What's new
US Message Board - Political Discussion Forum

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

There Is Nothing to Stop

WillowTree

Diamond Member
Joined
Sep 15, 2008
Messages
84,532
Reaction score
16,064
Points
2,180
a student from going to a private bank, taking out a loan and spending it on his or her education is there??? just don't call it a student loan.. stick it to those assholes in washington..
 

boedicca

Uppity Water Nymph
Joined
Feb 12, 2007
Messages
56,433
Reaction score
19,019
Points
2,250
Location
The Land of Funk
Banks require collateral for loans.

Student loans have been backed by taxpayers for years. (One of the big causes of education inflation, btw - too much easy taxpayer money).

Students lack a borrowing base and income qualification - won't work, especially with the new regulations and capital requirements being put in place.
 
OP
WillowTree

WillowTree

Diamond Member
Joined
Sep 15, 2008
Messages
84,532
Reaction score
16,064
Points
2,180
Banks require collateral for loans.

Student loans have been backed by taxpayers for years. (One of the big causes of education inflation, btw - too much easy taxpayer money).

Students lack a borrowing base and income qualification - won't work, especially with the new regulations and capital requirements being put in place.

but their mommies and daddies have the collateral and the borrowing power.. stick it to those suckers in dc who think they can dicate who the fuck you will or will not borrow money from..
 

Ravi

Diamond Member
Joined
Feb 27, 2008
Messages
90,899
Reaction score
13,995
Points
2,205
Location
Hating Hatters
No idea where you are going with this. Students that don't qualify for student loans don't normally need them.
 

boedicca

Uppity Water Nymph
Joined
Feb 12, 2007
Messages
56,433
Reaction score
19,019
Points
2,250
Location
The Land of Funk
Yes, parents can cosign for loans.

They'd be better off taking out home equity loans and writing off the interest. You can't do that with college loans.
 

Ravi

Diamond Member
Joined
Feb 27, 2008
Messages
90,899
Reaction score
13,995
Points
2,205
Location
Hating Hatters
You can't write off interest from home equity loans.
Edit: oops, I was thinking of something else.
 
Last edited by a moderator:
OP
WillowTree

WillowTree

Diamond Member
Joined
Sep 15, 2008
Messages
84,532
Reaction score
16,064
Points
2,180
Yes, parents can cosign for loans.

They'd be better off taking out home equity loans and writing off the interest. You can't do that with college loans.

you gotta pay close attention, I said,, I think, go borrow from a private bank,,just don't call ita student loan,, so an equity loan will do nicely.. stick it to those assholes who think they can dictate,, they gonna give the little old community banks a shitload of our money,, little republican kids ought to get mom and dad to borrow some ..
 

boedicca

Uppity Water Nymph
Joined
Feb 12, 2007
Messages
56,433
Reaction score
19,019
Points
2,250
Location
The Land of Funk
You can't write off interest from home equity loans.


Uh...yes you can. There's just a limit to the amount that qualifies.

IRS Publication 936

Home Equity Debt

If you took out a loan for reasons other than to buy, build, or substantially improve your home, it may qualify as home equity debt. In addition, debt you incurred to buy, build, or substantially improve your home, to the extent it is more than the home acquisition debt limit (discussed earlier), may qualify as home equity debt.

Home equity debt is a mortgage you took out after October 13, 1987, that:

-Does not qualify as home acquisition debt or as grandfathered debt, and

- Is secured by your qualified home.

Example.

You bought your home for cash 10 years ago. You did not have a mortgage on your home until last year, when you took out a $20,000 loan, secured by your home, to pay for your daughter's college tuition and your father's medical bills. This loan is home equity debt.
Home equity debt limit. There is a limit on the amount of debt that can be treated as home equity debt. The total home equity debt on your main home and second home is limited to the smaller of:

- $100,000 ($50,000 if married filing separately), or

- The total of each home's fair market value (FMV) reduced (but not below zero) by the amount of its home acquisition debt and grandfathered debt. Determine the FMV and the outstanding home acquisition and grandfathered debt for each home on the date that the last debt was secured by the home.


Publication 936 (2009), Home Mortgage Interest Deduction
 

blu

Senior Member
Joined
Sep 21, 2009
Messages
6,836
Reaction score
779
Points
48
Banks require collateral for loans.

Student loans have been backed by taxpayers for years. (One of the big causes of education inflation, btw - too much easy taxpayer money).

Students lack a borrowing base and income qualification - won't work, especially with the new regulations and capital requirements being put in place.

but their mommies and daddies have the collateral and the borrowing power.. stick it to those suckers in dc who think they can dicate who the fuck you will or will not borrow money from..

so only people with well off parents should be allowed college? what if your parents credit is bad which generally isn't because of hte kid's action?
 

boedicca

Uppity Water Nymph
Joined
Feb 12, 2007
Messages
56,433
Reaction score
19,019
Points
2,250
Location
The Land of Funk
You're probably thinking of credit card debt and car loans. Such interest used to be deductible many years ago - but no more.
 

boedicca

Uppity Water Nymph
Joined
Feb 12, 2007
Messages
56,433
Reaction score
19,019
Points
2,250
Location
The Land of Funk
so only people with well off parents should be allowed college? what if your parents credit is bad which generally isn't because of hte kid's action?


There is always the old fashioned way - working one's way through school.

Many of us have done and are doing it.
 

blu

Senior Member
Joined
Sep 21, 2009
Messages
6,836
Reaction score
779
Points
48
also, banks would basically have to do the exact same thing student loan people are doing. you pay 0 on student loans until you graduate and you acquire 0 interest until you start paying. your amount due per month is also scaled to your post-grad job salary. I seriously doubt many banks are going to agree to terms like that.
 

blu

Senior Member
Joined
Sep 21, 2009
Messages
6,836
Reaction score
779
Points
48
so only people with well off parents should be allowed college? what if your parents credit is bad which generally isn't because of hte kid's action?


There is always the old fashioned way - working one's way through school. th
Many of us have done and are doing it.

besides state colleges I doubt you could pay-as-you-go on part time jobs. I do think jobs while in school would cut out alot of the partying and time wasting done by many students. I honestly think work-study programs are the best option, but they need to have higher wages to be reasonable.
 
OP
WillowTree

WillowTree

Diamond Member
Joined
Sep 15, 2008
Messages
84,532
Reaction score
16,064
Points
2,180
Banks require collateral for loans.

Student loans have been backed by taxpayers for years. (One of the big causes of education inflation, btw - too much easy taxpayer money).

Students lack a borrowing base and income qualification - won't work, especially with the new regulations and capital requirements being put in place.

but their mommies and daddies have the collateral and the borrowing power.. stick it to those suckers in dc who think they can dicate who the fuck you will or will not borrow money from..

so only people with well off parents should be allowed college? what if your parents credit is bad which generally isn't because of hte kid's action?



where did I say that asswipe?? all I said is go take out yer own damn loan at the place of your choose.. stick it to those assholes in dc who think they can dictate.. you got that now???
 

Ravi

Diamond Member
Joined
Feb 27, 2008
Messages
90,899
Reaction score
13,995
Points
2,205
Location
Hating Hatters
but their mommies and daddies have the collateral and the borrowing power.. stick it to those suckers in dc who think they can dicate who the fuck you will or will not borrow money from..

so only people with well off parents should be allowed college? what if your parents credit is bad which generally isn't because of hte kid's action?



where did I say that asswipe?? all I said is go take out yer own damn loan at the place of your choose.. stick it to those assholes in dc who think they can dictate.. you got that now???
What's the matter, Willow? Were you too stupid to qualify for a student loan?:lol:
 

NYcarbineer

Diamond Member
Joined
Mar 10, 2009
Messages
117,063
Reaction score
13,862
Points
2,210
Location
Finger Lakes, NY
Yes, parents can cosign for loans.

They'd be better off taking out home equity loans and writing off the interest. You can't do that with college loans.

Yeah great idea, and then when Junior the free spirit drops out in his 3rd year and heads for Patagonia to find himself, you and mom can pay off the loan.
 

NYcarbineer

Diamond Member
Joined
Mar 10, 2009
Messages
117,063
Reaction score
13,862
Points
2,210
Location
Finger Lakes, NY
so only people with well off parents should be allowed college? what if your parents credit is bad which generally isn't because of hte kid's action?



where did I say that asswipe?? all I said is go take out yer own damn loan at the place of your choose.. stick it to those assholes in dc who think they can dictate.. you got that now???
What's the matter, Willow? Were you too stupid to qualify for a student loan?:lol:

Yeah, where the loan application said SEX? she put okay...but only once and no kissing.
 

boedicca

Uppity Water Nymph
Joined
Feb 12, 2007
Messages
56,433
Reaction score
19,019
Points
2,250
Location
The Land of Funk
Yes, parents can cosign for loans.

They'd be better off taking out home equity loans and writing off the interest. You can't do that with college loans.

Yeah great idea, and then when Junior the free spirit drops out in his 3rd year and heads for Patagonia to find himself, you and mom can pay off the loan.


I'm not advocating it - but if the parents are inclined to get a loan, the home equity option is less expensive.

(I worked my way through school without borrowing a dime :) )
 

xsited1

Agent P
Joined
Sep 15, 2008
Messages
17,746
Reaction score
5,777
Points
198
Location
Little Rock, AR
a student from going to a private bank, taking out a loan and spending it on his or her education is there??? just don't call it a student loan.. stick it to those assholes in washington..

Why can't kids work their way through College? I did. And when I got out, there were no loans to pay off.
 

USMB Server Goals

Total amount
$350.00
Goal
$350.00

New Topics

Most reactions - Past 7 days

Forum List

Top