patrick.net

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.

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.

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...

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.

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.

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.

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.

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.

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.

https://www.foxnews.com/politics/states-confirm-plan-tax-student-loan-handout-funds

States confirm plan to tax student loan handout funds