Posted on 08/28/2022 8:45:54 AM PDT by grundle
Ash, a 34-year-old accountant from Connecticut, graduated from college in 2009 year with more than $100,000 in private loans, she says.
Still, she thinks of herself as relatively lucky. With the help of her husband, who didn't have his own student loans, they managed to pay them off in March 2022, after 12 years of making sacrifices so they could afford the monthly loan payments.
Even if Ash, who asked Fortune not to share her last name to protect her privacy, hadn't completely paid off her loans earlier this year, she wouldn't have benefited from Wednesday's student loan forgiveness announcement. There will be no relief for the roughly 2 million private student loan borrowers. The Biden-Harris Administration's debt forgiveness plan wipes out $10,000 in federal student debt for borrowers making less than $125,000 a year, and up to $20,000 for those with Pell Grants.
Ash is frustrated by the news and the limitations of Biden's forgiveness program.
"Why aren't there resources to help those with private loans get forgiveness?" Ash says. "It's like I was told that if I went to college I'd be able to get a good job and support myself and family, and that's just not always true in our current environment."
When she looks at all the money she paid to free herself from the shackles she felt her loans put her in, she thinks of all the other places that money could have gone and how different her life could have been: "I could have bought a house. My situation could have been different."
(Excerpt) Read more at finance.yahoo.com ...
1993: The Student Loan Reform Act officially implements the Direct Lending program. Under this program, the government can now directly lend to student loan borrowers, instead of through a private institution, which had been the only system since 1965.
I meant earlier, not later.
But maybe it later became obligatory for the colleges to do the lending. I didn’t see that on the timeline given at that site. It says 1993 was when it became possible for the colleges to do the lending themselves.
I remember this from 1994, when she was applying to colleges. There was a get-to-know-you type meeting in NYC and an admissions officer from the college she ended up going to was mightily po’d about the change from allowable to obligatory.
My unanswered question is, what about future loans? What about students in school now, taking out loans now? Will this create an expectation that all loans will eventually be forgiven, and actually induce people to borrow even more? After all, why not borrow more, if it will be forgiven eventually???
Selfish beotch, look at all the places the money COULD have gone. I could have bought a house? Universal free College, I wonder if the big Colleges will go along with the strings of that? The US government should force Colleges to refrain from accepting students with school loans, and give away free college until the endowments reach zero.
“ By SUNLEN MILLER, HUMA KHAN and JAKE TAPPER
March 30, 2010, 10:18 AM ET
• 9 min read
March 30, 2010— — President Obama today signed into law the final piece of the health care puzzle, which mandates sweeping changes in the way the nation provides health care and makes the federal government the primary distributor of student loans.
“That’s two major victories in one week that will improve the lives of our people for generations to come,” Obama said.”
But yes, the Clintons started it. It’s money launderusing kids. 1993 to now with a boost and overhaul by prince Stompy Foot quite early on in his reign
Agree. I paid as I went for undergrad and multiple Masters. Zero student loans. Did it take me longer and did GPA suffer having to work and study? Likely. So now years later I get to pay taxes to write off someone else’s student loans. Peachy.
This is the same government that will run out of money for my Social Security but won’t run out of money for illegals.
And then there are the people who worked full time while going to college, mostly paying as they went. They skipped the "College Experience" and busted their asses. For many, college is a 4 year party.
I say, write the check directly to the student! THEN, let’s see what happens! PIZZA PARTY!!!
OBVIOUSLY, ppl like you should not be rewarded! :-)
I guess it took that long to get the thing through.
I remember how angry that admissions guy was. And it still took 16 years.
Complete with gray ponytail and wearing non-leather sandals, I'd bet. Living 15 miles east of Beserkeley, I see his type all the time, sorry to say.
Correction:
I’m betting the woman in this piece isn’t giving her last name because she works for a liberal non-profit, an abortion clinic, or is connected to the democrat party... This is no different than an ‘unnamed source’ who’s really a combination of two people sitting next to the ‘journalist’ in a newsroom. Trey Williams should not do this...
If indeed she was ill at all. You fell into her trap of looking at the messenger rather the message. A favorite liberal trick is to have a mouthpiece with some sort of non-standard condition. Like a child or a cripple or someone who lost a family member, etc.
I ran across someone who pulled the doctor card out of his ass when discussing junkies - he thought they should be coddled due to their condition. I did not. Junkies are about as worthless as you can get without devolving into pond slime. It didn’t bother me at all that he was an MD. there are plenty of doctors who have their head firmly implanted in their backsides.
You can work your way up to management positions in ANY restaurant chain, you can work your way up to management in ANY retail company, in BOTH of these instances it will take far less than 4 years IF YOU WORK HARD!! Most of the management positions today START at $50,000.00 yr. you just have to WANT IT, companies are STARVED for hard working caring staff, if you have these TWO attributes they will bend over backwards to advance you as quickly as possible, college degrees mean nothing to the service industry, I worked the service industry my entire life and worked my way up to franchise ownership with NO MONEY just a commitment to train managers and new franchisees YES the service industries are grueling hours HOWEVER that is now changing, you have to LOVE taking care of customers, LOVE working very hard and these industries WILL take care of you AND advance you!!
You not only get screwed in taxes you (and everyone else who has positive equity) gets screwed by inflation directly caused by the Democrats’ monetary policies. I used an inline inflation calculator that told me my life savings had declined by 11.5% since Jan 2021.
If there will be loans for education of anyone, a simple rule set would be:
Major - Gender Studies: no foreseeable income producing ability. Your loan limit will be $25,000 for your 4 year degree.
Major - Chemical Engineering: outstanding income producing ability. Your loan limit will be $150,000 for your 4 year degree.
Major - Pre-Med: exceptional income producing ability. Your loan limit will be $250,000 for your 4 year degree.
Major - Underwater Basketweaving: no appreciable income (Hello, you want fries with that?). Sorry, datz not gonna make it.
Add any subject that ends in “studies” - you get nothing because the degree is worth nothing
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