Forgive my student loan!

MFPAddict

ABSOLUTELY NOT!!!!

I worked my way through college to avoid taking on debt. You borrow money, you pay it back. You don't want that obligation, then don't take the money.

monty619

ABSOLUTELY NOT!!!!

I worked my way through college to avoid taking on debt. You borrow money, you pay it back. You don't want that obligation, then don't take the money.

hit the nail on the head with that one.

Arwhite1865

Unfortunately, the U.S. economy is not going to improve if the government continues to find new ways to distribute taxpayer and borrowed money. Our nation is facing a serious debt crisis. Many people seem to think the government has an unlimited supply of money, and that's not true. We, the people, can turn the tide, but it won't be easy, and it won't be painless. It will be worthwhile for our children and grandchildren. I pray God will bless our citizens with the strength and perseverance required to make a difference.

As I said, I agree (in principle) with your original point about the fairness of forgiving student loan debt when others have had to pay off theirs in the past (albeit it was likely in much better economic times and when higher education was not so expensive). My point was that just because someone cannot afford to pay off their loans does not mean that it was a case of bad planning, as these days you can't assume that someone fresh out of college can even find a job to even attempt to pay off their loans.

mistyb47711

How are you the taxpayer , paying on others student loans? Me a mother of 4 pay double tax. Work a regular job and own a small business in which I pay double tax on as a single person . Student loans are not a "write off" for welfare and they don't forgive student loans so the borrower will pay them no matter what. So you the "taxpayer " is not paying anything on "our" student loans. They ( government) will allow people to file to relive debt they can't pay what makes student loans so different then people that can't pay their credit cards, car loans etc..?... Nothing. And yes, I have gotten "government assistance" but I have also worked along with that and I pay just as much in taxes as anyone else if not more when owning my own business. Don't come at me like your paying for other peoples education cause I've paid for it already ten fold.

zionsmommii

I find it funny that some of you are saying that taxpayers should not have to pay for student loans BUT we ALL pay taxes for people's salaries i.e. policeman, firemen, etc. and we don't complain about that so what's the difference tax paying is tax paying if you pay for some things it shouldn't be a problem to help other people to get an education!!!!! And to the comment about nobody made people get loans is funny also because yes someone did make us get loans the schools because everyone does not have to means to pay out of pocket and who in their right mind is going to struggle and live poorly and unhappy to pay something pack that could and should be somewhat free anyway??? I don't don't get it but whatever.....

Becky1971

I agree.

i'm fine with paying back what i borrowed -- but the govt making 7.8% on loaning me money that never really existed in the first place... really? and dont get me started with sallie mae and their insane interest rates. i'm just glad i'm in a position to pay off my loans in the next... decade... unless interest rates keep going up.

nomena

I would love to not have to pay it back; however, it's not fair to the taxpayers to pay for part of my education.

In Germany, we pay higher taxes so everyone can visit university free of charge (or at low rates such as 500 Euros a semester). Worth it? I think so.

cannonsky

Don't get me wrong I would LOVE to not be in debt but it's not really helping what the problem really is... tuitions rates

WickedGarden

Student Loan Forgiveness...please. Why should my tax money go to pay for someone else's loans? Nobody forced them to take out big loans. I had loans while in college and for a few years after I graduated but I worked my *kitten* off to get them paid off.

I couldn't agree with you more. The same goes for everyone who purchased a home they couldn't afford hoping to flip it and then they walk away from it. We had three houses in foreclosure on our street, which in turn lowers the value of my home.

If you can't afford it, don't spend it.

^^^this

cannonsky

Student Loan Forgiveness...please. Why should my tax money go to pay for someone else's loans? Nobody forced them to take out big loans. I had loans while in college and for a few years after I graduated but I worked my *kitten* off to get them paid off.

I couldn't agree with you more. The same goes for everyone who purchased a home they couldn't afford hoping to flip it and then they walk away from it. We had three houses in foreclosure on our street, which in turn lowers the value of my home.

If you can't afford it, don't spend it.

^^^this

here's the thing though.... the reason so many people bought houses they thought they could afford but really couldn't was because they were mislead by the market and loaners. its not completely fair to place all the blame on someone that was getting... for lack of a better word... bamboozled

merrillfoster

Actually, I think that student loans are the only type of debt we SHOULD forgive (if we're going to forgive it at all). It's different than credit card debt, or mortgage loans, both of which get forgiven all the time. Student loans are taken out to better yourself, with the anticipation (usually) that doing so will lead to a position that will enable you to pay them off. This is not always the case, especially not now. I feel that you shouldn't buy things you can't afford too (ie, a house, or whatever you put on your credit card), but you don't know that you can't afford the student loans until after. I think it's the only type of debt in that situation.

Not only that but a college degree is becoming more and more necessary for most positions, and colleges are getting more and more expensive because they know that most people are more or less forced to pay it. You can attend a less expensive university, but it's still pretty expensive. But with a limited number of exceptions, you almost have to go somewhere if you want to get a decent job.

Everyone whines about the predatory lending practices in the housing market and how it's not those people's fault. F that. Go into the bank knowing what you can afford, and don't go over it. End of story. That's on them. If you want to talk about predatory lending, let's talk about asking an 18 year old to sign on the dotted line for 'free' money to get a degree they will likely need to get almost any kind of professional job these days. Not some 40 year old who buys a house they know they can't afford. I pay $1700/month in student loans, and because of it I don't own a home, don't go on alot of vacations, etc. If I didn't have those loans, I would absolutely reinvest that money--in things like a home, new car, travel, etc.

And for those that say they don't want their taxes paying for other's school...what do you think state universities are?

Nopedotjpeg

We can bail out financial institutions that ****ed over our entire economy, but we can't bail out students (who in my opinion should be getting a free education to begin with)?

talysshade

In the Netherlands where I live there's a government payment plan for students. As soon as a kid goes to study, the parents no longer get money for the kid, but the kid gets it themselves for studying. With a couple rules, though. If you don't finish your study within the amount of years the study is supposed to take + 1, it becomes a loan and you have to pay it back. Asides from that you can take a loan if you need more money, but the rates on that is only like 2%.

As a result, I'm almost done and will have to pay back about 30 grand including interest, but for 5 years studying, i'm not complaining about that. Then again over here, you also get 15 years to pay it back with a minimum of less than 100 euro a month.

My opinion? No, don't forgive loans, it's not right to make somebody else pay for the loans, however, do incorporate a different system, because that's outrageous.

talysshade

I would love to not have to pay it back; however, it's not fair to the taxpayers to pay for part of my education.

In Germany, we pay higher taxes so everyone can visit university free of charge (or at low rates such as 500 Euros a semester). Worth it? I think so.

That counts here, too. Only 1400 a year tuition, assuming you're within normal study years. If you're taking 5 years for a 3 year study or longer, tuition rates go up.

d4rkn3ss06

I pay taxes do i think i should pay for every ones education and health care? yes!! wth is wrong with us in the USA!? we should want free education for everyone!! i would rather have a country full of educated people than full of people that use money as an excuse to not go (not that this isn't a legitimate reason cuz school tuition is ridiculous and if you cant afford it you cant i get that!) and same goes for health care! and a lot of the commenter are being unfair! i didn't want loans but fees are so expensive per quarter and financial aid doesn't believe i need sequence because even though i don't get financial help from my family I'm under 24 for so they have to assume they do help me. and you cant say get a job once your done and pay off your loans !! those of you that were able to do that great but recently that has become very difficult and so many graduates are left over qualified for regular jobs with no high paying jobs out there. but as a community we should strive to work together to improve as a whole.

Structured_Chaos

Great link! Thanks :-)

MellowGa

I went to College in the late 80's early 90's, I worked two Jobs while taking classes and took loans out, I paid my own way through college, it took me a while to pay it all off.....and my wife's.

But we paid every penny back that we owed.

Everyone should, college is not right, it is enhancement to your education, so you should pay for it.


What ever happened to working hard for what you want?

WickedGarden

Student Loan Forgiveness...please. Why should my tax money go to pay for someone else's loans? Nobody forced them to take out big loans. I had loans while in college and for a few years after I graduated but I worked my *kitten* off to get them paid off.

I couldn't agree with you more. The same goes for everyone who purchased a home they couldn't afford hoping to flip it and then they walk away from it. We had three houses in foreclosure on our street, which in turn lowers the value of my home.

If you can't afford it, don't spend it.

^^^this

here's the thing though.... the reason so many people bought houses they thought they could afford but really couldn't was because they were mislead by the market and loaners. its not completely fair to place all the blame on someone that was getting... for lack of a better word... bamboozled

When I applied for a home loan, I was approved for $400k, did I go and buy a $400K home? NO, I had to think about all the "what ifs". i couldn't bear what would happen if I lost my job and couldn't afford mortgage payments on a $400K home, so I settled on a $200K home, I was being reasonable.

"If it sounds too good to be true, it probably is"
c'mon now, people really think "Wow, I can get a $400K house, have s#itty credit and only pay $900 a month?!?!" Something has to give somewhere, people AND the banks were being greedy and stupid.

i already got stuck with a huge debt that an ex left me in ($25K), I didn't file bankruptcy (even though I could have easily got it since he was threatening to murder me and my family) but I took the responsibility, and paid it off...every single cent.

Man-up people.

MellowGa

same for us, when we moved during the "boom" we were offered an adjustable PR, they tried to sell us, I said look, I want a 15 Year FIXED Rate Mortgage, we bought a house that we could afford if one of us were to lose our job or something happened.

I can't understand why anyone would fall into that trap, our first responsibility was to ourselves and our children.

we teach our kids the importance of money and that it is a tool to live your life, I imagine our 3 kids have more money in their savings account then most people do in their checking,

Arwhite1865

When I applied for a home loan, I was approved for $400k, did I go and buy a $400K home? NO, I had to think about all the "what ifs". i couldn't bear what would happen if I lost my job and couldn't afford mortgage payments on a $400K home, so I settled on a $200K home, I was being reasonable.

"If it sounds too good to be true, it probably is"
c'mon now, people really think "Wow, I can get a $400K house, have s#itty credit and only pay $900 a month?!?!" Something has to give somewhere, people AND the banks were being greedy and stupid.

i already got stuck with a huge debt that an ex left me in ($25K), I didn't file bankruptcy (even though I could have easily got it since he was threatening to murder me and my family) but I took the responsibility, and paid it off...every single cent.

Man-up people.

It's not that simple when it comes to higher education. Student loans are awarded specifically because most people can't afford higher education - the logic being that once students graduate, they will then be able to afford to pay off the loans. That makes sense, but kids who've gone through the years completing their degrees and came out on the other end did not expect to be confronted with an environment in which they would find it difficult to get jobs. The problem is that if you've graduated at any point within the last 5-6 years, you're finding it infinitely more difficult to find a decent-paying job (or any job at all) than graduates in the past, especially if you're young with very little experience, as most graduates are.

It's also worth noting that this generation of graduates is having issues paying off their student loans because their parents' generation is handing them a country that is worse off than the one they received (and they will likely still be paying for that fact decades from now). As a result, college graduates and college-aged people in general are one of the worst-hit groups of the economic downtown. In light of this, I just find it very ironic that people would have such an adverse reaction to the idea of student loan forgiveness. Additionally, student debt isn't so bad because people won't "man up". It's bad because of the down economy that graduates have found themselves trying to compete in.