Forgive my student loan!

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.

I read your post. I am not sure what "no and no" is in response to. Why do you talk down to people? Clearly your $60,000 education did not buy you any class.

I paid mine off. I shouldn't have to pay yours off too.

Why does everyone need the government to step in and fix all their problems. We live in a free market society.

No we don't. We live in a corporate controlled society where big business owns Congress and writes the laws that "govern" them. We live in a society where big oil gets massive tax credits and the effective corporate tax rates are so low that companies like GE pay no taxes at all. The "free market" is a theoretical construct used by economists in creating and testing models. There is no such thing as a free market. Never has been. Never will be. The problem that the government needs to address is high interest rates, predatory collection practices, excessive fees and penalties, and the bankruptcy code. It's a travesty that the rich can declare bankruptcy and wipe out or dramatically restructure their debt but student loans are off the table? Wall Street caused most of the economic issues we are facing now but it's the taxpayers who are on the hook. Financial deregulation was the culprit. Now, the rest of the country is struggling to find work or to find work at a livable wage. The assault on unions, teachers, public servants, and the middle class continues but the rich keep getting tax cuts, tax credits, and special favors from Congress. I agree that students need to pay back their loans but students need relief. They need lowered interest rates, elimination of excessive penalties and fees, and consolidation options to spread the loans out over much longer periods of time. Taxpayers should be more than willing to help out because if we don't, our future tax base will be so far underwater they will never come to the surface. We can pay now or pay a much higher price later.

Here's the interesting thing--the banks/lending firms are loaning you money they don't even have. They are counting on the fact that the interest you pay back will make them break even. "Forgiving" your student loan just means that they won't get the credit back. They have nowhere near that much physical money in their vaults. We might as well be playing with Monopoly money.

Why does everyone need the government to step in and fix all their problems. We live in a free market society.

No we don't. We live in a corporate controlled society where big business owns Congress and writes the laws that "govern" them. We live in a society where big oil gets massive tax credits and the effective corporate tax rates are so low that companies like GE pay no taxes at all. The "free market" is a theoretical construct used by economists in creating and testing models. There is no such thing as a free market. Never has been. Never will be. The problem that the government needs to address is high interest rates, predatory collection practices, excessive fees and penalties, and the bankruptcy code. It's a travesty that the rich can declare bankruptcy and wipe out or dramatically restructure their debt but student loans are off the table? Wall Street caused most of the economic issues we are facing now but it's the taxpayers who are on the hook. Financial deregulation was the culprit. Now, the rest of the country is struggling to find work or to find work at a livable wage. The assault on unions, teachers, public servants, and the middle class continues but the rich keep getting tax cuts, tax credits, and special favors from Congress. I agree that students need to pay back their loans but students need relief. They need lowered interest rates, elimination of excessive penalties and fees, and consolidation options to spread the loans out over much longer periods of time. Taxpayers should be more than willing to help out because if we don't, our future tax base will be so far underwater they will never come to the surface. We can pay now or pay a much higher price later.

Dingding! Correct. But if they lower interest rates, they won't be able to loan out as much money. We either get lots of loans and pay them back, or get less money to begin with.

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.

I read your post. I am not sure what "no and no" is in response to. Why do you talk down to people? Clearly your $60,000 education did not buy you any class.

I wasn't heavily subsidized nor subsidized at all, and you are making assumptions about the economy here. Your reading comprehension fail was that the poster was whining about a 18K debt load, and you were claiming I was subsidized and therefore was "rude" but failed to note that my debt was three times as much.

I have plenty of class, however I have a strong BS detector and will call it out. I don't buy the excuses, and just because you don't like it doesn't mean I owe it to you to protect your e-feelings or anyone else's e-feelings. Perhaps you should focus less on the e-meanies being rude and spend more time figuring out how to repay your loans.

Here's the interesting thing--the banks/lending firms are loaning you money they don't even have. They are counting on the fact that the interest you pay back will make them break even. "Forgiving" your student loan just means that they won't get the credit back. They have nowhere near that much physical money in their vaults. We might as well be playing with Monopoly money.

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.

I read your post. I am not sure what "no and no" is in response to. Why do you talk down to people? Clearly your $60,000 education did not buy you any class.

I wasn't heavily subsidized nor subsidized at all, and you are making assumptions about the economy here. Your reading comprehension fail was that the poster was whining about a 18K debt load, and you were claiming I was subsidized and therefore was "rude" but failed to note that my debt was three times as much.

I have plenty of class, however I have a strong BS detector and will call it out. I don't buy the excuses, and just because you don't like it doesn't mean I owe it to you to protect your e-feelings or anyone else's e-feelings. Perhaps you should focus less on the e-meanies being rude and spend more time figuring out how to repay your loans.

For all the people with student loans and want them forgiven, please answer the following questions:

Do you have a cell phone with data plan?
Do you have cable or satellite tv?
Do you eat out at restaurants?
Do you have a newer car?

If the answer is yes to any of the above then you have no right to ask other taxpayers to pay for your student loans. Give up the above things and pay off your obligations.

Getting the student loans was a choice you made. You agreed to repay them. You signed the contract and agreed to the terms. It's that simple.

However, I do agree that in some cases, payment can be deferred but never forgiven completely.

Disclaimer: For people with legitimate disabilities, assistance paying off student loans is a completely different discussion.

Here's the interesting thing--the banks/lending firms are loaning you money they don't even have. They are counting on the fact that the interest you pay back will make them break even. "Forgiving" your student loan just means that they won't get the credit back. They have nowhere near that much physical money in their vaults. We might as well be playing with Monopoly money.

That's how the system works. Loaned money is how we create money (absent just printing more). The reserve rate sets the percentage of deposited funds that a banking institution has to keep on hand. The rest is loaned. That is new money. Money isn't a zero sum game.