Forgive my student loan!

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  • MellowGa
    MellowGa Posts: 1,258 Member
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    I'm expecting each one of my kids to suck it up and WORK for their education, take loans, and pay them back. If they don't, they will get not ONE iota of sympathy from their mother.

    My wife and I both worked our way through college, and we expect our daughter to do the same. She will be encouraged to work hard in high school and apply for scholarships and grants. Providing she does well in school and earns a degree, we will help her with any student loans she needed IF we have the means to do so. I have no intention of delaying my retirement so I can pay her tuition.

    This is a smart man
  • grinch031
    grinch031 Posts: 1,679
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    This student loan absurdity is the reason the cost of attending a university has skyrocketed. If students can't afford the cost of tuition, then tuition can't rise, right? Supply and demand rules.

    I'm all for reform of the student loan program, and even finding a way to clean up the waste that is Secondary education, but I'm not a fan of forgiving student loan debt right now.
  • grinch031
    grinch031 Posts: 1,679
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    I'm expecting each one of my kids to suck it up and WORK for their education, take loans, and pay them back. If they don't, they will get not ONE iota of sympathy from their mother.

    My wife and I both worked our way through college, and we expect our daughter to do the same. She will be encouraged to work hard in high school and apply for scholarships and grants. Providing she does well in school and earns a degree, we will help her with any student loans she needed IF we have the means to do so. I have no intention of delaying my retirement so I can pay her tuition.

    This is a smart man

    I think this is an outdated mindset. I think many of us young folks have already accepted the likelihood that many of us won't be retiring. I am certainly going to put my children's future above my own, because I know they will face a much tougher battle than I faced. I'm not just going to bring them into this world and let them fend for themselves because of the economic mess that previous generations have put them in. As long as they do their part, I don't expect them to go at it alone. The times of students paying their way through school are over. I suspect me and my children (both toddlers right now) will be relying on each other in the harder economic times ahead of us.
  • doorki
    doorki Posts: 2,611 Member
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    I'm expecting each one of my kids to suck it up and WORK for their education, take loans, and pay them back. If they don't, they will get not ONE iota of sympathy from their mother.

    My wife and I both worked our way through college, and we expect our daughter to do the same. She will be encouraged to work hard in high school and apply for scholarships and grants. Providing she does well in school and earns a degree, we will help her with any student loans she needed IF we have the means to do so. I have no intention of delaying my retirement so I can pay her tuition.

    This is a smart man

    I think this is an outdated mindset. I think many of us young folks have already accepted the likelihood that many of us won't be retiring. I am certainly going to put my children's future above my own, because I know they will face a much tougher battle than I faced. I'm not just going to bring them into this world and let them fend for themselves because of the economic mess that previous generations have put them in. As long as they do their part, I don't expect them to go at it alone. The times of students paying their way through school are over. I suspect me and my children (both toddlers right now) will be relying on each other in the harder economic times ahead of us.

    definitely agreed. My parents were willing to go bankrupt, if necessary, to give their kids an education. My wife and I will do the same thing, if necessary.
  • hikezilla
    hikezilla Posts: 174 Member
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    Reading all these comments just makes me NOT want to go to a university. OY! :noway:

    You bring up a very good point....the university is NOT for everyone, nor is it required for happiness in life. Most of the learning in your lifetime will not happen in a classroom.
  • MFPAddict
    MFPAddict Posts: 2,303 Member
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    I'm expecting each one of my kids to suck it up and WORK for their education, take loans, and pay them back. If they don't, they will get not ONE iota of sympathy from their mother.

    My wife and I both worked our way through college, and we expect our daughter to do the same. She will be encouraged to work hard in high school and apply for scholarships and grants. Providing she does well in school and earns a degree, we will help her with any student loans she needed IF we have the means to do so. I have no intention of delaying my retirement so I can pay her tuition.

    This is a smart man

    I think this is an outdated mindset. I think many of us young folks have already accepted the likelihood that many of us won't be retiring. I am certainly going to put my children's future above my own, because I know they will face a much tougher battle than I faced. I'm not just going to bring them into this world and let them fend for themselves because of the economic mess that previous generations have put them in. As long as they do their part, I don't expect them to go at it alone. The times of students paying their way through school are over. I suspect me and my children (both toddlers right now) will be relying on each other in the harder economic times ahead of us.

    definitely agreed. My parents were will to go bankrupt, if necessary, to give their kids an education. My wife and I will do the same, thing if necessary.

    OMG, the grammar police would have a field day with this sentence. What an outcome. My wife and I go into bankruptcy to put my daughter through college, and she can't even put a decent sentence together. No thanks.
  • doorki
    doorki Posts: 2,611 Member
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    I'm expecting each one of my kids to suck it up and WORK for their education, take loans, and pay them back. If they don't, they will get not ONE iota of sympathy from their mother.

    My wife and I both worked our way through college, and we expect our daughter to do the same. She will be encouraged to work hard in high school and apply for scholarships and grants. Providing she does well in school and earns a degree, we will help her with any student loans she needed IF we have the means to do so. I have no intention of delaying my retirement so I can pay her tuition.

    This is a smart man

    I think this is an outdated mindset. I think many of us young folks have already accepted the likelihood that many of us won't be retiring. I am certainly going to put my children's future above my own, because I know they will face a much tougher battle than I faced. I'm not just going to bring them into this world and let them fend for themselves because of the economic mess that previous generations have put them in. As long as they do their part, I don't expect them to go at it alone. The times of students paying their way through school are over. I suspect me and my children (both toddlers right now) will be relying on each other in the harder economic times ahead of us.

    definitely agreed. My parents were will to go bankrupt, if necessary, to give their kids an education. My wife and I will do the same, thing if necessary.

    OMG, the grammar police would have a field day with this sentence. What an outcome. My wife and I go into bankruptcy to put my daughter through college, and she can't even put a decent sentence together. No thanks.

    sorry, fast typing while working....any real points?
  • WickedGarden
    WickedGarden Posts: 944 Member
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    i think if this bill passes then more loans will be paid back.

    I agree with this. IF you look at the debt forgiveness. as long as you are paying back at least 10% of your income for 10 years then it will be forgiven. IF YOU are not paying that back then it wont be forgiven. You have to pay to have your debt forgiven

    So if you believe this, then since I have been paying my mortgage on time every year for the last 7 years, should the government and bank forgive my loan and give me my house for free?

    i mean, I did lose $200k in equity because of the s#itty market.
  • MFPAddict
    MFPAddict Posts: 2,303 Member
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    sorry, fast typing while working....any real points?

    Yes, my wife and I wouldn't be doing my daughter any favors by becoming a financial burden to her in our retirement.
  • Cathyvil
    Cathyvil Posts: 230 Member
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    If you signed a promissory note (meaning promise) to pay back your loan you have absolutely no excuse not to do so. I'm a student loan office at a university. I struggled for years paying my own debt back and I'm still not done. But it was the trade off I made. I. Me. Myself. No one else. People need to take responsibility for their actions. You don't want to be in debt? Then don't take out the loan and go to a cheaper school. There's plenty of them out there. Don't expect me or any other taxpayer to bail you out because you are irresponsible and selfish. /rant
  • doorki
    doorki Posts: 2,611 Member
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    sorry, fast typing while working....any real points?

    Yes, my wife and I wouldn't be doing my daughter any favors by becoming a financial burden to her in our retirement.

    creditors can't repossess an education. This education would help my daughter in the future, regardless of the hardships that my wife and I were having.
  • the_journeyman
    the_journeyman Posts: 1,877 Member
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    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.

    Same thing with the mortgage deal. It bugs me people that simply bought a house over their income level are getting bailed out. Also, the thinking of just because you're jobless you should get to keep your 2500ft/sq house screams entitlement. Find a job, work with your bank, and then, you still might have to move into something cheaper. Or *gasp* an apartment...

    I do think rates should be very low for student loans. I also think too many students do not realize how hard it is to pay back those loans on a beginning salary. The schools should provide much better & realistic information on what the *REAL* cost of a student loan is. It's like going to Aarons (heard this on TV last night actually) and renting to own a $1400 living room set because it is *only* $99/month for 24 months. You wind up paying $2400 for a $1400 set of furniture. People do it because it's only $99/month. Think about TOTAL cost people! That is $1000 in interest over 2 years.

    I see people convinced that they HAVE to go to a certain school that costs a ton. There are cheaper alternatives, but can ALWAYS find a reason they can't go there.

    I pay for my loans, so should everybody else. Jobless? Not always the case. I see a lot of people that won't accept a job that's not in their degree or doesn't pay what they want. Flipping burgers or ringing up groceries is way better than starving & watching debt pile up. I'll shovel *kitten* if it means the difference between eating or not.

    JM
  • the_journeyman
    the_journeyman Posts: 1,877 Member
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    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.

    Not always the case. I see people every day that won't accept a job because it's not what they want. You can't get a job in your field? Take what's available. It's not a perfect world, it's a terrible economy. If Wal-Mart is hiring, it's better than no job!

    JM
  • MFPAddict
    MFPAddict Posts: 2,303 Member
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    sorry, fast typing while working....any real points?

    Yes, my wife and I wouldn't be doing my daughter any favors by becoming a financial burden to her in our retirement.

    creditors can't repossess an education. This education would help my daughter in the future, regardless of the hardships that my wife and I were having.

    So basically you are saying you have no problem with putting the burden of your hardships on others.
  • adamb83
    adamb83 Posts: 719 Member
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    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.

    Interest rates are supposed to double in July. =-/
  • Cathyvil
    Cathyvil Posts: 230 Member
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    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.

    Interest rates are supposed to double in July. =-/

    Subsidized Stafford interest rates are doubling from 3.4 to 6.8. Unsubsidized Stafford and PLUS/Graduate PLUS are staying the same.
  • doorki
    doorki Posts: 2,611 Member
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    sorry, fast typing while working....any real points?

    Yes, my wife and I wouldn't be doing my daughter any favors by becoming a financial burden to her in our retirement.

    creditors can't repossess an education. This education would help my daughter in the future, regardless of the hardships that my wife and I were having.

    So basically you are saying you have no problem with putting the burden of your hardships on others.

    No, I am saying that I am prepared to make sacrifices in my standard of living to enable to have my children be better prepared for the future. Never have I implied that I would expect my children to take on my care.
  • grinch031
    grinch031 Posts: 1,679
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    sorry, fast typing while working....any real points?

    Yes, my wife and I wouldn't be doing my daughter any favors by becoming a financial burden to her in our retirement.

    creditors can't repossess an education. This education would help my daughter in the future, regardless of the hardships that my wife and I were having.

    So basically you are saying you have no problem with putting the burden of your hardships on others.

    No, I am saying that I am prepared to make sacrifices in my standard of living to enable to have my children be better prepared for the future. Never have I implied that I would expect my children to take on my care.

    In a world where you have a God-given right to retire, then I guess you would expect your children to take on your care.
  • MFPAddict
    MFPAddict Posts: 2,303 Member
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    sorry, fast typing while working....any real points?

    Yes, my wife and I wouldn't be doing my daughter any favors by becoming a financial burden to her in our retirement.

    creditors can't repossess an education. This education would help my daughter in the future, regardless of the hardships that my wife and I were having.

    So basically you are saying you have no problem with putting the burden of your hardships on others.

    No, I am saying that I am prepared to make sacrifices in my standard of living to enable to have my children be better prepared for the future. Never have I implied that I would expect my children to take on my care.

    No, you stated that creditors can't repo her education. So what will the be taking of yours so you can pay for her college? Your car? Your furniture? Do you think the creditors will bear the burden of your hardship by themselves?
  • doorki
    doorki Posts: 2,611 Member
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    sorry, fast typing while working....any real points?

    Yes, my wife and I wouldn't be doing my daughter any favors by becoming a financial burden to her in our retirement.

    creditors can't repossess an education. This education would help my daughter in the future, regardless of the hardships that my wife and I were having.

    So basically you are saying you have no problem with putting the burden of your hardships on others.

    No, I am saying that I am prepared to make sacrifices in my standard of living to enable to have my children be better prepared for the future. Never have I implied that I would expect my children to take on my care.

    In a world where you have a God-given right to retire, then I guess you would expect your children to take on your care.

    I don't think you have a God-given right to retire but I think you should have the possibility of being able to save for a retirement. Both of my parents were still working when I graduated. My father was on his second career after 25 years in the military and my mother was a career RN. I took over my student loans when I got on my feet and I have assisted them with expenses as needed but I am in no way supporting them.

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