Friday SCOTUS - Student Loan Forgiveness
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@Doctor-Phibes said in Friday SCOTUS - Student Loan Forgiveness:
They'd be much better off spending the money on expanding the opportunities for lower-cost, high quality higher education.
Yeah, I imagine half a trillion dollars might go a long way.
Another point...
The loan forgiveness is, for most, $10,000. Is that amount of debt-relief "life-changing?" Granted, it's nice, but...it's not a huge amount of money. I suppose, with interest it adds up, tho.
@George-K said in Friday SCOTUS - Student Loan Forgiveness:
@Doctor-Phibes said in Friday SCOTUS - Student Loan Forgiveness:
They'd be much better off spending the money on expanding the opportunities for lower-cost, high quality higher education.
Yeah, I imagine half a trillion dollars might go a long way.
Another point...
The loan forgiveness is, for most, $10,000. Is that amount of debt-relief "life-changing?" Granted, it's nice, but...it's not a huge amount of money. I suppose, with interest it adds up, tho.
Only if you’re stupid enough to pay the minimum, just like credit cards. My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
“I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill
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@LuFins-Dad ( P)resident uniter.
@George-K said in Friday SCOTUS - Student Loan Forgiveness:
@LuFins-Dad ( P)resident uniter.
The reporter brings up a good point. Biden himself has stated the President does NOT have that type of power. He knew when this started that it wasn’t going to fly. He did capriciously give false hope to millions of Americans, most of whom are now angry at the wrong people…
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@George-K said in Friday SCOTUS - Student Loan Forgiveness:
@Doctor-Phibes said in Friday SCOTUS - Student Loan Forgiveness:
They'd be much better off spending the money on expanding the opportunities for lower-cost, high quality higher education.
Yeah, I imagine half a trillion dollars might go a long way.
Another point...
The loan forgiveness is, for most, $10,000. Is that amount of debt-relief "life-changing?" Granted, it's nice, but...it's not a huge amount of money. I suppose, with interest it adds up, tho.
Only if you’re stupid enough to pay the minimum, just like credit cards. My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
@Mik said in Friday SCOTUS - Student Loan Forgiveness:
@George-K said in Friday SCOTUS - Student Loan Forgiveness:
@Doctor-Phibes said in Friday SCOTUS - Student Loan Forgiveness:
They'd be much better off spending the money on expanding the opportunities for lower-cost, high quality higher education.
Yeah, I imagine half a trillion dollars might go a long way.
Another point...
The loan forgiveness is, for most, $10,000. Is that amount of debt-relief "life-changing?" Granted, it's nice, but...it's not a huge amount of money. I suppose, with interest it adds up, tho.
Only if you’re stupid enough to pay the minimum, just like credit cards. My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
I’m not going to say “stupid enough”… Sally Mae is a predatory lender. The things they pull are illegal in other banking/credit/loan industries and they do take advantage of kid’s naïveté. They do not list on their portal what the monthly interest accrual is, there is no amortization table given, and they try to recommend payback plans that don’t cover the interest to let it capitalize. Beyond that, they repeatedly solicit the kids to take out more in their loan to cover computers, cars, and even off campus housing.
I’m glad this was overturned, but it’s time the two most significant problems in student debt are addressed. Administrative bloat at the universities and predatory loan practices for the student. We also need to address the Pell Grant. I really think they need to applucable only for Community Colleges or Trade Schools for the first two years following HS. They can be applied to a 4 year school after you have shown an ability to maintain a 2.0 GPA for two years. It will set more kids up for greater success. And they need to promote that the grants can be used for plumbing school, nursing school, HVAC, and other 2 year degree programs.
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@Mik said in Friday SCOTUS - Student Loan Forgiveness:
@George-K said in Friday SCOTUS - Student Loan Forgiveness:
@Doctor-Phibes said in Friday SCOTUS - Student Loan Forgiveness:
They'd be much better off spending the money on expanding the opportunities for lower-cost, high quality higher education.
Yeah, I imagine half a trillion dollars might go a long way.
Another point...
The loan forgiveness is, for most, $10,000. Is that amount of debt-relief "life-changing?" Granted, it's nice, but...it's not a huge amount of money. I suppose, with interest it adds up, tho.
Only if you’re stupid enough to pay the minimum, just like credit cards. My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
I’m not going to say “stupid enough”… Sally Mae is a predatory lender. The things they pull are illegal in other banking/credit/loan industries and they do take advantage of kid’s naïveté. They do not list on their portal what the monthly interest accrual is, there is no amortization table given, and they try to recommend payback plans that don’t cover the interest to let it capitalize. Beyond that, they repeatedly solicit the kids to take out more in their loan to cover computers, cars, and even off campus housing.
I’m glad this was overturned, but it’s time the two most significant problems in student debt are addressed. Administrative bloat at the universities and predatory loan practices for the student. We also need to address the Pell Grant. I really think they need to applucable only for Community Colleges or Trade Schools for the first two years following HS. They can be applied to a 4 year school after you have shown an ability to maintain a 2.0 GPA for two years. It will set more kids up for greater success. And they need to promote that the grants can be used for plumbing school, nursing school, HVAC, and other 2 year degree programs.
@LuFins-Dad said in Friday SCOTUS - Student Loan Forgiveness:
I’m glad this was overturned, but it’s time the two most significant problems in student debt are addressed. Administrative bloat at the universities and predatory loan practices for the student. We also need to address the Pell Grant. I really think they need to applucable only for Community Colleges or Trade Schools for the first two years following HS. They can be applied to a 4 year school after you have shown an ability to maintain a 2.0 GPA for two years. It will set more kids up for greater success. And they need to promote that the grants can be used for plumbing school, nursing school, HVAC, and other 2 year degree programs.
Pretty much. The only change I would make, would be to tie the ACT or SAT to the Pell Grant...If your ACT or SAT is above a certain number, you can use the Pell Grant for your choice of trade school, community college or four year university.
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@Mik said in Friday SCOTUS - Student Loan Forgiveness:
Yeah, good luck getting that through the House.
AOC was on the Sunday gabfest complaining that "something needs to be done."
To a co-equal branch of government. I suppose SCOTUS could be expanded to suit her tastes, but all the other BS? She's just yelling for the sake of the base.
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Yes. Either get it through Congress or forget about it. Upset because a majority of Congressmen disagree? Suck it up, Buttercup.
@Mik said in Friday SCOTUS - Student Loan Forgiveness:
Yes. Either get it through Congress or forget about it. Upset because a majority of Congressmen disagree? Suck it up, Buttercup.
Buttercup wasn’t the B word I heard in my head reading this.
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@George-K said in Friday SCOTUS - Student Loan Forgiveness:
@Doctor-Phibes said in Friday SCOTUS - Student Loan Forgiveness:
They'd be much better off spending the money on expanding the opportunities for lower-cost, high quality higher education.
Yeah, I imagine half a trillion dollars might go a long way.
Another point...
The loan forgiveness is, for most, $10,000. Is that amount of debt-relief "life-changing?" Granted, it's nice, but...it's not a huge amount of money. I suppose, with interest it adds up, tho.
Only if you’re stupid enough to pay the minimum, just like credit cards. My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
Would she have qualified for $10k~$20k of forgiveness?
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My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
Would she have qualified for $10k~$20k of forgiveness?
@Axtremus said in Friday SCOTUS - Student Loan Forgiveness:
My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
Would she have qualified for $10k~$20k of forgiveness?
Lucas would have qualified. Would have he benefited? No.
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@Axtremus said in Friday SCOTUS - Student Loan Forgiveness:
My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
Would she have qualified for $10k~$20k of forgiveness?
Lucas would have qualified. Would have he benefited? No.
@LuFins-Dad said in Friday SCOTUS - Student Loan Forgiveness:
Lucas would have qualified. Would have he benefited? No.
Assuming Lucas has a loan exceeding the $10k~$20k that qualifies for forgiveness, how do you figure that the would not have benefited?
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My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
Would she have qualified for $10k~$20k of forgiveness?
@Axtremus said in Friday SCOTUS - Student Loan Forgiveness:
My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
Would she have qualified for $10k~$20k of forgiveness?
Yes. Some principles are more important than personal advantage.
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@Axtremus said in Friday SCOTUS - Student Loan Forgiveness:
My daughter has $40k in grad school loans. One of the conversations we will have this week is why it is important to pay it off as fast as possible.
Would she have qualified for $10k~$20k of forgiveness?
Yes. Some principles are more important than personal advantage.
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@LuFins-Dad said in Friday SCOTUS - Student Loan Forgiveness:
Lucas would have qualified. Would have he benefited? No.
Assuming Lucas has a loan exceeding the $10k~$20k that qualifies for forgiveness, how do you figure that the would not have benefited?
@Axtremus said in Friday SCOTUS - Student Loan Forgiveness:
@LuFins-Dad said in Friday SCOTUS - Student Loan Forgiveness:
Lucas would have qualified. Would have he benefited? No.
Assuming Lucas has a loan exceeding the $10k~$20k that qualifies for forgiveness, how do you figure that the would not have benefited?
Mik’s right about the principals, but forget about that for a minute. Just the basic math doesn’t work to his benefit.
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You are already wrong by stating student loan (singular). Biden’s plan covers Federal Direct Subsidized Student Loans (in total). Federal Direct Subsidized Student Loans have the following limitations: 5.5% Fixed Interest Rate for new loans this year, 4.99% Last year, and 3.73% the year before.
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Subsidized Student Loans for Undergraduate Degrees have limits of $3500 for Freshmen, $4500 for Sophomores, $5500 Juniors and Seniors. The TOTAL in subsidized loans a student can take out is $23K if they take 5 years to get their degree. For Luke’s example, his total eligible amount of forgiveness would have been $8K. For Freshman and Sophomore Years.
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a $3500 loan at 3.73% would equal roughly $1200 in interest and fees over a 7 year payment plan. The $4500 loan at 4.99 % would be $1800 in interest over 7 years. Now Lucas isn’t paying the minimum AND we are paying the interest on the loans, so his interest will be far lower, but for the sake of this argument, the $8,000 forgiveness he would receive would save him a total of $9800 in total.
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Estimates place the average taxpayers burden for the plan to be $2500-$3500 per tax payer, not including the interest for the country financing this debt. However, Luke’s career track will not lead him towards a median income. In his projected future tax bracket, his estimated bill for the loan forgiveness will be between $6K and $8K. My projected extra tax bill will also be in the same range. So we will invest a minimum of $12K for a total of $9800 in savings. Not a great deal.
And again, that is not including the interest the US will accrue in financing this debt and the fact that we are on an earlier payoff plan that will minimize our interest.
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Now I suppose he could take that $9800 and put it in I Bonds since the extra cash back in the market would drive inflation back up, raising the I Bond rates, but the real income would be so damaged that it still wouldn’t be worth it
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Sure I can. Different people value different principles differently. The question asks what principles are being valued more than that $10k~$20k of student loan forgiveness.
@Axtremus said in Friday SCOTUS - Student Loan Forgiveness:
what principles are being valued
The principle of I promise to pay.
And the principle of a court order to garnish your wages until you do.
Plus penalty, interest, fees and court costs.
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@Axtremus said in Friday SCOTUS - Student Loan Forgiveness:
what principles are being valued
The principle of I promise to pay.
And the principle of a court order to garnish your wages until you do.
Plus penalty, interest, fees and court costs.
