I think this is the guy whose education the plumber had to pay for.
Posted on 08/03/2022 10:12:27 PM PDT by grundle
This isn’t going to “sink” the GOP, though being The Party of Stupid, they don’t need any more help.
I am 100% against anything being done with taxpayer money beyond taking the money they borrowed, applying inflated costs, and working out a payment schedule on that.
So if a person borrowed $30,000 in 1980 and never paid it back, convert to $100,000 in 2022 dollars and pay that back on a schedule.
And that is it. That is all I would allow for.
It isn’t slavery. They signed that contract of their own free will. Nobody twisted their arm. If someone signs a contract, it is a contract. Period. If it were YOU lending the money personally, you might feel differently.
Not loan forgiveness.
A TRANSFER!
From a bunch of deadbeats to people that might actually pay their bills.
I can't find those calculators anymore. All I can find are ones that you have to plug in the time frame and it tells you the payment amount, but that's not the information I'm looking for. I'm looking for what kind of interest rate you'd have to have, and how low a payment you'd have to make, to end up in this situation. Because frankly, it's a little suspect.
But to the best of my calculations, if she got a loan at, say, 6% and paid about $207 a month, after 20 years, she'd have paid it off.
All I can figure is that she made almost no payments for it to rise that high.
Yep. As Milton Friedman was fond of stating: “All debts get paid.”
Makes sense.
If that debt is “forgiven” she will receive a 1099-C for the entire amount of ~$329,000 due, taxes to be paid on that income to the IRS on her next filing. Imagine her surprise.
And I know I won’t hire anyone who had their loan forgiven.
Make a promise, keep a promise, if you can’t do that, why would I ever believe you’d be a good employee?
Doesn’t sound like Betty-Ann was smart enough to be a lawyer or a greeter at Walmart for that matter.
That’s the stupid thing about the college loan scam. Many students take out loans and do not graduate. Others take huge loans for worthless degreesnwith no job prospects.
My kid went into Astronautical Engineering, a field with a very high starting salary. When he was a junior, he got a job in his field with high enough pay to cover his expenses.
He graduated about $30k in debt, mostly to us. He was debt free in just over one year.
Lessons: take a course you have competency for that has serious job prospects. Limit debt, work through college, get a good career and pay your debts immediately.
Whooops, why should the people who did not go to college pay for the ones who did?
— “All debts get paid.”
And much of the student loan money did not go to an institution of higher learning!
The recipient spends it as they see fit.
Often a new car or spring break adventure.
I have heard that some never made it through the door of a classroom.
Not to mention all those "suckers" who did pay down their loans. Do they get recompensed for their diligence?
The Dems have painted themselves into a corner on this one.
The debt isn’t forgiven.
It’s passed off to all the rest of us.
Now he guy who became a plumber out of high school is forced to pay the debt of his high school classmate who smoked dope for eight years and got a degree in Bolivian Lesbian Poetry.
Sickening…
When I went to college, I used the GI Bill. I chose a state college with a low tuition and commuted to school. Had a job the entire time, paid my own way. I did live with my parents at the time, but that was a choice as well. Never took out any loans.
That course of action is open to anyone.
I have no respect, none, for someone who would take out loans to go to an expensive college for worthless degree, live on campus, then never pay back the loan.
I don’t criticize people for not finishing college or taking a job in their field.
But I do criticize them for not paying back money they borrowed. And I have open contempt for anyone who agitates to have the loan forgiven, or advocates that course of action.
That is an abdication of personal responsibility, and having the onus of paying it back placed on another person says even worse about someone. And we have people on this forum who advocate just that.
I think this is the guy whose education the plumber had to pay for.
Yes. I just get angry when I hear people, even some on this website, advocate that I pay for this crap.
Even Bluto wasn’t dumb enough to rack up $125,000 in debt and sit on his ass for 8 years getting useless degree .
It isn’t slavery. They signed that contract of their own free will. Nobody twisted their arm. If someone signs a contract, it is a contract. Period. If it were YOU lending the money personally, you might feel differently.
****************************************
The truth is, these kids would never be able to get a loan for this amount of money, from me or anyone else. They have no concept of the loan, interest rate, or monthly payment terms. It is almost intentionally hidden from them.
I really had no idea how big this problem was, until I just went through this with my daughter. She is very book smart, but I had no idea how dumb she was with matters of money.
Let me explain a little how this works. It’s not like a bank loan that sits you down and shows you the monthly payments, how long the loan is, and how much you will pay at the end of the loan.
You sign up on the government FASFA site:
You put in the college that you will be attending, and they offer you your financial aid package. It’s not based on your degree, or ability to pay in back. It’s based on the price of the college. If you are lucky, it is a combination of loans and grants.(my daughters was)
Check box to accept the terms of this grant, check this box to accept the terms of this loan. Period, that’s it. No breakdown of costs, terms, or monthly payments. You have to actually go and look up the terms.
Here is the best part, they give you A LOT more money than you need.
My daughters yearly tuition is about 6500, plus books, and fees, ect.
They offered her 24,600 per year with loans and grants. They are the ones to decide how much you need for living expenses, and tuition for the year.
They say check box to accept, and that is it. You are now strapped with student loan debt, that you probably can’t ever afford to pay back. These kids don’t even understand that the interest keeps accumulating from day one, so you already owe much more before you even get out of college.
You also can’t ever discharge this debt through bankruptcy.
Luckily, I was there to stop my daughter. She wanted go away to school. However, when I showed her the actual terms of the loan she was signing, she decided to live at home, work, and only accept the grants.
Student loans should only be available to those who can pay them back. Let the invisible hand work.
If your chosen field doesn’t pay enough to cover your loan you do not have value to society. This brutish idea is not popular with people who can’t do calculus. A degree in gender studies has less value to society than a degree in Electrical engineering. This is a fact obvious to anyone who looks at salary data.
If your chosen school is too expensive go to a less costly school. The expensive schools will either lower price or fold up.
The root of the entire problem is the flawed idea that everyone should be able to go to any college they desire, to study anything they desire. This idea is not supported by economic reality.
Why should I pay for mass economic fallacy?
I am glad you were there to help out your daughter (and I know how this college loan process works) but a contract is a contract.
Right off the bat, the government shouldn’t be in any way involved in this, backed by taxpayer money. That is the same reason mortgages ended up causing the mayhem they did-because the Leftist part of the government saw private bank mortgages as racist, which they were not. They were generally “fiscalist”, not racist. So taking the fiscal aspect out of loans and backing them with taxpayer money was and is a crime. It exposed people who should not have gotten loans, and would never have gotten loans under a historic process if a loaning entity looking at a risk versus a benefit.
Like a fatherless family of four with a minority woman as the head of the household working a low paying job getting a loan.
Or an eighteen year old girl with no savings and little income getting a loan without having it over signed by her parents.
But at eighteen you are legal. You can and do take control of your life. You can join the military. You can own a firearm. And you can enter into contracts legally.
And the truth is, even if you raise the age to 21, 31, or 41, there are people who will still put the pen to paper without understanding the risk.
We should not be on the hook for those people in any way, shape, or form. Never.
That is my opinion. Yours may be different, but that is mine.
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