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 ...
I paid for my kids college educations as we went.
“Well, except maybe the coyote chili.”
It was a bit chewy, and I tried to imagine it was chicken. Oh, and the other flavor was menthol.
Menthol should snuff out that gamey smell/taste. After all, it's the thought that counts.
“Why aren’t there resources to help those with private loans get forgiveness?”
__________
That would involve cash disbursement from FedGov, as opposed to a mere accounting entry/writeoff. Cash disbursements require the House of Representatives to originate a spending bill. The White House is determined to do this itself leave Congress out of it
[[[I] can’t pay off the full amount because [we] may need to buy some more votes with student loan $$$ in ‘24.]]
Exactly- future insurance against losing in midterms and general elections
People like free money. They don’t like other people getting free money.
Think of all the poor suckers who bought gas-powered cars, surely the deserve their car loans to be paid off too...
People like free money. They don’t like other people getting free money.
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Never had any, not so sure I’d like it. At age 77, self respect is better.
If she spent 100K to get an accounting degree, she’s doing it wrong. You can get a perfectly good four-year degree from a regional in state university for a fraction of that. You don’t need an MBA from Wharton or Chicago to get an accounting job.
“..Taxation is theft...”
Without a doubt.
We call it “legalized theft” around these parts.
Basically, it’s a handful of shirt & tie lawyers stealing money from the blue jean/work boot folks.
Many of us find it totally disgusting, but it is the “law”.
It’s unsustainable the way their greed is going. At some point, there’s gonna be an outright revolt...maybe even in my lifetime. Hope I live to see it.
This is Xiden’s version of “Big Bleepin’ Deal” Obamacare.
Both were UTEP two steps.
Obamacare step 1: Legislature claims the financial penalty for not obtaining health insurance is not a new tax but a penalty, (valid under the Commerce Clause), in order to obtain the political support necessary to get the bill passed.
Obamacare step 2: Judiciary declares that the financial penalty for not obtaining health insurance to not actually be penalty under the Commerce Clause (because that would be blatantly unconstitutional), but a new tax, valid under the taxing power.
Xiden Student Loan Vote-Purchase Scam Step 1: Years ago, under Obama, federalize student loans, ostensibly to ensure that any student can get one and win’t be turned down for being a bad credit risk.
Xiden Student Loan Vote-Purchase Scam Step 2: Use an accounting entry typically only validly used to write off bad debt to write off 10k-20k of debt indiscriminately, regardless of whether or not the debt is bad debt.
How much of these FEDERAL student loans went to pay for luxury dorms, administrators rather than instructors and all of these other REVENUE ENHANCERS by our Kleptocratic Colleges?
FYI: I worked night jobs to pay for my college - HATED 8am class!
I had student loans. About $9000 in 1979 dollars, about $35K today. 10 year loans, advantageous interest rate. Paid them off in 10 years. No hardship whatsoever. Of course, I drove a Chevette during that time, but to be frank it did not seem like such a burden.
Moochers. Moochers everywhere.
No one “deserves relief”. It is a corrupt nation killing concept.
That sounds like my son. Astronautical engineer. Lives with four other guys. Drove a garbage car, paid off $30k in 12 months.
He still lives in the rental with three other guys and is banking his money.
Thanks. These are parasites on education.
I paid mine off, almost $100,000 in “today’s” dollar value. Now giving MY tax dollars to DEADBEATS that won’t pay theirs off? A tipping point is coming, they cannot continue sticking the knife in good, honest people!
I was arguing this on Facebook with someone I didn’t know. This person was arguing that it was a great idea.
When I pulled out the self respect card this person told me she was terminally Ill and how does I argue with someone terminally Ill.
One- I didn’t know her health condition
Two- Not sure what it has to do with education loans
But hey, she has the terminal card to play.
she went to school where?
only mentions “college”
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