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Student loans paid off


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2021 Nov 18, 3:38pm   5,717 views  77 comments

by RC2006   ➕follow (2)   💰tip   ignore  

I thought this wasn't going to go through but wife just had a friend that had thier 50k loan forgiven. Guess its happening for public sector employees.

Another fuck you for people that did the right thing. Wife and I worked while we went to school and paid whatever loans we had off . we didn't travel, party, barrow to pay living expenses. Just sends message put don't pay your bills, just like don't enforce borders, don't work ect ect.

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40   Baloo   2022 Jul 30, 7:57am  

Hi, I don't normally comment, but I want to add my 2 cent. I have twins who went to community college, mostly to save money. My daughter transferred to UC Berkeley to study math, and graduates this December. My son is transferring to UCLA to study physics this fall. They both went to Community College first. Like most things in life, what you get out of it depends on what you put in. It was also Character building for them as most of their friends went straight to four year universities and they had to endure the judgment of people who think that community College is for kids who failed to get in anywhere else.
41   GNL   2022 Jul 30, 12:30pm  

Baloo says

Hi, I don't normally comment, but I want to add my 2 cent. I have twins who went to community college, mostly to save money. My daughter transferred to UC Berkeley to study math, and graduates this December. My son is transferring to UCLA to study physics this fall. They both went to Community College first. Like most things in life, what you get out of it depends on what you put in. It was also Character building for them as most of their friends went straight to four year universities and they had to endure the judgment of people who think that community College is for kids who failed to get in anywhere else.

I'll bet they learned a great lesson as well. You are 100% right, of course. The entirety of life is what you put into it.
42   Shaman   2022 Jul 30, 1:27pm  

Baloo says

Hi, I don't normally comment, but I want to add my 2 cent. I have twins who went to community college, mostly to save money. My daughter transferred to UC Berkeley to study math, and graduates this December. My son is transferring to UCLA to study physics this fall. They both went to Community College first. Like most things in life, what you get out of it depends on what you put in. It was also Character building for them as most of their friends went straight to four year universities and they had to endure the judgment of people who think that community College is for kids who failed to get in anywhere else.


That’s basically our plan for our three kids. Community college is almost free, and there are plenty of online options. They can study and also work at least part time for a couple of years until they’re sure which direction they wanna go. Then get the transfer to whatever university they want and finish the thing. But this way you only pay two years instead of four. This leaves more money for graduate school or professional school if that’s what it takes to meet their goals.
Honestly, I don’t know why people wouldn’t do this. Makes great financial sense! And the kids still get to have an alma mater that people respect.
43   TheDonald   2022 Jul 30, 2:42pm  

I applaud you Baloo! My three kids all went to cal poly- slo. My middle son spent the better part of a year taking community college classes to get back into cal poly. Not only humbling for him and parents but he said some of the best instructors ever at Cuesta College. My kids are lucky. The last one graduated in 2019 prior to wuhan/deepstate/fauchi. For my future grand kids I am recommending home schooling and a trade school. I just want to say I appreciate the people who contribute comments on this site. For me this is my second go to site for current events and comments behind conservative treehouse. However, there are some really funny dudes on this site! Cheers to you Patrick for creating and maintaining this forum!
44   TheDonald   2022 Jul 30, 2:54pm  

As a follow up. I had all 3 kids put skin in the game for education. I told them I would pay half their Ed cation and they would have to pay 50 percent . I actually ended up paying 75 percent of he cost and each kid graduated with around 22k of student loans. All three kids paid off debt on 3 years and consider it a good investment towards their education.
45   GNL   2022 Jul 30, 6:49pm  

Shaman says

Baloo says


Hi, I don't normally comment, but I want to add my 2 cent. I have twins who went to community college, mostly to save money. My daughter transferred to UC Berkeley to study math, and graduates this December. My son is transferring to UCLA to study physics this fall. They both went to Community College first. Like most things in life, what you get out of it depends on what you put in. It was also Character building for them as most of their friends went straight to four year universities and they had to endure the judgment of people who think that community College is for kids who failed to get in anywhere else.


That’s basically our plan for our three kids. Community college is almost free, and there are plenty of online options. They can study and also work at least part time for a couple of years until they’re sure which direction they wanna go. Then get the tra...

In Virginia, you can transfer all CC credits to any Virginia state college if all of your classes are a B or better.
46   HeadSet   2022 Jul 30, 7:24pm  

WineHorror1 says

In Virginia, you can transfer all CC credits to any Virginia state college if all of your classes are a B or better.

Actually, that is only courses approved by the college you want to transfer to. For example, William and Mary will take transfer credit from Thomas Nelson Community College (that school was recently renamed since Thomas Nelson was a slave owner), but only specific courses identified in advance by W&M. That makes sense, actually, as not to dilute W&M's academic stature. And like you said, grade B or higher. A quirk here is that W&M is difficult to get into as a Freshman, but much easier to transfer in as a Junior. My across the street neighbor had a grandkid who took advantage of this. She was unable to get to W&M right out of high school, so she went to TNCC for two years and then applied to W&M. She got accepted and will graduate from the school she originally wanted. Much cheaper as well.
47   GreaterNYCDude   2022 Aug 23, 4:02pm  

Well tomorrow we should know. I'm perdicting he'll go with the widely reported $10,000 but with a max HH (not personal) income limit of $150,000. Thoes of us that earn a good living and are responsible will once again be subsidizing those who make questionable life decisions. Can't wait for my taxes to go up as a result. Not to mention College tuition will rise by 5 grand overnight if they think the government will pay.

This is a moral Hazzard. I graduated with debt, worked my tail off and paid it down. I agree college is too expensive and for many majors not with the cost, but forgiving loans for a small subset is a bandaid at best. It dosnet get to the root of the matter.

Either make public college free for everyone and find a way to pay for it.. or stay out of the way and let the market find its price by not backstopping loans for education. Part of why it go so expensive is because when students defaulted SallieMae was there ro backstop them, so schools had no incentive to keep cost low.
48   GNL   2022 Aug 23, 4:21pm  

Who cares anymore? Seriously, there is no right or wrong anymore. The government sees itself as a God and looks down on the people and from time to time either punishes some or rewards others. It's a FUBAR at this point. Every man, woman and child for themselves.
49   GNL   2022 Aug 23, 4:23pm  

How many people out there bitching about a free $10k to others while government funny money policy enabled your home to double in value? Got something to say about that? Oh, let me guess, you're some type of financial genius. Right?
50   GreaterNYCDude   2022 Aug 23, 5:21pm  

GNL says


How many people out there bitching about a free $10k to others while government funny money policy enabled your home to double in value? Got something to say about that? Oh, let me guess, you're some type of financial genius. Right?

Nope. I got lucky. Definitely not a genius. But as one who put off buying a home because of my own student loan burden, who scrimped and saved a down payment but still sat on the sidelines, priced out during the last bubble, who believes in personal responsibility and accountability, simply eliminating dept dosen't solve the problem. College was barley worth the cost when I was a student and that was for an engineering degree in a historically lucrative field. It's gotten worse since. All we've done is encourage teenagers and early 20 somethings to simply borrow more and worry about how to pay it back later, mostly for an "experince". At many universities the quality of education is almost of seconday importance.

If they want to set an income cap fine. I don't need the help at this point and what's left of my loans will be paid off in due course. But I don't see how a one time forgiveness helps. What happens five or ten years out? Will this be a regular thing?

And at the end of it all my taxes (and yours I suspect) will go up to pay for it. That or we'll all be paying vis a vie inflation.

This issue really gets under my skin. My houses value is of little consequence. It's a place to live, not an investment. College was an investment in myself and my future. It paid off, but for many it dosen't. Giving them "free" money is only going to keep cost for a college degree elevated. And frankly, There are plenty of trades that don't require a degree. These people are getting screwed by this maneuver even more than I am.
51   RedStar   2022 Aug 23, 5:42pm  

The issue at hand currently is that the democratic party is increasingly dependent on college educated/fully brainwashed NPCs as their core voting block, so they have to pander to them. The irony of unschooled low wage earners paying for it is lost to them.
53   HeadSet   2022 Aug 23, 6:23pm  

GNL says

How many people out there bitching about a free $10k to others

It ain't just that $10k, which is just the start as new gifts will be promised right at election time. That easy money boofed the responsible who saved or worked and borrowed the minimum because the irresponsible borrowers drove up college costs. When my kid started high school in 2014, college costs were about $80k for 4 years. By the time she went to college in 2018, college costs rose to $120k. Delete easy money college loans and the costs would fall to reasonable amounts.
54   Michael Cooke   2022 Aug 23, 6:42pm  

Eliminate student loans and the price of college will plummet. Imagine the interviews with shrieking college professors as their salaries plummet. Lol.
55   GNL   2022 Aug 23, 6:44pm  

GreaterNYCDude says

GNL says



How many people out there bitching about a free $10k to others while government funny money policy enabled your home to double in value? Got something to say about that? Oh, let me guess, you're some type of financial genius. Right?

Nope. I got lucky. Definitely not a genius. But as one who put off buying a home because of my own student loan burden, who scrimped and saved a down payment but still sat on the sidelines, priced out during the last bubble, who believes in personal responsibility and accountability, simply eliminating dept dosen't solve the problem. College was barley worth the cost when I was a student and that was for an engineering degree in a historically lucrative field. It's gotten worse since. All we've done is encourage teenagers and early 20 somethings to simply borrow more and worry about how to pay it back later, mostly for an "experince". A...

This issue is such small potatoes compared to what all is going on. If you've done well in life, this comes across as not wanting good fortune for others. For the record, I paid off my student loans also. I just cannot get riled up about this issue. We give illegals all kinds of damn $$. Who cares if an American student gets some money after they most likely got fucked by his/her people they trusted to help them make the right decisions when they were 18. 18!! Not only that but EVERYONE IS SUPPOSED TO GO TO COLLEGE DON'T YA KNOW.
56   Michael Cooke   2022 Aug 23, 6:46pm  

Remember this? An oldie but a goodie :)

https://www.youtube.com/watch?v=24S-6HXNgNU
57   Al_Sharpton_for_President   2022 Aug 23, 7:02pm  

Michael Cooke says

Remember this? An oldie but a goodie :)

https://www.youtube.com/watch?v=24S-6HXNgNU

The ignorant slut foil to Peter Schiff has absolutely child-like reasoning skills.
58   GNL   2022 Aug 23, 7:32pm  

HeadSet says

GNL says


How many people out there bitching about a free $10k to others

It ain't just that $10k, which is just the start as new gifts will be promised right at election time. That easy money boofed the responsible who saved or worked and borrowed the minimum because the irresponsible borrowers drove up college costs. When my kid started high school in 2014, college costs were about $80k for 4 years. By the time she went to college in 2018, college costs rose to $120k. Delete easy money college loans and the costs would fall to reasonable amounts.

I would bet that not a single person on pat.net would disagree...get government out of college loans. But, look, we're giving how many billions to people all over the world? I couldn't care any less than I already do about free money going to almost anyone. America is the land of the skims and scams. Funny money is all we're dealing with now.
59   Misc   2022 Aug 24, 1:08am  

Giving $10k loan forgiveness to people that fucked up isn't that big of a deal.

Only about 13% of students that attend community college complete the program in 2 years.

For students attending public universities, only 33% complete the program in 4 years. 40% never get a degree.

The students simply are not qualified to attend college even for bullshit degrees. They are pushed to attend even though they aren't qualified.

When these dropouts don't make their loan payments on time, the fees and penalties cause the loan balance to balloon.

$10k debt forgiveness comes to about $300 billion. At least this money goes to Americans instead of Afghans or Iraqis.

Besides most of that money just isn't going to be repaid anyways.
60   richwicks   2022 Aug 24, 3:13am  

Misc says

Giving $10k loan forgiveness to people that fucked up isn't that big of a deal.

Only about 13% of students that attend community college complete the program in 2 years.

For students attending public universities, only 33% complete the program in 4 years. 40% never get a degree.

The students simply are not qualified to attend college even for bullshit degrees. They are pushed to attend even though they aren't qualified.

When these dropouts don't make their loan payments on time, the fees and penalties cause the loan balance to balloon.

$10k debt forgiveness comes to about $300 billion. At least this money goes to Americans instead of Afghans or Iraqis.

Besides most of that money just isn't going to be repaid anyways.


I'm fine with it, provided they are barred from ever getting welfare,
61   Eman   2022 Aug 24, 3:26am  

GNL says

How many people out there bitching about a free $10k to others while government funny money policy enabled your home to double in value? Got something to say about that? Oh, let me guess, you're some type of financial genius. Right?


There’s no reason to bitch. It’s beyond our control. All I know is that my siblings and I paid back our students. This country has given us so much. Like it or hate it, it’s still the best country in the world for us. WE LOVE THE USA!
62   richwicks   2022 Aug 24, 3:34am  

Eman says

There’s no reason to bitch. It’s beyond our control. All I know is that my siblings and I paid back our students. This country has given us so much. Like it or hate it, it’s still the best country in the world for us. WE LOVE THE USA!


How do you know?

In 2000, I visited Australia, that was a better country THEN, it isn't now.
63   BayArea   2022 Aug 24, 4:22am  

The school loan forgiveness is the ultimate hand picking of winners and losers. Shame on you Democratic party.
64   WookieMan   2022 Aug 24, 5:05am  

BayArea says


The school loan forgiveness is the ultimate hand picking of winners and losers. Shame on you Democratic party.

Just allow people to BK on the loans. That's the biggest issue in my opinion. No one will lend to 18 year olds anymore and the prices will plummet for school.

My 50 year old English professor neighbors both make almost $90k a piece. To teach English at a CC. To me that's nuts. They come home from work, pound a 12 pack of Sierra Nevada and smoke copious amounts of pot. One is on the school board the other is the acting village president.... It's not a $90k/yr job. Teaching English classes to first and second year students is maybe worth $50k in my mind. I like them too, but come on?

My mom was a teacher so I don't think I'm biased. Teachers are paid too much in their later years and get pensions. What changed after they got their masters? They just paid other teachers/professors more money so they could make more money. It's a retarded system. Kind of a ponzi scheme. So now they'll forgive certain people loan debt. Allow ALL students to dump it in BK would be the solution.
65   mell   2022 Aug 24, 5:59am  

No. They should declare bankruptcy then their debt will be protected and the lenders shafted but at least they may collect pennies on the dollar. It's the only way capitalism can work. Government should get out of the lending business or function like a regular bank. We should also stop all "aid" to foreign nations and reassess
66   HeadSet   2022 Aug 24, 7:39am  

WookieMan says

Just allow people to BK on the loans. That's the biggest issue in my opinion. No one will lend to 18 year olds anymore and the prices will plummet for school.

You answered the question of why BK is not allowed on student loans.
67   HeadSet   2022 Aug 24, 7:43am  

Misc says

The students simply are not qualified to attend college even for bullshit degrees. They are pushed to attend even though they aren't qualified.

Without the cheap money, these kids would not have wasted their time at college. With a loan forgiveness precedent, colleges can increase costs and future students will not mind taking on even more irresponsible borrowing just to get that 2-4 year extension of adolescence.
68   GreaterNYCDude   2022 Aug 24, 9:17am  

And here it is...

https://studentaid.gov/debt-relief-announcement/

I don't know why this gets me so aggravated, we've spent more money on less important stuff, but for some reason this issue hits home with me.
69   GNL   2022 Aug 24, 9:22am  

GreaterNYCDude says

And here it is...

https://studentaid.gov/debt-relief-announcement/

I don't know why this gets me so aggravated, we've spent more money on less important stuff, but for some reason this issue hits home with me.

Your comment is clear as mud as to what side you are on.
70   Michael Cooke   2022 Aug 24, 10:35am  

Does an 18 year old understand compound interest and complicated repayment terms? Do they have capacity to understand what they are signing at 18? What about people who intentionally, steadfastly refuse to repay because they received a defective product.

Colleges are providing false promises, and useless degrees taught by smug unqualified tenured professors.

I dipped into a college class for "fun" because it was specifically being taught on my industry. I just wanted see what the professor was teaching. It was the most painful hour I've had to endure listening to. Everything coming out of the professors mouth was absolute total detached horse shit that has nothing to do with my profession and will never qualify you for anything. The lecture was completely detached from reality. I've never seen such an "intelligent" person sound like such fool in my life.

I have been in my profession hands on (and book smarts) over 20 years dealing with top people in my industry including U.S. and foreign multinational corporations. Literally everything coming out of this professors mouth was utter horse shit. Not one thing he taught in that class could be used by anyone in our business hands on. You've never heard such such fanciful explanations, hypothetical nonsense, and impressive useless gibberish. If our profession functioned as he taught - nothing would ever get done. Nobody would be qualified to do anything. And there are students depending on this for their future.

It made me see things from a different perspective:

When you graduate college with 200k in debt and end up working in a call center for $13.50/hr; one could make a case you have been duped and therefore owe nothing...
71   GreaterNYCDude   2022 Aug 24, 10:51am  

GNL says

GreaterNYCDude says


And here it is...

https://studentaid.gov/debt-relief-announcement/

I don't know why this gets me so aggravated, we've spent more money on less important stuff, but for some reason this issue hits home with me.

Your comment is clear as mud as to what side you are on.

I mean I can relate to it more than say billions for Ukraine. As someone who still has student loan debt, I'm torn. I don't want the handout but if eligible (I'm not) I wouldn't leave money on the table either.

I think either college (community and / or public college) should be 100% free anf paid for by the government OR the government should get out of the businesses of backstoping educational loans all together. You can't be half pregnant, and this "fix" is mostly pandering as it fixes very little.

If you want to call me out for straddling the fence on this one, so be it. But all this program does is keep college prices inflated.

As an aside the IRS normally views a forgiven debt as "income". Mabey they do need more agents.
72   HeadSet   2022 Aug 24, 12:59pm  

GreaterNYCDude says

As an aside the IRS normally views a forgiven debt as "income". Mabey they do need more agents.

Key word is "normally." Even so, one would rather just pay tax on $10k than the whole $10k itself.
73   Patrick   2022 Aug 25, 9:06pm  

WookieMan says

Just allow people to BK on the loans. That's the biggest issue in my opinion. No one will lend to 18 year olds anymore and the prices will plummet for school.


Lol, I think you just explained exactly why student loans were made non-dischargeable in 2007 or so.

They universities probably lobbied to make sure the loans keep coming, no matter how much damage they cause.
74   HeadSet   2022 Aug 26, 10:54am  

Michael Cooke says


When you graduate college with 200k in debt and end up working in a call center for $13.50/hr; one could make a case you have been duped and therefore owe nothing...

Then the solution is a refund from the college, not the college keeps the money and taxpayers forgive the debt. The refund method would stop the useless degrees from being offered, while the forgive loan option just encourages more educational fraud.
75   WookieMan   2022 Aug 26, 12:11pm  

HeadSet says

Michael Cooke says



When you graduate college with 200k in debt and end up working in a call center for $13.50/hr; one could make a case you have been duped and therefore owe nothing...

Then the solution is a refund from the college, not the college keeps the money and taxpayers forgive the debt. The refund method would stop the useless degrees from being offered, while the forgive loan option just encourages more educational fraud.

The only solution is BK. Won't happen. Forgiving debt just makes it worse. Student loans should be no different than a CC. You literally can just walk away and not pay it. Just fucks your credit. Risk you take, but that's what a loan is on the bank/government side. Price in the interest.

Administrators and professors would lose fuck tons of money. So likely not happening. Reform is just a random word in government institutions that has no meaning even though they're educators.
76   Robert Sproul   2022 Aug 26, 2:04pm  

HeadSet says

You answered the question of why BK is not allowed on student loans.

Thanks to Joe Biden who championed the BAPCPA bill in '05.

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