Forgive my student loan!

Sox90716

Here's a thought. Quit relying on the government to provide for you. I paid for college with the GI Bill.

maryrr88

I am 100% opposed to student loan forgiveness. I graduated in December 09 with a few dollars short of $18k in student loan debt & paid it off about 13 months after the first payment came due (19 months after graduation). I also chose to go to the school that gave me the most financial aid, worked on campus at a work-study job during the fall and spring, worked the maximum hours I could at part-time jobs during winter, spring, & summer breaks, & took more than the "average" amount of credits some semesters/took two summer courses at community college so I could finish 1 semester early and save myself an extra $5k in loans. Granted, my first job was full-time & paid just under twice my state's minimum wage and I was able to live with my mom for cheap for two years, but other than that, I committed to that debt when I signed the promissory notes each year and I knew it was an obligation that needed to be repaid. Now I am happily debt-free and helping my fiance pay down his Master's degree loans so we will be fully student-loan free within a year after our marriage this November.

I'm more in favor of lowering interest rates for existing debt (I mean, 6.8% on student loans?! I could get an auto loan with a lower APR). I just can't feel sorry about the people whining because they took out $50k+ in loans for a liberal arts degree (mine is in English).

ratherbeskiing

It doesn't seem fair that I paid for my education and now you want me to help pay for yours? My kids paid for their educations with help from their employers. Why didn't you try that route? Sounds like poor planning to me.

Honestly- I would LOVE if someone paid for my eduation as I have debt and I would have no problems paying for others (Taxes). What I do have a problem with is that we are paying for people to have several children all on WIC and goverment money becuase they have too many kids to have a job. I am sick of seeing women smoking holding their kids with their apple phones and then complaining they the state does not give them enough money. I would give them money to go to school to get a job. I am also sick of seeing women come over from other countries preggo because we have better healthcare- but they get that for free- and then the stated finds them an apartment because they dont have one. I am not trying to judge people and I understand the economy sucks but MAKE AN EFFORT.

btw - yes I have college debt and yes I pay for it. I do not expect someone to pay it off for me. I just wish I was more educted when picking a college but I guess that was my fault too.

fiveohmike

Here's a thought. Quit relying on the government to provide for you. I paid for college with the GI Bill.

Soon we go from this to Tax everyone at 100% and let the government hand out the money as they see fit.

poncho33

These are just a handful of ideas I scribbled up since this thread started to help students pay for college. Some may exist already so feel free to correct, add, or criticize.

•Create a 401k style investment where parents can contribute 5-10% of pretax salary to a child’s college education tax free. This would start from the time the child is born until the day they turn 18 and is only tax free if the money is used towards tuition. If a parent earned 40k from the time the child was born until the day they turned 18 and contributed 5% of pretax income they would have $36,000 (not counting any interest earned) to help pay for a child’s education!

•Tax break or donation credit to any company that have a further education/training program… this may already exist.

•Modify all current student loans in excess of 10k to a 3% fixed interest rate.

•Give graduates a 5 year interest free period post graduation to get a head start on student loan debt. For actual graduates only.

•Cap professor/Administrator pay in all public colleges.

•Eliminate the requirement of half the electives required to obtain a 4 year degree… no need for students to be paying 20k + for classes that don’t apply to their chosen degree… maybe even just lower the cost of electives.
What do you all think??

fatgirlslove

I've been able to make it through without any loans...but law school is coming soon so I'm def in support of this lol

jkleon86

Educated folks make more money. My min. wage is taking me pay check to pay check I shop at yard sales and second hand stores that a lot of high class educated folk wouldn't stoop to do so. I say come down to my level live with in your means until your loan is paid off then fly as high as you want but your tax money isn't giving me a break. .:ohwell:

htolen

People need to understand that this is not a free write-off, welfare-based program. In order to receive forgiveness of the debt, borrowers must first make 10 years of regular payments before they are eligible for a forgiveness of the remaining amount. This bill doesn't increase taxes of affect any of you as taxpayers. Also, there are caps on the amounts that can be forgiven. But for some of us who could not earn doctoral level degrees without acquiring hundreds of thousands of dollars in debt, we need help. At current interest rates, we will NEVER, EVER pay off those debts, no matter how hard we work, or how hard we try. Both public and private universities have an almost monopoly-like power over the educational market, and so while it would have been wonderful to get 10 years of post-graduate education (to the Ph.D.) without incurring mountains of debt, it just wasn't possible. Right now, we are on the 30-year repayment plan, and the interest alone ensures that we will die long before the debt is gone. And THEN it will be forgiven anyway. Do you have a problem with letting us get a gasp or two of air before we actually die? Especially when it won't affect your individual bottom lines in any way, why begrudge us a little help? Maybe you are anti-welfare programs. Guess what: SO AM I. I strongly disapprove of programs that give money to people who do very little to contribute to society or make any efforts to help themselves. But that is not the case here. This bill requires a decade of very hard work and effort before offering some relief.

If you haven't actually READ the bill, please don't jump in with scurrilous opinions on this board--you don't know what you're saying. There are all kinds of requirements and limitations on how much can be forgiven, how soon it can be forgiven, etc. And you won't even notice as a taxpayer that this is happening. It doesn't affect your taxpayer rate AT ALL. But we who are drowning will actually have hope. Is this really a problem for you?

sexforjaffacakes

heh, Scottish here, free Uni education for all, ohhhhh yeah

kkerri

People need to understand that this is not a free write-off, welfare-based program. In order to receive forgiveness of the debt, borrowers must first make 10 years of regular payments before they are eligible for a forgiveness of the remaining amount. This bill doesn't increase taxes of affect any of you as taxpayers. Also, there are caps on the amounts that can be forgiven. But for some of us who could not earn doctoral level degrees without acquiring hundreds of thousands of dollars in debt, we need help. At current interest rates, we will NEVER, EVER pay off those debts, no matter how hard we work, or how hard we try. Both public and private universities have an almost monopoly-like power over the educational market, and so while it would have been wonderful to get 10 years of post-graduate education (to the Ph.D.) without incurring mountains of debt, it just wasn't possible. Right now, we are on the 30-year repayment plan, and the interest alone ensures that we will die long before the debt is gone. And THEN it will be forgiven anyway. Do you have a problem with letting us get a gasp or two of air before we actually die? Especially when it won't affect your individual bottom lines in any way, why begrudge us a little help? Maybe you are anti-welfare programs. Guess what: SO AM I. I strongly disapprove of programs that give money to people who do very little to contribute to society or make any efforts to help themselves. But that is not the case here. This bill requires a decade of very hard work and effort before offering some relief.

If you haven't actually READ the bill, please don't jump in with scurrilous opinions on this board--you don't know what you're saying. There are all kinds of requirements and limitations on how much can be forgiven, how soon it can be forgiven, etc. And you won't even notice as a taxpayer that this is happening. It doesn't affect your taxpayer rate AT ALL. But we who are drowning will actually have hope. Is this really a problem for you?

sexforjaffacakes

free education will just mean that future generations will consist of highly educated people working working in in jobs for which they are grossly overqualified.

Uh, how's that? So only the rich should be able to go to college, the poor should just stay in their place and continue the family tradition of flipping burgers for a living?

Dunno about your country, but in mine University is free, you just have to be smart/qualified in the first place to get in. We don't let people in unless they got the grades in highschool or college...

kkerri

I have made regular payments on my JD for over 10 years. I have another 10 years to pay. That's what I signed up to pay.

poncho33

People need to understand that this is not a free write-off, welfare-based program. In order to receive forgiveness of the debt, borrowers must first make 10 years of regular payments before they are eligible for a forgiveness of the remaining amount. This bill doesn't increase taxes of affect any of you as taxpayers. Also, there are caps on the amounts that can be forgiven. But for some of us who could not earn doctoral level degrees without acquiring hundreds of thousands of dollars in debt, we need help. At current interest rates, we will NEVER, EVER pay off those debts, no matter how hard we work, or how hard we try. Both public and private universities have an almost monopoly-like power over the educational market, and so while it would have been wonderful to get 10 years of post-graduate education (to the Ph.D.) without incurring mountains of debt, it just wasn't possible. Right now, we are on the 30-year repayment plan, and the interest alone ensures that we will die long before the debt is gone. And THEN it will be forgiven anyway. Do you have a problem with letting us get a gasp or two of air before we actually die? Especially when it won't affect your individual bottom lines in any way, why begrudge us a little help? Maybe you are anti-welfare programs. Guess what: SO AM I. I strongly disapprove of programs that give money to people who do very little to contribute to society or make any efforts to help themselves. But that is not the case here. This bill requires a decade of very hard work and effort before offering some relief.

If you haven't actually READ the bill, please don't jump in with scurrilous opinions on this board--you don't know what you're saying. There are all kinds of requirements and limitations on how much can be forgiven, how soon it can be forgiven, etc. And you won't even notice as a taxpayer that this is happening. It doesn't affect your taxpayer rate AT ALL. But we who are drowning will actually have hope. Is this really a problem for you?

This plan will just continue one generation screwing the next... by forgiving people with student loans now of such a large percentage the next group of students will just have to pay a higher interest rates. I think it used to be that one generation would work their a** off to make it easier on the next... not to dump their debt on them.

kkerri

I doubt there is much sympathy for the doctor-level graduates who can't pay off their degrees.

Mosaic67

So many thoughts ran through my mind as I skimmed through this topic. (Skimmed because 12 pages is just too much on a practical level.)

I am not the typical person. I worked in management positions with Fortune 100 companies until 6 years ago. At that point I ended up very sick and had to suck up my pride and take government assistance. Sure, I paid into it for years, but applying (and accepting) Social Security Disability Income was a blow. I've a double standard because I wouldn't think less of someone in my position receiving it. And it still bothers me.

I finally found a way to volunteer, to contribute to society in my mind. And then I decided that I do not want to be in this position the rest of my life. So I went back to school. I never had a degree but if I wanted a decent chance to find a job that I can do, within my limitations. Not working, not being independently wealthy, and not having a benefactor to help with college costs, I took out student loans. (I did not qualify for grants because I made "too much" when working and my SSDI check is barely above the low income limit.)

Can I foresee the ability to repay the loans? No. Do I care? Yes. Am I actively working on finding a job, to get out of my financial situation, to live on my own without help from anyone? Absolutely. Do I want to bail out on my loans? Do I want the government to "forgive" my student loans? Not one little bit.!!!

I decided to go for a degree. I signed the Master Promissory Note. I made the decision to improve my life, to get off the "system". Some say my reasons for going for a BS degree were commendable, that deciding to not live off the system (even though I paid into it), and that there was no way for me to avoid a loan. But no one forced me to do it. I'll repeat: No one forced me to borrow money I didn't have to get my degree.

To me: the idea of asking the government to forgive student loans is selfish. It does not contribute to the economy. In truth, defaulting on money borrowed hurts the economy. If someone borrowed money from me, promised me they'd repay it, and signed a legal document promising such, my pocket/finances would be impacted. I'd be expecting the money back and planning on it. I'd also be furious, hurt, angry, resentful, etc. That's why they say not to loan $ to family or friends if you can't afford to gift the money (lose the money.)

I do like the idea of keeping the interest rate low. I even like the idea of lowering it. But not for only those with a high $ amount. I don't see a reason to encourage people to go to an expensive university for all 4-5 years when community colleges can easily be used the first couple years (general ed classes.) But not loan forgiveness. And many would say I have plenty of reasons to want my loans forgiven.

Oh, I am in deferment for economic hardship but the maximum on that is 3 years, and I'll be paying back before that time is up. Even if it's by babysitting.

poncho33

free education will just mean that future generations will consist of highly educated people working working in in jobs for which they are grossly overqualified.

Uh, how's that? So only the rich should be able to go to college, the poor should just stay in their place and continue the family tradition of flipping burgers for a living?

Dunno about your country, but in mine University is free, you just have to be smart/qualified in the first place to get in. We don't let people in unless they got the grades in highschool or college...

So all the professors in your country work for free, the buildings and land at the university were donated?? The authors of the books wrote them for nothing.... those poor kids that didn't get the grades in high school are the ones paying... someone always pays

hazev74

come to ireland for a bit and then it wont seem so bad!

rc630

I chose to go to the University of Georgia because of the Hope Scholarship, through which all (well now it's most instead of all) of my tuition is paid for (funded by the lottery). I was accepted to Carnegie Mellon, which is much more prestigious, but chose not to go because at $50,000 per year, I would end up taking out huge student loans. I didn't want to have to deal with that debt, especially since graduate school would likely mean even more tuition to pay.

If you choose to go to college, especially out of state/private, and you don't get a scholarship, that is COMPLETELY your decision, and should be your responsibility to pay for it. You could have gotten a job that didn't require a higher education. Most people could have gone to a less prestigious school that would give them a scholarship.

Even if these aren't options for everyone, the fact remains that going to college is NOT a basic human right. If you can't afford it and you haven't achieved enough by the time you're in high school to have someone pay for it through a scholarship, it is not everyone else's responsibility to make sure you still get to go to college.

hillm12345

If I have to pay mine back, you have to pay yours back..

Wouldn't this program just become another one of those tax funded government programs designed to keep enabling the people that just can't seem to get their **** together?

'I made choices and now I can't afford the result of my choice.. and I want others to pay for it... .. " WAHHHH!! :sad:

kkerri

FWIW, I come from poor parents and am a first generation college graduate. This has nothing to do with only the rich going to college. I worked through college and am still working to pay off my student loans.

lour441

People need to understand that this is not a free write-off, welfare-based program. In order to receive forgiveness of the debt, borrowers must first make 10 years of regular payments before they are eligible for a forgiveness of the remaining amount. This bill doesn't increase taxes of affect any of you as taxpayers. Also, there are caps on the amounts that can be forgiven. But for some of us who could not earn doctoral level degrees without acquiring hundreds of thousands of dollars in debt, we need help. At current interest rates, we will NEVER, EVER pay off those debts, no matter how hard we work, or how hard we try. Both public and private universities have an almost monopoly-like power over the educational market, and so while it would have been wonderful to get 10 years of post-graduate education (to the Ph.D.) without incurring mountains of debt, it just wasn't possible. Right now, we are on the 30-year repayment plan, and the interest alone ensures that we will die long before the debt is gone. And THEN it will be forgiven anyway. Do you have a problem with letting us get a gasp or two of air before we actually die? Especially when it won't affect your individual bottom lines in any way, why begrudge us a little help? Maybe you are anti-welfare programs. Guess what: SO AM I. I strongly disapprove of programs that give money to people who do very little to contribute to society or make any efforts to help themselves. But that is not the case here. This bill requires a decade of very hard work and effort before offering some relief.

If you haven't actually READ the bill, please don't jump in with scurrilous opinions on this board--you don't know what you're saying. There are all kinds of requirements and limitations on how much can be forgiven, how soon it can be forgiven, etc. And you won't even notice as a taxpayer that this is happening. It doesn't affect your taxpayer rate AT ALL. But we who are drowning will actually have hope. Is this really a problem for you?

What makes your debt more special then say someone with a 30 year mortgage? Should their debt be forgiven if they pay without issues for 10 years?

When a debt gets forgiven someone has to eat it. If you have a government loan then the tax payers eat it.

You know what also happens when a debt gets forgiven? You have to pay income tax on that debt immediately. I wonder how many people with forgiven student loans would end up in jail because they couldn't pay their $20k tax bill.

2April

People need to understand that this is not a free write-off, welfare-based program. In order to receive forgiveness of the debt, borrowers must first make 10 years of regular payments before they are eligible for a forgiveness of the remaining amount. This bill doesn't increase taxes of affect any of you as taxpayers. Also, there are caps on the amounts that can be forgiven. But for some of us who could not earn doctoral level degrees without acquiring hundreds of thousands of dollars in debt, we need help. At current interest rates, we will NEVER, EVER pay off those debts, no matter how hard we work, or how hard we try. Both public and private universities have an almost monopoly-like power over the educational market, and so while it would have been wonderful to get 10 years of post-graduate education (to the Ph.D.) without incurring mountains of debt, it just wasn't possible. Right now, we are on the 30-year repayment plan, and the interest alone ensures that we will die long before the debt is gone. And THEN it will be forgiven anyway. Do you have a problem with letting us get a gasp or two of air before we actually die? Especially when it won't affect your individual bottom lines in any way, why begrudge us a little help? Maybe you are anti-welfare programs. Guess what: SO AM I. I strongly disapprove of programs that give money to people who do very little to contribute to society or make any efforts to help themselves. But that is not the case here. This bill requires a decade of very hard work and effort before offering some relief.

If you haven't actually READ the bill, please don't jump in with scurrilous opinions on this board--you don't know what you're saying. There are all kinds of requirements and limitations on how much can be forgiven, how soon it can be forgiven, etc. And you won't even notice as a taxpayer that this is happening. It doesn't affect your taxpayer rate AT ALL. But we who are drowning will actually have hope. Is this really a problem for you?

Not a problem for me....but neither are some welfare programs. I don't begrudge when a disabled person or single parent is given a helping hand either.

sexforjaffacakes

free education will just mean that future generations will consist of highly educated people working working in in jobs for which they are grossly overqualified.

Uh, how's that? So only the rich should be able to go to college, the poor should just stay in their place and continue the family tradition of flipping burgers for a living?

Dunno about your country, but in mine University is free, you just have to be smart/qualified in the first place to get in. We don't let people in unless they got the grades in highschool or college...

So all the professors in your country work for free, the buildings and land at the university were donated?? The authors of the books wrote them for nothing.... those poor kids that didn't get the grades in high school are the ones paying... someone always pays

Yeah, taxes pay for it. Somewhere down the line our country decided it was better to spend money on things like educating the future generation and free healthcare than wars n stuff. Can't say I disagree.
Especially since, in the current economic climate, not everyone can "work through college", because there's something like 5 unemployed people for every 1 open job. And unemployed doesn't even include students I have friends down south in England that are just like joining the army n **** because the tuition fees for uni are too high, and there are no jobs, and they don't wanna live on benefits forever.

I'll be paying off my loan that covered rent, books, food, etc etc, but we don't pay that back until we're actually earning enough to pay it back - £20,000 a year I think.

Remember, people that go to Uni earn more in later life - and therefore pay more taxes.

2April

free education will just mean that future generations will consist of highly educated people working working in in jobs for which they are grossly overqualified.

Uh, how's that? So only the rich should be able to go to college, the poor should just stay in their place and continue the family tradition of flipping burgers for a living?

Dunno about your country, but in mine University is free, you just have to be smart/qualified in the first place to get in. We don't let people in unless they got the grades in highschool or college...

So all the professors in your country work for free, the buildings and land at the university were donated?? The authors of the books wrote them for nothing.... those poor kids that didn't get the grades in high school are the ones paying... someone always pays

Yeah, taxes pay for it. Somewhere down the line our country decided it was better to spend money on things like educating the future generation and free healthcare than wars n stuff. Can't say I disagree.
Especially since, in the current economic climate, not everyone can "work through college", because there's something like 5 unemployed people for every 1 open job. And unemployed doesn't even include students I have friends down south in England that are just like joining the army n **** because the tuition fees for uni are too high, and there are no jobs, and they don't wanna live on benefits forever.

I'll be paying off my loan that covered rent, books, food, etc etc, but we don't pay that back until we're actually earning enough to pay it back - £20,000 a year I think.

Remember, people that go to Uni earn more in later life - and therefore pay more taxes.

This sounds like a better way of doing things for sure.

mochomito

bump for later

htrl877

so for me, someone who's still in school and has started paying off my loans- do i get a refund? I'm responsible for my paying off my loans I'm not an advocate of having other people get a break.

cushygal

I paid for my own eduction. I have no kids, so I do not have other peoples eduction to pay for, so I certainly wouldn't want to pay for anyone elses eduction. With that being said, I do believe that student loans should be interest free - these people are trying to make a better life for themselves, so lets make it a little easier to pay it back

htmlgirl

I don't agree with it. I went to a private university and graduated with $40K in debt. I had no help from my parents or anyone else. I paid my own way with scholarships, loans, and work study/internships and paid it all off within 3 years of graduation. For me, it just doesn't seem fair that I worked my *kitten* off to pay my debt off (finished in 2011, graduated in 2008) and other people would just get their debt taken away. Just how I feel about it.

htrl877

High paying job just out of college? Please don't assume you know my situation. I worked full time in high school to save money for college, 2 jobs while taking a full load in college (and not exactly an easy school...Georgia Tech), and 2 jobs after graduating. Not only did I work very hard to get out of debt but I worked hard to avoid it as much as possible in the first place. I just don't understand the mindset that says I should be forced to pay for someone else's education when most (not all) of them aren't working as hard as I did.

And forgiving student loans better than tax breaks?? A tax break isn't a handout...forgiving student loans is. A tax break is allowing someone to keep more of their own money. It's not the govt's money...it's our money. We already give too much to the govt.

AMEN! I am in the same boat currently, but I'm not expecting anyone to pay off my loans. They are MY loans. MY responsibility to pay them off. People don't realize they can start paying them off as soon as they are in school and that you can pay over the alloted payments. Thinking "loans are too complicated" is just silly and can't be some big excuse for people not assuming full responsibility for paying them! Can't afford college? Apply for scholarships.

songbyrdsweet

I doubt there is much sympathy for the doctor-level graduates who can't pay off their degrees.

I don't think there are many out there. If you complete a PhD, chances are you will be networked into a job or just stay on as a post-doc. And even a some crappy job that has nothing to do with your degree but is something to but food on the table, you'll generally get a higher-paid position than someone with a lesser degree.