Poll of the Day > I don't want to pay my student loans

(+) Yeah! (+)

please papa Biden please forgive me for getting an 80k$ gnder studies degree that I cant pay off

But on a more serious note. If we could get 50k cancelled, that would be such a huge relief to me.

somethingsomething you chose to take those loans somethingsomething

sounds like you need a rich big titty cougar milf to help you pay them off

Ill keep all my debt but only if inflation goes up 1000%

LaggnFragnLarry posted...

sounds like you need a rich big titty cougar milf to help you pay them off

Hell yeah brother

Obviously if you went to school, graduated, and aren't employable... it's the school's fault and you should sue them

Now theres an idea

MrMelodramatic posted...

But on a more serious note. If we could get 50k cancelled, that would be such a huge relief to me.

That's a lot to even have in student debts, or is it really that bad in the US?

Nichtcrawler-X posted...

That's a lot to even have in student debts, or is it really that bad in the US?

thats pretty typical for a college graduate

I went into an insane amount of overtime and still do not even owe half of that in debt.

Nichtcrawler-X posted...

I went into an insane amount of overtime and still do not even owe half of that in debt.

The US student loan system is pretty broken, mostly thanks to US university costs being insanely inflated, which in turn is mostly a consequence of university boards and executive suites wanting to gold-plate their yachts.

VampireCoyote posted...

thats pretty typical for a college graduate

Not for a Bachelors, unless they're going to a private college or something. I was in school for 6 years and have less than a third of OP's debt in loans.

The average is closer to 30k.

MrMelodramatic posted...

please papa Biden please forgive me for getting an 80k$ gnder studies degree that I cant pay off

What degree did you really get?

adjl posted...

The US student loan system is pretty broken, mostly thanks to US university costs being insanely inflated, which in turn is mostly a consequence of university boards and executive suites wanting to gold-plate their yachts.

Biggest cost perpetrators besides overpaid people at the top (and the Athletics department typically pays more than even the university president) are the giant bloat of admin service jobs, and the insane amount of improvements and maintenance of the campus grounds and facilities. I blame the latter and some of the former on the students themselves. You don't NEED your place of higher learning to have brand new shiny marble buildings, a massive stadium, etc... None of that helps w/ learning. You (plural you, not you specifically) just pick those schools because the level of sheer opulence on display wows our lizard brains.

Making student loans nearly impossible to discharge in bankruptcy in turn led to banks being willing to loan out way more than they logically should be willing to, which in turn means students have more "money" to spend, which in turn rewards whichever colleges can spend the most to "wow" prospective students on tours. The first thing that needs to be done before anything else is even considered is to make all future loans going forward dischargeable in bankruptcy. That is the root cause of all of this. Then banks won't lend tons of money, students will have to actually consider cost in their selection, and universities will have to pare down their expenses to be able to compete.

Should have paid for a useful degree.

11110111011 posted...

Should have paid for a useful degree.

Reading was never one of your strong suits, was it?

14 days until student loan repayment begins.

will big brother biden step in and protect me?

i was about to say loans dont restart until September and then realized that thats only 14 days away

so fucked this is bullshit

Fr

its frustration and stress

https://www.cnbc.com/2022/08/17/millions-in-the-dark-about-whether-student-loan-payments-will-resume.html

MrMelodramatic posted...

https://www.cnbc.com/2022/08/17/millions-in-the-dark-about-whether-student-loan-payments-will-resume.html

"I don't know if the temporary pause is going to be extended again! I thought "temporary" meant "permanent", and yes, I went to college!"

All of the pandemic programs are ending. They even finally ended foreclosure and forbearance moratoriums.

Just don't pay them that want I did and haven't had any consequences yet

Still no word. 8 business days left until September

https://thehill.com/homenews/administration/3606883-biden-keeps-student-loan-borrowers-in-suspense-over-payment-pause/

MrMelodramatic posted...

Fr

its frustration and stress

https://www.cnbc.com/2022/08/17/millions-in-the-dark-about-whether-student-loan-payments-will-resume.html

I don't understand what they are in the dark about. Just assume you have to pay them and you won't be surprised.

I didn't pay my student loans ( out of laziness when I was young - not because I couldn't ) and t hey ended up getting taken out of my paychecks. They will get t heir money one way or another. Just plan on paying them.

Forgiveness?

can you imagine? Forgiveness.

https://twitter.com/POTUS/status/1562462774969581570

I'll take it.

Capping repayment based on income is a pretty big deal. That's not necessarily going to help with the "in debt for the rest of my life" thing, and may in fact make it worse to the point that many people will literally take student loans to their graves (especially if banks are allowed to only apply that repayment against the interest and not the principal), but it will do a lot to mitigate the impact loans have on the cost of living.

That said, this is very much a bandaid on the wounds that have already been caused by the problem and not a solution to the actual problems. University costs need to be reined in and banks need to be prevented from giving out loans that are larger than people can pay back. As much as people like to scream "you just shouldn't have taken that loan," the reality of the matter is that many of these loans are taken out by 16-17-year-old kids who have spent their entire lives being told that getting a university education is necessary to be successful and that the loan will be worth it (often by people who were able to pay tuition, rent/cost of living, and still buy a house within a couple years of graduating just by working part-time and not needing a loan), so pinning the entirety of the hopes for a "solution" on them making better financial decisions is inevitably doomed to failure.

https://finance.yahoo.com/news/ex-obama-adviser-jason-furman-193958728.html

Nice I only have a little over $6k left in loans, so mine will be completely covered!

The problem is far worse, and this isn't going to help almost anyone who was already in really bad situations. A loan taken in 2015, with payments being made till covid started, can have increased by over 2x (for the principle) by 2020. That should not be possible, but it is the reality.

People who had 60k in loans in 2015, have over 150k in loans now, that is due to the way the banks deal with the interest, convert it to principle etc.

So 10k or 20k might help those college drop outs who never got an AA, but anyone who got a BA or Masters degree and is currently drowning in debt, it's not even gonna touch the interest accrued, let alone the base loan.

Dropping the (currently 10%), max of your net income to 5% will at least reduce how much pain the people will be in while paying off their loans for the rest of their lives, but who is to say that won't change in the future?

If you have 100k in loans right now (even if you only started with 40k), the 10-20k forgiveness, even if it goes through, wont' actually make any difference at all for 99.9% of people.

A simple solution is to just flat out forgive any interest left on all loans for all students period, and reduce interest in the future to 2% a year flat (no compounding the interest and making it part of the principle etc).

While that might not help a few people who owe less than 20k as much, it would give a lifeline to people who have been paying back loans for up to a decade and just getting deeper and deeper in debt.

IF you took a loan out for 60k, you should not owe double that, especially if you were making payments all that time, it's just usery and should be illegal.

yaknow, Jesus said that loans shouldn't have interest...

gimme my money unky joe