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Student loan forgiveness
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2021 Feb 5, 3:30pm 4,707 views 43 comments
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23
HeadSet
2023 Mar 7, 11:51am
HeadSet
2023 Mar 7, 11:51am
BayArea says
Joe was asked that by one who also paid off his student loans. Joe's answer was "Life's not fair."
My wife and I paid off a 6-fig medical school loan three years ago.
Should I expect a refund?
If not, why do you pick winners and losers Joe?
Joe was asked that by one who also paid off his student loans. Joe's answer was "Life's not fair."
24
Patrick
2023 Mar 7, 11:57am
Patrick
2023 Mar 7, 11:57am
Lol, so Bidet attempts to unfairly reward one group at the expense of another for his own personal political gain and then blames that on "life".
25
Misc
2023 Mar 7, 12:52pm
The PPP program was directed to reward one group over another. The students were not part of that group.
Where's the fairness doctrine?
Where's the fairness doctrine?
26
Eric Holder
2023 Mar 7, 12:57pm
Eric Holder
2023 Mar 7, 12:57pm
Misc says
Yep. And it was directed to the segment of the economy most likely to cheat on taxes.
The PPP program was directed to reward one group over another. The students were not part of that group.
Where's the fairness doctrine?
Yep. And it was directed to the segment of the economy most likely to cheat on taxes.
27
theoakman
2023 Mar 7, 1:11pm
BayArea says
I opted to not go to med school because I didn't want the loans. To hell if I'm going to be forced to pay for those that did.
My wife and I paid off a 6-fig medical school loan three years ago.
Should I expect a refund?
If not, why do you pick winners and losers Joe?
I opted to not go to med school because I didn't want the loans. To hell if I'm going to be forced to pay for those that did.
28
clambo
2023 Mar 7, 2:40pm
There should be no student loan forgiveness by taxpayers.
If a bank decides to forgive a loan, the bank loses some profit that quarter.
If the US Government forgives a loan, the taxpayers pay for it.
Biden is worse than brain dead.
If a bank decides to forgive a loan, the bank loses some profit that quarter.
If the US Government forgives a loan, the taxpayers pay for it.
Biden is worse than brain dead.
29
HeadSet
2023 Mar 7, 4:33pm
HeadSet
2023 Mar 7, 4:33pm
clambo says
True, but the student loan forgiveness is an act by Biden's handlers. It is not stupidity, is a calculation to buy votes.
Biden is worse than brain dead.
True, but the student loan forgiveness is an act by Biden's handlers. It is not stupidity, is a calculation to buy votes.
31
SunnyvaleCA
2023 Mar 7, 6:06pm
There are several loan forgiveness systems already in place. The gist of them are that you pay 10% of your income over baseline living wage every year, but if you still have loans after 20 or 25 years, the loans are cancelled. So you basically pay 10% of your income exceeding 2x the poverty level for 20 or 25 years. Look at it as yet another tax... social security is 7.5% (or 15%) on every single dollar you earn; living in California often runs 5% to 10% income tax and then you pay an additive 9% sales tax!
The major problem with the government's student loan program is that it allows colleges to massively jack up prices and also allows completely unqualified "students" to attend.
I don't think the government's program is so bad. The problem is the effect it has with the school tuition policies. If the government demanded a school charge each student the same rate, some schools would inevitably have to set prices much lower generally and there would be some schools really trying to keep costs low.
The major problem with the government's student loan program is that it allows colleges to massively jack up prices and also allows completely unqualified "students" to attend.
I don't think the government's program is so bad. The problem is the effect it has with the school tuition policies. If the government demanded a school charge each student the same rate, some schools would inevitably have to set prices much lower generally and there would be some schools really trying to keep costs low.
32
Misc
2023 Mar 7, 6:36pm
What are the completion rates for US community colleges?
Completion rates are low at community colleges. Only 13 percent of community college freshmen receive an associate degree after two years, and 31 percent do so within three years. These very low rates reflect the diversity of student goals.
What percentage of college students fail to graduate?
In four-year institutions, 56% of students tend to drop out after six years (What to Become, 2021). Students aged between 24-29 are most likely to drop out of four-year colleges, as 52.5% of them have already left without a degree (What to Become, 2021).Sep 26, 2022
Colleges in the US are not designed for students to succeed especially community colleges where students trying to be frugal try their hand. Educators know these stats, but continue to push the Community College scam on unsuspecting youth. 12.4 million suckers are enrolled in Community colleges. Since no politician has the Balls to just shut down this massive fraud, forgiving $10k of the debt resulting from this policy error seems humane..
Completion rates are low at community colleges. Only 13 percent of community college freshmen receive an associate degree after two years, and 31 percent do so within three years. These very low rates reflect the diversity of student goals.
What percentage of college students fail to graduate?
In four-year institutions, 56% of students tend to drop out after six years (What to Become, 2021). Students aged between 24-29 are most likely to drop out of four-year colleges, as 52.5% of them have already left without a degree (What to Become, 2021).Sep 26, 2022
Colleges in the US are not designed for students to succeed especially community colleges where students trying to be frugal try their hand. Educators know these stats, but continue to push the Community College scam on unsuspecting youth. 12.4 million suckers are enrolled in Community colleges. Since no politician has the Balls to just shut down this massive fraud, forgiving $10k of the debt resulting from this policy error seems humane..
33
HeadSet
2023 Mar 7, 7:20pm
HeadSet
2023 Mar 7, 7:20pm
SunnyvaleCA says
This. If one had to work their way through college or be sponsored by an employer, the worthless majors would disappear and the costs would come down.
The major problem with the government's student loan program is that it allows colleges to massively jack up prices and also allows completely unqualified "students" to attend.
This. If one had to work their way through college or be sponsored by an employer, the worthless majors would disappear and the costs would come down.
34
Patrick
2023 Mar 9, 11:14am
Patrick
2023 Mar 9, 11:14am
theoakman says
Same for me. I got in to medical school, but just couldn't bear to sign for the loans. Turns out that was the right choice.
BayArea says
My wife and I paid off a 6-fig medical school loan three years ago.
Should I expect a refund?
If not, why do you pick winners and losers Joe?
I opted to not go to med school because I didn't want the loans. To hell if I'm going to be forced to pay for those that did.
Same for me. I got in to medical school, but just couldn't bear to sign for the loans. Turns out that was the right choice.
36
AmericanKulak
2023 Mar 13, 2:34pm
AmericanKulak
2023 Mar 13, 2:34pm
The smart young guy with the curly hair makes the right choice to learn to weld.
https://apnews.com/article/skipping-college-student-loans-trade-jobs-efc1f6d6067ab770f6e512b3f7719cc0
The butchy lesbian and her obese daughter want the college, of course.
https://apnews.com/article/skipping-college-student-loans-trade-jobs-efc1f6d6067ab770f6e512b3f7719cc0
The butchy lesbian and her obese daughter want the college, of course.
37
Eric Holder
2023 Mar 13, 2:38pm
Eric Holder
2023 Mar 13, 2:38pm
AmericanKulak says
https://www.salary.com/research/salary/benchmark/welder-i-salary
Should've learned plumbing instead.
The smart young guy with the curly hair makes the right choice to learn to weld.
How much does a Welder I make in the United States? The average Welder I salary in the United States is $44,598 as of February 27, 2023, but the range typically falls between $39,601 and $51,263. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.
https://www.salary.com/research/salary/benchmark/welder-i-salary
Should've learned plumbing instead.
38
richwicks
2023 Mar 13, 2:44pm
richwicks
2023 Mar 13, 2:44pm
HeadSet says
It's just empty promises. There can't be student loan forgiveness, it's considered an asset by the US government, and it's over a trillion dollars.
Remember when Biden was promising a $2,000 check for covid relief in 2020?
They are just lying and it's not to get votes, it's to give the ILLUSION that people elected these people. "Oh stupid people believed the nonsense of the candidate, THAT'S why he was elected" - well, did they elect him?
True, but the student loan forgiveness is an act by Biden's handlers. It is not stupidity, is a calculation to buy votes.
It's just empty promises. There can't be student loan forgiveness, it's considered an asset by the US government, and it's over a trillion dollars.
Remember when Biden was promising a $2,000 check for covid relief in 2020?
They are just lying and it's not to get votes, it's to give the ILLUSION that people elected these people. "Oh stupid people believed the nonsense of the candidate, THAT'S why he was elected" - well, did they elect him?
39
AmericanKulak
2023 Mar 13, 2:47pm
AmericanKulak
2023 Mar 13, 2:47pm
Eric Holder says
There's a kid in the story making $24/hr at 19 working on a new plant's plumbing infrastructure.
The minority daughter boo-hoo story, I'm glad the writers were honest enough to quote the school authorities who noted the "At risk" girl never attended the free remedial classes or programs offered. Besides, she don't need a culinary degree to operate a restaurant, esp. since her father runs a freakin' restuarant and can teach her everything she needs to know about running a kitchen and a restaurant.
Should've learned plumbing instead.
There's a kid in the story making $24/hr at 19 working on a new plant's plumbing infrastructure.
The minority daughter boo-hoo story, I'm glad the writers were honest enough to quote the school authorities who noted the "At risk" girl never attended the free remedial classes or programs offered. Besides, she don't need a culinary degree to operate a restaurant, esp. since her father runs a freakin' restuarant and can teach her everything she needs to know about running a kitchen and a restaurant.
40
AmericanKulak
2023 Mar 13, 2:51pm
AmericanKulak
2023 Mar 13, 2:51pm
LPN's average $50k. $40k is the floor for rookies. You can make a lot more as a travelling nurse. 1-1.5 years in most states and most CCs have it cheap.
You can work as much as you want, in fact they'll do anything to get you to work more hours, massive shortage nationwide that's only getting worse.
No asswiping, too expensive to pay $28-30/hr for that ($40 in MA or CA). They use CNAs these days for that. All you do is smack people with 21 gauge needles.
Most majors don't touch $50k for years after graduating and they have $100k in debt these days, and that's in-state.
You can work as much as you want, in fact they'll do anything to get you to work more hours, massive shortage nationwide that's only getting worse.
No asswiping, too expensive to pay $28-30/hr for that ($40 in MA or CA). They use CNAs these days for that. All you do is smack people with 21 gauge needles.
Most majors don't touch $50k for years after graduating and they have $100k in debt these days, and that's in-state.
41
HeadSet
2023 Mar 13, 6:21pm
HeadSet
2023 Mar 13, 6:21pm
AmericanKulak says
Correct. A Culinary college around here (Johnson and Wales University) was easy to get in and easy to graduate. I did notice when I went to one of the graduations, how the dean spoke ahead of the ceremony warning that grads may not get good jobs straight away. That is, a kid came in after working McDonalds, spent 4 years at J&W, then goes back to working at McDonalds.
don't need a culinary degree to operate a restaurant
Correct. A Culinary college around here (Johnson and Wales University) was easy to get in and easy to graduate. I did notice when I went to one of the graduations, how the dean spoke ahead of the ceremony warning that grads may not get good jobs straight away. That is, a kid came in after working McDonalds, spent 4 years at J&W, then goes back to working at McDonalds.
42
Eric Holder
2023 Mar 13, 6:43pm
Eric Holder
2023 Mar 13, 6:43pm
HeadSet says
The whole thing about Culinary degree is weird. To me this is more like trade, not much different from plumbing or welding.
AmericanKulak says
don't need a culinary degree to operate a restaurant
Correct. A Culinary college around here (Johnson and Wales University) was easy to get in and easy to graduate. I did notice when I went to one of the graduations, how the dean spoke ahead of the ceremony warning that grads may not get good jobs straight away. That is, a kid came in after working McDonalds, spent 4 years at J&W, then goes back to working at McDonalds.
The whole thing about Culinary degree is weird. To me this is more like trade, not much different from plumbing or welding.
43
richwicks
2023 Mar 13, 9:09pm
richwicks
2023 Mar 13, 9:09pm
Eric Holder says
You really need a bit of talent to be a good cook and it takes practice. I know I don't have a broad enough palette to be a decent chef.
The whole thing about Culinary degree is weird. To me this is more like trade, not much different from plumbing or welding.
You really need a bit of talent to be a good cook and it takes practice. I know I don't have a broad enough palette to be a decent chef.
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If the argument is that 100k is a ridiculous amount for school to cost, then how is paying for it with taxes or debt forgiveness going to fix that in any way ever? At least with a direct responsibility for a high tuition, people will be choosing to get cheaper and equal or nearly equal alternatives via price substitution...
Here is my take on the solution to this problem:
1) Reinstate the ability to declare bankruptcy to discharge student loan debt BUT make there be a 10 year discharge period, with a 10% income repayment cap. This allows people to get out of their debt in the event of life events, but doesn't let them off the hook entirely. It also returns responsibility to the lenders to lend less money if the student doesn't have a good prospect of finding a job with the degree they intend to pursue (or have other means of paying).
2) If the student applies for bankruptcy after completing a degree, the school becomes liable for 30% of the debt remaining after the 10 year payoff period is over for the student. This gives schools some incentive to not steer students into majors that won't let them pay the bills.
What do you guys think?