CR69
Footballguy
I accidentally hit the laughing emoji when I meant the crying one. I think I fixed it but just wanted to say it's not funny to me. It breaks my heart. You're 100% right.
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Biden’s plan: 1.9 trillion for Covid relief (1 Viewer)
- Thread starter timschochet
- Start date
fruity pebbles
Footballguy
Summer Wheat
Footballguy
Right now I am a little pissed about paying off my student loan fast.
I drove a 12 year old vehicle when I could have been riding in style and just paying the minimum on my loans. Does anyone know if people like me who paid debt off get some sort of refund or tax break if they forgive debt?
I paid 500 a month for 4 years when I could have just paid 100 a month so I should get something in return.
I drove a 12 year old vehicle when I could have been riding in style and just paying the minimum on my loans. Does anyone know if people like me who paid debt off get some sort of refund or tax break if they forgive debt?
I paid 500 a month for 4 years when I could have just paid 100 a month so I should get something in return.
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fruity pebbles
Footballguy
Why? Nothing has passed yet. Hell, nothing is even proposed yet. Biden already seems to be waffling on the issue. But to answer your question if something does pass, you’ll be #### out of luck.
CR69
Footballguy
What did people get when they continued to pay their mortgage instead of walking away from their home during the housing collapse? Life is rarely fair unfortunately. In this situation though, removing the crippling debt from your fellow citizens should, in theory, give them more money to spend which is good for the economy and hopefully that does benefit you down the road. Good for the gander and all that.
Summer Wheat
Footballguy
Hey..I promise I will buy a brand new vehicle if I get 30K back. 30K is what I borrowed..that is not counting what I saved and paid on time for tuition. Did not graduate until I was 25 as I paid my own way for everything.
GoBirds
Footballguy
This is a sad excuse, if you are going to forgive a certain amount of college debt then that same amount should be given to all citizens. Forgiven debt just for the irresponsible is a terrible precedent to set.
GoBirds
Footballguy
Sadly you did things the right way and there’s nothing in the current Democratic proposals to take care of people like you. The right thing to do is not just reward the irresponsible, go ahead and give the money to everyone if set on this handout.
CR69
Footballguy
I didn't go to college because I couldn't afford it, needed to work full time and didn't want to take on a ton of debt. What do I get?
fruity pebbles
Footballguy
It sucks for those who either lived at home and went to school, worked through college, paid off their loans already etc. That said, if this were a priority for Biden he would have put the proposal in his COVID relief bill. He’s already said he won’t try and delete debt through executive order. My guess.......nothing happens and it’s another campaign promise four years from now.
Alex P Keaton
Footballguy
Alex P Keaton
Footballguy
Alex P Keaton
Footballguy
fruity pebbles
Footballguy
I mean the student loan forgiveness would benefit me a great deal. Would knock 10,000 off mine and 10,000 off my oldest daughters. But that’s such a dumb idea. If you want to do anything focus on college costs and giving kids as much money as they want in the first place. Drop the interest rate on current loans to zero, rates are near zero anyways. Government still charging 5-6% on student loans is loan sharking. Literally nobody would have a problem with that.
FairWarning
Footballguy
fruity pebbles
Footballguy
Should also be some sort of cost analysis done on majors and how much money you can borrow for said major. There’s no way any young adult should come out of college with 150k in student loans and a bachelors degree in social work.
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The Commish
Footballguy
Just going to point out the obvious.....not all college students (not even "most") are in debt because they are "irresponsible"....that's a red herring that serves no purpose. Are there some? Absolutely. It's not close to the number many would like you to believe.
That said...not a fan of debt forgiveness, but I do think it should be allowed to be settled through bankruptcy and I am 100000% aware of the ramifications that would introduce and I"m ok with those. Rip the bandaid off and start new.
That said...not a fan of debt forgiveness, but I do think it should be allowed to be settled through bankruptcy and I am 100000% aware of the ramifications that would introduce and I"m ok with those. Rip the bandaid off and start new.
dawgtrails
Footballguy
I agree with most of this - but social workers are the best among us. The #### they go through each day and all for a barely above minimum wage is a disgrace. Degrees such as social work should be free if it were up to me
CR69
Footballguy
timschochet
Footballguy
My own proposal is to allow them to be settled in the form of first mortgages on home purchases- sort of a new GI bill for student debt.
fruity pebbles
Footballguy
Honorable profession no doubt but a student loan should be a loan against future earning. Government can't expect to be paid back when the loan amount is four times the yearly salary
The Commish
Footballguy
fruity pebbles
Footballguy
Thing is $10,000 won’t be enough. If congress forgives $10,000, the cry will immediately be for $50,000 and then all of it.
FairWarning
Footballguy
The problem many have is a four-year dergree at a state school may not get you the job you want. Now you go for your masters and bury yourself in more debt. It's hard to ask someone who didn't have the means to go to college to help with the forgiveness of someone who could.
whoknew
Footballguy
Forgiveness of student debt is not a good idea. I hope the Dems drop it. It does not make sense.
If you want to help people in need, help people in need. Don't just wipe out everyone's debt. Especially when college grads are generally more financially secure than non-college grads.
If you want to help people in need, help people in need. Don't just wipe out everyone's debt. Especially when college grads are generally more financially secure than non-college grads.
timschochet
Footballguy
I haven’t worked it out yet LOL. Somehow the mortgage company assumes the student loan, and the former student buys a house.The Commish said:
fruity pebbles
Footballguy
Stoneworker
Footballguy
GoBirds
Footballguy
I’m not sure mortgage companies will be lining up for these loans that are over leveraged, not to mention the borrowers already poor track record of paying back their debts.
fruity pebbles
Footballguy
The Commish
Footballguy
CR69
Footballguy
You actually can kinda do this already. FNMA will allow proceeds to pay off student loans on an owner occupied refinance without it being subject to the rates of a cash out. I’d have to double check on the LTV limit though, I’ve never actually done one.
squistion
Footballguy
Speaking of the minimum wage...
https://twitter.com/DanPriceSeattle/status/1351015487950491650 (link to NYT article)
For those who say raising the min wage would make prices skyrocket McDonald's workers in Denmark get $22/hour, 6 weeks paid vacation, year paid maternity leave, pension + universal health care/sick leave Denmark Big Macs cost 27 cents more than U.S. ones
timschochet
Footballguy
Right. But I’m thinking about new purchases. Something to the effect that loan payments could be used to purchase for a first time homeowner.
In any case student loans are not part of Biden’s package so I’m not sure how they worked their way into this thread.
Alex P Keaton
Footballguy
Meh. That could just be a sign that the Euro-dollar exchange rate is out of whack right now.
KarmaPolice
Footballguy
2Squirrels1Nut
Footballguy
My Great Grandfather was a brick layer and worked 6 days a week, 10-12 hours a day. I'm sure he would think a 5 day, 40 hour work week, completely unfair compared to what he had to do.
derek245583
Footballguy
Why do we call it debt forgiveness? Isn’t it debt transfer? Are the banks being instructed to just eat their losses?
beer 30
Footballguy
Funny, my daughter was over last night and this is what I told her. She was giddy at the prospect of having some of her college debt forgiven. Told it wasn’t being forgiven, just transferred to others to pay.
Alex P Keaton
Footballguy
Probably because like always, we won't let banks lose money. Somehow we will end up taking on the loans/losses, and make taxpayers eat the cost. Which means the rest of us are paying for it. Which would happen anyway if banks eat the losses, because they would just find more hidden fees to screw us with.
This. I've never cared for the idea of forgiveness, it's truly just transferring the debt, but I would fully support eliminating the interest. A one time student loan debt elimination does nothing to address the ongoing concern of the rising cost of college, nor the problem of degrees with very limited future prospects. Do we just try to do it again next election cycle? Eliminate the interest, and focus on the root of the problem... why is it costing this much to get into careers that rarely justify the expense?
The Commish
Footballguy
Because we are selfish as a people and can't seem to look beyond our personal wants/desires?
timschochet
Footballguy
Janet Yellin is going to make the argument today in a speech that because interest rates are so low, now is the time to have a huge stimulus package. That does make sense.
KarmaPolice
Footballguy
Instead of forgiving it on the backside, can we attack the reason why somebody needs to go $50-100K in debt for a basic degree? I am guessing most of us remember being able to work and pay off your college. I just checked the UW-Madison site, and the tuition is 10x+ what it was when I was there years ago. I guarantee that college grads aren't making 10x more than they were 30 years ago.
Alex P Keaton
Footballguy
Exactly. And until we address the root cause, all the rest of this is just utter nonsense.
BTW - shout out to another Madison grad. My tuition was ~$3,000 per year. It was incredibly easy to A) save money before college, B) get part-time jobs......to pay off my tuition bill. People who say "what's wrong with these kids, I paid my way through college and paid off my debt" are essentially ignorant or math illiterate. It is a different ballgame now.
The Commish
Footballguy
A good portion of the reason why is because the debtors can't get out of them....there is very little to no risk for the lenders. Free flow of that kind of money allows schools to just raise their prices.
KarmaPolice
Footballguy
Does that put you at the UW about '97 or so? I was there '93-'97, and I think the highest mine got to was in that 1400-1500/semester range, but I am not 100% sure. I think when I started it was about 1200/semester.
Yeah, it's sad when I have to talk to my son about these things. I know in the past he has said he's thought about teaching, and it's sad that the first thing that pops into my head is "oof - $100k for a degree you will be paying off for decades at that salary?". It makes my stomach churn when I talk to the kids that work at the store about how much their school is and what they are going for. So much debt.
KarmaPolice
Footballguy
Very good point. If you can't get out of it and declare bankruptcy, why not make it 50K a year to go to school?
ETA: Would a good start to be instead focusing on rules about that?
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The Commish
Footballguy
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