If the gov ends up forgiving all student loans...

[Charcoales]

Will that mean those of us who have been paying 3-4k per month towards our loans like responsible people are going to get screwed out of all that money?

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[MedDoc305]

It will mean you will no longer have to continue making payments. If you've finished paying off your loans you will be thanked by Sallie mae for your obedience and cooperation. No one takes out loans thinking they won't pay them back. Where you land in the grand scheme of things is all dependent on luck. That money is gone and won't be coming back.

Editing: I highly doubt they will pass a bill like that though so don't worry, everyone will continue to pay until the day they die.

 

[trailerpark]

I'm struggling with the fact that I have enough money saved to wipe out a large portion of my loans, but really don't want to deplete my savings in this job market. If forgiveness passes then I'm the fool who didn't graduate then buy a house, new car, vacations, year off to "find myself" and put myself on the 30 year plan. It really punishes us who are trying to be responsible which is why I don't support it. I do however support drastically lowering interest rates. I think that's a good compromise that doesn't piss anyone off. My federal loans are 6.8%, ridiculous.

Has anyone used the Elizabeth Warren calculator on her campaign website to see what her plan would forgive? I would have 34K forgiven. What if I paid 34K of my own money then a year later her plan passes!? I would be beyond pissed. Even if she got elected how long would it take for her law to pass? Years later or into a second term? I don't have faith so will probably be the sucker who lived like a pauper to pay my loans off ASAP.

 

[Wickett]

Either the law doesn't pass and I have no loans to worry about, or the law passes and I have no loans to worry about. I took out a loan expecting to pay it back, and I kept my word and paid it back. Call me a fool, but I take pride in and believe in keeping my word.

I wont be bitter if more financially irresponsible people end up gaming the system. The world is full of much more serious things that are "unfair."

I'm proud I had the discipline to pay my 155k+ in loans off in less than 3 years, and that follow through will benefit me in other matters in the future.

 

[BMBiology]

‘Stop the insanity’: Top education official resigns and endorses loan forgiveness

A senior student loan official appointed by Education Secretary Betsy DeVos resigned on Thursday, the Education Department confirmed to Yahoo Finance.

finance.yahoo.com

"Johnson called for federal student loan debt up to $50,000 be forgiven on an individual basis and tax credits provided up to $50,000 for debt already paid."

I think loan forgiveness is still a long way. I don't see the federal government forgiving 200 k...maybe 50 k which is like 95% of the students.

 

[mentos]

Responsible people always get screwed. If they forgive loans, no one will care about those who paid them off already.

Next is retirement accounts. After the student loan crisis, there will be a retirement crisis. People who didn't save for retirement will cry foul. The next Bernie or Warren will bailout those who didn't save for retirement, by taking away from our 401ks and IRAs.

 

[BMBiology]

Responsible people always get screwed. If they forgive loans, no one will care about those who paid them off already.

Next is retirement accounts. After the student loan crisis, there will be a retirement crisis. People who didn't save for retirement will cry foul. The next Bernie or Warren will bailout those who didn't save for retirement, by taking away from our 401ks and IRAs.

this country shall not be a socialist country.

 

[MedDoc305]

Agr

I'm struggling with the fact that I have enough money saved to wipe out a large portion of my loans, but really don't want to deplete my savings in this job market. If forgiveness passes then I'm the fool who didn't graduate then buy a house, new car, vacations, year off to "find myself" and put myself on the 30 year plan. It really punishes us who are trying to be responsible which is why I don't support it. I do however support drastically lowering interest rates. I think that's a good compromise that doesn't piss anyone off. My federal loans are 6.8%, ridiculous.

Has anyone used the Elizabeth Warren calculator on her campaign website to see what her plan would forgive? I would have 34K forgiven. What if I paid 34K of my own money then a year later her plan passes!? I would be beyond pissed. Even if she got elected how long would it take for her law to pass? Years later or into a second term? I don't have faith so will probably be the sucker who lived like a pauper to pay my loans off ASAP.

Agreed. There is no reason for the loan interest to be at 7% when it’s backed by a government guarantee. It’s also the better compromise

 

[PharmtoCS]

Who is going to end up paying for all the forgiven debt? People make it sound like they’re getting something for nothing.

 

[wagrxm2000]

this country shall not be a socialist country.

Trump2020!

 

[BMBiology]

Trump2020!

No, Yang! Trump is just a marketer. Yang has real solutions.

Andrew Yang for Mayor of NYC

Join Andrew Yang to fight for a future New York City that we can all be proud of.

www.yang2020.com

 

[Mad Jack]

I mean, it will suck for those of us that are diligent in paying, but overall I'd say it's worth it for society. Rather than being bitter that you didn't get yours, just enjoy the fact that no one will have to suffer as you did.

 

[Gyuji]

Trump2020!

It's going to be tough for him to win 2020. Especially if Bernie Sanders wins the nomination with an economy in shambles thanks to right-wing economics.

Bernie Sanders is the only one proposing eliminating student debt and as well medical debt. All of it. While Warren is saying eliminating some of it. Doing so, it helps the economy tremendously.

 

[Drugsarefun2350]

It's going to be tough for him to win 2020. Especially if Bernie Sanders wins the nomination with an economy in shambles thanks to right-wing economics.

Bernie Sanders is the only one proposing eliminating student debt and as well medical debt. All of it. While Warren is saying eliminating some of it. Doing so, it helps the economy tremendously.

Lol

 

[owlbright]

I'm struggling with the fact that I have enough money saved to wipe out a large portion of my loans, but really don't want to deplete my savings in this job market. If forgiveness passes then I'm the fool who didn't graduate then buy a house, new car, vacations, year off to "find myself" and put myself on the 30 year plan. It really punishes us who are trying to be responsible which is why I don't support it. I do however support drastically lowering interest rates. I think that's a good compromise that doesn't piss anyone off. My federal loans are 6.8%, ridiculous.

Has anyone used the Elizabeth Warren calculator on her campaign website to see what her plan would forgive? I would have 34K forgiven. What if I paid 34K of my own money then a year later her plan passes!? I would be beyond pissed. Even if she got elected how long would it take for her law to pass? Years later or into a second term? I don't have faith so will probably be the sucker who lived like a pauper to pay my loans off ASAP.

She will not be elected. Live in a trailer park and pay off your loans asap. That's what I'm doing now. I'm eating ramen noodles and paying 1.5k towards my loans every week.

 

[BMBiology]

It's going to be tough for him to win 2020. Especially if Bernie Sanders wins the nomination with an economy in shambles thanks to right-wing economics.

Bernie Sanders is the only one proposing eliminating student debt and as well medical debt. All of it. While Warren is saying eliminating some of it. Doing so, it helps the economy tremendously.

Eliminate? Debt doesn't just disappear. It gets passed around.

 

[confettiflyer]

A minority opinion of mine thinks that those who are a) not on any PSLF track, b) are expecting some form of forgiveness at year 20 or 25, and c) relatively stable in terms of current cash flow, might be prudent to burn one of three available years of general forbearances on the extraordinarily slim chance that some sort of loan forgiveness is passed either in the lame duck, or early in the next presidential term.

Trump himself in one of his budgets proposed a 15 year loan forgiveness timeline (someone double check me on that), and it was Bush who signed IBR/PSLF into law. There’s bipartisan interest here in terms of whose constituents benefit.


Sent from my iPhone using SDN

 

[wagrxm2000]

It's going to be tough for him to win 2020. Especially if Bernie Sanders wins the nomination with an economy in shambles thanks to right-wing economics.

Bernie Sanders is the only one proposing eliminating student debt and as well medical debt. All of it. While Warren is saying eliminating some of it. Doing so, it helps the economy tremendously.

Shambles? I only see the best economy ever having to fix all the crap Obama did.

Bernie is dropping like crazy. It's going to be Buttigieg just watch.

What's funny is all you far left people who used to like Obama would think he's too conservative now, ha.

 

[allantois]

Even forgiving all student debt doesn’t solve the problem of rising costs of education. The government issues something like 100 billion in student loans every year, who is going to pay for writing that off every year?

 

[Lnsean]

Who cares. You do you. Dont lay awake at night wondering what ifs...you're not in control of these things.

 

[owlegrad]

What's funny is all you far left people who used to like Obama would think he's too conservative now, ha.

To be fair I know many people who always thought Obama was too conservative. Many far left people criticized Obamacare for not being more aggressive. So that is hardly a new criticism.

 

[297point1]

I mean, it will suck for those of us that are diligent in paying, but overall I'd say it's worth it for society. Rather than being bitter that you didn't get yours, just enjoy the fact that no one will have to suffer as you did.

As a society, we are not very good at doing this.
If student loans are wiped out, there will be a sizable number of people who paid off their loans (or never took out loans in the first place) who are going to be ticked off beyond belief, and will show up at the next federal election to make their feelings known.

 

[mentos]

As a society, we are not very good at doing this.
If student loans are wiped out, there will be a sizable number of people who paid off their loans (or never took out loans in the first place) who are going to be ticked off beyond belief, and will show up at the next federal election to make their feelings known.

No one really cared when the big banks and auto companies were bailed out.

 

[BC_89]

GI Bill would being useless for those who desired to strategized to graduate debt free as a veteran. Wonder what new incentive military recruiters can make now....Higher sign on bonuses perhaps for those lost on their way to loan forgiveness?

 

[wagrxm2000]

To be fair I know many people who always thought Obama was too conservative. Many far left people criticized Obamacare for not being more aggressive. So that is hardly a new criticism.

If Obama was running right now who would win: Warren, or Obama? Assuming Bernie is out since all his votes will just move to Warren. They are essentially the same candidate.

I think the answer would be Warren.

However I also think if Obama was able to run today, he would have moved farther left.

Not going after Obama just showing that there shouldn't be political parties so candidates can run for what they believe in and not what their party wants.

And no I don't think a MAJORITY of the party disagrees with Obama, he's still seen as a saint.

 

[Mad Jack]

As a society, we are not very good at doing this.
If student loans are wiped out, there will be a sizable number of people who paid off their loans (or never took out loans in the first place) who are going to be ticked off beyond belief, and will show up at the next federal election to make their feelings known.

Sometimes you're the shaft, sometimes you get shafted. That's life, people should really learn to roll with the punches and not play the what if game. Other people now being better off in a way you would have appreciated does not make you worse off, it only makes you upset because of potentialities.

 

[BMBiology]

Sometimes you're the shaft, sometimes you get shafted. That's life, people should really learn to roll with the punches and not play the what if game. Other people now being better off in a way you would have appreciated does not make you worse off, it only makes you upset because of potentialities.

The majority of student loan debt is own by working professionals with a graduate degree. Why should they get a free education plus room and board?

 

[BMBiology]

Going forward, should we also forgive all student loan debts? Wouldn’t this encourage students to borrow more and colleges to keep increasing tuition?

 

[BMBiology]

This is why I support Andrew Yang’s $1000/month freedom dividend for every U.S citizens over 18. You can spend it on student loan, healthcare, housing. It is up to you to determine your priority.

 

[VictorOfHungerGames]

Will that mean those of us who have been paying 3-4k per month towards our loans like responsible people are going to get screwed out of all that money?

who tf pays 3-4k per month on loans? REPAYE wasn't an option for you?! damn bro that's half of your salary being used for literally something that has ZERO value in your life... good lord...

 

[Mad Jack]

The majority of student loan debt is own by working professionals with a graduate degree. Why should they get a free education plus room and board?

This is completely incorrect. Graduate and professional school debt only accounts for 38% of student loan debt, and its borrowers only account for 17% of borrowers.

https://www.urban.org/sites/default/files/publication/95626/graduate-and-professional-school-debt.pdf

 

[BMBiology]

This is completely incorrect. Graduate and professional school debt only accounts for 38% of student loan debt, and its borrowers only account for 17% of borrowers.

https://www.urban.org/sites/default/files/publication/95626/graduate-and-professional-school-debt.pdf

“Borrowers with large balances make-up an increasingly large share of the federal portfolio. While borrowers with large balances are not typical, they account for a growing share of all student loans. Borrowers with balances above $100,000, who make-up only 5.5 percent of all borrowers, owe a third of all student loan debt. These borrowers are almost exclusively students with some graduate debt (but also some parent borrowers; undergraduates cannot accumulate such balances directly given loan limits). While those borrowers rarely default, when they do there is a lot of money involved.”

Headwinds for graduate student borrowers: Rising balances and slowing repayment rates | Brookings

[author-bio] When it comes to student loans, undergraduate students receive most of the public’s attention and are the primary focus of federal accountability policies intended to reduce defaults and prevent poor borrowing outcomes. Indeed, the Department of Education doesn’t even publish...

www.google.com

The point is...working professionals would disportionately benefit from loan forgiveness. Why should they get the most help when they rarely default?

 

[BMBiology]

The majority of student loan debt is own by working professionals with a graduate degree. Why should they get a free education plus room and board?

“Households with at least one advanced degree carried 51% of overall student-loan debt in 2016.”

How grad schools became the hidden culprit behind America's student-debt crisis

Over half of the massive US student-loan debt comes from graduate schools, and it's a sign master's degrees aren't the path to wealth they used to be.

www.google.com

 

[Wickett]

who tf pays 3-4k per month on loans? REPAYE wasn't an option for you?! damn bro that's half of your salary being used for literally something that has ZERO value in your life... good lord...

I paid 5k plus a month on mine, and have no regrets doing so.

 

[radio frequency]

who tf pays 3-4k per month on loans? REPAYE wasn't an option for you?! damn bro that's half of your salary being used for literally something that has ZERO value in your life... good lord...

I did...haven’t regretted it yet.

 

[Mad Jack]

“Borrowers with large balances make-up an increasingly large share of the federal portfolio. While borrowers with large balances are not typical, they account for a growing share of all student loans. Borrowers with balances above $100,000, who make-up only 5.5 percent of all borrowers, owe a third of all student loan debt. These borrowers are almost exclusively students with some graduate debt (but also some parent borrowers; undergraduates cannot accumulate such balances directly given loan limits). While those borrowers rarely default, when they do there is a lot of money involved.”

Headwinds for graduate student borrowers: Rising balances and slowing repayment rates | Brookings

[author-bio] When it comes to student loans, undergraduate students receive most of the public’s attention and are the primary focus of federal accountability policies intended to reduce defaults and prevent poor borrowing outcomes. Indeed, the Department of Education doesn’t even publish...

www.google.com

The point is...working professionals would disportionately benefit from loan forgiveness. Why should they get the most help when they rarely default?

This is why most plans have either an income cap or a forgiveness cap

 

[wagrxm2000]

This is why I support Andrew Yang’s $1000/month freedom dividend for every U.S citizens over 18. You can spend it on student loan, healthcare, housing. It is up to you to determine your priority.

Or retire

 

[VictorOfHungerGames]

I paid 5k plus a month on mine, and have no regrets doing so.

Lol interesting. To each his own i suppose. But just logically speaking, you do realize your loan has no value right? Paying it back does not give you anything in return. What is your reason for paying unreasonably high amount? Unless youre making $30k+ a month...

 

[Nguyen]

Say, we wipe the current $1.5 trillion debt or whatever the amount is, then what? It'll be back to billions within a few months.

 

[BMBiology]

This is why most plans have either an income cap or a forgiveness cap

What is the point of having this discussion on this board? Most people here won’t qualify.

 

[VictorOfHungerGames]

What is the point of having this discussion on this board? Most people here won’t qualify.

Everyone can qualify for income driven plan that gets forgiven in 25 years.

 

[awval999]

Lol interesting. To each his own i suppose. But just logically speaking, you do realize your loan has no value right? Paying it back does not give you anything in return. What is your reason for paying unreasonably high amount? Unless youre making $30k+ a month...

The loan has a literal negative value on your balance sheet.
Every payment against principle has a positive effect on your net worth.

The student loan is a ball and chain on a pharmacist. Especially in a dying profession like pharmacy.

And yes, you can "forget" about it, put it on a 25 year REPAYE whatever, many don't want to live like that life, being beholden to a government program for longer than they've been alive.

I've noticed that pharmacy has the following bimodal personal financial distribution, and they are directly related to how much they believe in the profession.
1. Debt Lover - Loans on REPAYE,PAYE,PSLF, 30-year maximum mortgage and leased entry level luxury SUVs (Lexus, Audi). Totally went to residency. Believes pharmacy will last forever.
2. The squirrel - Maxes out 401k/403b, IRA, HSA, 10 year mortgage for 1x income, drives an entry level Honda Civic or Ford Fusion. Sees pharmacy hurdling towards the abyss.

 

[WVUPharm2007]

The loan has a literal negative value on your balance sheet.
Every payment against principle has a positive effect on your net worth.

The student loan is a ball and chain on a pharmacist. Especially in a dying profession like pharmacy.

And yes, you can "forget" about it, put it on a 25 year REPAYE whatever, many don't want to live like that life, being beholden to a government program for longer than they've been alive.

I've noticed that pharmacy has the following bimodal personal financial distribution, and they are directly related to how much they believe in the profession.
1. Debt Lover - Loans on REPAYE,PAYE,PSLF, 30-year maximum mortgage and leased entry level luxury SUVs (Lexus, Audi). Totally went to residency. Believes pharmacy will last forever.
2. The squirrel - Maxes out 401k/403b, IRA, HSA, 10 year mortgage for 1x income, drives an entry level Honda Civic or Ford Fusion. Sees pharmacy hurdling towards the abyss.

Creepy. So I max out all of those, literally drive a Ford Fusion, and know pharmacy is a dying profession. I do have a 30-year mortgage, but that's because it offers built-in flexibility. I pay extra. Plus it's a small, $247k house. And if it all goes to hell, at least I can still afford it and have time to sell. A 10 year mortgage has a crazy high payment that you need a huge income to keep going. So I could sell, take the equity and move to Estonia/Panama/WV where I will, respectively, commit computer crimes/open up a bar on the beach/get on disability and live in a cheap house I own straight up.

 

[Wickett]

Lol interesting. To each his own i suppose. But just logically speaking, you do realize your loan has no value right? Paying it back does not give you anything in return. What is your reason for paying unreasonably high amount? Unless youre making $30k+ a month...

Not having non dischargeable debt into my 50s, and having financial flexibility for the rest of my life? All I had to do was live on a budget for 2.5 years. Crazy, I know.

 

[Mad Jack]

What is the point of having this discussion on this board? Most people here won’t qualify.

I mean, the income caps proposed are usually $100,000 with a gradual phase-out up to an income of $200,000

 

[Mad Jack]

Lol interesting. To each his own i suppose. But just logically speaking, you do realize your loan has no value right? Paying it back does not give you anything in return. What is your reason for paying unreasonably high amount? Unless youre making $30k+ a month...

If you want to retire early, paying off loans can be highly beneficial. As can the peace of mind of knowing you don't have a mountain of debt

 

[PieOHmy]

Either the law doesn't pass and I have no loans to worry about, or the law passes and I have no loans to worry about. I took out a loan expecting to pay it back, and I kept my word and paid it back. Call me a fool, but I take pride in and believe in keeping my word.

I wont be bitter if more financially irresponsible people end up gaming the system. The world is full of much more serious things that are "unfair."

I'm proud I had the discipline to pay my 155k+ in loans off in less than 3 years, and that follow through will benefit me in other matters in the future.

Here is the thing though about the student loand business.

They are CORRUPT and
Predatory.

The players are cheats and liars.

Why would anyone feel bad if they got screwed.

https://www.washingtonpost.com/education/2019/09/19/navient-memo-raises-questions-about-its-student-loan-servicing-practices/

US’ largest student loan company, Navient, cheated millions, suit alleges

Federal regulators have sued Navient, accusing the biggest U.S. student loan company of making it harder for borrowers to repay loans by giving them bad information, processing payments incorrectly and failing to act on complaints.

www.foxnews.com

Report finds problems with student loan servicing, oversight

NEW YORK (AP) — The nine companies and organizations tasked with servicing the accounts of the nation's 30 million student loan borrowers repeatedly failed to do their jobs properly over a period of years and their regulator neglected to hold them responsible, a new report finds.

local12.com

And there many many more articles concerning the waste fraud abuse of student loans and their predatory ways.
I say **** EM.

 

[PieOHmy]

I w ould suggest a settlement amount to all student borrowers immediately for a period of 18 months.

Pay the principal in full in one lump sum or over 18 months and ALL the interests is forgiven including ALL FEES.
Then at the end of 18 months we push the reset button.
This abuse and fraud on the vulnerable HAS TO STOP.
Write and call your congressmen and senators: It works!!!

 

[BMBiology]

I mean, the income caps proposed are usually $100,000 with a gradual phase-out up to an income of $200,000

No income restriction for Bernie’s plan.

 

[Mad Jack]

No income restriction for Bernie’s plan.

Bernie is not happening bro