Student Loan Thread

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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 8:24 am

JeffDFD wrote:Wait...the first part mentions nothing about entering public service to get the loans forgiven. Maybe I missed something, but it looks like if you entere public service it goes from 10 to 5 years? So they are looking at forgiving all federal loans, regardless of the job?

I think I am missing something important here. What would stop someone who can afford school from just not paying for any of it out of pocket and just getting loans for as much as they can, thus getting more forgiven in the long run?


Well, I think that the lenders would be more reluctant to give out asinine loans (see the housing bubble/burst) and thus limiting the huge loans. But this is the gov't we're talking about. So who knows.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 8:25 am

JeffDFD wrote:Wait...the first part mentions nothing about entering public service to get the loans forgiven. Maybe I missed something, but it looks like if you entere public service it goes from 10 to 5 years? So they are looking at forgiving all federal loans, regardless of the job?

I think I am missing something important here. What would stop someone who can afford school from just not paying for any of it out of pocket and just getting loans for as much as they can, thus getting more forgiven in the long run?


I believe there is a cap on FUTURE payers.

However, current payers can just finish out the "10/10" or "5/5' commitment, regardless of how much they racked up.
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Re: Student Loan Forgiveness Act of 2012

Postby Idoit40fans on Wed Mar 14, 2012 8:26 am

Troy Loney wrote:
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 ;)


I'm not 100% informed on this to be honest, but how much doest it cost to go to like a CalU or IUP nowadays? I know CCAC is cheap, but I can't imagine a CCAC degree being worth much in any field nowadays.


Can you even get a bachelors degree there?
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Re: Student Loan Forgiveness Act of 2012

Postby columbia on Wed Mar 14, 2012 8:26 am

Who is going to pay for this largess?
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 8:28 am

If I become a volunteer firefighter are my loans forgiven after 5 years? Cause if so sign me up.
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Re: Student Loan Forgiveness Act of 2012

Postby Letang Is The Truth on Wed Mar 14, 2012 8:29 am

Troy Loney wrote:So Cal is $12K a year. So one of the least expensive schools costs $48K. Again, asking someone to pay $48K to go to school to go into a field that only pays 30-40K doesnt make sense.


I'm not sure what you are getting at here. The loan is not To be paid in one year. Physicians incur 200-300k in debts to sometimes make 150k
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 8:30 am

columbia wrote:Who is going to pay for this largess?


This is the elephant in the room. The end of the bill claims that it will be funded by the drawbacks in Iraq and Afghanistan, but I'm extremely skeptical of that. Regardless, why can't we just use the savings and put them towards the national debt? Why do we have to find other places to spend it?
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Re: Student Loan Forgiveness Act of 2012

Postby JeffDFD on Wed Mar 14, 2012 8:30 am

shafnutz05 wrote:
JeffDFD wrote:Wait...the first part mentions nothing about entering public service to get the loans forgiven. Maybe I missed something, but it looks like if you entere public service it goes from 10 to 5 years? So they are looking at forgiving all federal loans, regardless of the job?

I think I am missing something important here. What would stop someone who can afford school from just not paying for any of it out of pocket and just getting loans for as much as they can, thus getting more forgiven in the long run?


I believe there is a cap on FUTURE payers.

However, current payers can just finish out the "10/10" or "5/5' commitment, regardless of how much they racked up.



Hmm, my wife has some decent loans that I have been paying down responsibly...how long and what are the chances that this goes into effect? Maybe its about time I cut that down to the minimum allowed payment and let the government pay for it!
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Re: Student Loan Forgiveness Act of 2012

Postby pittsoccer33 on Wed Mar 14, 2012 8:30 am

this is called buying your vote. more handouts with printed money.
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Re: Student Loan Forgiveness Act of 2012

Postby Troy Loney on Wed Mar 14, 2012 8:30 am

shafnutz05 wrote:
JeffDFD wrote:Wait...the first part mentions nothing about entering public service to get the loans forgiven. Maybe I missed something, but it looks like if you entere public service it goes from 10 to 5 years? So they are looking at forgiving all federal loans, regardless of the job?

I think I am missing something important here. What would stop someone who can afford school from just not paying for any of it out of pocket and just getting loans for as much as they can, thus getting more forgiven in the long run?


I believe there is a cap on FUTURE payers.

However, current payers can just finish out the "10/10" or "5/5' commitment, regardless of how much they racked up.



I think you still have to pay 10% of your income towards student loans. I have a good bit of student loan debt after getting my masters, but the repayment is still less than 10% of my income.
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Re: Student Loan Forgiveness Act of 2012

Postby Troy Loney on Wed Mar 14, 2012 8:32 am

Letang Is The Truth wrote:
Troy Loney wrote:So Cal is $12K a year. So one of the least expensive schools costs $48K. Again, asking someone to pay $48K to go to school to go into a field that only pays 30-40K doesnt make sense.


I'm not sure what you are getting at here. The loan is not To be paid in one year. Physicians incur 200-300k in debts to sometimes make 150k


Yeah, but 150K for ~40 years (and that 150 probably gets higher right?) is a lot different than $40K for 40 years.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 8:32 am

10% of your discretionary income. That's an important distinction.
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 8:33 am

I'm paying down private loans with excess federal funds I'm getting towards my masters. Not because of this but because the interest rate is about half of what the private loans were, plus these are subsidized (no interest until repayment begins).
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Re: Student Loan Forgiveness Act of 2012

Postby columbia on Wed Mar 14, 2012 8:34 am

shafnutz05 wrote:
columbia wrote:Who is going to pay for this largess?


This is the elephant in the room. The end of the bill claims that it will be funded by the drawbacks in Iraq and Afghanistan, but I'm extremely skeptical of that. Regardless, why can't we just use the savings and put them towards the national debt? Why do we have to find other places to spend it?


At some point, the gravy train has to stop:

Public K-12: Of course I'm a supporter.
Public community colleges and universities: Of course I'm a supporter, though they increasingly rely on tuition and donations

Public forgiveness of student loan debt, because someone made a poor choice or couldn't understand interest rates: Ummm, no.
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Re: Student Loan Forgiveness Act of 2012

Postby Letang Is The Truth on Wed Mar 14, 2012 8:34 am

Letang Is The Truth wrote:
shafnutz05 wrote:
Letang Is The Truth wrote:Teachers And nurses should make more money


Nurses?! I have been in the medical staffing field for five years. Nurses are hardly starving.


In terms of absolute magnitude, maybe maybe not, not the average ICU nurse in Pittsburgh makes around 26.50 and hour or so. Thinking about the acuity and responsibility that most of these nurses take, they essentially function as mid level practitioners. The scope of nursing is continually increased to curb salary costs of hospitalists, intensivists, and mid levels, but RN compensation is not reflective of the responsibility they currently have


Worth noting that RN wages in Pittsburgh are fairly low compared to the national average due to saturation with new nurses entering the field but the point stands
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 8:34 am

shafnutz05 wrote:10% of your discretionary income. That's an important distinction.


So, just go get a car you cant afford and a house you cant afford and pay $10 a month on your student loans :lol:
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 8:35 am

columbia wrote:
shafnutz05 wrote:
columbia wrote:Who is going to pay for this largess?


This is the elephant in the room. The end of the bill claims that it will be funded by the drawbacks in Iraq and Afghanistan, but I'm extremely skeptical of that. Regardless, why can't we just use the savings and put them towards the national debt? Why do we have to find other places to spend it?


At some point, the gravy train has to stop:

Public K-12: Of course I'm a supporter.
Public community colleges and universities: Of course I'm a supporter, though they increasingly rely on tuition and donations

Public forgiveness of student loan debt, because someone made a poor choice or couldn't understand interest rates: Ummm, no.


not to make this entirely political but.. Public welfare because someone made a poor choice or couldnt understand not to do drugs? Ummm, no.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 8:36 am

Letang Is The Truth wrote:Worth noting that RN wages in Pittsburgh are fairly low compared to the national average due to saturation with new nurses entering the field but the point stands


I think this is an issue in a lot of areas. A lot of students went to nursing school during the huge demand period about five years or so ago, and now the job market is saturated.
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Re: Student Loan Forgiveness Act of 2012

Postby Troy Loney on Wed Mar 14, 2012 8:37 am

shafnutz05 wrote:10% of your discretionary income. That's an important distinction.



Oh, what do they consider discretionary income?
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 8:38 am

At the end of the day, a legal agreement was signed with the terms clearly dictated. This is the same issue I have with home loan forgiveness. You can't just arbitrarily "forgive" billions upon billions of dollars in debt without it having economic consequences.
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Re: Student Loan Forgiveness Act of 2012

Postby JeffDFD on Wed Mar 14, 2012 8:39 am

Troy Loney wrote:
shafnutz05 wrote:10% of your discretionary income. That's an important distinction.



Oh, what do they consider discretionary income?


Gross income minus taxes and necessities (mortgage, food, bills, etc)
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 8:40 am

JeffDFD wrote:
Troy Loney wrote:
shafnutz05 wrote:10% of your discretionary income. That's an important distinction.



Oh, what do they consider discretionary income?


Gross income minus taxes and necessities (mortgage, food, bills, etc)


So those who don't have a house pay more? NOT FAIR!!
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Re: Student Loan Forgiveness Act of 2012

Postby Mongoose87 on Wed Mar 14, 2012 8:41 am

If there's one thing this country needs, it's more federal debt.
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Re: Student Loan Forgiveness Act of 2012

Postby JeffDFD on Wed Mar 14, 2012 8:43 am

mac5155 wrote:
JeffDFD wrote:
Troy Loney wrote:
shafnutz05 wrote:10% of your discretionary income. That's an important distinction.



Oh, what do they consider discretionary income?


Gross income minus taxes and necessities (mortgage, food, bills, etc)


So those who don't have a house pay more? NOT FAIR!!


Subtract rent instead of mortgage, but yeah, you get the idea. Make it so you have more expenses = pay less.

I guess that is where the idea comes that something like this would boost the economy (at least temporarily) - thus, creating another bubble.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 8:43 am

I think the most alarming aspect of this is the fact that every future student is going to be able to immediately rule out $46,000 in loans. $46,000 x every single student that goes to college in the future. Jesus.

Edit: I know you have to enroll in the program, but what possible incentive would you have to not enroll in the program?
Last edited by shafnutz05 on Wed Mar 14, 2012 8:46 am, edited 1 time in total.
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