Forgive my student loan!
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I didn't have time to read all the posts- but in today's world, education is VERY EXPENSIVE. There is no paying your way without loans, or at least it wasn't an option for me. Even if I were to go to a community college, followed by a state school, I would have had to take out loans. I came from a low income single parent family. There was no way my mother could be expected to pay my education costs. I CHOSE to go to a private college that had an amazing music education program and choir. I have cherished my experiences and they have helped me in my career as a music teacher. I would not have gotten those experiences from another school. I am okay with paying back my debts- as I do each month, on time. I am not okay with the interest rates that are on some people's student loans. I am so thankful I consolidated my student loans after graduation and locked in my lower interest rate. I would really be hurting if I had to pay the 7-8% some people do. I personally do not that that is right- loans on education should not be for profit. I think that we need to EMBRACE education in this country. FUND our schools so they are not forced to continue hiking tuition a disgusting amount each year, and support our need to educate each and every person in this country. That is all for my rant-
How can you expect a company to be in business, loaning money to people who don't want to pay it back, for no profit?0 -
I went to school as a single mom on grants and student loans. When I graduated I had a student payment book 3 inches thick. I was also unemployed. I called my lending institution, explained the situation and they condensed all my student loans into one, reduced the payment (which extended my time) to something I could afford and after many years I paid it off. I figure if I can do all of this as a single mom, others can do the same.
Exactly. Be responsible.
Kudos for you.0 -
What he said.I went to school as a single mom on grants and student loans. When I graduated I had a student payment book 3 inches thick. I was also unemployed. I called my lending institution, explained the situation and they condensed all my student loans into one, reduced the payment (which extended my time) to something I could afford and after many years I paid it off. I figure if I can do all of this as a single mom, others can do the same.
Exactly. Be responsible.
Kudos for you.0 -
How could you afford any payment if you were unemployed?I went to school as a single mom on grants and student loans. When I graduated I had a student payment book 3 inches thick. I was also unemployed. I called my lending institution, explained the situation and they condensed all my student loans into one, reduced the payment (which extended my time) to something I could afford and after many years I paid it off. I figure if I can do all of this as a single mom, others can do the same.0 -
Please don't assume you know everyone else's situation. Some people didn't have the luxury of working 2 jobs in high school to save for college. Some people worked 2 jobs in high school and college to help support their family. So student loans were the only option to pay for college. I agree forgiving student loans isn't necessarily the best option but it would help a lot of people out.
Agreed. I don't understand why people are coming in here talking about how they worked their way through college and were able to pay off their loans. That's great for them and that's the way people intend to pay off their loans, but times are different now. The problem today is that new grads cannot find the jobs to pay off their loans while interest gathers on the debt. It's not a matter of "I don't wanna pay; bail me out". Completely forgiving the loans is not the answer, in my opinion, but I find it ridiculous/offensive that the student loan debt crisis is being portrayed as people getting themselves into a predicament that they should not have gotten themselves into, when really they are simply victims of the wider economic crisis. Had there been no economic crisis, new grads would not have trouble finding jobs to pay on their debts.0 -
I didn't have time to read all the posts- but in today's world, education is VERY EXPENSIVE. There is no paying your way without loans, or at least it wasn't an option for me. Even if I were to go to a community college, followed by a state school, I would have had to take out loans. I came from a low income single parent family. There was no way my mother could be expected to pay my education costs. I CHOSE to go to a private college that had an amazing music education program and choir. I have cherished my experiences and they have helped me in my career as a music teacher. I would not have gotten those experiences from another school. I am okay with paying back my debts- as I do each month, on time. I am not okay with the interest rates that are on some people's student loans. I am so thankful I consolidated my student loans after graduation and locked in my lower interest rate. I would really be hurting if I had to pay the 7-8% some people do. I personally do not that that is right- loans on education should not be for profit. I think that we need to EMBRACE education in this country. FUND our schools so they are not forced to continue hiking tuition a disgusting amount each year, and support our need to educate each and every person in this country. That is all for my rant-
How can you expect a company to be in business, loaning money to people who don't want to pay it back, for no profit?
I understand paying a reasonable amount of interest, but 7-8% to a non-profit loan organization is crazy to me. (which is what I should have put, because they do make profit, just not as much as a private loan company)0 -
Simple solution..all the folks in this thread that think the OP's loan should be forgiven...dig into your pocketbook and send the OP some money.
Just curious...should I get a refund on my student loans that I paid off? If not, why not?0 -
My husband pays $400 a month in student loan repayment, and he's employed at a job where he makes about 18 grand a year. For Christ's sake, he hosts trivias at bars so we can make ends meet. I won't even SAY how much I owe in debt, and I'm legally disabled and unable to work at present. As much as I would love be absolved of all of our financial problems, we still pay our bills. And my medical bills. And the electricity. Should I keep going? We chose the "right" path (the path that they told us over and over again to take because "that's how you do it" when you graduate from high school), and now we're paying for it. In more ways than one. What exactly did everyone expect when they signed up for classes? I have friends who are in over $110,000 in debt just from an undergraduate degree and can't find jobs. I have other friends who are only pursuing post-grad degrees to defer their loans. Welcome to the real world.0
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The following is written from a US perspective. Other countries have different rules.
Student loans are the absolute worst form of debt right now. Whereas mortgage debt and credit card debt can be written off in a bankruptcy, student loan debt cannot.
Student loan debt is a smaller symptom in an overall larger problem. The higher education system of the US is broken, as is the economy at large. The price-value proposition of a college degree is more questionable than ever. Even though the unemployment for college grads is lower than non college grads, that is a very deceiving statistic. College grads, as a whole, are not doing very well. College grads are often forced to live at home with a parent in the first few years after college because new college grad level salaries don't often cover basic expenses. This was true even before the economic downturn started in late 2007. Since the 1980s, college graduate salaries have not kept pace with the costs of living, and the recession has only accelerated this trend.
Lots of college graduates right now are working jobs that only require a high school education. This is a symptom of a flawed economic structure which must be addressed.
So yes, I think it would be a good idea of student loans could be treated like mortgages or credit card debt, but the real problem is fixing the higher education system as it relates to the economy at large. Rein in tuition costs, eliminating certain majors. All options should be on the table right now.0 -
http://signon.org/sign/support-the-student-loan.fb8?source=s.fb.in&r_by=1118593
Total outstanding student loan debt in America is expected to exceed $1 TRILLION this year. Millions of hardworking, taxpaying, educated Americans are being crushed under the weight of their educational debts, while the economy continues to sputter. Support a REAL economic stimulus and jobs plan. Support the Student Loan Forgiveness Act of 2012 (H.R. 4170).
Thoughts??
I was very fortunate in not have to take loans to pay for my education however when I went to college it was CHEAP compared to tuition now. There is no way I could afford to go now. don't think that forgiveness is the answer because you knew you had to pay back your loan when you took it out. I do think that the rates should not be hiked however. If people are struggling to pay back loans at 3%, what makes the government think 6%-7% is going to feasible? People are going to start to default on their loans and either way the taxpayer will be stuck.
We need to start re-thinking the importance of education in this country. Why is that we can spend BILLIONS on not only the defense of our country but also provide money to other countries and some of them not even very friendly to us?! The only way this country will remain great, prosper, and continue to flourish is through education of our children from kindergarten through higher education. We need to get away from thinking we need this mighty military and take care of our business here at home.
Just my two cents.
Diana0 -
I signed it. I think it makes perfect sense. Student loans is not equal to credit card debt. I have student loans because I couldn't afford to go to college without them. If I didn't go to college, I wouldn't be getting my degree in May and I would probably be working at a fast food place (or with luck maybe find a better job) trying to get by. If you read the article it makes a lot of since. I'm still going to have to pay on my loans for 10 years if this passes. But wouldn't it be better for the economy if we were able to spend our money on other things besides a student loan payment every month? And by other things, I don't mean just throwing the money away on crap. I could by a car (which I desperately need). And with that car I would be able to get around to job interviews and have reliable transportation once I actually got a job. I think it is a really good idea. Education shouldn't just be for the wealthy, because there are a ton of people who can't afford college out there that are BRILLIANT in every sense of the word. Why would we not allow these people a chance at becoming something great?
If there are negative comments coming my way for this then cool. I am just stating an opinion. But of course, I am in the group that would benefit from this.
I will add that even if this doesn't pass, my loans will be paid in full. I am not opposed to being responsible and making the payment. The interests rates need to be reconsidered though.0 -
I did not go to college.
no debt from school loans
Husband did, he does not nor ever had a job in his field. I curse ever time we sit down and pay that damn bill!
but that was his choice vs mine.. Free country. But not EVERYTHING should be free.0 -
I have friends who would definitely benefit from this.
It doesn't really matter so much for me.
I just made my final student loan payment this week and I'm less than a year out of college with my BSEE.
I got lucky, my mother helped me far more than I thought she would (she's not a very giving or motherly person) and I was able to use her GI bill, I worked through 3 of my 4 years for college, i was an RA and saved 2k on room & board there (my school had really crappy benefits for it's RAs - don't get me started lol) and I saved a lot from working during school and from the jobs I had over breaks. And I saved after I graduated so I could pay them off. And now I'm paying for my grad school, one course at a time from my pocket unless I get a good enough grade my company wn't re-imburse me.
And I as I type this, I'm seeing other people's points of why I should I pay for others...
I've worked hard to get where I am, why can't others??0 -
And while I agree with what I said, I also agree with the person who mentioned that not everyone can work two jobs in high school to save up for college, and two jobs during college, and two jobs after to pay off their debt. In high school, I was working my *kitten* off to get into the best college possible to pursue my dreams (which, in hindsight, was idiotic at best). I went to college and got sick. Now I'm disabled. What are people like me supposed to do? Suck it up and risk his or her health because people like you are a shining example of how everyone should be? Come on.
And yeah, if I do sound bitter, it's probably because I am. Not everyone is the same, so don't assume that because you're able-bodied, you have the right to judge other people when they're not...because while that might not be your intention, that's how it feels.0 -
I have friends who would definitely benefit from this.
It doesn't really matter so much for me.
I just made my final student loan payment this week and I'm less than a year out of college with my BSEE.
I got lucky, my mother helped me far more than I thought she would (she's not a very giving or motherly person) and I was able to use her GI bill, I worked through 3 of my 4 years for college, i was an RA and saved 2k on room & board there (my school had really crappy benefits for it's RAs - don't get me started lol) and I saved a lot from working during school and from the jobs I had over breaks. And I saved after I graduated so I could pay them off. And now I'm paying for my grad school, one course at a time from my pocket unless I get a good enough grade my company wn't re-imburse me.
And I as I type this, I'm seeing other people's points of why I should I pay for others...
I've worked hard to get where I am, why can't others??
I'm playing devil's advocate here, but how is your mother's help and using her GI bill "hard work" on your part?0 -
I don't understand this topic.
When you take out a loan you make an agreement to pay it back. The loan company...the people you made the contract with.... didn't promise you a high-paying job. They didn't promise you a fair economy. They promised you a loan. If they held up their end of the bargain then so should you.
It would help me out if I could be reimbursed for all of the money I spent on tuition. But thats not on the table.
Life is hard. Things are not always 'fair'. They do not always work out in your favor.
And if you can not hold up your end of a contract then don't enter one.0 -
Your still gonna have to pay tons in taxes. Somebody has to pay our pitiful excuse for politicians to play solitare and look at facebook while they are deciding the fate of our country.0
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I don't understand this topic.
When you take out a loan you make an agreement to pay it back. The loan company...the people you made the contract with.... didn't promise you a high-paying job. They didn't promise you a fair economy. They promised you a loan. If they held up their end of the bargain then so should you.
It would help me out if I could be reimbursed for all of the money I spent on tuition. But thats not on the table.
Life is hard. Things are not always 'fair'. They do not always work out in your favor.
And if you can not hold up your end of a contract then don't enter one.
^^^^^^^
This!0 -
I must come from the old school of paying for what you purchase. I went to college, received my BA and MA and all was paid in full. I sent both of my children to college with the pledge that I would pay for their entire education as long as they were attending classes and earning good grades. Fortunately I did have a great career that allowed me to pay for their entire education without needing loans. My graduation gift to them was a fully paid college ride without any loans to pay back. So I paid for all their tuition and expenses both while they lived on campus and later in an apartment with friends. It just never occurred to me to have them take out loans. I've seen so many people misuse college loans/grants for things other than their college education, that I really dont support a bill to wipe the slate clean. And I'm not saying the majority does this, but I've seen kids use their loans to go on spring breaks in other countries, etc.
My situation for myself was a bit different. I worked all thru high school, went straight to work afterwards working 40 hours a week and carrying 12 hours each semester and 6 during the summer months. I didnt live on campus or participate in anything that cost extra dollars. I went to school solely to earn my degrees and be able to advance in my career. It was I paid as I went situation so working was a must for me.
So I've never been involved with any student loans, however, my daughter did receive a number of scholarships which helped in the cost of her college years. So I'm sorry to those who dont agree with my "no forgiveness" stance, but it was the way I was brought up, to pay for the things you want in life, to not take money from the government in whatever situation you are in. And I distinctly remember days coming home from work, then school, to find only a can of peas in the pantry to eat and that was dinner. When I would go thru difficult times, I would work on farms setting tobacco, stripping tobacco, etc, anything to make the extra dollars I needed. I just dont understand the attitude of getting things for free. And if we start we colleges, let's get someone to forgive my car loan and let me keep my car, etc. But the way I was raised just doesnt fathom the "something" for "nothing" concept.0 -
Honestly, college is a lot more expensive now than it was whenever I assume that you went...unless you went back to school recently.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.
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.
She's right. I went to school, worked a part time job at walmart, and a full time job at an insurance company. AND.. What do you know? I still Have 50,000 in school loans that I pay monthly. To be honest. I would much rather my tax money go to helping people pay for eduction than to help welfare who dont want to get out and work. I know there are some that cant, but if they can work they should be working. Also, just becuase your kids found employers that would pay for their college doesnt mean everyone else can. The percentage of students having that option is very low. It is my opinion that the Government should be paying for college education anyways.0
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