Dont worry about the student loan forgiveness

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Nameless Range said:
I anticipate this thread to get locked soon.I am 38, and still paying on my student loans. I was a poor student until my last three years (of 6! 😬) where I worked full time for the University at which I was attending so that I did not have to pay tuition. I am opposed to this and frankly don’t understand how an administration can have so much power.

Call it rewarding bad behavior. Call it buying votes. Call it a redistribution, giving the haves more and the have nots less.

I think all would be correct.

Remove the specialness of student loan quasi-immunity from discharge in bankruptcy, stop the predatory BS that is fed down the throats of seniors in high school, and let the market have its way with our universities which no longer provide a bang for the buck. Those would be far more permanent and equitable ways forward in my mind.
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No offense meant, but my god you don't see how an administration can do this?

The same way the corporate tax rates have evaporated over the years to about nothing.
 
rwc101 said:
And by the way, when I said I am not in favor of blank check loan forgiveness I was acknowledging that you, I, and a lot of other people are not 100% on board with this. But nuance isn't your strong point, is it?
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Sorry, but yes I am pissed as I am one of the ones who got shafted on this. I am being truthful when I say I never owned new vehicles and other items. I wonder how many who have a loan that just got 10K from others are also driving a late model 60K$ truck?
 
Where was the faux outrage for the PPP loan forgiveness? It will be more and were all paying for that. At least the people with a degree got something. The PPP loans were just bonuses paid to companies, free money... via the printing press, er tax payer.
 
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Hem said:
Background: I have done construction my entire working career. The occupation is seeing a decline , doesn't seem to be the next generation. Meanwhile, we need a next generation to keep pace with all the careers that keep the U.S. on level ground with the rest of the developed nations.
This is why I support education.

But man, the workers of this country are taking it in the shorts, no doubt about it.
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Agree, plutocracies are like that.
 
Bambistew said:
Where was the faux outrage for the PPP loan forgiveness? It will be more and were all paying for that. Atheist they people with a degree got something. The PPP loans were just bonuses paid to companies, free money... via the printing press, er tax payer.
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Nope those were bullshit too, and the stimulus. People who needed it ie. Restaraunt owners didn't see much of anything.
 
Bambistew said:
Where was the faux outrage for the PPP loan forgiveness? It will be more and were all paying for that. Atheist they people with a degree got something. The PPP loans were just bonuses paid to companies, free money... via the printing press, er tax payer.
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This list of people really needed PPP loans forgiven?

www.mercurynews.com

Kanye West, Tom Brady, Jared Kushner, Reese Witherspoon, other celebs had millions in PPP loans forgiven

Businesses associated with Khloe Kardashian, Jay-Z and Paul Pelosi also were let off the hook in paying back loans meant to help small businesses struggling during the COVID-19 pandemic.
www.mercurynews.com www.mercurynews.com
 
I'm getting $20k in forgiveness if I'm reading the proposal right, but it won't matter too awful much considering how far along I am in PSLF. 10 years of ICR/IDR payments from a low level state government employee. When its all said and done I will have repaid about 75% of what I borrowed. It was way too easy for a young and dumb kid from a poor family to sign up for a lifetime of crippling dept. I had zero financial knowledge coming out of high-school, I'm lucky I didn't dig myself into an even bigger hole.
 
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I paid my daughters undergrad in at a tune of 58K. The other half was paid by a sports scholarship. That school has hundreds of thousands of endowment money and keep raising rates. Now she is in grad school. So yes it expensive as she is going to be a lawyer and on her last year. Not a trial layer but a special needs lawyer for kids ( foster care, abusive), it pays squat compared to trial or other lawyers, but the school cost is the same. She got a 30% scholarship because of her grades. She will graduate this year with a $130K in student debt. She will pay every penny back. Her school is a major school with over a billion yes billion in endowments, and they raised rates 15% this year. THAT'S THE PROBLEM.

Daughter #2 goes to a big school back east and I will be paying for her undergrad. 32K a year. They have hundreds of millions of Endowment money and they raised prices 10% this year. THATS THE PROBLEM.

I didnt go to college, cant tell anyone its worth it, or they should, but both my girls want to be professionals, one a lawyer and one a oncologist. You have to go to school for those. ITS A RIP OFF WHAT THEY CHARGE the these schools.

Regardless of cost, my kids and I plan on paying for every dime. We made the debt, we pay it. Period. They and I will pay their debt , but we sure as hell shouldn't have to pay others!
 
belshawelk said:
I paid my daughters undergrad in at a tune of 58K. The other half was paid by a sports scholarship. That school has hundreds of thousands of endowment money and keep raising rates. Now she is in grad school. So yes it expensive as she is going to be a lawyer and on her last year. Not a trial layer but a special needs lawyer for kids ( foster care, abusive), it pays squat compared to trial or other lawyers, but the school cost is the same. She got a 30% scholarship because of her grades. She will graduate this year with a $130K in student debt. She will pay every penny back. Her school is a major school with over a billion yes billion in endowments, and they raised rates 15% this year. THAT'S THE PROBLEM.

Daughter #2 goes to a big school back east and I will be paying for her undergrad. 32K a year. They have hundreds of millions of Endowment money and they raised prices 10% this year. THATS THE PROBLEM.

I didnt go to college, cant tell anyone its worth it, or they should, but both my girls want to be professionals, one a lawyer and one a oncologist. You have to go to school for those. ITS A RIP OFF WHAT THEY CHARGE the these schools.

Regardless of cost, my kids and I plan on paying for every dime. We made the debt, we pay it. Period. They and I will pay their debt , but we sure as hell shouldn't have to pay others!
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This is the core of the problem. Government gives out easy loans to dumb kids and the schools take advantage.
 
BuzzH said:
No offense meant, but my god you don't see how an administration can do this?

The same way the corporate tax rates have evaporated over the years to about nothing.
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I understand technically how they can do it. My statement was worded poorly .

I think it is clear that the power of the American executive branch is as bloated as the carcass I’ve been seeing on the side of the interstate for the last week. And it’s a problem regardless of which administration is in power, and will continue to be.
 
I’m not a huge fan of Govt commandeering private wealth, but if Harvard and Yale endowments were forcibly transferred into the US treasury to fund loan cancellations, I wouldn’t lose any sleep.
 
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