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Started By
Message
re: Who owes all that student debt? And who’d benefit if it were forgiven?
Posted on 2/13/22 at 9:14 am to Mo Jeaux
Posted on 2/13/22 at 9:14 am to Mo Jeaux
quote:
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.
Being a college educated adult being unable to pay $30,000 over 25+ years is absolutely a failure 
1
Posted on 2/13/22 at 9:17 am to Taxing Authority
The problem now is a lot of people are hedging their bet that some idiot in the Gov will in fact indeed do this so no one is paying anything right now
Posted on 2/13/22 at 9:18 am to brmark70816
quote:No. Just like the loan, you have to literally ask for it. No one forced it on borrowers. It was 100% voluntary and they agreed to the terms.
They purposely allowed borrowers to put off payments and locked in huge interest rates that compound constantly.
quote:I will never understand how people manage to obtains a college degree but never learn what simple interest is.
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).
Posted on 2/13/22 at 9:56 am to Taxing Authority
quote:
Since blacks are much more likely to default on their loans, democrats will float a plan to forgive black student loan debt. Book it.
Case solved ...Reparations paid
Now end the program and everyone get back into the sandbox.
Posted on 2/13/22 at 10:39 am to brmark70816
quote:
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..
This isn’t true at all. The majority of student loan debt is owed by people with an annual salary greater than 150k and the average time to pay off the debt is less than 7 years.
I had 190k in debt after finishing med school and will have it paid off within 5 years of being an attending physician. The people who are hit hard by this process, people like you claim to be, generally owe less than 50k but dont make enough to easily pay it off. Usually this is because elf poor decision making on their part, obtaining a degree which doesn’t carry much financial value. But that’s a minority of total student loan debt.
This post was edited on 2/13/22 at 10:41 am
Posted on 2/13/22 at 11:03 am 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
I can’t tell if you’re trolling or just naive to the point where you believe society can achieve perfection.
1. Degrees do not guarantee success or intelligence. Other developed countries have a completely different educational model. Take a look at England. England has a rigorous curriculum at the secondary education level and a through screening process for post secondary education.
2. You have failed to address the reason behind education cost increases. With federally backed loans available to any American, money is being pumped into universities at an ungodly rate. Students are being accepted that have no business being in school and the taxpayers are footing the bill for inevitable failure. These poor kids then have loans for nothing.
3. Your generational wealth statement is ridiculous. The largest outstanding amount of student loan debt is from whites. It’s a shame they’re not using their generational wealth to pay their debts.
Posted on 2/13/22 at 11:08 am to Roger Klarvin
quote:
The majority of student loan debt is owed by people with an annual salary greater than 150k
I’m not calling you a liar, but do you have a link to those numbers?
Posted on 2/13/22 at 11:11 am to Eli Goldfinger
It’s almost like students who can’t get into regular colleges and then go to “for profit” schools where they run up a big bill they can’t pay shouldn’t go to college….hmmmm, I wonder why?
This post was edited on 2/13/22 at 11:12 am
Posted on 2/13/22 at 11:12 am to Eli Goldfinger
quote:
I’m not calling you a liar, but do you have a link to those numbers?
It would stand to reason that he's talking about people with large amounts of debt. The average debt for someone with a bachelor's degree from a state school isn't that high.
Posted on 2/13/22 at 11:28 am to brmark70816
quote:I do. You didn't read the fine print or you didn't get anyone to help you with it. My DIL is trapped in the same situation but I still don't think student loan debt should be wiped off the books. Plus, no one has explained to me the plan going forward if these loans were forgiven. No more student loans or guaranteed forgiveness some years down the road?
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 2/14/22 at 4:21 pm to FlySaint
quote:Any type of wholesale debt forgiveness would disproportionately benefit the relatively better-off:
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?
But hey - let's just pick another random thread to hate on poor/black people.
Posted on 2/14/22 at 6:00 pm to Eli Goldfinger
Wait... blacks don't pay their bills ?
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