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Student loan repayment pause about to un-pause

DRTDEVL said:
Or be smart enough and have enough work ethic to EARN scholarships to pay your way while working part- or full- time for living expenses.

I used my GI Bill for school, earned scholarships that I banked for the moving fund after graduation, and worked full time to support my family, all while maintaining a 3.75+ GPA and triple-majoring my Associates (Accounting, Business, and Economics) and double-majoring my Bachelor's (Business Administration and Economics). If I ever couldn't work again, I could always go back with my remaining GI Bill and get an MBA or a Master's in Economics to increase my "value" further (I played my cards right and graduated with 27 months' MGIB eligibility remaining).
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You are sadly in the minority. We got a user in this very place who fucked up bad and wants you to cover his student loan debt, and is shameless enough to say it out loud.
 
I paid off one of my 4 loans recently. I have been taking advantage of this interest-free time period and making big progress haha.

I think the interest rates could be limited a bit. 6.8% is a bit steep, but I did sign for it so it is my debt still.:homer:
 
Void_of_Light said:
Because that's how 99% of student loans are structured. The loans are not like a car loan where you have a payoff date and the payment is set with that date in mind. All they factor in is what you can afford. 45k loan? how does $200 for the rest of your life sound?

There are also dozens of loans all crammed together each having a different interest rate, and due date. Some are even paid quarterly. The whole thing is setup to keep you paying for them as long as possible.

There is no set payoff date. It's just as shady as a payday loan place. The difference is, if you can't pay cash for your degree, you are pretty much forced to use the payday loan place.
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They must have changed since I had them in the 90s. I got a payment book, just like if I buy a house or car. Send in monthly check with next page form the book. I didn't want to pay the whole term, so I worked them off within 5 years of graduating.

This summer my oldest kid said I had easy and it's much more expensive now. I put how much student debt I had into one of those inflation calculators and it came back a little higher than what she projects she might have to take out.

It's funny how not saddling myself with expensive housing, cars, clothing and taking any available OT in my 20s helped pay it down quickly. When I look at many of the people complaining about it now they are living in nice apartments, have expensive lease cars, designer clothes, and all the latest gadgets but can't get ahead I just shake my head.
 
rockota said:
because Obama federalized all student loans... the government is literally the lien holder.
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Is there any difference in the words federally subsidized loans vs federalized? Serious question.

Loans were already fed subsidized in 2001....coming off the clinton administration and all through the bush administration. Well before Barack slowbama.

Most if not all loans offered were fed subsidized loans. There were still institutional loans offered but they were about 1-3k amounts not really any higher than 3% interest vs a 10k loan at 6.5% fed loan

Edit: made it easier to go with one loan at 6.5% then trying to gather together 3 or 4 different institutional loans. I got my degree, I had my fun, and it cost some money that I paid.

Either way we have a fundamental problem in society. If you want something you either pay or work for it. This college loan debacle is just another cog in the wheel of reinforcing the "gimme gimme gimme" attitude and that uncle sam is better suited to care for us Americans then we are ourselves. It's a glacially slow operation in stripping off our identity as people that get shit done. It's sad but Americans aren't what Americans used to be.
 
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The question is should a American be born with the financial burden of others:stirthepot:

ie should I have to pay Shikira's housing and food because she has 8 kids from 7 deadbeat fathers? Should I have to pay for others poor choices like taking out loans they are not responsible enough to pay back?

My opinion is stop it all, welfare, food stamps, hud, federal loan guarantee, I'm not everyones slave. Freedom starts with the end of socialism.
 
D_JEEPER said:
I paid off one of my 4 loans recently. I have been taking advantage of this interest-free time period and making big progress haha.

I think the interest rates could be limited a bit. 6.8% is a bit steep, but I did sign for it so it is my debt still.:homer:
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6.8% is a student loan?

student loan interest should not exceed interest if you were buying a new mercedes. Just saying.
 
Norm said:
The question is should a American be born with the financial burden of others:stirthepot:

ie should I have to pay Shikira's housing and food because she has 8 kids from 7 deadbeat fathers? Should I have to pay for others poor choices like taking out loans they are not responsible enough to pay back?

My opinion is stop it all, welfare, food stamps, hud, federal loan guarantee, I'm not everyones slave. Freedom starts with the end of socialism.
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Depends on who you ask. Me? Hell no, I was born into a constitutional republic and I demand my autonomy from the “common good “. However, others have decided that we instead are a democracy and the “common good” trumps all.

The only white privilege I’ve ever found is getting to pay for other people’s shit via the highest tax rate because single white male with no dependents.
 
JR4X said:
Depends on who you ask. Me? Hell no, I was born into a constitutional republic and I demand my autonomy from the “common good “. However, others have decided that we instead are a democracy and the “common good” trumps all.

The only white privilege I’ve ever found is getting to pay for other people’s shit via the highest tax rate because single white male with no dependents.
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Reported for racism and a Trump lover.:flipoff2:
 
arse_sidewards said:
Triple majoring in business stuff isn't going to impress anyone who's undergrad required Calculus. :flipoff2:
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Ahem. My degree plans required "Business Math I & II" of which "I" consisted of Algebra, Trig, and half of Calc I, and "II" was the other half of Calc I and all of Calc II combined. That last class I barely passed and was the only reason I didn't have a 4.0 coming out of there.:flipoff2:
 
fordguy said:
god damn. thats kind of fucked. just sayin
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Honestly, it is the only real issue I have with student loans (aside from those who take out 100k for a bullshit degree and then cannot get a job to support the cost).

I make decent income and live a decent life with my degree, but the 6.8% is kind of stupid for someone fresh out of college. That shit compounds quick.
 
D_JEEPER said:
I paid off one of my 4 loans recently. I have been taking advantage of this interest-free time period and making big progress haha.

I think the interest rates could be limited a bit. 6.8% is a bit steep, but I did sign for it so it is my debt still.:homer:
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6.8% for an unsecured loan to a 17/18 year old that doesn't have a 'real' job yet? I agree that it could be capped a bit, but that is still a good rate for what the debt is for. Not like they can reposes your class time or living expenses.
 
JunkCJ6 said:
6.8% for an unsecured loan to a 17/18 year old that doesn't have a 'real' job yet? I agree that it could be capped a bit, but that is still a good rate for what the debt is for. Not like they can reposes your class time or living expenses.
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Just kills your credit score lol.
I had to defer for a couple of years after college just because I couldn't swing it. That interest still accrues during deferment. But that rate just sets people up to never be able to crawl out from under it.
 
Stupid thought of the day, maybe they should allow student loan forgiveness, but you have to give your degree back. You'd essentially come away with nothing. I agree that its just a piece of paper, but the people that do the hiring seem to thing its the gold standard to judge people.
 
rockota said:
why not?
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Bc in most cases no one is going to loan an 18 yr old with no credit history any kind of money.

Yea you can go to China town and find a used car dealer that will loan you 5k @ 18% on a mid 90s Mercedes to an 18 yr old. It still questions business ethics. Which is kinda what the issue is here....loaning 18yr olds college tuition at a higher interest rate. There should be scrutiny of the whole process, instead it's just easier to loan money willy nilly.
 
JunkCJ6 said:
6.8% for an unsecured loan to a 17/18 year old that doesn't have a 'real' job yet? I agree that it could be capped a bit, but that is still a good rate for what the debt is for. Not like they can reposes your class time or living expenses.
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Yes you are right....it isn't an insane rate. However it does allow more have nots to enroll in college, and to stay have nots, and then 10 years later these have nots are getting their debts wiped clean.

More mediocre people with a degree devalues the whole idea of "higher education".

Funding should be from the institution, for the motivated that have proven theyre the motivated.

Instead the .gov is saying everyone can go to college, and here's how......we will loan you the money so the institution doesn't have to.
 
JunkCJ6 said:
6.8% for an unsecured loan to a 17/18 year old that doesn't have a 'real' job yet? I agree that it could be capped a bit, but that is still a good rate for what the debt is for. Not like they can reposes your class time or living expenses.
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It may be unsecured, but that cannot be discharged through bankruptcy...so its kinda a gray area.
 
JunkCJ6 said:
6.8% for an unsecured loan to a 17/18 year old that doesn't have a 'real' job yet? I agree that it could be capped a bit, but that is still a good rate for what the debt is for. Not like they can reposes your class time or living expenses.
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The fuck are you smoking? That's an insane rate for a loan that can't be discharged in bankruptcy or weaseled out of without leaving the country.


Ghetto Fab. said:
Stupid thought of the day, maybe they should allow student loan forgiveness, but you have to give your degree back. You'd essentially come away with nothing. I agree that its just a piece of paper, but the people that do the hiring seem to thing its the gold standard to judge people.
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That would be awesome and hilarious because your degree is basically worthless after ~5yr in a career so tons of people who don't see themselves changing career or moving into management or something would be able to just make minimums until they've got a career under them and then give the degree back. :laughing:


Would really light a fire under the college's asses to control costs.
 
Snoop dogg said:
Bc in most cases no one is going to loan an 18 yr old with no credit history any kind of money.

Yea you can go to China town and find a used car dealer that will loan you 5k @ 18% on a mid 90s Mercedes to an 18 yr old. It still questions business ethics. Which is kinda what the issue is here....loaning 18yr olds college tuition at a higher interest rate. There should be scrutiny of the whole process, instead it's just easier to loan money willy nilly.
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would you loan $100k to someone who has no collateral for less than someone who has collateral? I wouldn't... why should a bank?
 
rockota said:
would you loan $100k to someone who has no collateral for less than someone who has collateral? I wouldn't... why should a bank?
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The collateral is the .gov promise that the borrower will pay it back (until this idea of forgiveness came about - now we all get to pay it back). Until recently the US had the best credit rating possible, so the interest rate should reflect that.

If it was truly a personal loan with no collateral, an even higher rate would be justified.
 
rockota said:
would you loan $100k to someone who has no collateral for less than someone who has collateral? I wouldn't... why should a bank?
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The gov shouldn't be in the business of loaning anyone money for education. It should be the private institution/university. And the collateral would be that students grades/gpa through college. There's the incentive to keep your financial aid. The institution can set their rates how the see fit.

Why should .gov have any roll in education and the interest rates of financial aid?

What a used car dealer determines to loan through their books based on credit score or collateral for an 18yr old is their prerogative, it's not a federally subsidized loan. It's their loan at whatever rate they decide. If someone wants that car bad enough at 18% through the dealer it can happen, but it won't happen at a credit union or a bank. The bank or credit union will say you don't qualify for our used auto loans.
 
My big point is that the .gov saw thousands upon thousands of 18yr old in the early to mid 2000s trying to go to college. $$$$$$$$$. The interest alone was going to be a huge pay day for that .gov from the people that actually paid their loans back. They are fine with all the people that defaulted on their loans, wanna know how??? 10 years later they are forgiving whatever loans are left out there. The .gov got their 10lbs of flesh and now they look like the hero forgiving the rest of the loans.

It was a game, a money move......how people can't see that is beyond me. The .gov is here to get rich and what loans are left unpaid is chump change compared to what .gov made on interest of said loans. That's not even considering the principle amounts.
 
Snoop dogg said:
The gov shouldn't be in the business of loaning anyone money for education. It should be the private institution/university. And the collateral would be that students grades/gpa through college. There's the incentive to keep your financial aid. The institution can set their rates how the see fit.

Why should .gov have any roll in education and the interest rates of financial aid?
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Giving them the benefit of the doubt....

I think the initial idea was that college should not be just limited to kids of rich parents, which functions as a barrier of class mobility.

I agree to an extent. However we have become so obsessed with credentialing that an undergrad diploma is the new high school diploma. They are worthless. We place so little stock in in peoples natural gifts and abilities and attempt to force them into molds. Molds of an outdated and antiquated education system made to train factory workers. What happens when their are no more factories?

And they assumed the prices charged by colleges were justified (they arent).

Best advice to a young kid...find something you are passionate about. Learn as much as you can, as fast as you can, and apprentice under someone thats doing what you want to do.
Then pave your own way.


Or go to college and become a miserable cog in the machine.
 
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