Forgive my student loan!

lour441

Since voting is so powerful, why can't we all vote to put caps on the cost of education at least in public colleges and universities. Why can't we do this for health care as well. You are telling me that if it can cost less in another country there is no way in can cost less here?? please...
I am new to the US politics, I am a US citizen but was raised with parents from over seas over seas. If voting was really that powerful then make it benefit you buy voting for things that will help you, not giving away money the government doesn't have or handouts.

Why does everyone need the government to step in and fix all their problems. We live in a free market society. If the college you want to go to is too expensive then don't go. If enough people don't go then the college will have to either lower prices or close their doors.

The ease to get student loans is the reason college costs are so high. Make it hard to get a loan and you will see college costs go down.

doorki

I think it is ridiculous that we call people with a 4 year degree "educated"... back in the early 1900's when school was hard I think that was a good use of the term. Now anyone who shows up and puts in 1/8 of the effort required can get a degree.

I believe that is an extremely unfair assessment on your part, and it legitimately offends me, and I don't even have my college degree yet. There are millions of people who are astoundingly intelligent that never stepped foot inside a university and would be considered educated. You don't need overpriced classes taught by lethargic professors on tenure to be considered "educated."

^^^^^^ THANK YOU! I have worked my *kitten* off in school for the past 6 years! But I wouldn't have traded it for anything. I am walking across that stage in May knowing that I am WELL educated from attending a reputable college. You can't assume that everyone just goes to college and half *kitten* it and earns a degree. If you did that at my college, you wouldn't pass.

Agreed. I work my *kitten* off in school.

Wait till you get a job and half your co-workers with 4 year degrees and masters degrees don't know their head from their a** you learn really quick that it doesn't make someone educated!

College teaches you more than just your course of study, it also teaches you how to approach learning, how to prioritize and how to further educate yourself. While new graduates with a four year degree may not know as much in a given field as someone who entered the field directly after high school, their upside potential and learning curve are both substantially higher.

badgerbadger1

My husband and I are both about to graduate from college in like two weeks! Neither of us could get a job all throughout school and we do not have jobs lined up after we get out of school. We both went into demanding career fields, Automotives for me and Electronics Engineering for him. We went to a community college, I have no family to speak of and his family can't afford to help us due to his sister's mistakes. I am on welfare, I have medicaid, foodstamps, pell grants, and daycare assistance. We together have racked up $18,500 in debt. We have six months after we graduate to find jobs before we have to pay back our student loans. I came from a very poor, horrible childhood where I raised two kids while I was still a kid myself. He came from a broken home and a difficult childhood also. We have worked damn hard and very lived poorly throughout school, which yes our student loans and our pell grants paid for our 3 bedroom housing (which we had gotten with a roommate who is now gone), vehicle ($900 + gas and parts), books, school supplies and tuition.

DO I THINK MY LOANS SHOULD HAVE TO BE PAID BACK.

HELL NO!

I would rather somebody give my husband and I jobs but if that can't happen then yeah I would like them to at least be put on hold till I can get a job but if that can't happen and it won't (money grubbing companies) then I guess my only option is to have them forgiven.

P.S. Before you say that we haven't gotten jobs because we haven't worked hard enough to find one ( I check into monster.com and indeed.com everyday, I apply and so does my husband to every job we are qualified for including ones where I would have been qualified for in high school) it is because we are losing out to older people with experience and degrees and a bi-polar teacher who can not make up his mind whether I work my a** off or whether I let all the guys do work for me. So I don't want to hear that this is my fault or that I didn't work hard enough you don't know my situation so don't pretend you do.


RANT OVER!

So what?

I had a horrible impoverished childhood, took on $60,000 in loans as a single parent of one, didn't have a job upon graduation and GASP!! I didn't whine and complain and play the victim. I did what I needed to do because failure was not an option. I'm six years into the 10 year repayment period and have not missed a payment nor have I expected someone else to pay it for me.

snewsome7

I think it is ridiculous that we call people with a 4 year degree "educated"... back in the early 1900's when school was hard I think that was a good use of the term. Now anyone who shows up and puts in 1/8 of the effort required can get a degree.

I believe that is an extremely unfair assessment on your part, and it legitimately offends me, and I don't even have my college degree yet. There are millions of people who are astoundingly intelligent that never stepped foot inside a university and would be considered educated. You don't need overpriced classes taught by lethargic professors on tenure to be considered "educated."

^^^^^^ THANK YOU! I have worked my *kitten* off in school for the past 6 years! But I wouldn't have traded it for anything. I am walking across that stage in May knowing that I am WELL educated from attending a reputable college. You can't assume that everyone just goes to college and half *kitten* it and earns a degree. If you did that at my college, you wouldn't pass.

Agreed. I work my *kitten* off in school.

Wait till you get a job and half your co-workers with 4 year degrees and masters degrees don't know their head from their a** you learn really quick that it doesn't make someone educated!

I didn't say that just because you have a degree you are "educated". From your comments it came across as you making a generalization that people in college don't try anymore and don't put forth 110% to get a degree. I am one of those people that has put my ALL into my school work. Maybe just be more aware of how you say things, because it comes across as you stereotyping a group of people. That may not have been your intention..just sayin.

And also, I've been working since I was 15. I know from experience some of the people you are referring to. It was just how it came across.

theladyy

Personally, I am in favor. I have a disablity and do not qualify for disablity forgiveness,,, without a job, I can't pay,, even if I file bankruptcy, chances are very high that it won't be forgiven. I think if you have a job and can pay,, it's not good to get away. But then, it's a good bill for those who REALLY need the help.

Student loans are the only loans (I think) that won't be forgiven in bankruptcy.

snewsome7

I think it is ridiculous that we call people with a 4 year degree "educated"... back in the early 1900's when school was hard I think that was a good use of the term. Now anyone who shows up and puts in 1/8 of the effort required can get a degree.

I believe that is an extremely unfair assessment on your part, and it legitimately offends me, and I don't even have my college degree yet. There are millions of people who are astoundingly intelligent that never stepped foot inside a university and would be considered educated. You don't need overpriced classes taught by lethargic professors on tenure to be considered "educated."

^^^^^^ THANK YOU! I have worked my *kitten* off in school for the past 6 years! But I wouldn't have traded it for anything. I am walking across that stage in May knowing that I am WELL educated from attending a reputable college. You can't assume that everyone just goes to college and half *kitten* it and earns a degree. If you did that at my college, you wouldn't pass.

Agreed. I work my *kitten* off in school.

Wait till you get a job and half your co-workers with 4 year degrees and masters degrees don't know their head from their a** you learn really quick that it doesn't make someone educated!

College teaches you more than just your course of study, it also teaches you how to approach learning, how to prioritize and how to further educate yourself. While new graduates with a four year degree may not know as much in a given field as someone who entered the field directly after high school, their upside potential and learning curve are both substantially higher.

^^I totally agree with this statement. We were actually talking about this in my business class the other day. We know how to use our resources to find answers even if we are not "educated" on a certain subject.

Cindym82

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, college is a lot more expensive now than it was whenever I assume that you went...unless you went back to school recently.

There is absolutely no way that I could afford to fully support myself financially and go to the school that I do without my job, my loans, my scholarship, and my grants. It just wouldn't be happening.

How much do you pay because in 2001 I paid $25,000 a year to COMMUTE not even live on the campus and am still paying back my college loans. Thank god I have a 1.4% interest rate but I can't imagine you pay much more

seventwenty

Misinformation for $100, Alex.

People, go look up terms like "IBR," "PSLF," "Student loan interest rates after 2006," "How can you consolidate student loans after 2006?," "Can you ever discharge a student loan in bankruptcy after 2006?"


Also, read the bill that OP mentioned.

2April

My husband and I are both about to graduate from college in like two weeks! Neither of us could get a job all throughout school and we do not have jobs lined up after we get out of school. We both went into demanding career fields, Automotives for me and Electronics Engineering for him. We went to a community college, I have no family to speak of and his family can't afford to help us due to his sister's mistakes. I am on welfare, I have medicaid, foodstamps, pell grants, and daycare assistance. We together have racked up $18,500 in debt. We have six months after we graduate to find jobs before we have to pay back our student loans. I came from a very poor, horrible childhood where I raised two kids while I was still a kid myself. He came from a broken home and a difficult childhood also. We have worked damn hard and very lived poorly throughout school, which yes our student loans and our pell grants paid for our 3 bedroom housing (which we had gotten with a roommate who is now gone), vehicle ($900 + gas and parts), books, school supplies and tuition.

DO I THINK MY LOANS SHOULD HAVE TO BE PAID BACK.

HELL NO!

I would rather somebody give my husband and I jobs but if that can't happen then yeah I would like them to at least be put on hold till I can get a job but if that can't happen and it won't (money grubbing companies) then I guess my only option is to have them forgiven.

P.S. Before you say that we haven't gotten jobs because we haven't worked hard enough to find one ( I check into monster.com and indeed.com everyday, I apply and so does my husband to every job we are qualified for including ones where I would have been qualified for in high school) it is because we are losing out to older people with experience and degrees and a bi-polar teacher who can not make up his mind whether I work my a** off or whether I let all the guys do work for me. So I don't want to hear that this is my fault or that I didn't work hard enough you don't know my situation so don't pretend you do.


RANT OVER!

So what?

I had a horrible impoverished childhood, took on $60,000 in loans as a single parent of one, didn't have a job upon graduation and GASP!! I didn't whine and complain and play the victim. I did what I needed to do because failure was not an option. I'm six years into the 10 year repayment period and have not missed a payment nor have I expected someone else to pay it for me.

Why be so rude? The economy was harder hit in the states. Single parents get grants in Canada so you did have people pay for part of your education (which is also heavily subsidized in Canada).

monty619

Romney 2012

doorki

Romney 2012

What is Romney going to do other than maintain the status quo?

badgerbadger1

My husband and I are both about to graduate from college in like two weeks! Neither of us could get a job all throughout school and we do not have jobs lined up after we get out of school. We both went into demanding career fields, Automotives for me and Electronics Engineering for him. We went to a community college, I have no family to speak of and his family can't afford to help us due to his sister's mistakes. I am on welfare, I have medicaid, foodstamps, pell grants, and daycare assistance. We together have racked up $18,500 in debt. We have six months after we graduate to find jobs before we have to pay back our student loans. I came from a very poor, horrible childhood where I raised two kids while I was still a kid myself. He came from a broken home and a difficult childhood also. We have worked damn hard and very lived poorly throughout school, which yes our student loans and our pell grants paid for our 3 bedroom housing (which we had gotten with a roommate who is now gone), vehicle ($900 + gas and parts), books, school supplies and tuition.

DO I THINK MY LOANS SHOULD HAVE TO BE PAID BACK.

HELL NO!

I would rather somebody give my husband and I jobs but if that can't happen then yeah I would like them to at least be put on hold till I can get a job but if that can't happen and it won't (money grubbing companies) then I guess my only option is to have them forgiven.

P.S. Before you say that we haven't gotten jobs because we haven't worked hard enough to find one ( I check into monster.com and indeed.com everyday, I apply and so does my husband to every job we are qualified for including ones where I would have been qualified for in high school) it is because we are losing out to older people with experience and degrees and a bi-polar teacher who can not make up his mind whether I work my a** off or whether I let all the guys do work for me. So I don't want to hear that this is my fault or that I didn't work hard enough you don't know my situation so don't pretend you do.


RANT OVER!

So what?

I had a horrible impoverished childhood, took on $60,000 in loans as a single parent of one, didn't have a job upon graduation and GASP!! I didn't whine and complain and play the victim. I did what I needed to do because failure was not an option. I'm six years into the 10 year repayment period and have not missed a payment nor have I expected someone else to pay it for me.

Why be so rude? The economy was harder hit in the states. Single parents get grants in Canada so you did have people pay for part of your education (which is also heavily subsidized in Canada).

No and no. It goes back to my previous post. Read it. I also realize you might have reading comprehension problems, so read my second post again.

cannonsky

My husband and I are both about to graduate from college in like two weeks! Neither of us could get a job all throughout school and we do not have jobs lined up after we get out of school. We both went into demanding career fields, Automotives for me and Electronics Engineering for him. We went to a community college, I have no family to speak of and his family can't afford to help us due to his sister's mistakes. I am on welfare, I have medicaid, foodstamps, pell grants, and daycare assistance. We together have racked up $18,500 in debt. We have six months after we graduate to find jobs before we have to pay back our student loans. I came from a very poor, horrible childhood where I raised two kids while I was still a kid myself. He came from a broken home and a difficult childhood also. We have worked damn hard and very lived poorly throughout school, which yes our student loans and our pell grants paid for our 3 bedroom housing (which we had gotten with a roommate who is now gone), vehicle ($900 + gas and parts), books, school supplies and tuition.

DO I THINK MY LOANS SHOULD HAVE TO BE PAID BACK.

HELL NO!

I would rather somebody give my husband and I jobs but if that can't happen then yeah I would like them to at least be put on hold till I can get a job but if that can't happen and it won't (money grubbing companies) then I guess my only option is to have them forgiven.

P.S. Before you say that we haven't gotten jobs because we haven't worked hard enough to find one ( I check into monster.com and indeed.com everyday, I apply and so does my husband to every job we are qualified for including ones where I would have been qualified for in high school) it is because we are losing out to older people with experience and degrees and a bi-polar teacher who can not make up his mind whether I work my a** off or whether I let all the guys do work for me. So I don't want to hear that this is my fault or that I didn't work hard enough you don't know my situation so don't pretend you do.


RANT OVER!

So what?

I had a horrible impoverished childhood, took on $60,000 in loans as a single parent of one, didn't have a job upon graduation and GASP!! I didn't whine and complain and play the victim. I did what I needed to do because failure was not an option. I'm six years into the 10 year repayment period and have not missed a payment nor have I expected someone else to pay it for me.

You are failing to see the point. This isn't about people whining, complaining and playing the victim... It's about the fact that people having trouble finding a job after college is a wide spread problem.. and if it doesn't get better there will be more issues that stem from it. (and so you don't yell at me.. I'm not for this bill... I am, however, strongly in favor of dramatic education reform)

cannonsky

Romney 2012

What is Romney going to do other than maintain the status quo?

Maintain status quo.... ha.

gtwin

I'm glad I'm a veteran....no student loans for me, school was paid for...plus a monthly stipend from the VA, However, I'm in the same boat...unemployed for 8 months now. Those of you looking for jobs....try looking in the government sector: USAJOBS.com is a great site for federal jobs....

Cindym82

There are far too many generalization in this thread about people who borrow money. Mortgages and defaulting on them are not as simple as earlier posts have made them out to be. A LOT of people have lost their jobs in the past decade. Companies and governments have downsized their workforce...people lost incomes ....
And the jobs left the country for the developing world (which no one ever seems to talk about)
So people (like my mom) started out with a manageable mortgage and student loan payment and all of a sudden found themselves royally screwed. I come for a very hard working family...that has never made a dime in their entire lives. How is that fair?
I myself worked through HS and during my undergrad...and went to a state school with super low tuition....still ended up with way too much in loans. Joined the Peace Corps....got screwed on perkins loan forgiveness and came home to an extremely changed economy (thanks Bush).
Even with non-competitive eligibility for gov't jobs I put in somewhere around 200 applications for jobs all over the country and ended up with a mere 3 interviews...I drove Miami to New Jersey for interviews in hopes of finding a job....nada!
So for a year I worked 2 part time jobs, neither well paid, averaging around 60 hours per week with almost no days off and didn't even make enough to get an apartment of my own.

THIS is the economy we recent grads have been dealing with.
Don't tell me I don't work hard enough because I'm not currently paying off my loans.

I am currently finishing a masters program (which racked up a whole lot more debt) and really hoping I can find work (ANYWHERE in the world....not picky) that will let me pay off my loans.

I don't take issue with paying back my loans...but there should be better caps on percentage of your income that you're paying and percentage rate. Work with us people!

All student loans have a form you fill out if the payment is too high and they work it out to a payment according to your income and rent. And how can you not afford rent? I work s a full time job and a part time job to pay rent, student loans, etc on my own for 6yrs. They will work with you if you look into stuff. And sometimes you need to take what you can get with jobs. There is no way that you only got 3 interviews. I live in NJ and there are a TON of jobs up here that pay way more than min wage and it is affordable to live.

badgerbadger1

My husband and I are both about to graduate from college in like two weeks! Neither of us could get a job all throughout school and we do not have jobs lined up after we get out of school. We both went into demanding career fields, Automotives for me and Electronics Engineering for him. We went to a community college, I have no family to speak of and his family can't afford to help us due to his sister's mistakes. I am on welfare, I have medicaid, foodstamps, pell grants, and daycare assistance. We together have racked up $18,500 in debt. We have six months after we graduate to find jobs before we have to pay back our student loans. I came from a very poor, horrible childhood where I raised two kids while I was still a kid myself. He came from a broken home and a difficult childhood also. We have worked damn hard and very lived poorly throughout school, which yes our student loans and our pell grants paid for our 3 bedroom housing (which we had gotten with a roommate who is now gone), vehicle ($900 + gas and parts), books, school supplies and tuition.

DO I THINK MY LOANS SHOULD HAVE TO BE PAID BACK.

HELL NO!

I would rather somebody give my husband and I jobs but if that can't happen then yeah I would like them to at least be put on hold till I can get a job but if that can't happen and it won't (money grubbing companies) then I guess my only option is to have them forgiven.

P.S. Before you say that we haven't gotten jobs because we haven't worked hard enough to find one ( I check into monster.com and indeed.com everyday, I apply and so does my husband to every job we are qualified for including ones where I would have been qualified for in high school) it is because we are losing out to older people with experience and degrees and a bi-polar teacher who can not make up his mind whether I work my a** off or whether I let all the guys do work for me. So I don't want to hear that this is my fault or that I didn't work hard enough you don't know my situation so don't pretend you do.


RANT OVER!

So what?

I had a horrible impoverished childhood, took on $60,000 in loans as a single parent of one, didn't have a job upon graduation and GASP!! I didn't whine and complain and play the victim. I did what I needed to do because failure was not an option. I'm six years into the 10 year repayment period and have not missed a payment nor have I expected someone else to pay it for me.

You are failing to see the point. This isn't about people whining, complaining and playing the victim... It's about the fact that people having trouble finding a job after college is a wide spread problem.. and if it doesn't get better there will be more issues that stem from it. (and so you don't yell at me.. I'm not for this bill... I am, however, strongly in favor of dramatic education reform)

I get the point. But the poster I quoted IS playing the victim. Please read my 1st post again where I stated there is NO guarantee of a job after college regardless of the economy. Also I believe the economy fell apart in 2008, 4 years ago, when most of these people would have been just starting college, so the lack of prospects shouldn't come as any surprise.

Edit: If someone can please direct me to the clause in their College admittance letter or student loan agreement where they were guaranteed a job after graduation, I will happily retract my statement, in their case.

lour441

I'm glad I'm a veteran....no student loans for me, school was paid for...plus a monthly stipend from the VA, However, I'm in the same boat...unemployed for 8 months now. Those of you looking for jobs....try looking in the government sector: USAJOBS.com is a great site for federal jobs....

Thank you for your service. I am happy my tax dollars helped you out.

therealkittymao

FFEL and Federal Direct loans are making their money back like CRAZY with the interest rates they have been asking. I think it's fine to set up incentive programs that offer lower interest rates and/or forgive a portion if the payer maintains a consistent track record of repayment. I think there also needs to be a lot of fundamental change with regard to loan counseling. I know some friends who are utterly screwed because they paid too much for an education that will not pay for itself. I also think there has got to be a way to get rid of some of the student loan debt in a bankruptcy (right now that is almost impossible, even if you are bankrupted BY your student loans, the loans will likely not be discharged).

And I say all of the above as a person who has almost nothing to pay back, so it's not in my self-interest that I am speaking. I think it's the best thing for the whole nation. Allowing people to remain enslaved to a mortgage's worth of student loan debt before their adult lives even begin is no way to stimulate an economy. I say forgive a good portion of the debt, find more reasonable repayment plans, and from here on out we need to pop the education bubble.

ActuarialChef

Fantastic idea. I support it fully.

:bigsmile:

As a recent college grad, I support this bill -- sort of.

I don't want my loans forgiven; I know that they're my responsibility. But I do think that there should be limits as to how high the interest rate can be. Some of my loans from the last 2 years of college have interest rates between 10% and 12% -- BIG difference compared to the loans from my first semester (Fall 2007) that have rates of 2.5% and 3.25%.

Think about it this way: for one of my $5,000 loans that has a 12% interest rate, I will pay $8,000 in interest. I have a big problem with interest rates causing you to pay more in interest than principal. And I'm not stretching out my loan repayment period (I'm on a 10-year plan) or trying to reduce my monthly payments by taking a graduated repayment schedule. I'm in the standard repayment plan. Thank you, Sallie Mae, for taking all of my residual income for the next 10 years. :explode:

Oh, and p.s. I have $95,000 in student loan debt with a Math degree, make $50,000 a year, and support myself +1. I don't have the luxury of purchasing anything that's not "necessary".

*OK I'm finished ranting -- go on with your discussion*