Forgive Student Loan Debt

[bripat9643]

Either educate yourself, or butt out. Your kneejerk reacting doesn't facilitate discussion.

You need to learn how to do simple math. So does the woman in the pic. Obviously, her math skills are the reason for the fix she's in.

Looks like she didn't get her money's worth.

 

[Zander]

Who forced these people to get loans? Oh that's right, nobody. Tough luck kiddies, not my problem.

 

[Quantum Windbag]

Read the image and tell me why you think things are just fine as they are.

She really sucks at math?

Do you have any idea how long it would take to turn $26,400 initial debt into $77,976.63 at 3.2% interest?

 

[clevergirl]

Conservative voters have different favors of equally stupid notions.

"Guns, Gays,and God".....

Hardly! Guns are a constitutional guaranteed right- Then let me see- oh yeah God...hmmm as if He has not held prominence as a national idea from our nations beginning and the leaders of that time...really a stupid notion belonging just to "conservatives"? So called "gay rights" are a matter of divided opinion-

Now free stuff is for the terminally stupid to believe in- though if this president has his way he will make it as free as possible to about 51% of Americans at the expense of 49% of others

Oh, I see.

You are one of those stupid voters......

No, I am a definite informed ideologue. I know nothing is free- everything has a cost to someone. I know that no one owes me a living or even a leg up- especially not my government. I understand that government is uniquely unfit as a manager of any-ones livelihood. I believe that the smaller we can keep government the more freedom we actually have to pursue happiness. I believe that the poor will always be with us- and that this knowledge means as individuals we have a responsibility to support those organizations that actually are hands on in their aid to the truly poor- not the lazy; ungrateful and self imposed poor.

I recognize that though regulatory laws are necessary- I also believe that those laws should be left to states to legislate and enforce- not the feds (its that smaller government thingy)

For someone like you to equate that because I have a different ideology with regards to government then you- proves your intellectual ignorance- not mine.

The Obama supporter in the video is stupid- but she is merely the end result of your ideologies aim. This woman was likely born into a low income family where free (someone else besides her has to pay) is normal and expected. That's what government entitlement creates.

 

[geauxtohell]

Hardly! Guns are a constitutional guaranteed right- Then let me see- oh yeah God...hmmm as if He has not held prominence as a national idea from our nations beginning and the leaders of that time...really a stupid notion belonging just to "conservatives"? So called "gay rights" are a matter of divided opinion-

Now free stuff is for the terminally stupid to believe in- though if this president has his way he will make it as free as possible to about 51% of Americans at the expense of 49% of others

Oh, I see.

You are one of those stupid voters......

No, I am a definite informed ideologue. I know nothing is free- everything has a cost to someone. I know that no one owes me a living or even a leg up- especially not my government. I understand that government is uniquely unfit as a manager of any-ones livelihood. I believe that the smaller we can keep government the more freedom we actually have to pursue happiness. I believe that the poor will always be with us- and that this knowledge means as individuals we have a responsibility to support those organizations that actually are hands on in their aid to the truly poor- not the lazy; ungrateful and self imposed poor.

I recognize that though regulatory laws are necessary- I also believe that those laws should be left to states to legislate and enforce- not the feds (its that smaller government thingy)

For someone like you to equate that because I have a different ideology with regards to government then you- proves your intellectual ignorance- not mine.

The Obama supporter in the video is stupid- but she is merely the end result of your ideologies aim. This woman was likely born into a low income family where free (someone else besides her has to pay) is normal and expected. That's what government entitlement creates.

"Keep the government small and in the bedroom!"

 

[chanel]

Interesting discussion at lunch yesterday with some young teachers. They were sharing stories of friends who use their "financial aid" checks to buy luxury items. Apparently the govt. is giving students more money than they actually need for school.

Their older, wiser colleague (me) interjected with "And this surprises you?"

 

[bigrebnc1775]

Read the image and tell me why you think things are just fine as they are.

Here's an idea let's just wipe all debt clean no back taxes no one owes anyone anything.

 

[chanel]

Here's an idea: "Big Ed" can take a 3% cut.

 

[Big Black Dog]

That is what's wrong with this country now... Everybody wants something for nothing. There's no free lunch.

 

[geauxtohell]

Interesting discussion at lunch yesterday with some young teachers. They were sharing stories of friends who use their "financial aid" checks to buy luxury items. Apparently the govt. is giving students more money than they actually need for school.

Their older, wiser colleague (me) interjected with "And this surprises you?"

You mean "lending" and not giving.

 

[KevinWestern]

Interesting discussion at lunch yesterday with some young teachers. They were sharing stories of friends who use their "financial aid" checks to buy luxury items. Apparently the govt. is giving students more money than they actually need for school.

Their older, wiser colleague (me) interjected with "And this surprises you?"

Sure, you can take out Federal or Private loans to go on a European vacation, buy a car, whatever you wish, but all that money is going to need to be paid back. To do this is a foolish action on the part of the borrower, and not the lender, because the lender is going to be getting those $'s back plus interest.

I doubt it was grant money, or scholarship money that was used to buy the luxury items...

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[Toddsterpatriot]

Read the image and tell me why you think things are just fine as they are.

Liberals are bad at math. Really, really bad.

 

[Toddsterpatriot]

A couple of answers from kids (adults now) on the "How could you be so stupid" question.

Answer: I love that question: why didn't you read the contract. Well, I was 17 on my first loan and about 19 on my second one. Didn't even have a checking account and never had a credit card at that time. Read the contract? yeah, I read it and "Trusted" that the government wouldn't give me the shaft. I mean how could they do that to me, I was just a kid and had big dreams. How did I know they would retroactively change the law after I took out my loan and that this loan would follow me to my grave. Oh yeah and I forgot to mention that no where in my contract does it say if I default that my interest would be capitalized. They sort of left that out for future use.

Answer: Nobody can follow when the government changes the rules in the middle of the game. They do it all the time. This is why we need reform, and we need to pass H.R. 4170, to restore some sanity and responsibility to the system. Consumer advocates back in the 80s reformed insurance company policies and forced them to write insurance coverage in understandable language. This is what we need now with student loans. Obviously this is proving to be true, as Consumer Finance Protection Bureau is beginning to listen to the people, and proposing these types of changes. And, as far as these perfect people, who read everything, I don't believe 99% of them. They would have to prove it to me first. If they are that perfect, good for them. But it's surely nobody I have ever met. How about you??

no where in my contract does it say if I default that my interest would be capitalized. They sort of left that out for future use.

You defaulted? Thought you said you faithfully paid?

 

[KevinWestern]

That is what's wrong with this country now... Everybody wants something for nothing. There's no free lunch.

Again, I think "loan forgiveness" is out of the question because it's not fair to the lenders (who are just serving a market need).

But I think we as a country need to meaningfully discuss the problem of extraordinarily high (and rising) college costs. If college was a luxury it would be one thing (just choose not to go to college), but it's not - it's a necessity in many, many scenarios and career paths.

College costs are rising on average at a rate of 4-6% per year. Compare that to an overall inflation rate of 2%.

Do we want each of our new generations to enter into the real world with $50,000 in debt? Is the negative impact on the economy from generations of indebted 20 and 30 somethings (less likely to start a business, buy a house, invest, ect) worth it because all of the "things" they learn in college? I don't think so...

Personally, I learned a few things in college, but probably could have been just fine if my program was 2 years. About 90% of the skills I use in the workplace today have all been learned on the job. Sure, doctors and lawyers need 4+ years of college, but certainly not all of the business professions that seem to require it today.

Was it worth it to go to school? Absolutely, because I wouldn't be able to have the job I have without it (requirement of a Bachelor's degree from a 4-year University). But is our system flawed? I think so.

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[Katzndogz]

Read the image and tell me why you think things are just fine as they are.

If we can forgive the banks for 750 billion, we can forgive student debt.

That's not a bad idea, as long as we also revoke the degrees conferred by that student debt. When a car loan is in default, no one gets to keep the car.

 

[Toddsterpatriot]

Read the image and tell me why you think things are just fine as they are.

If we can forgive the banks for 750 billion, we can forgive student debt.

When did we "forgive the banks for 750 billion"?

 

[Toddsterpatriot]

Nope. Paid back faithfully. That's what everybody is going through. You didn't know that, huh.

That sign is bullshit.. you're telling me that with interest, a $26,400 loan turned into a $77,977 debt? No fucking way.

With that said, you read the terms, you took the money, you pay it back.

Welcome to the world of "negative amortization". She has paid $32,700 over 23 years; that's about $118 per month. The monthly interest on $26,400 at a relatively benign 6.6% would create a monthly interest at the outset of $145, and after 23 years of paying this way you would owe much more money (in fact, about $45K). If this was the minimum payment that was arranged in the contract and that's all she paid, then she owes the difference. I would say, however, that she probably has a good case to sue the university for not teaching her how to add and subtract.

Obama went to Harvard and he still can't add and subtract.

 

[KevinWestern]

Nope. Paid back faithfully. That's what everybody is going through. You didn't know that, huh.

That sign is bullshit.. you're telling me that with interest, a $26,400 loan turned into a $77,977 debt? No fucking way.

With that said, you read the terms, you took the money, you pay it back.

Welcome to the world of "negative amortization". She has paid $32,700 over 23 years; that's about $118 per month. The monthly interest on $26,400 at a relatively benign 6.6% would create a monthly interest at the outset of $145, and after 23 years of paying this way you would owe much more money (in fact, about $45K). If this was the minimum payment that was arranged in the contract and that's all she paid, then she owes the difference. I would say, however, that she probably has a good case to sue the university for not teaching her how to add and subtract.

Obama went to Harvard and he still can't add and subtract.

Actually, I'm pretty sure Obama can add and subtract quite well, as he's a really intelligent guy.

I may not agree with his political views and the way he's running the country, but he's certainly not a dumb person.



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[Toddsterpatriot]

No, actually. Robert Applebaum is a friend of mine, and he got this ball rolling. Google him if you don't believe me.

http://www.forgivestudentloandebt.com/content/student-loan-forgiveness-act-2012-hr-4170-bill-text

Read the bill. Let me know what you find unacceptable about it.

(1) A well-educated citizenry is critical to our Nation's ability to compete in the global economy.

It's not working.

(6) Because of soaring tuition costs, students often have no choice but to amass significant debt to obtain an education that is widely considered a prerequisite for earning a living wage.

They should pass a law cutting tuition by 70%.

 

[peach174]

No, actually. Robert Applebaum is a friend of mine, and he got this ball rolling. Google him if you don't believe me.

http://www.forgivestudentloandebt.com/content/student-loan-forgiveness-act-2012-hr-4170-bill-text

Read the bill. Let me know what you find unacceptable about it.

(1) A well-educated citizenry is critical to our Nation's ability to compete in the global economy.

It's not working.

(6) Because of soaring tuition costs, students often have no choice but to amass significant debt to obtain an education that is widely considered a prerequisite for earning a living wage.

They should pass a law cutting tuition by 70%.

Then how will teachers and their pensions be paid?
This needs to be reformed first, among other things, then tuition will go down.
Then students need to stop adding credit cards along with the student loans. They have more credit card debt than student loan debt.