Student Loan Thread

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Re: Student Loan Forgiveness Act of 2012

Postby ulf on Fri Apr 27, 2012 5:31 pm

obama says he's gonna veto this because GOPers used funds from his healthcare bill to fund it.

dems heads have to be spinning lolz
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Fri Apr 27, 2012 5:33 pm

ulf wrote:obama says he's gonna veto this because GOPers used funds from his healthcare bill to fund it.

dems heads have to be spinning lolz


U mean the one to stop it from doubling?
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Re: Student Loan Forgiveness Act of 2012

Postby ulf on Fri Apr 27, 2012 5:42 pm

mac5155 wrote:
ulf wrote:obama says he's gonna veto this because GOPers used funds from his healthcare bill to fund it.

dems heads have to be spinning lolz


U mean the one to stop it from doubling?

Oh yes. I didn't realize there were 2 different issues with student loans right meow
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Re: Student Loan Forgiveness Act of 2012

Postby Geezer on Fri Apr 27, 2012 5:42 pm

mac5155 wrote:
ulf wrote:obama says he's gonna veto this because GOPers used funds from his healthcare bill to fund it.

dems heads have to be spinning lolz


U mean the one to stop it from doubling?

No he means Obama care which will skyrocket costs more and result in private employers dumping plans leaving workers who had earned their healcare bennies SOL.
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Re: Student Loan Forgiveness Act of 2012

Postby Rylan on Fri Apr 27, 2012 5:46 pm

Big Education = Evil
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Re: Student Loan Forgiveness Act of 2012

Postby Kaizer on Fri Apr 27, 2012 6:06 pm

couldnt they have at least waited until i racked up some debt first?

/welfarekaiser
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Re: Student Loan Forgiveness Act of 2012

Postby Rylan on Fri Apr 27, 2012 6:07 pm

Big Education is a joke.
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Re: Student Loan Forgiveness Act of 2012

Postby scb147 on Fri Apr 27, 2012 9:56 pm

ulf wrote:
mac5155 wrote:
ulf wrote:obama says he's gonna veto this because GOPers used funds from his healthcare bill to fund it.

dems heads have to be spinning lolz


U mean the one to stop it from doubling?

Oh yes. I didn't realize there were 2 different issues with student loans right meow

:lol:
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Fri Apr 27, 2012 10:01 pm

ulf wrote:
mac5155 wrote:
ulf wrote:obama says he's gonna veto this because GOPers used funds from his healthcare bill to fund it.

dems heads have to be spinning lolz


U mean the one to stop it from doubling?

Oh yes. I didn't realize there were 2 different issues with student loans right meow


Well the OP was about a forgiveness bill then I posted about the double interest bill expiring
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Re: Student Loan Forgiveness Act of 2012

Postby Sarcastic on Sat Apr 28, 2012 1:11 am

columbia wrote:Or people could just pay off their loans, like they legally agreed to in the first place.


Tuition fees went up 600% since the 80's. I think students should just all walk out and not go to class and force these bastards to lower the prices. It is absurd that some people start their after school life with 100K or 500K in debt. When I went to school in the early 90's, you could have literally had a part time job and pay off your semester's fee right as you went along. It is ridiculous that people are OK with it, as if they were brainwashed into believing in 'personal responsilibity' while being taken from behind with a sledgehammer... literally. This is of course a deeper issue because I think that this is just one symptom of the economic collapse we are seeing, just as healthcare costs and insurance costs, where everyone gets rammed as hard as possible until there is nothing left.

Paul Begala (50) was on Maher tonight and said he only paid $4 a credit.
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Thu Oct 04, 2012 12:33 pm

Sorry to bump this thread but I need a second set of eyes to run these numbers for me. Something isn't jiving with me.

My fiancee's loan from Direct Loans (consolidation loan) was just sold to Sallie Mae. I'm wondering about that. It seems Direct markets to you then sells to Sallie mae. Whatever, the interest rate didnt change. The term and payment seem to have changed though which I think is shady. Nothing earth shattering but still an extra 90-100 a month.

Here was the old term/payment.

$23,800 consolidated at 5.5% interest
payments were $161 a month for 240 months

This loan was sold to sallie mae and split up by subsidized/unsubsidized.

New term:

$23,100 was sold to sallie mae (she made 6 payments or so before it was sold)
175 payments @ $182.85
60 payments @ $48.09
total monthly payment $231

I think I just figured it out lol. I still want to post this though since it took too much thought. the 231 payment will only last for 60 months, and then the other 115 months will be $182.85. Technically since the payment has increased by $70, the total paid will be 34,887 instead of the original $38640
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Re: Student Loan Forgiveness Act of 2012

Postby Kraftster on Thu Oct 04, 2012 12:35 pm

They just took it upon themselves to change the repayment term?
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Thu Oct 04, 2012 12:36 pm

Yep. Sallie mae must have different maximum terms of repayment. I'm sure if I called I could get it changed, but it's ok as thats roughly what we were sending regardless..
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Re: Student Loan Forgiveness Act of 2012

Postby Kraftster on Thu Oct 04, 2012 12:38 pm

mac5155 wrote:Yep. Sallie mae must have different maximum terms of repayment. I'm sure if I called I could get it changed, but it's ok as thats roughly what we were sending regardless..


Yeah, I'd think they'd be stuck with whatever repayment options were available before. Sooner the better for paying them off if you can afford it though.
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Re: Student Loan Forgiveness Act of 2012

Postby TheHammer24 on Thu Oct 04, 2012 12:40 pm

mac5155 wrote:Sorry to bump this thread but I need a second set of eyes to run these numbers for me. Something isn't jiving with me.

My fiancee's loan from Direct Loans (consolidation loan) was just sold to Sallie Mae. I'm wondering about that. It seems Direct markets to you then sells to Sallie mae. Whatever, the interest rate didnt change. The term and payment seem to have changed though which I think is shady. Nothing earth shattering but still an extra 90-100 a month.

Here was the old term/payment.

$23,800 consolidated at 5.5% interest
payments were $161 a month for 240 months

This loan was sold to sallie mae and split up by subsidized/unsubsidized.

New term:

$23,100 was sold to sallie mae (she made 6 payments or so before it was sold)
175 payments @ $182.85
60 payments @ $48.09
total monthly payment $231

I think I just figured it out lol. I still want to post this though since it took too much thought. the 231 payment will only last for 60 months, and then the other 115 months will be $182.85. Technically since the payment has increased by $70, the total paid will be 34,887 instead of the original $38640

(1) Boy am I jealous of her only have "that" much debt.
(2) Someone had a problem with Sallie Mae recently. I know there are different repayment terms that you can select for federal loans. I.e. I can pay off in 10 years with the same payment or escalating payments every 2 years. Check that aspect of it.
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Thu Oct 04, 2012 1:21 pm

Oh yeah I'm jealous of her too. She went to a small state school though. That's like.. one year of my debt. I have almost $75k
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Re: Student Loan Forgiveness Act of 2012

Postby slappybrown on Thu Oct 04, 2012 1:49 pm

shafnutz05 wrote:Yeah, I think that's another issue...racking up a $100k loan on a diploma that pretty much anyone could tell you it's near impossible to find any success in the field. I obtained a degree in political science, and quickly realized that it was going to be very difficult for me to get into any kind of political career that could support me. So I sucked it up and got a job in a completely unrelated field, and I'm doing great five years later.

I just use the degree for arguing :lol:

JUST A CHILL ASS BUSINESSBRO LOOKIN' TO TALK POLITICS
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Re: Student Loan Forgiveness Act of 2012

Postby Geezer on Thu Oct 04, 2012 2:02 pm

Troy Loney wrote:
shafnutz05 wrote:
The bill would reward graduates for entering public service professions like teaching and
firefighting.


I have a bit of a problem with this portion of the text. I don't think people should be so handsomely rewarded for pursuing a "public service" (read: government) profession. If the true aim of this bill is to "jump start the economy", that doesn't make any sense. I'm assuming it's a nod to the unions, but meh.

All that being said, I am pretty firmly against these kind of "loan forgiveness" bills. It rewards financial irresponsibility, IMO.



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).

I have a compromise; let these people go to the front of the line in joining the military. They have their salary to pay off their debts since they're now getting 3 hots and a cot. The veterans educational benefits they get can be paid toward any remaining loan after their discharge. I t know that many people want "there kids to get public sector jobs that pay maybe 40k a year". One of our biggest problems is having too many people working public sector jobs.
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Re: Student Loan Forgiveness Act of 2012

Postby Geezer on Thu Oct 04, 2012 2:04 pm

mac5155 wrote:No I agree. I signed on the dotted line so I should have to pay.

You should teach a class on integrity and ethics.
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Re: Student Loan Forgiveness Act of 2012

Postby count2infinity on Thu Oct 04, 2012 2:19 pm

PAY YOUR BILLS HIPPIE!!!!
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Thu Oct 04, 2012 2:24 pm

In school deferment. OHHHHHHHH YEAAAAAAAAAAAH
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Re: Student Loan Forgiveness Act of 2012

Postby count2infinity on Thu Oct 04, 2012 2:32 pm

me too, lol. one of my deferments ran out, but that's no biggie, it's only $50 a month.
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Re: Student Loan Forgiveness Act of 2012

Postby mac5155 on Thu Oct 04, 2012 2:46 pm

lol, i take 2 classes a semester for ~$2800, get $2500 a semester free from work, and $6000 a semester in stafford loans. BRING ON THE BUX BABY
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Re: Student Loan Thread

Postby mac5155 on Mon Dec 10, 2012 4:44 pm

I changed the title because I have a question - my federal loans were just sold to a different lender. Now they are serviced by Great Lakes Educational Loan Services. WTF?
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Re: Student Loan Forgiveness Act of 2012

Postby Pitt87 on Mon Dec 10, 2012 4:49 pm

mac5155 wrote:Yep. Sallie mae must have different maximum terms of repayment. I'm sure if I called I could get it changed, but it's ok as thats roughly what we were sending regardless..


Sallie Mae sets terms on each note, not on each account. Each note is eligible for differrent terms based on its date. I think you have it right though; they basically just laddered you on each note with shorter term on the smaller note. Actually could work in your favor, depending on the rates.
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