Student Loan Thread

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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 7:46 am

They should start making you secure the loans with property, etc... Heck, even make you secure say, 25% of the loan. I bet people would think twice then about what degree they get, because if they can't pay mom and dad lose the house.
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Re: Student Loan Forgiveness Act of 2012

Postby JeffDFD on Wed Mar 14, 2012 7:46 am

The fact that you can roll in private loans is interesting too...so the government caps what it will give you so you have to get a private loan for the rest...then the government pays off your private loans.

Seriously, is this something that has any chance of passing? I mean - if I want votes let me write up a bill that says "everyone gets free candy and nachos the way they used to be at the mellon arena" but that doesn't mean it will happen...but then I can run on a platform of "Hey, I tried to get you free candy and nachos! Vote for me!
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 7:48 am

I dunno...this bill is completely unsustainable, and I don't see a chance in hell of it getting through Congress. Truth be told, I wouldn't be surprised if this was being introduced to give the president talking points going into November, especially when the Republicans inevitably vote it down.
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Re: Student Loan Forgiveness Act of 2012

Postby shmenguin on Wed Mar 14, 2012 7:51 am

This is my last year paying off my loans. I only paid $4 in interest last year - since it was all front loaded. I noticed this last week when I was doing my taxes and for some reason seeing that $4 right next to my wife's $6,500 in interest paid made me laugh out loud.

/cslsb
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Re: Student Loan Forgiveness Act of 2012

Postby Idoit40fans on Wed Mar 14, 2012 8:20 am

I guess I could save some money using this, but my loans are manageable.
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Re: Student Loan Forgiveness Act of 2012

Postby Digitalgypsy66 on Wed Mar 14, 2012 8:26 am

I paid off my undergrad loans in 2006, and my grad school loan in 2008. Do I qualify for reimbursement? :pop:

At any rate, we need to examine the for profit colleges (U of Phoenix, Strayer, DeVry, etc.) They are producing the majority of students who default on loans (50% or more), but only have 10% of the higher education market.

Frontline did a great job exploring the for profit college market a couple of years ago: http://www.pbs.org/wgbh/pages/frontline ... einc/view/

These colleges use aggressive tactics to get the naive and gullible into programs that they can't either graduate or find reasonable employment.
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Re: Student Loan Forgiveness Act of 2012

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

when is congress going to propse a bill for a collective pat on the ass for those people in the universe who didnt buy an oversized house and an oversized education? it could be called the "congrats for not being an inrresponsible moron" bill
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Re: Student Loan Forgiveness Act of 2012

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

i'd rather have money being doled out for those that are trying to better themselves as opposed to the welfare dependents bilking the system at every turn. i guess thats a discussion for another time and place.
Last edited by canaan on Wed Mar 14, 2012 8:40 am, edited 1 time in total.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 8:39 am

Image
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Re: Student Loan Forgiveness Act of 2012

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

canaan wrote:i'd rather have money being doled out for those that are trying to better themselves as opposed to the welfare dependents bilking the system at every turn. i guess thats a discussion for another time and place.


:thumb:

(now take it to the political thread :pop: )
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Re: Student Loan Forgiveness Act of 2012

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

shafnutz05 wrote:Image


That's a good point; Aerosmith never released another good record after that compilation.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 8:44 am

:lol:
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Re: Student Loan Forgiveness Act of 2012

Postby CBear3 on Wed Mar 14, 2012 8:56 am

Troy Loney said it on the first page, but a little insight into my wife's world of Social Work.
To get practically any job in Social Work, you need a Masters. So 6 years of schooling. She worked two jobs during college, it was a wonder she was ever at her appartment which is where I had the good fortune of bumping into her. She graduated with something on the order of $50k in loans. She gets paid $30k. Other than the possibility of spending the first two years at home at community college (oh wait, she lived in North BFE where there wasn't one within 75 miles) she did everything right. We've been deligently paying that loan back, and we don't ask for any special assistance. She's lucky, she was a gold digger and married for money (I kid, I kid; but I had a silver spoon and got out of college with basically no debt). If not for me, she'd be spending 16% of her Disposable income, not discretionary income, on her student loans.
I can certainly understand where there are people out there taking jobs to try to make the world a better place, who flunked advanced math classes and need help with their loans. But it would be nice if their assistance didn't come from a government bill with loopholes big enough to drive a Mack truck through.
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Re: Student Loan Forgiveness Act of 2012

Postby Kraftster on Wed Mar 14, 2012 8:57 am

Whoa. Discretionary income? That seems crazy.

I think the money would be better spent by reducing tuition through subsidy and giving those paying substantial student loan debt a real tax benefit.

The 25 year repayment
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Re: Student Loan Forgiveness Act of 2012

Postby count2infinity on Wed Mar 14, 2012 9:11 am

Troy Loney wrote:
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.


there are a TON of people that spend 2 years at a community college getting all their gen eds done and then go to an "actual" university to finish their degree. a very good cost cutting move.

Digitalgypsy66 wrote:At any rate, we need to examine the for profit colleges (U of Phoenix, Strayer, DeVry, etc.) They are producing the majority of students who default on loans (50% or more), but only have 10% of the higher education market.


I agree. These types of colleges actually target those that cannot afford to pay off the student loans just to get their money. I've talked to numerous people that have worked for these types of school, but left because of what happens behind the scenese and the people behind these types of schools down right dirtbags.
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 9:25 am

count2infinity wrote:
Troy Loney wrote:
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.


there are a TON of people that spend 2 years at a community college getting all their gen eds done and then go to an "actual" university to finish their degree. a very good cost cutting move.



Perhaps colleges should cut the "fat" (gen eds) out and save everyone some money.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 9:26 am

I personally think gen eds are a good part of a well-rounded education. And a lot of the "gen eds" often pertain in some respect to the more specialized degree.
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 9:26 am

Kraftster wrote:Whoa. Discretionary income? That seems crazy.

I think the money would be better spent by reducing tuition through subsidy and giving those paying substantial student loan debt a real tax benefit.

The 25 year repayment


Yeah. Uncap the "$2500 interest deduction limit". It will even out over time, like in the last few years when 4-5% of your payment is interest instead of the first years where 85-90% of your payment is interest.
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Re: Student Loan Forgiveness Act of 2012

Postby Kraftster on Wed Mar 14, 2012 9:31 am

Kraftster wrote:Whoa. Discretionary income? That seems crazy.

I think the money would be better spent by reducing tuition through subsidy and giving those paying substantial student loan debt a real tax benefit.

The 25 year repayment


This cut off somehow.

The 25 year repayment on my loans is > 10% of my gross income but less than my combined gross income with my wife. The 10 year repayment is > 10% of our combined gross and close to 20% of my personal gross income. 10% of discretionary income would be a dramatic reduction in my student loan payments.
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Wed Mar 14, 2012 9:38 am

Yeah, my payments (total federal + private) are around 15% of my GROSS income.. not net, not discretionary.....and that's for the 15 year plan
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Re: Student Loan Forgiveness Act of 2012

Postby count2infinity on Wed Mar 14, 2012 9:42 am

Image
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Re: Student Loan Forgiveness Act of 2012

Postby Idoit40fans on Wed Mar 14, 2012 9:48 am

mac5155 wrote:Yeah, my payments (total federal + private) are around 15% of my GROSS income.. not net, not discretionary.....and that's for the 15 year plan


Yeah mine are about 12% OF MY GROSS INCOME.
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Re: Student Loan Forgiveness Act of 2012

Postby shafnutz05 on Wed Mar 14, 2012 9:49 am

gross
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Re: Student Loan Forgiveness Act of 2012

Postby TheHammer24 on Wed Mar 14, 2012 9:51 am

KennyTheKangaroo wrote:when is congress going to propse a bill for a collective pat on the ass for those people in the universe who didnt buy an oversized house and an oversized education? it could be called the "congrats for not being an inrresponsible moron" bill

Hahaha!

Indeed, this just punishes those that made good decisions.

This bill insane. The market can figure this stuff out - banks can make responsible loans but they don't because they know the fed gov will give them the money that they made available for students pursuing the promise of an education. Barf. Bottom line - there's a huge mismatch in job demands and higher education but we pump more money to these clowns.

The only way to fix it is eliminate the current program and let banks decide who is making a profitable decision (that'll go over like a fart in church). People will fall into jobs where there is a demand - welding, nursing, etc. Debts will decrease. Fed gov debt will lower. It'll work

The Feds should make some programs for low income Americans but I get a $2000 credit for going to law school?!?! That's like incentivizing a horrible decision ( works for me but it's still horrible ). Bottom mention that has no bearing on my decision. It just serves as a windfall.
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Re: Student Loan Forgiveness Act of 2012

Postby TheHammer24 on Wed Mar 14, 2012 9:53 am

Kraftster wrote:
Kraftster wrote:Whoa. Discretionary income? That seems crazy.

I think the money would be better spent by reducing tuition through subsidy and giving those paying substantial student loan debt a real tax benefit.

The 25 year repayment


This cut off somehow.

The 25 year repayment on my loans is > 10% of my gross income but less than my combined gross income with my wife. The 10 year repayment is > 10% of our combined gross and close to 20% of my personal gross income. 10% of discretionary income would be a dramatic reduction in my student loan payments.

Dude. Subsidizing tuition just makes tuition higher. Tuition subsidies and loan forgiveness is a windfall to the universities.
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