl don't have a generational wealth to fall back on when in dire need.
Posted on 2/12/22 at 4:01 pm to The_Duke
quote:It's not at all the same at all. No business is guaranteed to get a loan regardless of risk. You're argument implies that we *should* be evaluating students for their credit risk. Does the future expected earning from their major support the debt taken? Is the student credit-worthy? etc. If you want that--I'm all for it. It's the only thing that makes any sense.
Just as with business and business loans (just as many defaults there as with student loans)--there will be losers and there will be winners. Seems to be far more winners that are repaying student loans.
But for existing borrowers... did they not do that? If not... why should their lack of diligence become a burden to taxpayers? Why should struggling workers that never even went to college have to face higher taxes to pay their bills? Why do they deserve to pay back those loans?
quote:You've never looked at student loan default data have you?
Don't focus on the small negative
This post was edited on 2/12/22 at 4:04 pm
Posted on 2/12/22 at 4:11 pm to Diamondawg
quote:
So, you must owe a ton.
Nope. You must not have much money though, since you seem so petty.
Posted on 2/12/22 at 4:12 pm to Taxing Authority
Debt moochers: "College is a great investment!"
Also debt moochers: "College graduates are too poor to pay back the cost of college!"
It's fun to watch.
Also debt moochers: "College graduates are too poor to pay back the cost of college!"
It's fun to watch.
Posted on 2/12/22 at 4:34 pm to Mo Jeaux
quote:
Why would you get anything if you don't have the debt?
Why would a person who paid their debt not get anything?
See how that pretzel logic works?
Posted on 2/12/22 at 4:45 pm to The_Duke
quote:
Most black ppl don't have a generational wealth to fall back on when in dire need.
I had that generational wealth though.
Grandfather - Dairy farmer equivalent of a sharecropper.
Father - worked in steel mill.
Mother - worked in grocery store.
That kind of high octane earning power is a real generational wealth builder.
This post was edited on 2/12/22 at 4:46 pm
Posted on 2/12/22 at 4:46 pm to The_Duke
quote:
I agree that we shouldn’t be bailing ppl out—but that can of worms has been opened by bailing business out time and time again.
When you say this what are you talking about? I remember the banks took TARP loans during the last financial crisis to stabilize their balance sheets. This money was paid back. Obama bragged about it being paid back. Not to mention, most banks where forced to take it.
If the Fed Gov starts to bail out individuals it will set a historically bad precedent. Then you can guarantee "individual bailouts" will begin to happen time and time again. Politicians will use this to buy votes. IMO, this is a huge "new" can of worms.
This post was edited on 2/12/22 at 4:51 pm
Posted on 2/12/22 at 4:49 pm to Eli Goldfinger
quote:
Why would a person who paid their debt not get anything?
See how that pretzel logic works?
No, I don't. It's stupid.
Posted on 2/12/22 at 4:58 pm to The_Duke
quote:
Most black ppl don't have a generational wealth to fall back on when in dire need.
Because they buy shoes and other useless shite.
That article of the black woman said she had $15,000 in sneakers. More than she’s ever had in savings. And you wonder why she struggled to pay off debt?
Posted on 2/12/22 at 5:00 pm to Mo Jeaux
quote:
No, I don't. It's stupid.
Indeed…rewarding bad decisions and punishing good decisions IS stupid.
Posted on 2/12/22 at 5:04 pm to The_Duke
How many of those have non-employable useless degrees from substandard and/or uncertified universities and HBCU’s. Blacks also spend more of their income percentage wise than any other race. But none of that’s their fault right?
Posted on 2/12/22 at 5:20 pm to The_Duke
quote:
Well in America—and every other developed nation—ppl with that piece of paper earn far more than those without it
Didn't you mean to say on average?
Because I see a lot of advanced degrees being wasted on being a judge, prosecutor, public defender, teacher, professor, social worker etc....
I know many with a diploma who make more than those "educated" people do.
Posted on 2/12/22 at 5:23 pm to Eli Goldfinger
There is no "issue" promises to pay off are just another way to secure votes.
Democrats will not forgive them.
Republicans will not forgive them.
It will crash along with everything else. Until then the democrats will just kick the can down the road.
And finall, there already is student debt forgiveness... if you are a useful profession like a doctor or a nurse.
Democrats will not forgive them.
Republicans will not forgive them.
It will crash along with everything else. Until then the democrats will just kick the can down the road.
And finall, there already is student debt forgiveness... if you are a useful profession like a doctor or a nurse.
This post was edited on 2/12/22 at 5:27 pm
Posted on 2/12/22 at 5:31 pm to The_Duke
quote:
We know the most effective way to raise a population out of poverty is education, so sending more poor ppl to college will help in the long run because they will begin to grow the base. I truly believe black millennials are the foundation for the black community--the first group of blacks that has had truly free reign in the US economy and education system.
But when you lower the standards for entrance and graduation, you aren't really educating anyone. Sheesh, white liberal educators abusing blacks, again.
Posted on 2/12/22 at 6:01 pm to armsdealer
quote:
Eh, you can't really do that
Probably should’ve said “cost of attendance” which includes fees, room and board, not just tuition.
That said, for example, the following annual COA:
University of Texas at Arlington: $27,754
SMU: $79,050
There’s no justifiable reason why the government should be on the hook for 3 times the money, just because someone wants to go to private school.
Posted on 2/12/22 at 6:30 pm to Mo Jeaux
quote:
No, I don't. It's stupid.
So is incurring huge debt for a college degree and then being a lowlife and asking for a handout.
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