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Started By
Message
re: Who owes all that student debt? And who’d benefit if it were forgiven?
Posted on 2/12/22 at 9:05 pm to Origins of Asymmetry
Posted on 2/12/22 at 9:05 pm to Origins of Asymmetry
Cancelled debt generally is taxable.
0
Posted on 2/12/22 at 10:04 pm to Mo Jeaux
quote:
So is incurring huge debt for a college degree and then being a lowlife and asking for a handout.
Circumstances change for people all the time. Being unable to pay a debt is not necessarily a moral failing deserving of being called a lowlife.
You're probably perfectly fine with the bankruptcy process though I bet. Like most of this board, you save your moral indignation for individuals. You love simping for corporations.
So is this dream of not being considered a moral lowlife why you want others to pay your debt? Bizarre.
Posted on 2/12/22 at 10:05 pm to RTea
Where have I said that I want others to pay my debt?
Posted on 2/12/22 at 10:07 pm to Eli Goldfinger
Ah, yes. These are the geniuses I have to try to have a coherent conversation with whenever I call any state government agency for anything.
5th grade vocabularies and the give-a-frick of an 80 year old prostitute.
5th grade vocabularies and the give-a-frick of an 80 year old prostitute.
Posted on 2/12/22 at 10:09 pm to Mo Jeaux
If a condition of the taxpayer paying off their self-imposed debt is that they never, ever get to vote again, I'd consider supporting it.
frick these losers and their entitlement. I paid my student loans off. They can too.
frick these losers and their entitlement. I paid my student loans off. They can too.
Posted on 2/12/22 at 10:29 pm to Mo Jeaux
Circumstances change for people all the time. Being unable to pay a debt is not necessarily a moral failing deserving of being called a lowlife.
You're probably perfectly fine with the bankruptcy process though I bet. Like most of this board, you save your moral indignation for individuals. You love simping for corporations.
Posted on 2/12/22 at 10:31 pm to RTea
I’ll repeat my question.
Where have I said that I want others to pay my debt?
Where have I said that I want others to pay my debt?
Posted on 2/12/22 at 10:34 pm to Mo Jeaux
I am totally against any kind of loan forgiveness.
Why?
quote:
How is it fair for those who borrowed money but paid it back? How about us that set aside money for school so the kids wouldn't have to use student loans? Do I get some money back because we were fortunate enough to avoid student loans? This is an absolute rabbit hole that we do not need to go down.
There's no need to go down what you think is a rabbit hole. Why would you get anything if you don't have the debt?
Why?
quote:
How is it fair for those who borrowed money but paid it back? How about us that set aside money for school so the kids wouldn't have to use student loans? Do I get some money back because we were fortunate enough to avoid student loans? This is an absolute rabbit hole that we do not need to go down.
There's no need to go down what you think is a rabbit hole. Why would you get anything if you don't have the debt?
Posted on 2/12/22 at 10:47 pm to RTea
Are you unable to use the quote button?
And I take it that you’re unable to answer my other question.
And I take it that you’re unable to answer my other question.
Posted on 2/13/22 at 6:36 am to Eli Goldfinger
The majority of student load debt is owed by high wage earners who have little trouble paying it back.
Posted on 2/13/22 at 6:55 am to Eli Goldfinger
quote:The more salient point is if we are discussing shared responsibility, who should be responsible for the forgiven debt? Obviously the individual who took the loan must hold culpability. After that though, or in the case of default, who should pay?
Who owes all that student debt? And who’d benefit if it were forgiven?
The lender? Well, unfortunately the lender is the government. The government equates to taxpayers.
So should taxpayers foot the bill, or the institutions that over-charged for educational underperformance bear some culpability?
Posted on 2/13/22 at 6:55 am to Roger Klarvin
I’d support forgiving/restructuring some of the interest but definitely not a cent of the principal. If they’re going to forgive some Of the interest they have to restructure how they give out these loans. If someone is taking out a $50k+ loan for a major that on average won’t make much more than that when they graduate or throughout their career then the banks should not be able to Lend out that money. You want to borrow $50k+ dollars then it better be a STEM degree.
Posted on 2/13/22 at 6:58 am to Eli Goldfinger
Student loans are the unholy alliance between the government and college administrators. Colleges get a guaranteed cash flow and are able to charge any rate they want while the government guarantees the loan by shackling the student to something they can never get rid of. Throw in the whole narrative that everyone needs to go to college and you create a thriving grift of the highest sort. How many students have this debt and never finished college? That would be a great number to know. Also what degree plan did they follow to get in debt for 50k, 100k or 200k? Anthropology? Sociology? French literature? What kind of job in many of these liberal arts degrees can a student pay back that loan. It’s all part of the grift. Now the benevolent government can now use politics to promise loan forgiveness if you vote a certain way. This whole thing is actually brilliant and extremely nefarious at the same time. Never ending supply of these government con games.
Posted on 2/13/22 at 6:59 am to Roger Klarvin
People on this board have no understanding of the process or why the situation is where it is now. Student loan debt is not a regular debt, nor are the repayment terms. They purposely allowed borrowers to put off payments and locked in huge interest rates that compound constantly. That is why the level of debt is so high and why people will never pay them off. Most borrowers are in time based repayment plans that they have pushed for over a decade.
Anecdotally I am in one of those plans. I have about 5 years left to pay. At my current monthly rate, I'll end up paying about another 22k. But it says I owe almost 60k (and rising due to a 6.9% interest rate).
When I'm done, people that don't understand the process will say I defaulted on 40-50k. That is absurd, considering I will have paid over 60k on a 35k loan. But I have no alternative than to stay in the program and make my payments. That is what all the borrowers have to do. There is no settlement program and even if there were, it makes no sense to pay so much more to get out..
Anecdotally I am in one of those plans. I have about 5 years left to pay. At my current monthly rate, I'll end up paying about another 22k. But it says I owe almost 60k (and rising due to a 6.9% interest rate).
When I'm done, people that don't understand the process will say I defaulted on 40-50k. That is absurd, considering I will have paid over 60k on a 35k loan. But I have no alternative than to stay in the program and make my payments. That is what all the borrowers have to do. There is no settlement program and even if there were, it makes no sense to pay so much more to get out..
Posted on 2/13/22 at 7:00 am to TitleistProV1X
quote:
You want to borrow $50k+ dollars then it better be a STEM degree.
Why does it have to be STEM?
Posted on 2/13/22 at 8:04 am to brmark70816
quote:I am familiar with how loans work. You read the fine print, you sign the papers, you borrow x amount and you pay it back. You never expect anyone to cancel the debt. Some borrowers are more astute than others. I am sure there is some false marketing going on but if you are 17-18 years old, you get your parents to help you through or at least someone you trust to help you understand it.
People on this board have no understanding of the process or why the situation is where it is now.
Posted on 2/13/22 at 8:24 am to Mo Jeaux
quote:
Why does it have to be STEM?
It doesn’t have to be STEM necessarily but those majors on average are the highest paying. It should be a simple formula something along the lines of average starting salary x employment rate coming out of college = max amount one can borrow from the federal government backed loans. If someone wants to go over that amount it should be a private loan.
It’s pretty easy to determine which major will or will not be able to pay off a certain amount of a loan. When someone takes out a $150k loan for gender studies and is unable to repay the loan that shouldn’t a surprise to anyone.
Posted on 2/13/22 at 8:49 am to Timeoday
quote:
The student loan debt forgiveness plan will be used when needed by politicians to buy votes.
The only reason it hasnt been discussed in any serious manner is because the Fed would have to print mystery dollars (1.5T) and would send the CPI into a new part of the atmosphere.
National Elections are always influenced by Inflation. Its the only thing that truly the middle class and poor can see.
Posted on 2/13/22 at 8:50 am to Diamondawg
quote:
am familiar with how loans work. You read the fine print, you sign the papers, you borrow x amount and you pay it back. You never expect anyone to cancel the debt. Some borrowers are more astute than others. I am sure there is some false marketing going on but if you are 17-18 years old, you get your parents to help you through or at least someone you trust to help you understand it.
Are you really familiar? Debts are regulated by laws. You cannot hang it on someone for life, plus there is shared responsibility (borrower/debtee). I can admit my fault and have taken responsibility. That does not entitle the borrower to outrageous profits guaranteed by the government.
Without the time based programs, I would end up paying back 120k+ on an unsecured 35k debt and would have no way to pay any less. That is usury and why people are asking for relief. Do you get where I am coming from?
Posted on 2/13/22 at 9:11 am to frogtown
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.
quote:His post proves it. He’s trying to use past stupidity to justify future stupidity.
If the Fed Gov starts to bail out individuals it will set a historically bad precedent.
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