Student Loan Thread

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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 1:35 pm

columbia wrote:
Poorly, I might add.


#burn


You forgot the tongue emote. SO IT'S NOT REALLY A BURN
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Re: Student Loan Forgiveness Act of 2012

Postby columbia on Wed Mar 14, 2012 1:35 pm

shafnutz05 wrote:
columbia wrote:
Poorly, I might add.


#burn


You forgot the tongue emote. SO IT'S NOT REALLY A BURN


:fist:
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Re: Student Loan Forgiveness Act of 2012

Postby Jopaz on Wed Mar 14, 2012 1:39 pm

I looked up some info on Rep. Hansen Clarke. His district is in inner-city Detroit, of all places. While there are not likely many college grads living there, it does explain the mentality of entitlement and not taking responsibility for your actions.....or, "somebody else" should pay for it.

This bill has almost zero chance of ever coming up for a vote.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 1:41 pm

Jopaz wrote:I looked up some info on Rep. Hansen Clarke. His district is in inner-city Detroit, of all places. While there are not likely many college grads living there, it does explain the mentality of entitlement and not taking responsibility for your actions.....or, "somebody else" should pay for it.

This bill has almost zero chance of ever coming up for a vote.


Good point.
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Re: Student Loan Forgiveness Act of 2012

Postby AlexPKeaton on Wed Mar 14, 2012 1:47 pm

I would be OK with running up the debt trillions of dollars that this bill would do, as long as every congressman has to take an annual freshman level economics test, and if they fail they get decapitated on the spot.
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Re: Student Loan Forgiveness Act of 2012

Postby IanMoran on Wed Mar 14, 2012 1:52 pm

cap of 3.4% interest rates on federal loans is a very underrated / awesome part of this bill
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Re: Student Loan Forgiveness Act of 2012

Postby MWB on Wed Mar 14, 2012 1:53 pm

shafnutz05 wrote:
Troy Loney wrote:So you want kids to get $60K educations to go work public service jobs that are going to pay $40K a year maybe? It seems like some sort of compromise is needed here, either the government hires a bunch of unqualified people to work public sector jobs, or you give people some sort of incentive to accept lower compensation (as it is obvious that cutting the cost of government means paying these workers in the $40K range and cutting their pension and insurance benefits).


When I graduated college, I was getting paid in the neighborhood of $37k/year. I don't want this to turn into an argument about teacher pay/benefits, but I don't like how that group is always singled out as the only group that faces initial economic hardship.


They've been doing the student loan forgiveness for teachers for a long time. It used to be if you taught in a title I school or lower income school they'd forgive a certain percentage of you loan each year you taught at that school. I think that's a decent idea as it's a little incentive to teach there.
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Re: Student Loan Forgiveness Act of 2012

Postby MWB on Wed Mar 14, 2012 1:55 pm

count2infinity wrote:
shafnutz05 wrote:
Troy Loney wrote:So you want kids to get $60K educations to go work public service jobs that are going to pay $40K a year maybe? It seems like some sort of compromise is needed here, either the government hires a bunch of unqualified people to work public sector jobs, or you give people some sort of incentive to accept lower compensation (as it is obvious that cutting the cost of government means paying these workers in the $40K range and cutting their pension and insurance benefits).


When I graduated college, I was getting paid in the neighborhood of $37k/year. I don't want this to turn into an argument about teacher pay/benefits, but I don't like how that group is always singled out as the only group that faces initial economic hardship.


wow...7k a year more than i made when i graduated and went into the teaching field ;)


Double what I made.
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Re: Student Loan Forgiveness Act of 2012

Postby AlexPKeaton on Wed Mar 14, 2012 2:00 pm

MWB wrote:
shafnutz05 wrote:
Troy Loney wrote:So you want kids to get $60K educations to go work public service jobs that are going to pay $40K a year maybe? It seems like some sort of compromise is needed here, either the government hires a bunch of unqualified people to work public sector jobs, or you give people some sort of incentive to accept lower compensation (as it is obvious that cutting the cost of government means paying these workers in the $40K range and cutting their pension and insurance benefits).


When I graduated college, I was getting paid in the neighborhood of $37k/year. I don't want this to turn into an argument about teacher pay/benefits, but I don't like how that group is always singled out as the only group that faces initial economic hardship.


They've been doing the student loan forgiveness for teachers for a long time. It used to be if you taught in a title I school or lower income school they'd forgive a certain percentage of you loan each year you taught at that school. I think that's a decent idea as it's a little incentive to teach there.


That seems like a reasonable idea. I don't mind that. The teacher is working in an undesirable school, so the entire concept is similar to a signing bonus. Fine.

But just a blanket "LOL WELL PAY 4 UR USLESS DEGRES LOL!" is pretty much the worst idea i have ever heard out of the US government.
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Re: Student Loan Forgiveness Act of 2012

Postby MWB on Wed Mar 14, 2012 2:23 pm

I agree, the current bill seems pretty stupid, if I'm understanding it correctly.
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Re: Student Loan Forgiveness Act of 2012

Postby Fire0nice228 on Wed Mar 14, 2012 3:20 pm

It sounds like nonsense to me. I just laugh as I'm on campus hearing people talk about the degrees they go to school for.. a degree in French... REALLY?! And then openly say you 'dont want to be a teacher' so 'not sure what your going to do'.. well there is clue number 1.

Yes some of the cheap schools cost 40 grand for your degree and you may only make 30 in your first job, but I dont get the argument some people have made, its your ENTRY LEVEL position and your going to make that 30 thousand or more for the next 40 years of your life.. They arnt asking you to pay it back the first year you work..so you shouldnt have a problem paying off that debt over a body of time. Live within your means.
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Re: Student Loan Forgiveness Act of 2012

Postby Rylan on Wed Mar 14, 2012 3:34 pm

Just make everything in the world free. Only reason to work is the incentive to be awarded better things... :pop:
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Re: Student Loan Forgiveness Act of 2012

Postby doublem on Wed Mar 14, 2012 4:06 pm

It's a bailout.
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Re: Student Loan Forgiveness Act of 2012

Postby Mongoose87 on Wed Mar 14, 2012 4:06 pm

A degree in French is a great idea, if you don't mind moving to Canada.
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Re: Student Loan Forgiveness Act of 2012

Postby tifosi77 on Wed Mar 14, 2012 4:19 pm

columbia wrote:
shafnutz05 wrote:
columbia wrote:
Poorly, I might add.


#burn


You forgot the tongue emote. SO IT'S NOT REALLY A BURN


:fist:

Está todo bien. 8-)
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Re: Student Loan Forgiveness Act of 2012

Postby TheHammer24 on Wed Mar 14, 2012 5:28 pm

It appears many here are just as bad as Congress. Can't you guys see that te easier you make it to "pay" for college the more expensive college gets and all the federal subsidies just flow to the universities!!!! Come on! Blame the banks? They're doing what the fed gov is yelling at them to do -- lend to everyone that wants to go to college.
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Re: Student Loan Forgiveness Act of 2012

Postby TheHammer24 on Wed Mar 14, 2012 5:37 pm

I forgot to quote the interest rate cap post. In any event, I bet the banks could figure this out alone.
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Re: Student Loan Forgiveness Act of 2012

Postby TheHammer24 on Thu Mar 15, 2012 3:25 am

I just did my studnet loan calculations - $95,000 total debt. I'm happy with this number given I spent four years at an overpriced private liberal arts school and one of the better law schools in the country and a promising job.

That being said, I just read some horrid, horrid articles about debt.

It also blows my mind that the average student debt is "only" $25,000. Seriously? Most, and I truly mean most, of the people I know graduate from undergrad with much, much more than that. I went to a private liberal arts school (kids, it's a horrible decision), I received the highest scholarship the school offers, and I received above-average parental support and I had more than that in undergrad.

I've had a few spring break cocktails, but it's pretty friggin insane that I owe someone almost $100,000. L-O-L.

On a more serious note, should I consolidate ASAP? I took one private law school out in law school and the rate is 3.8%. The Stafford loans are 6.8%. What a disparaity?!?! It seems like if I can consolidate that right now, I can take advantage of the lower prices. Anyone have loan consolidation experience?
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Thu Mar 15, 2012 7:17 am

There is a new consolidation loan period from January - June that apparently Obama et al are talking up as being good. I just think it locks in your interest rate and reduces it if you pay on time / with auto debit.
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Re: Student Loan Forgiveness Act of 2012

Postby JeffDFD on Thu Mar 15, 2012 8:20 am

TheHammer24 wrote:I just did my studnet loan calculations - $95,000 total debt. I'm happy with this number given I spent four years at an overpriced private liberal arts school and one of the better law schools in the country and a promising job.

That being said, I just read some horrid, horrid articles about debt.

It also blows my mind that the average student debt is "only" $25,000. Seriously? Most, and I truly mean most, of the people I know graduate from undergrad with much, much more than that. I went to a private liberal arts school (kids, it's a horrible decision), I received the highest scholarship the school offers, and I received above-average parental support and I had more than that in undergrad.

I've had a few spring break cocktails, but it's pretty friggin insane that I owe someone almost $100,000. L-O-L.

On a more serious note, should I consolidate ASAP? I took one private law school out in law school and the rate is 3.8%. The Stafford loans are 6.8%. What a disparaity?!?! It seems like if I can consolidate that right now, I can take advantage of the lower prices. Anyone have loan consolidation experience?



Well, maybe only undergrad is considered in that average estimate for one. My wife has higher than average debt (maybe double average when she first graduated...but she also got a master's), but then I had 0 (thanks scholarship!)...so that would make us close to average. I too thought the average may be low, but for everyone that has high debt factor that against the people who get full or partial scholarships and then those who have parents who can afford to pay for a decent chunk or all of the bill, and then maybe even those who have special grants/scholarship, etc, etc ,etc.

Funny story about those special grants/scholarship. In high school, there was a girl who, on the PSAT's marked herself as "Native American" (hey, I was born and am native to America was her thought...haha). She got TONS of scholarship/grant information in the mail.
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Re: Student Loan Forgiveness Act of 2012

Postby canaan on Thu Mar 15, 2012 8:33 am

TheHammer24 wrote:I just did my studnet loan calculations - $95,000 total debt. I'm happy with this number given I spent four years at an overpriced private liberal arts school and one of the better law schools in the country and a promising job.

That being said, I just read some horrid, horrid articles about debt.

It also blows my mind that the average student debt is "only" $25,000. Seriously? Most, and I truly mean most, of the people I know graduate from undergrad with much, much more than that. I went to a private liberal arts school (kids, it's a horrible decision), I received the highest scholarship the school offers, and I received above-average parental support and I had more than that in undergrad.

I've had a few spring break cocktails, but it's pretty friggin insane that I owe someone almost $100,000. L-O-L.

On a more serious note, should I consolidate ASAP? I took one private law school out in law school and the rate is 3.8%. The Stafford loans are 6.8%. What a disparaity?!?! It seems like if I can consolidate that right now, I can take advantage of the lower prices. Anyone have loan consolidation experience?

the number of 25,000 comes from a lot of drop outs with lower level amounts of debt, i believe.
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Re: Student Loan Forgiveness Act of 2012

Postby TheHammer24 on Thu Mar 15, 2012 11:15 am

The average cumulative debt incurred was $27,803. (About two in fifteen (13.5%) of parents borrow PLUS loans for their children's college education, with a cumulative PLUS loan debt of $23,298.)


That's average and graduate.
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Re: Student Loan Forgiveness Act of 2012

Postby shmenguin on Thu Mar 15, 2012 11:26 am

TheHammer24 wrote:
The average cumulative debt incurred was $27,803. (About two in fifteen (13.5%) of parents borrow PLUS loans for their children's college education, with a cumulative PLUS loan debt of $23,298.)


That's average and graduate.


maybe it's something where the median debt would be much higher, but there are so many who pay zero, that the mean gets dragged down.
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Re: Student Loan Forgiveness Act of 2012

Postby TheHammer24 on Thu Mar 15, 2012 12:42 pm

So I've become borderline obsessed with this issue for the past 24 hours. It just seems like everything about this process is F'd up. For instance, the student loan repayment calculators are all tied to income.

So - they calculate your payment based on a repayment period, interest rate, and remaining balance. Then they say you need $X in come, but they base that $X in income on the theory that 10% of your gross income should go to your student loan. To me, shouldn't it be based on some baseline cost of living. I.e., if you make, for example, $90,000+ a year they should encourage you put every dollar greater than, say, the $60,000 you need to live comfortably (and we're all on the same page, post-student-debt income of $60k is ample, right?), to student loans? So it doesn't make sense to assume that someone paying $6k in student loans on $60k salary (10%) is "better" or less "financially strained" then someone spending $100k a year on a $160k salary (62% of salary), assuming they have the same debt load because both will be left with ample money to live on -- indeed, the latter example has $5k more a year to live on!!

This tying to a percentage of income is bizarre, IMO. I live on a (mostly borrowed) salary of about $30k - $40k right now (I worked this summer), and I don't want for a second. I get to do whatever I want whenever I want. Granted, no mortgage, kids, wedding ring, or student loan payments yet, but I am going to try to pay my stuff off quickly and continue living as I am now, then get into a more lavish lifestyle (if I am making money) after I don't have the burden of student loan debt.
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Re: Student Loan Forgiveness Act of 2012

Postby FanofUlf on Sun Mar 18, 2012 10:29 pm

count2infinity wrote:
Troy Loney wrote:

So you want kids to get $60K educations to go work public service jobs that are going to pay $40K a year maybe? It seems like some sort of compromise is needed here, either the government hires a bunch of unqualified people to work public sector jobs, or you give people some sort of incentive to accept lower compensation (as it is obvious that cutting the cost of government means paying these workers in the $40K range and cutting their pension and insurance benefits).


go to a school that is cost efficient so you don't have a 60k debt. simple as that. go to a community college for 2 years then a state school for 2 and you can get out with sub 50k debt. i went to a private school for 2 years and racked up 20K in 2 years (with all the grants and scholarships that i got) then went to a state school which tacked on another 10K for the 2 years I was there.

If at the end of the day you don't think you'll be able to afford those loans after you graduate you should either rethink your career or find ways to cut the costs of education, simple as that.

Hey, I can't blame an 18 year old who has been lectured 1000X by the counselors and teachers at their school to go to college. Most people at 18 have no idea what to do.

This bill is great, re-paying responsible is one thing, but having a morgage like loan is absurd, it's predatory lending.
Here here, pass the bill. Please, don't go all sanctimonious on us.
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