About That Student Loan Forgiveness....
- Thread starter my-thyme
- Start date
ArkRescue
Adopt me please !
If we knew the whole truth in the beginning we may have said no to student loans. Sure they tell you about the interest, but most people including myself had no idea that $48k in student loan debt would turn into repayment of double or more of the amount borrowed by the time you finish with the payments. I have paid faithfully for 17 years on my student loans and I still owe within $2,000 of the original principle balance, say what?! 
. I owe what I owe, but if I die anytime soon they won't get the rest of their money. If it gets approved I'll apply.
. I owe what I owe, but if I die anytime soon they won't get the rest of their money. If it gets approved I'll apply.
LightRoasted
If I may ...
For your consideration ...
Which is why finance, financial instruments, contracts, loans, debt, are not taught in schools. Because if they were, people wouldn't fall for the scams. Debt, aka borrowing, all kinds, is nothing but taking from your future earnings, and using that money in the moment. And don't look to mom and dad for advice, because most are as clueless as the students themselves.
Unfortunately, you got taken. Along with millions more.
For the class .... When you find that a loan, as a result your due diligence, such as reading, (and understanding), the fine print, cannot be discharged in bankruptcy, and that even your social security, and tax refunds, can be garnished to repay said loan should you not be able, run away as fast as you can. Finding that out are countless unwitting students, and the retired parents living in poverty that co-signed for such loans.
In addition. It is loans such as Ark's that should be expunged. Since it appears there is fraud and deceit involved in the origination of such loans. Hell, even an auto loan of $48K would be fully paid and discharged in 5 or 6 or 7 years, depending on the choice of financing. So for paying for a loan for 17 years with a balance of $46K? Something is way way way off kilter.
You should find someone who can do a financial audit on your loan and loan documents to ascertain if everything is on the up and up.If we knew the whole truth in the beginning we may have said no to student loans. Sure they tell you about the interest, but most people including myself had no idea that $48k in student loan debt would turn into repayment of double or more of the amount borrowed by the time you finish with the payments. I have paid faithfully for 17 years on my student loans and I still owe within $2,000 of the original principle balance, say what?!
Which is why finance, financial instruments, contracts, loans, debt, are not taught in schools. Because if they were, people wouldn't fall for the scams. Debt, aka borrowing, all kinds, is nothing but taking from your future earnings, and using that money in the moment. And don't look to mom and dad for advice, because most are as clueless as the students themselves.
Unfortunately, you got taken. Along with millions more.
For the class .... When you find that a loan, as a result your due diligence, such as reading, (and understanding), the fine print, cannot be discharged in bankruptcy, and that even your social security, and tax refunds, can be garnished to repay said loan should you not be able, run away as fast as you can. Finding that out are countless unwitting students, and the retired parents living in poverty that co-signed for such loans.
In addition. It is loans such as Ark's that should be expunged. Since it appears there is fraud and deceit involved in the origination of such loans. Hell, even an auto loan of $48K would be fully paid and discharged in 5 or 6 or 7 years, depending on the choice of financing. So for paying for a loan for 17 years with a balance of $46K? Something is way way way off kilter.
TPD
the poor dad
As much as I hate taking govt handouts, when it comes to the agricultural payments, I take them, only to stay competitive with my fellow farmers. If I don't take it then I am at a disadvantage when it comes to renting new lands, buying new equipment, etc. There have been some years where my net profit is the government welfare check. So to answer @my-thyme question, as much as it pains me I say yes take the money and run if it becomes available!
LightRoasted
If I may ...
For your consideration ...
So, the agri-system is what it is. Maybe that why there is a US Department of Agriculture? Make no apologies for doing what you need to do. The mega agri-corps sure as hell don't.
Well, government has been interloping and meddling and manipulating in agriculture for, forever. No one faults you, or should, for living and dealing in a system that favors the big agri-corps. You play, have to, by their rules to earn a living. I recall at one time, the government interfered with private citizens from growing their own food to favor the big farmers. Something along the lines of private individuals gowning their own food hurts the farmer and was prohibited. Went to court and everything if I recall.
So, the agri-system is what it is. Maybe that why there is a US Department of Agriculture? Make no apologies for doing what you need to do. The mega agri-corps sure as hell don't.
Student debtors refuse to pay back loans: ‘I’m not gonna feed this monster anymore’
“These loans have become weaponized, they’re viciously predatory and hyperinflationary,” Alan Collinge, founder of nonprofit group Student Loan Justice, told The Post. “So, they’ve become these licenses to steal [from borrowers].”
Collinge, 52, said the student loan system is helplessly trapped in a “death spiral” with total freefall coming in months; he noted that nearly 60% of borrowers were not paying off their loans as of last 2019, prior to the coronavirus pandemic.
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Yazan Alswaeer, 38, of New Castle, Pennsylvania
Total debt: $118,000Occupation: IT system administrator
Education: Pittsburgh Technical College; Capella University
Prior monthly payment: n/a
Alswaeer expects to receive his master’s degree in information technology in December, some nine years after the Jordanian native arrived in the United States. The proposed $20,000 relief would’ve been a drop in the single father’s debt bucket, but now he’s desperately emailing the White House for help. “I have no plan,” Alswaeer told The Post. “My plan is I am not going to make payments.” Biden’s campaign promise to forgive tuition-related federal student debt was the “only reason” Alswaeer voted for the Democrat.
“With the school debt that I have, there’s no way I will ever think about buying a house or settling down,” he said. “It hurts seeing many Americans suffering financially while a great country such as ours has the resources it needs to make every American live a decent life.”
Heather Helton, 39, of Warsaw, Indiana
Total debt: $56,000Occupation: Special education teacher
Education: Grace College; Indiana Wesleyan University
Prior monthly payment: $137
Helton said her debt servicer, the Missouri Higher Education Loan Authority, is expecting a $349 payment in December rather than January – a month earlier than other borrowers. Known as MOHELA, the quasi-government agency became the sole provider for debtors pursuing Public Service Loan Forgiveness nationwide this past summer.
Helton, who has had five different loan providers since graduating in 2006, said she feels duped having to deal with yet another loan company. Helton added that she “absolutely” plans to stop paying down her sizable balance — along with a 6% interest rate.
“This was a federal con artist operation,” she told The Post. “They knew exactly what they were doing and it caused a lot of false hopes.”
Helton previously intended to fully repay her loans, but she’s now mulling alternatives like lobbying local politicians or “blasting social media” for help. “Something needs to give,” she said.
A FEDERAL Con-Artist Operation .... promising false hope's ... false hope about what ?
Well then give up your Diploma and any benifits of having that degree you refuse to pay for, like not making a car or house payment, you should LOSE any benefits derived from that degree
SamSpade
Well-Known Member
A big part of the college/student loan problem is that college costs far outstrip most people's ability to pay. We do live in a society where you kind of need a car to do things - but would you buy a car if the only way you could get one was to pay 85k in a short time - or squeeze it out of you over a much longer period, effectively doubling the cost with the added interest?
You'd probably say, eff that, I'll figure out something else. The car analogy isn't perfect - I bought a used car for about half the price of used, and it was in stellar condition. It's hard to find a college education that is a cheaper alternative (although it's possible). College has BECOME expensive because of the ubiquity of the loans, and how EASY it is to get them. Loans have in turn become NECESSARY because college has become expensive. Hence, the cost of college has outstripped inflation by a few orders of magnitude.
The nation does have a problem though - we can't IMPORT all the brains we need for the academically demanding careers. We must grow our own. Yeah, some people can find good work that pays well that doesn't require a degree, but the nation as a whole needs more doctors and scientists and all the professions that require more advanced degrees. Thus far, we've done fairly well at just draining them from other countries, but that's because the cost of college THERE isn't obscene, like it is here.
I think we have to greatly reconsider how we look at education.
It used to be that college was a privilege that only the rich could afford - and the education itself was highly prized. Prep schools would teach lots of material that - in all honesty - wouldn't prepare ANYONE for a career. I took Latin, but in years past young prep schools taught Latin, Greek and students read Homer and Caesar in the original languages. In college, a student might take philosophy or religion or liberal arts and come come a "unviersally" educated person, just ripe for the rich world his father brought him up in.
Today, it's almost 100% true that people go to college to prepare for a career that requires the training. They do NOT go to satisfy their intellectual curiosity or to fulfill some obligation on the way to the life of rich elites.
So - why not DESIGN the curricula from beginning to end with that in mind? Do you any idea how much of my college credits were utter crap, because someone thought I needed to take history, English or art? I became an engineer, and quite frankly, I never needed a single second of chemistry. If my curricula had been designed from beginning to end, my time in college could have been cut in half.
Why don't we re-think the bachelor's degree and make it job training? Why don't we change college from being a social experience, and turn it into strictly a career preparation?
You'd probably say, eff that, I'll figure out something else. The car analogy isn't perfect - I bought a used car for about half the price of used, and it was in stellar condition. It's hard to find a college education that is a cheaper alternative (although it's possible). College has BECOME expensive because of the ubiquity of the loans, and how EASY it is to get them. Loans have in turn become NECESSARY because college has become expensive. Hence, the cost of college has outstripped inflation by a few orders of magnitude.
The nation does have a problem though - we can't IMPORT all the brains we need for the academically demanding careers. We must grow our own. Yeah, some people can find good work that pays well that doesn't require a degree, but the nation as a whole needs more doctors and scientists and all the professions that require more advanced degrees. Thus far, we've done fairly well at just draining them from other countries, but that's because the cost of college THERE isn't obscene, like it is here.
I think we have to greatly reconsider how we look at education.
It used to be that college was a privilege that only the rich could afford - and the education itself was highly prized. Prep schools would teach lots of material that - in all honesty - wouldn't prepare ANYONE for a career. I took Latin, but in years past young prep schools taught Latin, Greek and students read Homer and Caesar in the original languages. In college, a student might take philosophy or religion or liberal arts and come come a "unviersally" educated person, just ripe for the rich world his father brought him up in.
Today, it's almost 100% true that people go to college to prepare for a career that requires the training. They do NOT go to satisfy their intellectual curiosity or to fulfill some obligation on the way to the life of rich elites.
So - why not DESIGN the curricula from beginning to end with that in mind? Do you any idea how much of my college credits were utter crap, because someone thought I needed to take history, English or art? I became an engineer, and quite frankly, I never needed a single second of chemistry. If my curricula had been designed from beginning to end, my time in college could have been cut in half.
Why don't we re-think the bachelor's degree and make it job training? Why don't we change college from being a social experience, and turn it into strictly a career preparation?
My dad always counseled that a year at college would buy one a new Cadillac instead.
Bare-ya-cuda
Well-Known Member
Biden knew his loan forgiveness plan was unconstitutional. The plan the entire time was to promise, make an attempt and watch the republicans shut it down and then cue the vilifying of said republicans. It is all’s political game.
Frankly 2/3rds of the crap taught in high school could be skipped or condensed
my daughter is reading a fan fic book about a house maid in Pride and Prejudice
NOT PNP .. but some fan fic, about one of the maids .... including a masturbation scene with the maid in bed with a sleeping 10 yr old
Education IN A CATHOLIC HIGH SCHOOL
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ArkRescue
Adopt me please !
I was told that I NEEDED a degree to be valuable to the company I worked for (I was a Government Contractor with a Secret Clearance) and that once I received my degree my pay would increase substantially allowing me to repay the student loan BUT the pay increase never materialized. I stopped at a B S Degree because I was already approaching $50k in debt and I did not want my debt to go any higher considering my pay did not increase as I expected. After 25 1/2 years of service the new manager decided I was making too much money (sheesh I did a good job so received raises) and that he could hire 2 people for what I was being paid. I wish I had known that was going to happen when I was working from home 24/7 when I wasn't in the office (kept jobs running for our clients). I live and learn and I still have MORE debt to repay after 17 years of paying .....
ArkRescue
Adopt me please !
SURELY it goes directly to the loan servicer.
I wouldn't be so sure about that with the current mentally challenged administration. They would probably send out debit cards.
I'm so old, I remember a time in America where it was up to each individual to determine what kind of life they would have. How did we go from "ask not what your country can do for you" to give me lots of free crap and make my life as comfortable as possible?
It would appear that the payment amount wasn't enough to cover the principal & interest. Was this an interest only loan? I'd be curious to know what other large purchases Heather made since 2006. Or what exactly did she use the money for other than paying for tuition and books. Spring break get away? Fancy, off campus housing?
Loans aren't the only way to pay for college.
My son went the ROTC route. They paid for his tuition & books plus a small monthly stipend. The bonus was they made sure he graduated in 4 years. Plus he got a kick ass job the day he graduated. And he got paid training to do that job. He spent a year and a half in the classroom and doing hands on training. 12 years later, he's still doing that job while also doing it all over the country and the world. Right now he's in Arizona for a few months getting additional training. He's saving money since he didn't have to pay off a student loan. Loans aren't the only way to go.
Back when I was a contractor cube rat supporting Pax River, my employer offered educational benefits. I earned my masters degree 1 class at a time. I paid initially for the class, then got reimbursed upon completion. That saved me around $30,000 I figured. My payback to them was 6 months employment. Loans aren't the only way to go.
So to repeat, loans aren't the only way to pay for college. I'm sure others here have similar stories about how they were able to attend college at no cost to themselves.
Sneakers
Just sneakin' around....
This is basic Credit Finances 101. Never, ever pay the minimum monthly amount of a loan. Credit cards included.
I understand completely, most folks cannot even figure out simple interest,If we knew the whole truth in the beginning we may have said no to student loans. Sure they tell you about the interest, but most people including myself had no idea that $48k in student loan debt would turn into repayment of double or more of the amount borrowed by the time you finish with the payments. I have paid faithfully for 17 years on my student loans and I still owe within $2,000 of the original principle balance, say what?!
My SO and I paid our parent loans off in full. Did it cost us? Sure. We didn't get our yearly Cadillac to cruise around town. Our spawn paid theirs off too. They had a sense of responsibility instilled in them at a very young age and came through with flying colors. All earning 6 figures and all are raising their own spawn to be responsible for their own actions. In fact, 3 grandkids in college right now, all on academic scholarships because they worked their butts off to earn them instead of crying about being oppressed and screaming gimme gimme gimme free stuff.