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 ...
A 34-year-old accountant who paid off $100,000 in private student loans says they deserve relief tooWho are "they"?
Thanks for posting this.
We have 2 grand nephews, new in engineering, who took a 10K loan to finish college and to help get started in life.
A granddaughter, a new RN last year, did the same her last year in nursing school. She has been working and paying taxes all of her high school and college years.
We have one grandson, who will be graduated next year with 2 engineering specialities. He is following the path of his relatives. He has been working for 3+ years and paying taxes.
So are they to be punished for getting degrees, which enabled them to be hired before and on graduation?
They will be paying a ton of taxes in their upcoming lives to more than cover this advance in their life.
Their grandparents, uncles and aunts as well as parents helped pay for their college costs to minimize their loans.
Their degrees are instant employment degrees not instant unemployment degrees, IUDs! IUDs just keep the worthless PhDs employed pushing the same worthless IUD’s.
This issue was discussed with 2 of the college recent or will be grads, and they will max these loans. They have a current job or one on graduation.
I am about at that point to go live in the woods.
The universities only charge as much as people are willing to pay.
Her loans were dischargeable in Bankruptcy then as they were private ones and not Federally Subsidized.
Also, make student debt dischargable via bankruptcy, again.
Fire half of those people and cut the others pay by 50% and you can lower the cost of College.
Imagine the homeowner who finally just paid off their home after diligently paying off their mortgage for 30 years. Then they learn that the young couple who just moved in next to them will now have their mortgage paid off for them - with their tax dollars.
well, hopefully those who screw the system by accepting debt forgiveness on student loans will have it on their records as high risk-
Yep- very true- good analysis- dems always have long term plans- coupled with short term bullying to get to the long term goals-
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