Student Loan Forgiveness

[WorldWatcher]

In a way that’s worse . Banks make a KILLING on those loans

I don't disagree.

But the previous premise was that banks would be left holding the bag with the loans not repaid. That's what I disagreed with. The government will be paying off the remainder of the loan (banks are made whole) and the "forgiven loan" is moved to government debt. Meaning it's they taxpayers that will pay more.

That banks, my lose some profit (interest), but they don't loose principle.

WW

 

[John Edgar Slow Horses]

 

[SassyIrishLass]

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Let me help you out, dumbass. The government loaned the money from taxpayers contributions, the dead beats didn't repay the loans...the government forgave the loans

Riddle me this, Mr Moron... who's money was involved in the loans?

Nobody can be as dumb as you

 

[Lesh]

Let me help you out, dumbass. The government loaned the money from taxpayers contributions, the dead beats didn't repay the loans...the government forgave the loans

Riddle me this, Mr Moron... who's money was involved in the loans?

Nobody can be as dumb as you

The government didn’t loan the money.

Banks did and the government guaranteed they’d get repaid. No other loan in the nation is like that. All have a default rate.

And that rate is baked into the interest charged

The “trick” here is that they bear zero risk but still bake that cost into the loans

Huge scam.

 

[SassyIrishLass]

The government didn’t loan the money.

Banks did and the government guaranteed they’d get repaid. No other loan in the nation is like that. All have a default rate.

And that rate is baked into the interest charged

The “trick” here is that they bear zero risk but still bake that cost into the loans

Huge scam.

So the government is paying the banks. With who's money? The government doesn't make money. Cripes you people are stupid.

 

[WorldWatcher]

The government didn’t loan the money.

Banks did and the government guaranteed they’d get repaid. No other loan in the nation is like that. All have a default rate.

And that rate is baked into the interest charged

The “trick” here is that they bear zero risk but still bake that cost into the loans

Huge scam.

No other loan?

Veterans will not agree. Looking over at the stack of monthly bills with our VA backed home loan on top.

WW

 

[22lcidw]

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The Federal Reserve Fiat Currency has rules. The Currency is not positive money. It is negative money. It needs people constantly taking out loans to expand the currency. We kept it under control until around the early 1970's. There is a lot more to this from the Federal Reserve Rules. So, you are talking the Federal Government with Joe eliminating the people who took out loans for education under a program or whatever. The payments from the federal reserve rules still must be paid by someone. The taxpayer and the citizens pay for it. Inflation is part of it.

 

[Lesh]

No other loan?

Veterans will not agree. Looking over at the stack of monthly bills with our VA backed home loan on top.

WW

I was not aware that a VA loan could not be defaulted on. Is that true?

Bankruptcy has no effect on those loans??

 

[WorldWatcher]

I was not aware that a VA loan could not be defaulted on. Is that true?

With a VA loan, it's taken out with private lenders and the VA acts as guarantor of the loan.

Depends on what you mean "could not be defaulted on". If you mean the borrower default, sure they can. The house can be seized and sold. The VA guarantees the value of the principle.

Bankruptcy has no effect on those loans??

I don't believe the VA status of the loan has any impact on bankruptcy. A bankruptcy would precede as normal under rules about primary residence.

WW

 

[Lesh]

With a VA loan, it's taken out with private lenders and the VA acts as guarantor of the loan.

Depends on what you mean "could not be defaulted on". If you mean the borrower default, sure they can. The house can be seized and sold. The VA guarantees the value of the principle.




I don't believe the VA status of the loan has any impact on bankruptcy. A bankruptcy would precede as normal under rules about primary residence.

WW

And with a student loan… bankruptcy has no effect. You still owe on that loan

No?

 

[WorldWatcher]

And with a student loan… bankruptcy has no effect. You still owe on that loan

No?

Correct.

And with a VA Home Loan, if bankruptcy occurs the Bank is paid by the VA for the default.

As to whether the borrower is forgiven, I think that depends on which kind of bankruptcy is being filed for and the results.

My father-in-law had to file bankruptcy. He didn't loose his home, but because of the bankruptcy the payments were restructured. (Wasn't a VA Loan.)

WW

 

[Polishprince]

And with a student loan… bankruptcy has no effect. You still owe on that loan

No?

With a VA loan, there is collateral, so the lender and the taxpayers aren't totally screwed if the borrower beats it.

Student loans don't require collateral or cosigners, and are offered at a lower rate than credit card and other signature type loans.

Further, the interest rates are a lot less for a student loan than they are with a visa.

What offsets those advantages is that the student loans can rarely be discharged. You have to pay.

 

[JWBooth]

Student Loan Forgiveness​

You fucktards gonna refund the folks that responsibly paid their bills?

 

[John Edgar Slow Horses]

I paid mine and don't worry about those who got forgiveness.

None of us lost anything who paid.

 

[Polishprince]

I paid mine and don't worry about those who got forgiveness.

None of us lost anything who paid.

If you realized that you didn't have to pay, and could have used that money for something else, would you have?

 

[John Edgar Slow Horses]

If you realized that you didn't have to pay, and could have used that money for something else, would you have?

That's not me. If I had know earlier the outcome...? Would have you paid if you had known?

 

[Zincwarrior]

If you realized that you didn't have to pay, and could have used that money for something else, would you have?

If college was supported at the same levels it was for the Boomer generation, I could have used that money for something else too.

 

[Mac-7]

Oh fuck that. My daughter in law has been paying student loans for 15 years. She WAS paying $850/ month. That amount was dropped because of Covid regs to $450 but that barely covers the interest.

She owes $85K still and shops at Goodwill

What is your daughter in law’s degree in?

 

[Lesh]

What is your daughter in law’s degree in?

Stop deflecting or be reported

 

[Mac-7]

Stop deflecting or be reported

False reporting should be a criminal offense

Because I am not deflecting

This is the student loan forgiveness topic and you used your daughter in law as a reference

So I ask again, what was her college degree in that she still owes $85k for after 15 years?