Speakeasy forum: $1T in Student Loans and the Forgiveness Act

It would work better than birth control.

are increasing the National Debt

Are you complaining that taxpayers are paying more taxes because of Student Loans? (I know you're complaining about something, you weren't throwing a bouquet)

IF people didn't have kids(future students) NO kids to have Student Loans, and taxes would/should be reduced.

What better incentive to NOT have a kid(Birth Control)....You CAN'T AFFORD IT!!!!(you can't pay the taxes)

Does that explain it any better?

Don't have kids because they get student loans that default?

I notice you didn't answer the question.

Diana

she can't think of an answer.

Diana

just that she doesn't answer the post, just denigrates the poster - like ") you just can't stop yourself, can you?" or "Do you ever have anything to say that makes sense to normal people?".

Diana

I posted this because I hoped to have a real discussion about the folly of BO and how his 'spread the wealth' agenda was going to hit a massive financial bubble again, but once again JP managed to turn this important United States financial issue into a nonsensical thread. Having children is NOT the discussion...it's about making sure we raise RESPONSIBLE children and how our own leader is GUARANTEEING they become IRRESPONSIBLE and dependent upon the government and others to take care of them even after they become adults just as he has done with the healthcare act.

as everybody else's problem......BO took over the student loan 'industry' forcing taxpayers to pick up the tab and bail out this next bubble. Leaving it to the banks and financial institutions would have been the responsible route because then the students themselves (or their parents who co-signed) would have been held accountable to repay those loans. As it should be.

Student Loan Ranger
Equal Justice Works® is a national nonprofit organization working to provide public interest opportunities for law students and lawyers and to reduce the financial barriers preventing many from pursuing and remaining in public service careers. Its work in educational debt relief is broad-based. Equal Justice Works was a leading advocate for the passage of the College Cost Reduction and Access Act and continues to advocate for legislation to reduce the educational debt burden for all students and professionals. It also provides information on educational debt relief programs, including Public Service Loan Forgiveness and Income-Based Repayment, to prospective and current students, graduates, schools, and employers.

(their links) http://www.equaljusticeworks.org/ed-debt/ and http://www.equaljusticeworks.org/ed-debt/students/public-service-loan-forgiveness and http://www.equaljusticeworks.org/ed-debt/students/income-based-repayment

However, under BO, none of this matters because all will be forgiven in ten years after only 10% of the loans have been repaid....leaving the taxpayer on the hook to 'bail out' the student loan program instead of having the individual student or their parents be responsible for paying off their debt. This causes adults to become professional 'collectors' of other people's money in order to further their education because they are only required to pay off 10% of what they borrowed over a ten year period of time and then walk away defaulting on the balance.....while they are working at the job they got their education for.

The site you linked to gives students information on how to 'beat' the system into giving them their education.

The best way to get colleges to reduce their tuition is to stop all federal and state funding and start running the college as a business that has to balance their budget....get rid of overpriced professors who only hold classes twice a week for four hours and put them on an hourly wage instead of a fixed ridiculous salary. Right now, colleges are so sure of their guaranteed income from the state and federal government via student loans that they can charge whatever they want knowing that money will keep rolling in. They are not being held accountable for anything anymore. Some states have stopped or limited funding because they have seen the light, especially now that the federal government has taken over the student loan business and are guaranteeing the funding so why should the state have to do anything anymore?

Progressive thinkers have not helped when they keep guaranteeing college funds and taken the burden away from the individual student and/or their parents. Loans used to be based on what your actual STAT tests and high school grades were and if you had enough credits and grades to qualify for grants.....now just about anybody can qualify for a student loan or a grant and become a professional student on the backs of the taxpayers without really having a job in mind. Students change majors/courses constantly in order to stay in school as long as possible because SOMEBODY out there is making it happen for them.

An education used to mean something......now it's just a means to an end to hold off looking for a job as long as possible because the student winds up not having to pay for it anymore. Bring back trade schools and leave the 'higher' education to those who can actually afford it.

that group.....look at my original post with those two links. One was to the actual bill and one was to a story by USNews. YOU linked to that group....I only referred to another set of links on that page where the group gives information to students about how to scam the system.

There are no businesses that I know of that actually give a loan and then give information to those borrowing on how to beat the business out of money by not paying it back.

As for having to have a job in order to make payments for ten years.....when you consider how long a time a loan can be extended for, monthly payments can be pretty small. A part time job at McDonalds would be enough to make those small payments....or a parent could make them for you....and then you default on the majority (plus interest) on the balance.

Whatever the word on the street might be about how a higher education gives you a better job, that's not necessarily true when, if you have tons of people all getting the same education, you are competing tenfold or more for one job. In my opinion, trade jobs are more scarce because there are no trade schools anymore. Electricians, plumbers, carpenters, machine operators, landscaping, big construction equipment operators, mechanics, masons, etc. are getting harder and harder to find and if we had more, there would be more people actually working and paying into the system instead of waiting around for those with those higher educations to get through school, find a job, and start paying into the system.

There are no businesses that I know of that actually give a loan and then give information to those borrowing on how to beat the business out of money by not paying it back.

NOW you're saying Student Loan Ranger is "giving a loan"?

the student avoids paying the loan...a business avoids paying a tax.

No one likes the Government.

Like YOU said...get a low paying job at McD and use that to repay your loan.

IF the student stops (graduates) going to school and actually GETS a job, 10% of their 'discretionary' income goes towards making the payments back to the government......Discretionary means "available for use" and "not earmarked" according to the dictionary....which THEN translates into AFTER housing, car payments, insurance, utility bills, food, and other essentials needed to survive. THAT limits the amount of what is actually available to use for repayment....so the payment is based SOLELY on NET income, not gross.

My example of McD's parttime job was a 'just in case' that highly educated person isn't able to FIND a job right away that would make halfway decent payments on that loan. AND if that person isn't able to even find a job at McD's, then perhaps a parent could afford to make a few payments on behalf of the student and not have it affect THEIR living ability. BUT even if that student found a job making your hypothetical $60K a year, after living expenses are paid, a NET income payment would still be pretty small for ten years, and then they could walk away from that debt and not worry about the government chasing them down.

Socialism at its very best.