Student Loan Forgiveness

[BC.]

This sounds like the sort of BS that your Representative's office claims to help with.

Yes, agree…hadn’t thought about that/ thanks for suggestion. Easy to do.

I have gone through all my bank statements from March 2020-present and have found all our online payments we made….so I at least have the proof now of exact amounts.

Contacted both companies and they both are sticking to their guns that the refund will eventually come/and be correct/ed (6-12 weeks).

So all I can do is wait….the fact the 0% interest is back in pay is somewhat relieving…..but it’s the waiting for this to be resolved is the killer. To see the loan back/higher than it’s original amount is maddening..

[Hood26]

Why does GDP matter if a 7.5 trillion deficit is forecast? I doubt GDP then will be $75 Trillion a year.

https://www.thebalancemoney.com/us-gdp-by-year-3305543

You know federal debt isn’t the same as personal debt, right? There is no global repo man that’s going to come and take Yellowstoneor the Golden Gate Bridge, right? Also, you know that for the most part government debt builds the infrastructure and labor base that makes the economy tick? Furthermore, are you aware of the Keynesian Multiplier? Lastly, you know that we Americans hold the biggest portion of national debt in our retirement funds.

Sure debt shouldn’t get too out of hand and shouldn’t be accumulated for bullshit, but honestly if the dollar is strong and the bond and treasury certificates markets are hopping why should the average American give two fucks about the debt?

https://slate.com/business/2013/05/k...-all-dead.html

”in the long run we are all dead.” John Maynard Keynes

[Conundrum]

Sure debt shouldn’t get too out of hand and shouldn’t be accumulated for bullshit,

I'm absolutely pulling this quote out of context...seems kind of a point to get ahold of the US's academic system though. If the degrees were worth what they cost, we wouldn't have a student loan issue.

Sorry, just realized I wasn't logged in as my Cpt Obvious alias.

Back to figuring out how to solve past mistakes...

[shroom]

but we have so many years to pay it off, we have time to inflate it away. why would we pay for the value of something today with the monies we have today when industries of middle men would suffer? that wouldn’t be american

[Hood26]

I'm absolutely pulling this quote out of context...seems kind of a point to get ahold of the US's academic system though. If the degrees were worth what they cost, we wouldn't have a student loan issue.

Sorry, just realized I wasn't logged in as my Cpt Obvious alias.

Back to figuring out how to solve past mistakes...

Many degrees are worth more than they cost. Mine has reaped me excellent returns, enough to have paid my student loans off within 5 years of graduating. There are some really bullshit expensive loans, looking at you every private schools.

[SumJongGuy]

Been awhile since we've discussed free college and reimbursement for folks who already paid/borrowed. I'm finding out, to my surprise, that North Kakalaki is offering 2 years of FREE tech college for residents. My daughter just started semester number 2 after taking a huge crap on her first try last fall. We knew she qualified for some free credits and loans but had no idea it was as good as it is.

We had a 4500 credit which she spent 1200 on fur full tine freshman courses last fall.. and got a 2500 cash refund since she lives at home. Apparently if she hadn't withdrawn before the end of October we'd owe that all back. But. WOW, this semester as do all of next year look to be 100% free of charge plus cash back since she lives at home.

'MURIKA!!

Her plan was to do the two years on the gubbermint dole then go 4 at a major college finishing up with a Masters. Right now it's looking like college isn't for her, but at least it's free of cost for her to figure that out as long as she watches the drop dates.

So, ya, everyone who paid for it or borrowed for it RECENTLY should get something back IMHO..

[gravitylover]

I just want them to restart the loan payments so my SOFI stock can start going back up.

[Supermoon]

I just want them to restart the loan payments so my SOFI stock can start going back up.

A real man of the people here

[gravitylover]

Nah, not so much.

[californiagrown]

Free college tuition for all STEM majors (as long as a 3.0 GPA is maintained).

Guaranteed job placement during college for all non-STEM majors where the employee gets paid in tuition credits (so they can pay off their tuition while in school).


Both groups will then have approximately the same amount of free time to party, and both will come out debt free!


that is my platform.

[BC.]

Bump for those of us that had been watching this……

Supreme Court blocks plan this am….

Oh well…..sucks, cuz I would of never stopped making payments the past 2 years….and going through the process of getting refunded the amount we had already paid….Now, the total loan amount is higher because of “fees”….and the amount of time to pay off is now shorter….

Never should of trusted “them”…..and just kept paying it all off like we were doing before the “loan forgiveness announcement”……I should of just stayed the course and did what I was doing all along…

Well, I better get those payments started again. (2 kids…..$5,000 and $10,000 in Stafford loans respectively)

[bodywhomper]

Disappointed.

Wife and I didn’t stop our payments, thankfully.

Son is entering the cal state system in august. We’re set for this year due to grand parents, our savings, a small grant from the school, and his general dirtbag lifestyle that he’s learned from his parents. Unclear about future years or about our 13 yo twins.

Several of his peers were accepted to good 4-yr schools and are either deferring or decided to take more community college courses to transfer/TAG in order to reduce college debt.

I learned yesterday that UCSD is building student housing to allow for guaranteed student housing for all undergraduates. That’s pretty awesome! Though, living with 11 friends in a 3 bedroom (plus garage) rental two blocks from the beach definitely was a large life lesson, a ton of fun, and kept room and board expenses very low.

[Bunion 2020]

Vo-Tech and Trade schools look better and better.

[riser4]

Never stopped any payments. Bummed that the eligible kid won't get $10k of debt erased. And he thinks he might be able to finish without anymore debt. We will see. Thing#3 about to take on a metric shit ton of debt.

[SumJongGuy]

Round 2 will be tax credits for people who borrow/borrowed money to go to college/trade school, possibly years of no taxes in credits to exhaust. That way everyone who paid gets a cookie and everyone who decides to go to school gets a cookie.

Easy peasy.

[Trackhead]

Vo-Tech and Trade schools look better and better.

They always have. Great place to start. Or two year degree at community college, rest at 4 year.

Four year degrees are mostly a joke. Apprenticeships in whatever career after some education would be far more efficient and effective.

[riser4]

Apprenticeships in whatever career after some education would be far more efficient and effective.

Like one of the possible paths in Germany. My sister graduated from a US high school, moved to Germany, finished Gymnasium, and then did basically what you describe to become a financial analyst. She still works for the company that trained her 25+ years ago. 'Merica could learn a lot from the Germans. It'd be nice if any adoption of their system wasn't as rigid with the different tracks and had more room for people to change or mix and match careers.

I'm a big fan of doing a co-op if you get a 4 year degree. I did and worked for that company for 21 years after I graduated, until our whole division got spun off, still with the spin-off. Thing #2 is doing a summer co-op. I am priming thing #3 to do the same. It helps pay a heap ton of school debt and or tuition. Plus you graduate with some experience. And likely a job offer. It's not a huge stretch to take the co-op system and flip it to be what you describe.

[Cisco Kid]

Most 4 year college degrees are a joke? ok sure

If I had a kid who wasn't sure what they wanted to do, I'd save money by giving them $20k and telling them to hitchhike around Europe or Australia for a year.

[skaredshtles]

Most 4 year college degrees are a joke? ok sure

If I had a kid who wasn't sure what they wanted to do, I'd save money by giving them $20k and telling them to hitchhike around Europe or Australia for a year.

I'd also encourage them to try to find a job and get a "green card" in one of those places.

[SumJongGuy]

You can do pretty well with a trade.. but you're not likely to crack the big bucks, i.e. >$200K/yr unless you start your own business. Even then few will make what mega company execs are making and you won't find many of those non owners without 4yr+ college degrees.

[Conundrum]

I know a number of people earning $200k+ without four year degrees or owning their own business. If earning a bunch of money is your life goal, a four year degree is one of a number of paths.

[oldnew_guy]

I'd also encourage them to try to find a job and get a "green card" in one of those places.

Person I know who took their 4 year degree and moved overseas, went on an IDR and pays basically nothing in taxes or student loan payments is looking smarter and smarter....

[mcski]

I know a number of people earning $200k+ without four year degrees or owning their own business. If earning a bunch of money is your life goal, a four year degree is one of a number of paths.

Doing what??

[Timberridge]

Most 4 year college degrees are a joke? ok sure

If I had a kid who wasn't sure what they wanted to do, I'd save money by giving them $20k and telling them to hitchhike around Europe or Australia for a year.

Fyi. Australia is full things that can kill someone. They'll die.

I thought the ideal TGR lifestyle was to move to Montana, smoke weed and work in the ski industry?

[californiagrown]

You can do pretty well with a trade.. but you're not likely to crack the big bucks, i.e. >$200K/yr unless you start your own business. Even then few will make what mega company execs are making and you won't find many of those non owners without 4yr+ college degrees.

Realistically, how many 4yr degree folks crack the $200k/yr mark? Not that many. Not everyone can be above average.

I always see memes and stuff about how much better off financially the person is who started a trade at 18 compared to the person who did a 4 yr degree in business or comm and came out with a full load of debt. A lot of that comes down to how financially literate/sound a person is early on (which is a tall order for a 18-28yr old), but the point remains that avoiding $200k in debt at 22 yrs old makes an outsized difference in most peoples financial future.