WARNING: Student Load Forgiveness is Very Unlikely to Pay for Your Next Elk Tag

[jt13]

Are you suggesting that during the lowest unemployment on record and very significant increases in pay levels in many walks of life and after a free 3 year no payment holiday they saved nothing to resume payments?

Yes

And that is for their neighbors to pay on their behalf?

Big picture? Something needs to be done but $20k in loan forgiveness is a bandaid on a bullet wound. The whole industry needs reformed. I do agree that student loan forgiveness was, and still is, a bad idea.

Smaller picture? The student loan pause beginning in March of 2020 started the building of a massive house of cards. No one I know asked for the pause, but at this point it may be the lesser of two evils.

Seems a bit much to ask to have sympathy at this point.

Less sympathy, more self preservation. If the economy takes a hit it'll obviously have far reaching effects beyond the rocking of some high-horses. Maybe someone can make a spreadsheet on some economic predictions of the cost of loan forgiveness versus a long term recession.

 

[232401a]

The current 10K/20k is basically Biden wanting his name on the checks visa via Trump payments.

Trump insisting on his personal/actual signature on those Covid checks was uniquely Trumpian.

Biden and all successors will likely return to the standard of the treasury secretary signing all checks from the treasury.

But sure, Biden wants voters to know he was behind it.

 

[BAKPAKR]

I only have one question - how am I going to pay for my next elk tag now?

 

[Wind Gypsy]

but thats not my point. Regardless of what you want to be, unless you are going to a community college or others its getting ridiculous for kids.

Is it really though? My and I think @VikingsGuy’s alma mater’s current tuition is $10k a year. It’s not a community college.. so the 4 year degree costs about as much as a basic 2 YO pickup truck.

 

[np307]

Are you suggesting that during the lowest unemployment on record and very significant increases in pay levels in many walks of life and after a free 3 year no payment holiday they saved nothing to resume payments? And that is for their neighbors to pay on their behalf? Seems a bit much to ask to have sympathy at this point.

Thats an interesting perspective on the present economic state, I doubt many of the people I know would quite express it that positively. Pretty hard to have sympathy for banks, automakers, airlines, etc etc etc and their losses get socialized and forgotten about.

 

[TheTone]

While I think that people should pay back what they owe, I would be okay with total forgiveness if it came with some form of permanent fix to the problem. But as it currently stands, government is still in the student loan business, and still issuing loans for worthless degrees to people that will never be able to pay them back.
Until that’s addressed forgiving $10k is pretty worthless.

Yep and with college prices only going up things really aren’t changing.

 

[VikingsGuy]

Thats an interesting perspective on the present economic state, I doubt many of the people I know would quite express it that positively. Pretty hard to have sympathy for banks, automakers, airlines, etc etc etc and their losses get socialized and forgotten about.

I have little sympathy for any one or any entity that makes knowing errors and has others pay the price. You will not likely see me defending Southwest Airlines or Ford.

 

[SAJ-99]

I have little sympathy for any one or any entity that makes knowing errors and has others pay the price.

Leave Montana resident hunters out of this.

 

[OntarioHunter]

Interesting.

Back in the seventies when I was in college the beer & Cheerios loads I left in the U of M student union john were unforgivable. The janitor thought so anyway.

 

[np307]

I have little sympathy for any one or any entity that makes knowing errors and has others pay the price. You will not likely see me defending Southwest Airlines or Ford.

Didn't mean to imply you would. More just commenting on the fact that, to paraphrase Jeremy Irons in Margin Call, all this money is just made up.

 

[antlerradar]

Are you suggesting that during the lowest unemployment on record and very significant increases in pay levels in many walks of life and after a free 3 year no payment holiday they saved nothing to resume payments? And that is for their neighbors to pay on their behalf? Seems a bit much to ask to have sympathy at this point.

Remember, they have Art History degrees.

 

[DouglasR]

That would suck so much ass to have to start paying again after 3 years off.

 

[belshawelk]

If she is #1 in a top school, tell her to go to the biggest high paying firm she can for 5 years. Live frugally with roommates. Do a lot of pro bono to help folks like those kids. Pay off student loans and set up a savings account. Then leave the firm and do whatever type of law she wants from there. Those big firms will give her top notch training and great political connections she can use for the kids for decades to come. Most entry-level pro-bono type jobs don’t do a great job of training and the kids/clients don’t always get the best lawyering. Think of it as a residency or post-doc. No need to be poverty lawyer day one.

great advice thanks!

 

[belshawelk]

Is it really though? My and I think @VikingsGuy’s alma mater’s current tuition is $10k a year. It’s not a community college.. so the 4 year degree costs about as much as a basic 2 YO pickup truck.

Well a lawyer, doctor and others make difference where the paper comes from. If a top firm is looking for a lawyer and multiple people apply, the person who graduates top of calls at a top school has advantage.

I didnt go to college and I cannot say college is worth it, UNLESS you want to be in a professional business.

 

[schmalts]

I think it is a little more complicated than that for me. How do you feel about student loan forgiveness for teachers? nurses? or those that enter the military after college? Or those that get law degrees and become public defenders? I'm not sure where to draw the line personally.

How do I feel? I feel everyone of those careers is a choice. I don't want to pay for any ones choices but my own. My Wife is a nurse BTW and she thinks that idea of a nurse loan being paid by someone else is stupid. She makes plenty enough to pay her own loan off no more or less than a car mechanic who has to buy 50K in tools and is in hock to the Snap on tool man.

 

[Red Fox]

I think it is so sad that no one use the three years at 0% interest rate to keep paying to get ahead. Even if it was a little, if they thought some would be paid off you would have been way better off.

 

[Dakotakid]

Lets just look at the real problem the schools. I have a daughter in her last year of law school at a top law school. Tuition is 86K year. - 22K for grades so 64K a year.

During covid she could not attend class. So the school is closed, professors are teaching from home. The school for one year had reduced costs. But they still charged the same amount. The school has a hundred million dollar endowment. They refused to dip into it to during this time. They could have easily reduced tuition by 10 or 20% instead it actually went up.

We will pay every penny back and not looking for it to be dissolved, but the cost is getting ridiculous for these kids. the above cost is for tuition only. No room and board. I am paying just over $3k a month on rent and utilities, food on top of that.

The cost is unsustainable.

The premise was that if people went to college, that guaranteed a higher income and comfort in life.

That was the premise the generation after WWII enjoyed. Costs of education was low compared to return on investment. The cost of a years tuition could be paid by summer employment.

Higher education recognized the cultural swing towards education. And it was a swing, look at the % of population that went through education pre 1900 or pre 1920 versus the % in 1960 and 1980.

The culture shift encouraged/pressured every student to consider college or be shamed as a failure. Loan costs skyrocketed.
The trades struggled to find willing students.

We should be coming to terms regarding the ponzie scheme of higher education but instead the focus is a targeted political kickback not just to the student demographic but also the liberal professor and higher education demographic.

This bail out is for higher education as well as students.

The fervor regarding college costs and questioning of higher education was hurting college enrollment.
Now what is the discussion, all about debt forgiveness.

 

[Dakotakid]

As to the discontent with congress. People fail to realize that we want discord and difficulty in Congress. The brilliance of the system as set up was that only well thought out and negotiated laws would come out.

The Montana legislature is an example of what we do not want, efficient streamlined passage of crazy is far worse.

 

[TheGrayRider]

“…A poor girl wants to marry, a rich girl wants to flirt,
A rich man goes to college, a poor man goes to work,
A drunkard wants another drink of wine, and a politician wants your vote…”

RIP Charlie Daniels, lyrics from his song, Long-haired Country Boy.

 

[Deleted member 28227]

“…A poor girl wants to marry, a rich girl wants to flirt,
A rich man goes to college, a poor man goes to work,
A drunkard wants another drink of wine, and a politician wants your vote…”

RIP Charlie Daniels, lyrics from his song, Long-haired Country Boy.

The irony is that the Rs and Ds have done such a get job demonizing each other that the country as a whole is waaay behind the ball at figuring out how to distribute labor to the sectors where we need it.