Current Events > Bloomberg wants to take your student loan payments out of your paycheck.

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Bestoffuture posted...

Like someone said earlier in this topic, if I have some exorbitant expense that month, student loan payments will take a backseat, I don't get that option if it's taken out.

if you do that you're just going to make things significantly more difficult for yourself. you'll get hit with late fees, possibly have your credit affected, plus you still owe that payment + the next month's

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marthsheretoo posted...

A society where young professionals are free to pursue risks and innovation without the specter of crushing financial debt.

pursue risks such as what?

a liberal arts major who can just coast through 4 years to get a worthless degree and levee the cost to tax payers while contributing nothing to society?

then return to school and MAYBE have to pay this go around? Nah. I think the price of college should persuade students to actually pursue a degree that helps society in some facet. Sorry, being a womens history major isnt going to do jack shit for the economy.

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People defending upgrading debt slavery to debt imprisonment, big yikes

All the democratic candidates are a joke. All of them... their socialistic philosophies are proven to fail time and time again... and people are surprised when they suddenly hear how things would change and it sounds like a terrible idea.

No shit, it's socialism.

I actually gave the whole student debt situation a thought, I'm on a student loan forgiveness program due to a chronic illness, and I've had time to think about the student loan debt. So here's what I found out.

1. After 25 years you can apply for student loan debt forgiveness and the debt gets wiped.
2. Having a loan history and repayment history of 25 years means that if you pay every month your credit will almost always be high.
3. Student loans only go into default if you stop paying them.

Solution?
Exit loan counseling, the educational platform used to explain to student loan recipients how to pay back their loans, explains that you should basically pay what you reasonable can back every month according to your expenses. For most people this means paying $5-$30 a month, you should also call navient from time to time to explain why you're paying so little.

But if I don't pay then the interest will increase how much I owe! That's the point. You keep your payment history clean by paying $5-$30 /month, you avoid defaulting on your loans, and you boost your credit from having a credit line for 25 years until you qualify for debt forgiveness.

This was my basic understanding of how you can rig the system in your favor. The point is that your excess income has to be accounted for in expenses, so you say you spend some of your money on gifts for loved ones every month, bunch of money on groceries, some money on entertainment and going out monthly, utilities, car payment, mental health, Dr visits, etc. It all adds up to a ton of money, then you're supposed to have a bit for savings in case of emergencies.

That's how you survive, the problem is everyone wants to hoard wealth, be an entrepreneur, own everything they have, and live like a poor man but be rich and that would destroy the economy.

AlisLandale posted...

>Colleges charge 700 dollars for an outdated textbook that you can't resell because the most important part is the electronic key.
>government is ultimately the one collecting the interest on out of control college prices

:thinkingemoji:

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EffectAndCause posted...

Sure man. Why not have all bills be forcefully taken out of your check?

Sure my kids gotta eat but not before I FUCKING PAY THAT CABLE BILL.

You, uh... probably cancel the cable at that point.


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DifferentialEquation posted...

he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers paychecks.

This is completely reasonable. You borrow money, you pay it back.

Getting ready to switch from shilling from one billionaire republican to another in the case he wins?

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ThyCorndog posted...

Getting ready to switch from shilling from one billionaire republican to another in the case he wins?

When your side produces a universally despsied candidate like Bloomberg, you can't claim he's a Republican just to make yourself feel better. Bloomberg is not a Republican and I would never support him. But I'm not going to pretend that this particular policy he proposed is bad, it's actually quite sensible. It just doesn't come close to making up for all of his other terrible ideas.


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in bloomberg's defense (why am i doing this?), income-driven repayment plans are objectively better than forbearance, which is what most companies administering student loan payment collection direct distressed borrowers towards (deferring payments through forbearance does not prevent interest from building up)

it's not nearly as good for the borrower as a direct federal assistance/forgiveness program would be but it's also better than the status quo of "call the companies who actually run everything and let them direct you towards something that will make things worse"

lincoln002 posted...

1. After 25 years you can apply for student loan debt forgiveness and the debt gets wiped.

so you know, when this happens you pay taxes on the wiped debt--all of it, including the accrued interest.

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DifferentialEquation posted...

he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers paychecks.

This is completely reasonable. You borrow money, you pay it back.

Unless you're the president of the USA. Then you screw over people the best you can and people love you for it.

Fuck Bloomberg

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He just keeps getting worse. Fuck him

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Romulox28 posted...

Why is this a bad idea? Seems like a reasonable way to make progress on student loans so you don't end up falling behind on payments

Because it involves actually paying back debt instead of finding a way to make it go away at no cost to them. Given the complaints, I'm getting more and more sold on the idea of mandatory financial assistance programs for people with too much debt. Let someone else take your paycheck, pay your bills first, your debts second, and you get a small allowance until you learn some sense of responsibility.

And for those about to go blah blah hardships, my family hasn't always had the easiest time, but when they needed help they were willing to work for it or return the favor in some way. What are most people offering to the country they want to bail them out?

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lightwarrior78 posted...

Because it involves actually paying back debt instead of finding a way to make it go away at no cost to them. Given the complaints, I'm getting more and more sold on the idea of mandatory financial assistance programs for people with too much debt. Let someone else take your paycheck, pay your bills first, your debts second, and you get a small allowance until you learn some sense of responsibility.

And for those about to go blah blah hardships, my family hasn't always had the easiest time, but when they needed help they were willing to work for it or return the favor in some way. What are most people offering to the country they want to bail them out?

So

Forget the fact that interest is insane, that colleges lied about stats and repayment, and that many of these colleges even closed down. These arent students who became doctors asking for forgiveness, they are students asking for help because the system screwed them and got away with it.

Yeah, let colleges continue to prey on children. It will happen to yours too.

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I hope he gets the nomination.

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lightwarrior78 posted...

Because it involves actually paying back debt instead of finding a way to make it go away at no cost to them. Given the complaints, I'm getting more and more sold on the idea of mandatory financial assistance programs for people with too much debt. Let someone else take your paycheck, pay your bills first, your debts second, and you get a small allowance until you learn some sense of responsibility.

And for those about to go blah blah hardships, my family hasn't always had the easiest time, but when they needed help they were willing to work for it or return the favor in some way. What are most people offering to the country they want to bail them out?

This is a real post on gamefaqs.gamespot.com
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Bio1590 posted...

This is a troll post on gamefaqs.gamespot.com

FYFY.


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