Stop paying your student loans!

Started by BMBiology
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Dbric36 said:
Yep more taxes for the government to waste
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What? Taking money from ultra-rich entities (Amazon) and very very minimal from consumers, then giving $1,000 dollars back to every US citizen per month, is a waste? If you spend $1,500 dollars per year on Amazon, your tax would be $15.

Even if I spent $15,000 on amazon and had to pay $150 in a year for taxes for EVERY PERSON to get 12K per year from the government, that's an absolute no-brainer. Are you kidding? It's an immoral viewpoint imo.
 
JustFillIt said:
I pick and choose.... I refuse to be taken advantage of. I am not afraid to tell an entity that is taking advantage of me to go pound sand.. I maintain a credit score of 780+

Just because someone sends me a bill does not mean that I legitimately owe them money.
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How are you being taken advantage of? Didn’t they post the tuition?
 
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JustFillIt said:
Awww. Poor thing is mad at me because I am smarter than he is..

*waits for the tax bomb argument*
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Can’t be too smart when you decided to go into an already saturated professional. Didn’t do your research?

And yes, tax bomb is waiting for you.
 
Heroic Combo said:
Yes we are all victims of the machine. That's a given.

Ever listen to Pink Floyd? Lol
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Heck yea dude... Welcome to the machine baby... BM needs to relax and get a little more Pink Floyd in his life.. He gets so anxious and wound up that he comes here to bash on the masses with his exaggerated sense of self and financial prowess.

Nothing new... I just giggle and move on.

BM - I have a new song to add to your playlist. So far we have The Man by The Killers, and Welcome to the Machine by Pink Floyd...

 
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BMBiology said:
Smokers are also victims of the machine.
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Haha BM - I actually appreciate this comment. I don’t smoke though, my wife has properly domesticated me..

Oh and just to clarify - I never said I was a victim of the machine. I said we are “part of” a machine.
 
I know people who believe the pandering and have stopped paying back their loans. The sooner these pander bears are out of the limelight, the better.
 
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TimeZero said:
I know people who believe the pandering and have stopped paying back their loans. The sooner these pander bears are out of the limelight, the better.
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I know a pharmacist who didn’t want to refinance his student loan because “Obama is going to forgive all of it”. That obviously didn’t happen. He eventually refinanced but that mistake costed him a pretty penny.

You have to realize these are politicians. They are not going to tell you all it takes is 40 senators out of 100 to stop loan forgiveness.
 
BMBiology said:
I know a pharmacist who didn’t want to refinance his student loan because “Obama is going to forgive all of it”. That obviously didn’t happen. He eventually refinanced but that mistake costed him a pretty penny.

You have to realize these are politicians. They are not going to tell you all it takes is 40 senators out of 100 to stop loan forgiveness.
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Not sure if Obama ever promised all loans to be forgiven... don't get me wrong, he was a lying snake haha but don't think he was stupid enough to lie about something that could be easily debunked.
 
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VictorOfHungerGames said:
Not sure if Obama ever promised all loans to be forgiven... don't get me wrong, he was a lying snake haha but don't think he was stupid enough to lie about something that could be easily debunked.
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I get the idea of trying to minimize your payment but your life shouldn’t revolve around it. Not investing, not working OT, not starting a side business because they would increase your monthly payment is a loser game.
 
BMBiology said:
Not going to happen. The republicans control the senate and all you need is 40 senators to filibuster a bill. I don't get why people buy into these unrealistic promises. You need Congress approval. If a president can just erase student loan debt, then Obama would have done it already.
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Filibuster rules were changed, need 50 now
 
BMBiology said:
I get the idea of trying to minimize your payment but your life shouldn’t revolve around it. Not investing, not working OT, not starting a side business because they would increase your monthly payment is a loser game.
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I'm investing, alot. haha. i'm on salary so there is no OT for me. I have a side hustle, it's called being married to a biochemist lol
 
Here is a novel idea: don't take out any loans to begin with. Come out of school debt free and your pay can be invested. People who promote ideas like abandoning their financial obligations are the reason I don't give to others.
 
BMBiology said:
This is why student loan forgiveness is not going to happen:



I can even see moderate democratic senators voting against forgiveness. You just need 40 senators.
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To play devil's advocate....my parents literally were crack addicts and paid $0 on my loans. Why shouldn't I get some help? What's my crime? Emerging from the wrong vagina?

Of course, this is just kicking the can down the road. If the current system is maintained, they'll just have to forgive loans again in 10 years.

The solution is just greatly reducing the cost of public land grant institutions and offering free community college. It's one of Obama's ideas that weren't "meh." Something needs done. We are competing against other countries with vastly better educated citizens.
 
WVUPharm2007 said:
To play devil's advocate....my parents literally were crack addicts and paid $0 on my loans. Why shouldn't I get some help? What's my crime? Emerging from the wrong vagina?

Of course, this is just kicking the can down the road. If the current system is maintained, they'll just have to forgive loans again in 10 years.

The solution is just greatly reducing the cost of public land grant institutions and offering free community college. It's one of Obama's ideas that weren't "meh." Something needs done. We are competing against other countries with vastly better educated citizens.
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People rarely appreciate free things. Community college should be cheap but never free.

I would require a 3.0 high school gpa for anyone who wants to go to a 4 year university. If you cant get a 3.0 then you must attend a community college. You can transfer to a university after you have proven you can handle the workload.

Regarding your parents. It is also not fair that some people are short because they got the short genes from their parents. That is just life.
 
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BMBiology said:
People rarely appreciate free things. Community college should be cheap but never free.

I would require a 3.0 high school gpa for anyone who wants to go to a 4 year university. If you cant get a 3.0 then you must attend a community college. You can transfer to a university after you have proven you can handle the workload.

Regarding your parents. It is also not fair that some people are short because they got the short genes from their parents. That is just life.
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Yeah, but you can't alter someone genes. You can pay for their education. I'm all about equal opportunity, but not equal results.

The GPA thing isn't a bad idea.
 
People are addicted to instant gratification. Charge for school but reward the finishers with cash sums. Could even reward more for something like engineering technology.
 
What I think should be done is:

1st) regulation put on tuition.. A true accounting of cost of providing an education be measured for each public university. Then, a reasonable profit margin be applied to the tuition to cover to cost of doing business and provide a modest profit.

2nd) Only the principle of the student loan is to be repaid.

I would be fine with this...
 
JustFillIt said:
What I think should be done is:

1st) regulation put on tuition.. A true accounting of cost of providing an education be measured for each public university. Then, a reasonable profit margin be applied to the tuition to cover to cost of doing business and provide a modest profit.

2nd) Only the principle of the student loan is to be repaid.

I would be fine with this...
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If only principle should be repaid then why even use a credit card? Max out your student loans even if you don’t need the extra money.
 
I agree that most of these problems could be alleviated if they would just regulate tuition on these schools. The tuition cost should take into account what the graduate could potentially earn once they pay and obtain the degree. Another thing they should do is start making it mandatory for high school students to learn some finance. There are kids going into undergrad and pulling out financial aid like crazy, spend it on whatever they want ontop of tuition+living and then continue to do so after they go on to graduate school. Same thing with credit cards.
 
BMBiology said:
If only principle should be repaid then why even use a credit card? Max out your student loans even if you don’t need the extra money.
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That’s just what I think.. A public institution that educates the population for the best interest of the nation is much different than using my credit card to buy extravagant items for my own self interest.
 
JustFillIt said:
That’s just what I think.. A public institution that educates the population for the best interest of the nation is much different than using my credit card to buy extravagant items for my own self interest.
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Much of the student loan money isn’t actually being used to educate students. They’re going toward luxury apartments, computers and other electronics, study abroad, internal vacations, cars, etc.

Even the money spent on tuition is really being spent on unnecessary administrative costs and turning “universities” into resorts with brand new dorm rooms, fitness centers, etc.
 
If you think you are part of the group to which these politicians are pandering, think again. Not paying on your loans would be a mistake.
 
The number of pharmacy school has skyrocketed because the government removed the max amount you can borrow for graduate/professional school. Without easy access to student loans, admission standards to pharmacy school would still be competitive and many current students would be washing test tubes for a living. That was the consequence of being a subpar bio students.
 
PharmtoCS said:
Much of the student loan money isn’t actually being used to educate students. They’re going toward luxury apartments, computers and other electronics, study abroad, internal vacations, cars, etc.

Even the money spent on tuition is really being spent on unnecessary administrative costs and turning “universities” into resorts with brand new dorm rooms, fitness centers, etc.
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Yea this is a fair point... I dunno what to do about that fact...
 
Sine Cura said:
Sounds more like you're counting on the disintegration of the global financial system.
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Eh not really. I can live for 20 years and then all my loans are forgiven. So that's a comforting thought. I don't think the global financial system will collapse but I think the standard of living in the US is going to go down significantly in the next 20 years. China is where all the growth is at right now.
 
LivingMyBestLife said:
Eh not really. I can live for 20 years and then all my loans are forgiven. So that's a comforting thought. I don't think the global financial system will collapse but I think the standard of living in the US is going to go down significantly in the next 20 years. China is where all the growth is at right now.
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You are not worried about the tax bomb?
 
BMBiology said:
This is why student loan forgiveness is not going to happen:



I can even see moderate democratic senators voting against forgiveness. You just need 40 senators.
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"so you want to help those who don't save any money and the ones that do the right thing get screwed? "

Yeah doing the right thing isn't squandering all your resources on a nearly useless college degree. He should have let his daughter take the loans out and then have her get on IBR.
 
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BMBiology said:
You are not worried about the tax bomb?
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I mean. It's an interesting idea to think about it. I surely won't be able to pay the tax bomb. I guess I will have to get on a IRS based Income based repayment for the tax bomb then for another 5 years after the 20 years is up. I'm not worried. Life is too short to stress about this stuff. I wouldn't be surprised if I didn't even live another 20 years. Then the jokes on the government for loaning money to me. 🙂

Hopefully my Youtube-Pharmacist career will start to pick up. I made over 0.70 USD last month from ADs alone. The sad part is Youtube doesn't pay out any money until you hit a certain money threshold. So I havn't got any of the money I earned yet as a Youtube-Pharmacist.
 
LivingMyBestLife said:
"so you want to help those who don't save any money and the ones that do the right thing get screwed? "

Yeah doing the right thing isn't squandering all your resources on a nearly useless college degree. He should have let his daughter take the loans out and then have her get on IBR.
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You can’t blame the dad. I think he would be for Andrew Yang $1000/month freedom dividend. You can use it for your student loans and he will be able to put some away for retirement.
 
BMBiology said:
You can’t blame the dad. I think he would be for Andrew Yang $1000/month freedom dividend. You can use it for your student loans and he will be able to put some away for retirement.
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Yeah I blame the dad for being short sighted and spending money he couldn't afford on someone else's near-meaningless college degree.
 
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