About That Student Loan Forgiveness....

[itsbob]

So 10K this election cycle & another for the next. Can democrats keep this up buying the college vote .?

They will never actually pay a cent to pay off anybody's loan, but their supporters are total morons, and will vote for them on promises already broken 20 times.

Now CA is trying to pay for votes at the cost of 589 BILLION dollars in reparations.. not one person will ever see a dime, but they'll vote for them because they promised to make them all rich!!

 

[PeoplesElbow]

This is like watching a couple monkeys have a poop fight.

 

[phreddyp]

For your consideration ...



Huh? Never have I admonished you trying, "time and time again not to try to educate", me about finance. What a joke. You say the FDIC says customer deposits are used by banks to make loans? I say show me. Since you can't, or won't, proves I am correct. I win.

Only in your little paranoid mind sweetheart! " The best teachers are those who show you where to look but don't tell you what to see"
Alexandra Trenfor

 

[Gilligan]

This is like watching a couple monkeys have a poop fight.

We needa bring Clem Shady back.

 

[herb749]

I just read a Yahoo news story that Biden extended the no loan payments until June 2023. Reason given, to allow the SC time to sort out what he's trying to do.

 

[ArkRescue]

For your consideration ...



I would really love to understand the details of your student loan documents to figure out how it jumped the tracks. Though I know it not possible. Something is way off kilter there/here. Was it interest only payments for a while? Because it appears something got in the way of paying down the principle amount over those 17 years. And another 15 years to go?! WTF over? May we ask the monthly payment amount for this loan?

Also, do the loan statements indicate a "principal" amount due? An amount that has any interest charges absent? Just the "principle"?

So I went online to look at my loan payoff balances and I see this: Loan Consolidation 1-01: $19,018 and 1-02: $27,767.

 

[stgislander]

So I went online to look at my loan payoff balances and I see this: Loan Consolidation 1-01: $19,018 and 1-02: $27,767.

So you had two loans and they are now consolidated into one?

 

[ArkRescue]

So you had two loans and they are now consolidated into one?

I don't recall all of the details but apparently as you get a loan each year th they can later be consolidated based on what type of loan it is and the print out that I was able to produce from signing in did not tell me what type of loan each condolidition was, it just says that I have 2 consolidation loans.

 

[BOP]

I don't recall all of the details but apparently as you get a loan each year th they can later be consolidated based on what type of loan it is and the print out that I was able to produce from signing in did not tell me what type of loan each condolidition was, it just says that I have 2 consolidation loans.

That suggests that you once had 4 loans that were consolidated into 2. I had 2 that were consolidated into 1, with low interest at the time. Took me 12 years to pay them back.

 

[Merlin99]

I’ve never had a student loan, neither have the kids, what are the interest rates on them?

 

[ArkRescue]

saw this story which is way worse than mine OMG - just like me this person believed the talk that you can't succeed w/o a college degree in today's world. How this person ended up owing that much? OMG Interest Payments should be REQUIRED AT A MINIMUM on your undergraduate debt to get more loans.

52-year-old who has struggled to repay their $480,000 in student debt

 

[spr1975wshs]

I had student loans when I left college without a degree in December 1979.
I had no savings when I married in June 1982, because I paid the loans back.

 

[ArkRescue]

The person in that story was just being reckless as there is NO WAY they didn't know they owed that much in student loan debt. How do you keep going to school and pay nothing when you owe so much that you could have bought 2 houses back in the day?

 

[SamSpade]

Thing is, when I graduated, my total student loan debt came to about one fifth the salary on my first job.
And those loans also covered my room and board, as well.

Nowadays, most people with student loans will graduate with a debt equal to at least twice their starting salary - if they're lucky.
Meaning, proportionately, their debt is about ten times - minimum - what mine was, in 1982.

My first job paid about 23k and I had around 4-5 thousand in accrued debt. I was lucky in that my first two years had been full scholarship and I had no debt from then. So it was a relatively easy thing to live with three roommates, and pay off a debt of about a hundred a month for 4 or 5 years. No sweat. Heck, my car payment was twice that.

I feel for today's students. They're paying way too much and getting too little.

 

[Grumpy]

I feel for today's students. They're paying way too much and getting too little.

^That

 

[LightRoasted]

For your consideration ...

I sure am glad I am an autodidact and didn't spend any money on a useless collage or university education.

 

[RoseRed]

For your consideration ...

I sure am glad I am an autodidact and didn't spend any money on a useless collage or university education.

 

[herb749]

The person in that story was just being reckless as there is NO WAY they didn't know they owed that much in student loan debt. How do you keep going to school and pay nothing when you owe so much that you could have bought 2 houses back in the day?

It never said what the degree was in or jobs she worked, only that she eventually got a govt job.

Aren't Masters degrees only about 20K .?

 

[herb749]

Thing is, when I graduated, my total student loan debt came to about one fifth the salary on my first job.
And those loans also covered my room and board, as well.

Nowadays, most people with student loans will graduate with a debt equal to at least twice their starting salary - if they're lucky.
Meaning, proportionately, their debt is about ten times - minimum - what mine was, in 1982.

My first job paid about 23k and I had around 4-5 thousand in accrued debt. I was lucky in that my first two years had been full scholarship and I had no debt from then. So it was a relatively easy thing to live with three roommates, and pay off a debt of about a hundred a month for 4 or 5 years. No sweat. Heck, my car payment was twice that.

I feel for today's students. They're paying way too much and getting too little.

There's also students spending too much money on a degree for a job that will never pay for them.

 

[SamSpade]

There's also students spending too much money on a degree for a job that will never pay for them.

Try to think of a GOOD paying job - say an Engineer. Starting salary between 48-65k.

To have anything resembling MY costs in 1982, total cost for four years would have to be about 11k. For all four years. Good luck.

Fact is STILL that college costs have risen way faster than starting salaries even in the BEST jobs.