student loan relief

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Originally Posted By: supton

I was incredibly lucky. Went to a "reasonably" priced state school, got my degree in a normal amount of time, got a good job and got the bill paid off in 10 year's time...


Same here, although it was the combination of luck and the fact I'm a plan ahead kind of guy. I knew what degree I wanted to pursue and where to pursue it when I was in 10th grade. It was primarily a 2yr associates degree technical school at the time. Got a good job right away and had my student loan paid off in 2-3yrs. Some years later my employer(s) paid 75% of my bachelor's degree that I earned while working.

I get pangs of anxiety every time I think about the route my 4 children choose to take. Wife and I try to guide them the best we can, but I won't be able to pay for their college aside from helping them with some expenses. Family of 6 on one income. Majority of savings goes towards retirement.
 
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There are some federal programs for federal student loans to help make repaying those loans more affordable:

1. Income-Based Repayment
2. Income-Contingent Repayment

The difference is based on how much the borrower makes.

The only forgiveness program the federal government does is the Public Service Loan Forgiveness program. If working for a government agency (local, state, federal, school district), non-profit agency, or other place of business that engages in "public service", the balance of federal student loans is forgiven after 120 on-time payments while working for an entity that does "public service".

Link to the federal Dept. of Education's student loan repayment Web site: https://studentaid.ed.gov/sa/repay-loans/understand/plans
 
With hard work while in college ANY degree can do well if the student seeks out the opportunities that exist for internships and activities. It's networking and working your tail off for that internship. Certain majors it's easier but I have a theology major intern who went to our company hack a thon (web/app development services) and showed most promise.
 
Originally Posted By: sciphi
There are some federal programs for federal student loans to help make repaying those loans more affordable:

1. Income-Based Repayment
2. Income-Contingent Repayment

The difference is based on how much the borrower makes.

The only forgiveness program the federal government does is the Public Service Loan Forgiveness program. If working for a government agency (local, state, federal, school district), non-profit agency, or other place of business that engages in "public service", the balance of federal student loans is forgiven after 120 on-time payments while working for an entity that does "public service".

Link to the federal Dept. of Education's student loan repayment Web site: https://studentaid.ed.gov/sa/repay-loans/understand/plans

Income based and Income Contingent repayment don't really help pay off the loans. It's kind of like making the minimum payment on a credit card. It keeps the creditor off your back, but the loans keep racking up interest charges every day. Often the payment amount isn't even enough to cover all the interest, let alone the principal of the loan. And all that unpaid interest gets capitalized at the end of the year, making the loan even harder to pay off. If you're on that payment plan for something like 25 or 30 years, it finally gets forgiven, but who wants to pay for that long? My wife has been doing income based repayment for the last few years and her payments don't cover all the interest. She qualifies for the PSLF, and was working toward using that to pay off her loans. However, she just got a job where the company will pay $60k of her loans right off the top in January, so we're going to do that instead.
 
These kids are going to pay for their loans 3x over due to interest before they see any signs of "relief."
 
It's very simple, you borrow the money and you have to pay it back.

Seems like lots of younger folks want to sign on the dotted line, borrow a ton of money.....
then feel like not paying up and let loans go into default.

Part of being a responsible 'adult' is repaying your student loans. My oldest sister repaid $50,000 loan for law school (graduated in 1992) over 6-7 years. Many law grads today don't not want to repay the $150,000 student loans cause the law jobs they are finding pay peanuts. They should have done their research before getting into so much debt.

My sister bills her clients $500 an hour, new law grads are no where near that when working at a law firm fresh out of school. Bozo kids expected big $$$ after passing bar exam. It doesn't work like that.
 
Originally Posted By: Mr Nice
It's very simple, you borrow the money and you have to pay it back.

Seems like lots of younger folks want to sign on the dotted line, borrow a ton of money.....
then feel like not paying up and let loans go into default.

Part of being a responsible 'adult' is repaying your student loans. My oldest sister repaid $50,000 loan for law school (graduated in 1992) over 6-7 years. Many law grads today don't not want to repay the $150,000 student loans cause the law jobs they are finding pay peanuts. They should have done their research before getting into so much debt.

My sister bills her clients $500 an hour, new law grads are no where near that when working at a law firm fresh out of school. Bozo kids expected big $$$ after passing bar exam. It doesn't work like that.




Very, very well put.

I spent about $ 61,000 on my undergrad education. I owe about $ 3,000 on my student loan and have no other debt.

HOWEVER, in order to do that, I had to make sacrifices. Lots of sacrifices. I drive a 10 year old car, I didn't jump into a house because "the interest rates are low and the market is hot." None of that [censored]. I made a budget and stuck to it every single month.

Even when I'm grocery shopping, I buy things as cheaply as I can. If tuna is 10 cans for $ 10, I buy that because its $ 1 per can. Basically, only buy what you can afford, eat right, exercise, don't drink too much. It isn't rocket science.

Many of my friends graduated college and IMMEDIATELY bought a new car. Some of them still lease and don't understand how they're paying a real interest rate around 12%. Some live at home and go out every weekend and blow all of their money. Some bought houses they really can't afford. I had a conversation with a girl on Saturday who thought investing for retirement was dumb. I understand not everyone manages money intelligently, but the world would be a better place if people followed through with some simple Mathematics.
 
Originally Posted By: Mr Nice
It's very simple, you borrow the money and you have to pay it back.

Seems like lots of younger folks want to sign on the dotted line, borrow a ton of money.....
then feel like not paying up and let loans go into default.

Part of being a responsible 'adult' is repaying your student loans. My oldest sister repaid $50,000 loan for law school (graduated in 1992) over 6-7 years. Many law grads today don't not want to repay the $150,000 student loans cause the law jobs they are finding pay peanuts. They should have done their research before getting into so much debt.

My sister bills her clients $500 an hour, new law grads are no where near that when working at a law firm fresh out of school. Bozo kids expected big $$$ after passing bar exam. It doesn't work like that.



Kids at 17-18 when they're expected to make these types of decisions simply don't know enough, especially when they're lied to and promised the world by these colleges, as well as often times their parents.

My mom always told me to get a degree, any degree, and I'm pretty much guaranteed a well-paying job. How is an 18 year old supposed to know any different?
 
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Originally Posted By: Mr Nice
Just look at the top 100 paid professors at University of Florida at the very bottom of this article.
Education, just like Healthcare is a business and the money needs to keep flowing.

http://www.alligator.org/news/campus/article_8eadbf10-b853-11e6-ad7a-1b583144dfdb.html

Also, be sure to read the comment by "mk" way down at the bottom. Those salaries are worlds above what most faculty make. In fact, the president and the head basketball coach are the two highest paid employees of the university near me, and they come in around the middle of that list. The median faculty salary is under $100k.

I'm not saying that nobody in education is making money, but the vast majority aren't making that kind of money.
 
Why should the taxpayer have to pick up the bill? The government should end all involvement in College loans. Cheap easy to get loans backed by the government created this problem. The result is very expensive Universities and high student debt. End the loans.
 
I for one do not believe that we as taxpayers should be paying for students to attend a high priced private university to take up gender studies, history of Art or some other silly major which is mostly worthless in the job market.
 
Originally Posted By: SeaJay
I for one do not believe that we as taxpayers should be paying for students to attend a high priced private university to take up gender studies, history of Art or some other silly major which is mostly worthless in the job market.

where is my student debt relief plan?

i paid my loan in full and moved on.
work and paid my taxes also.

why do i have to pay more taxes for somebody's choice of higher education or institution?
it went down,there problem... why mine?
 
If you take out a loan YOU pay it back. They're old enough to sign a contract,they're old enough to pay it back. I hate when people refer to lazy college adults as "kids". They're not children,they're grown adults. Heck I had to pay off my car loans,so therefore they should have to pay back their college loans or get prosecuted to the fullest extent of the law.
 
Originally Posted By: rshaw125
Why should the taxpayer have to pick up the bill? The government should end all involvement in College loans. Cheap easy to get loans backed by the government created this problem. The result is very expensive Universities and high student debt. End the loans.


I've long said the loan guarantees should end and schools should loan their own money.

I suspect they will be far more selective to whom and for which degrees they'll loan their money.

They won't be loaning 250k to get a doctorate in Womyns Studies.
 
Finished up my degree, used my GI Bill.
Paid what was left on my own.

College is way too money and something should be done. I won't debate the merits of a highly educated population or of offering free education as everyone has their own ideas.

What I will say is when I was 19 I was taking submarines to sea so while I can empathize with some 18 years old not knowing what they are doing. I am certainly not crying about it or making excuses for them.

You take the loan you pay it back.
 
I would be willing to bet that if you looked at the timeline for when a certain political party decided that everyone needed to go to college, taxpayers should subsidize below market loan percentages, and students should be given extremely liberal payback terms spread out over decades with the rapid rise in tuition costs you would see an obvious corollary. I.e. cheap money being available = greedy educators and administrators taking huge salary increases and setting up a system with the ridiculous tenure program where they were set for life and beyond, all on the taxpayer's dime. And those same college and university employees vote in a monolithic bloc for that same political party that steers money to them. And recently, we have had two major candidates of that political party run on even more largess directed to the colleges and university and tried to buy votes by promising to forgive loans that students were legally and contracturally obligated to pay back.
How about this for a revolutionary solution: Break the backs of the teacher's unions and other public employee unions and make them take pay cuts and lower tuition or be out of jobs.
The taxpayers would be happy I'm sure.
 
The National Guard and Reserves is best way to pay for college with useful training you can use in the real world, thats what both my sons did.
 
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