Student Loan Forgiveness?

[giles]

What happens if I don't pay my taxes anymore?

Taxation is theft!

 

[Ohiosam]

im Not opposed to student loan forgiveness as long as the money comes from taxes on colleges, universities, administrators and professors

 

[giles]

Rad Dad on TikTok

Student loan forgiveness are you kidding me??? #fyp #foryoupage#democrats #republicans #foryou #LeavingCalifornia #studentloanforgiveness #studentproblems #studentloan #studentloans#studentloandebt #uselessdegree #liberalarts #angry #madashell

www.tiktok.com

 

[bowhunter1023]

This is the one division tactic deployed by Washington that actually infiltrated here. As far as my opinion, JB is spot on. My wife and I are college graduates who took on loans, furthered our lives, and paid them back. We made good decisions, worked hard, and for me particularly, had some good, bad, and more good luck. Had I not had that piece of paper when I was laid off, the climb from the bottom would have been MUCH different. The education system and a good bit of those "pieces of paper" have lost a lot of value in the past 15 years. But if you made a shitty decision and got an art history degree in exchange for $100K in debt and no career outcomes, you made bad decisions and it shouldn't be the rest of our problem.

It's all about choices, in my opinion. The problem is not the lenders or the universities. A business can charge whatever it wants to for a service or a product it is providing. The problem is the 100's of 1000's of IDIOTS making the terrible CHOICE to go to a hyper-expensive school, with a high-interest loan, to obtain a degree that's not worth the weight of the paper it's printed on. If you think the cost of the education is too high... Don't go there! And if you do make the choice to go there, do it with the understanding that you will most likely be starting your career with a financial handicap. This crap about handing out money to make people's problems go away has to stop. We aren't solving problems that way. All the government is doing is enabling irresponsible behavior and alienating the dwindling responsible population.

I chose an expensive, private university... mainly because I simply didn't know any better. I was the first and only one of my family to go to college, and none of us knew what we were doing. I graduated with 80k in debt. Yes, it was a shock when I was turned loose into the "real world." And yes, I struggled for several years to find any job related to my education. But did I pout about it or feel entitled to a bailout? No. I have worked 2-3 jobs at any given time for the last 15 years and HUSTLED my ass off, sacrificing my time and my family to do what was needed to pay off the debts that I was responsible for. Now my debts are paid. Where's my reward? Where's my 10-grand?

And if anyone wants to say, "Well you're the exception... You were lucky to land a good job... etc etc etc." To that I'll say, "Kiss my rosey red ass." Nobody gave me shit. Everything I have, I have because I worked for it and I earned it with my own blood, sweat, and tears. And all of it has boiled down to the CHOICES that I have made along the way. This student loan forgiveness crap is a SLAP IN THE FACE to everyone who has worked for what they have, and no one will ever convince me that it is the right thing to do. Student loan forgiveness, or throwing free money at problems in general, is nothing more than buying votes. Period.

 

[Bigcountry40]

That really is not the case. I paid for three years at THE Ohio State University in the late 80's out my pocket by working my ass off at two jobs all summer and one very good part time job all year long, and having exactly no life at all. I sacrificed everything else to pay for three years of college tuition. Then I decided that academia wasn't really my calling and quit school, became self-employed in a manual trade, and have done better than most of my college graduate friends who actually have jobs, and never incurred one cent of student loan debt. My wife borrowed money for two different Bachelors degrees and Masters degree. I helped her pay back most of it, so excuse me if I don't want any of our tax dollars squandered on repaying somebody else's loans. I have exactly zero sympathy for people who are too dumb to realize that they have to pay back money when they borrow it for a college education. Life is hard and we all have to struggle in our own way to make our way in the world, and that includes suffering the consequences of our bad decisions. For some people, borrowing money for higher education was just a bad decision they have to live with. That is not a good enough reason for our government to do it for them.

You borrow the money in good faith, you pay it back. Anything less is unacceptable; I don't give one fuck what you borrow it for or how long it takes you to fulfill your obligation to repay the lender. You borrow money, you pay back all of it. Expecting somebody else to do it for you just because it's difficult for you is unacceptable, and one more example of how the "time out" and participation trophy generations cannot seem to grow up and accept their responsibilities as adults.

To your point government cancellation undermines the hard work and dedication of very student athletes.

 

[Bigcountry40]

I just think that some these peoples loans should of been capped or not given at all, basically done like a mortgage loan. These banks/loan companies were given this money by the fed for like .1% interest and then they turn around charged kids 20% with harsh penalties. There are instances where people have paid 40k of a loan that was originally 80k and still owe almost the full amount. But again these were private to federal loans, so that 10k does nothing.

 

[bowhunter1023]

Student loan debt is the only debt exempt from bankruptcy. In many cases, there were predatory lending practices at play.

 

[Bowhunter57]

Wow! This "joke" certainly took off in a different direction.

I'm glad to see it has some thought provoking merit.

 

[Jackalope]

Student loan debt is the only debt exempt from bankruptcy. In many cases, there were predatory lending practices at play.

While true, it's also true that nobody held a gun to their head to sign that paper. Every person did so of their own free will.

I've always felt that federal student loans should be repaid the same way child support is. Garnished directly from income the same way Social security, Medicaid, federal taxes are and based on a percentage of income. Everyone who receives the 10k should have additional federal withholding value added to their income tax filing to complete a no-interest repayment schedule in 10 years, additionally, any returns should be zeroed out and that garnished return then counts towards repayment.

 

[Sgt Fury]

 

[Iowa_Buckeye]

Colleges don’t trick anyone with the cost of their tuition. You know what it is when you sign up. You will know the approx value of your loans upon graduating and the average starting salary (and hiring rate) for the degree you choose. All your decisions.

This is just another reward/handout for the financially unaccounted.

Maybe I should cash in my kids’ 529s and just pay the 10% penalty. Then they can get ‘reimbursed’ loans versus not getting loans since they have fat 529s. Complete joke.

 

[Bigcountry40]

While true, it's also true that nobody held a gun to their head to sign that paper. Every person did so of their own free will.

I've always felt that federal student loans should be repaid the same way child support is. Garnished directly from income the same way Social security, Medicaid, federal taxes are and based on a percentage of income. Everyone who receives the 10k should have additional federal withholding value added to their income tax filing to complete a no-interest repayment schedule in 10 years, additionally, any returns should be zeroed out and that garnished return then counts towards repayment.

Brother it was like a used car salesman on steriods, college admissions and high school guidance counselors selling lies and you had 17 and 18 year olds eating every crumb. Majority of the predatory loans took place in the 90's and 2000's- late 90's early 2000's to be more specific. We really didn't have the internet and a lot of the parents did not know any better. I thank the lord everyday I was built like a gorilla and ran like a deer. If you had hands off parents or parents with bigger families where the fathers made decent money, kids signed their lives away and didnt even realize it.

One piece of advice I would give any parent with kids within 3 years of entering the real world- be over involved in your child's life, research what occupations are needed, what salaries are, education cost v. job salary etc. My old man wasn't a smart man, but the second I became a college football prospect he became a self made expert in d 1 college recruiting, scholarships, etc. Its not the 1970's anymore where a kid can just figure it out on his own, we are seeing how that is working out right now, all of us are picking up the tab.

 

[Clay Showalter]

As usual the government gets involved and screws things up, with all this guaranteed money there is no incentive for universities to control their inflation of tuition, they are like a kid in a candy store.

 

[Clay Showalter]

Also add in forbearance and people not understanding what it means and they really get screwed.

 

[Bigcountry40]

View attachment 159965

Just out of curiosity in prior threads you have mentioned some of your former co-workers and their lack of work ethic, etc, how many of them enjoyed things listed on this meme or currently do? I wonder if the same exact thing would happen them if we flip the your bad co-workers and the current generation that fit this meme. My instinct tells me they are all the same, turds are turds.

 

[hickslawns]

I took out a $6000 student loan to grow my business. Probably paid back $10-12k. The bank wouldn't work with me. Tight lending. College was easy lending at the time. My college degree is a joke. I hated school. I kept going back because everyone kept telling me a needed college. 25 years later? What a waste of time and money. I received minimal benefit from college. I won't say "zero benefit" but not much. I've made dumb decisions in business. I've borrowed money that was wasted. I've paid it back. That WAS my education. Think I could get some loans or mortgage payments forgiven? Stop printing money! Stop handing money out! This is all part of the plot to destroy our country. They don't give a shit about us pawns.

 

[aholdren]

It sucks to be from the 50 plus generation..... I started working at age 20 and was told to buy savings bonds!!!!! So every pay i got $100 EEE bonds under the understanding that it would be tax-free for college education for my kids....... I bought them for 12 plus yrs..... Also started putting back $ every month for 22 yrs in another insurance policy that was going to be tax-free if used for kids' college..... FUCK ME for trying to look yrs ahead and try to do the right thing..... Those savings bonds turned out to be not tax-free..... and no tax-exempt for the other..... you make above the allowable income limit to receive the tax-exempt amount. So go ahead and use my fucking tax dollars to pay everyone else's .. FUCK JOE BIDEN ......

 

[Hedgelj]

So let me toss my hat into this ring. Go get a beverage its gonna be a long post.
TLDR:
I can honestly see both sides of this but the bottom line is Government fucked up by getting involved in college loans which exploded tuitions. Government and colleges have predatory lending practices where if you don't understand what you're doing you can easily never pay the loans back. Government is thowing out a bone for political purposes prior to the midterms while just moving the debt around and making it seem like a solution without actually doing a damn thing to fix the problem. Governmental fuckup at its best.

So there was a cool infographic I saw a few weeks ago on Reddit that I can't find. It showed that in the 70s and early 80s a person could work a summer job at minimum wage and pay for a year of college. Then mid 80s through the 90s you could work full time all summer and then part time all year and make a college tuition. Then by the 2000s there was no chance and now you can't even make enough during a summer to pay for room and board much less any part of your tuition. There was one part that even said that depending upon your major, it would even be hard to pay for your books for the year with a full time summer job.

So what happened? My opinion is that as the government started to back the loans school tuition went up and up and up and up. It became "free" money to go to college with very low interest rates. It was <3% when I was in college the first time graduating in 2003. Between then and when I graduated with my second degree in 2007 it was up at 6%. Then when I went for my masters it was 8+%.

Then you have the societal change that occurred. When my parents were young you could go to college and that almost guaranteed a job that landed you in comfortable middle class america if not higher. However, that's not the case anymore. Now you can get degrees in fields that virtually guarantee you will always struggle but yet the colleges have no incentive to give a flying shit, they just keep raking in the $$$$. This is a failure on the parents, the kids taking these classes and the colleges for offering them. Its multifaceted.

Yes there is also the issue that some of the recent college graduates are trying to live at the same levels as their parents who are further up the economic ladder because they have been working and saving for decades. But look at what a full time job pays, yes there are some good ones but there are more shitty ones barely paying above minimum wage. Yes there are many bad life choices including drugs and other things that make it so others cannot get better paying jobs but a minimum wage job used to offer at least a stepping stone into a self sufficient life, now it'll barely pay for a cell phone plan.

Then you have the political aspect of playing for votes for the midterms. However, all the $10K will also have to be reconciled on the taxes, leading to maybe a purpose for the 87K new IRS agents. That'll bite everyone conveniently AFTER THE MIDTERMS.

There's also the aspect that this money has to come somewhere or go somewhere. We have so much debt as a country we just kick the can further down making the future payback that much more painful. If the government can just ignore their debt and raise the ceiling why not allow other members of society to do the same?

 

[Sgt Fury]

Just out of curiosity in prior threads you have mentioned some of your former co-workers and their lack of work ethic, etc, how many of them enjoyed things listed on this meme or currently do? I wonder if the same exact thing would happen them if we flip the your bad co-workers and the current generation that fit this meme. My instinct tells me they are all the same, turds are turds.

Every job I’ve ever had in my lifetime always had a few people who would ride the coat tails of other workers. I like to call them “human parasites”. They do as little as possible to get by, while getting the same pay, benefits and pension as the other people who actually performed the work. I’m sure everyone on this site has a few in their place of employment. They are also the ones who know how to work the system…they know how much time they need to work (down to the hour) before being eligible for FMLA and other benefits that they take full advantage of. Then when the company takes that benefit away…or severely restricts it, it is the person who actually needs it that doesn’t have it anymore. I’m so glad to be retired and not have to deal with that shit anymore.

 

[Outdoorsfellar]