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Student loans paid off


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2021 Nov 18, 3:38pm   5,712 views  77 comments

by RC2006   ➕follow (2)   💰tip   ignore  

I thought this wasn't going to go through but wife just had a friend that had thier 50k loan forgiven. Guess its happening for public sector employees.

Another fuck you for people that did the right thing. Wife and I worked while we went to school and paid whatever loans we had off . we didn't travel, party, barrow to pay living expenses. Just sends message put don't pay your bills, just like don't enforce borders, don't work ect ect.

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57   Al_Sharpton_for_President   2022 Aug 23, 7:02pm  

Michael Cooke says

Remember this? An oldie but a goodie :)

https://www.youtube.com/watch?v=24S-6HXNgNU

The ignorant slut foil to Peter Schiff has absolutely child-like reasoning skills.
58   GNL   2022 Aug 23, 7:32pm  

HeadSet says

GNL says


How many people out there bitching about a free $10k to others

It ain't just that $10k, which is just the start as new gifts will be promised right at election time. That easy money boofed the responsible who saved or worked and borrowed the minimum because the irresponsible borrowers drove up college costs. When my kid started high school in 2014, college costs were about $80k for 4 years. By the time she went to college in 2018, college costs rose to $120k. Delete easy money college loans and the costs would fall to reasonable amounts.

I would bet that not a single person on pat.net would disagree...get government out of college loans. But, look, we're giving how many billions to people all over the world? I couldn't care any less than I already do about free money going to almost anyone. America is the land of the skims and scams. Funny money is all we're dealing with now.
59   Misc   2022 Aug 24, 1:08am  

Giving $10k loan forgiveness to people that fucked up isn't that big of a deal.

Only about 13% of students that attend community college complete the program in 2 years.

For students attending public universities, only 33% complete the program in 4 years. 40% never get a degree.

The students simply are not qualified to attend college even for bullshit degrees. They are pushed to attend even though they aren't qualified.

When these dropouts don't make their loan payments on time, the fees and penalties cause the loan balance to balloon.

$10k debt forgiveness comes to about $300 billion. At least this money goes to Americans instead of Afghans or Iraqis.

Besides most of that money just isn't going to be repaid anyways.
60   richwicks   2022 Aug 24, 3:13am  

Misc says

Giving $10k loan forgiveness to people that fucked up isn't that big of a deal.

Only about 13% of students that attend community college complete the program in 2 years.

For students attending public universities, only 33% complete the program in 4 years. 40% never get a degree.

The students simply are not qualified to attend college even for bullshit degrees. They are pushed to attend even though they aren't qualified.

When these dropouts don't make their loan payments on time, the fees and penalties cause the loan balance to balloon.

$10k debt forgiveness comes to about $300 billion. At least this money goes to Americans instead of Afghans or Iraqis.

Besides most of that money just isn't going to be repaid anyways.


I'm fine with it, provided they are barred from ever getting welfare,
61   Eman   2022 Aug 24, 3:26am  

GNL says

How many people out there bitching about a free $10k to others while government funny money policy enabled your home to double in value? Got something to say about that? Oh, let me guess, you're some type of financial genius. Right?


There’s no reason to bitch. It’s beyond our control. All I know is that my siblings and I paid back our students. This country has given us so much. Like it or hate it, it’s still the best country in the world for us. WE LOVE THE USA!
62   richwicks   2022 Aug 24, 3:34am  

Eman says

There’s no reason to bitch. It’s beyond our control. All I know is that my siblings and I paid back our students. This country has given us so much. Like it or hate it, it’s still the best country in the world for us. WE LOVE THE USA!


How do you know?

In 2000, I visited Australia, that was a better country THEN, it isn't now.
63   BayArea   2022 Aug 24, 4:22am  

The school loan forgiveness is the ultimate hand picking of winners and losers. Shame on you Democratic party.
64   WookieMan   2022 Aug 24, 5:05am  

BayArea says


The school loan forgiveness is the ultimate hand picking of winners and losers. Shame on you Democratic party.

Just allow people to BK on the loans. That's the biggest issue in my opinion. No one will lend to 18 year olds anymore and the prices will plummet for school.

My 50 year old English professor neighbors both make almost $90k a piece. To teach English at a CC. To me that's nuts. They come home from work, pound a 12 pack of Sierra Nevada and smoke copious amounts of pot. One is on the school board the other is the acting village president.... It's not a $90k/yr job. Teaching English classes to first and second year students is maybe worth $50k in my mind. I like them too, but come on?

My mom was a teacher so I don't think I'm biased. Teachers are paid too much in their later years and get pensions. What changed after they got their masters? They just paid other teachers/professors more money so they could make more money. It's a retarded system. Kind of a ponzi scheme. So now they'll forgive certain people loan debt. Allow ALL students to dump it in BK would be the solution.
65   mell   2022 Aug 24, 5:59am  

No. They should declare bankruptcy then their debt will be protected and the lenders shafted but at least they may collect pennies on the dollar. It's the only way capitalism can work. Government should get out of the lending business or function like a regular bank. We should also stop all "aid" to foreign nations and reassess
66   HeadSet   2022 Aug 24, 7:39am  

WookieMan says

Just allow people to BK on the loans. That's the biggest issue in my opinion. No one will lend to 18 year olds anymore and the prices will plummet for school.

You answered the question of why BK is not allowed on student loans.
67   HeadSet   2022 Aug 24, 7:43am  

Misc says

The students simply are not qualified to attend college even for bullshit degrees. They are pushed to attend even though they aren't qualified.

Without the cheap money, these kids would not have wasted their time at college. With a loan forgiveness precedent, colleges can increase costs and future students will not mind taking on even more irresponsible borrowing just to get that 2-4 year extension of adolescence.
68   GreaterNYCDude   2022 Aug 24, 9:17am  

And here it is...

https://studentaid.gov/debt-relief-announcement/

I don't know why this gets me so aggravated, we've spent more money on less important stuff, but for some reason this issue hits home with me.
69   GNL   2022 Aug 24, 9:22am  

GreaterNYCDude says

And here it is...

https://studentaid.gov/debt-relief-announcement/

I don't know why this gets me so aggravated, we've spent more money on less important stuff, but for some reason this issue hits home with me.

Your comment is clear as mud as to what side you are on.
70   Michael Cooke   2022 Aug 24, 10:35am  

Does an 18 year old understand compound interest and complicated repayment terms? Do they have capacity to understand what they are signing at 18? What about people who intentionally, steadfastly refuse to repay because they received a defective product.

Colleges are providing false promises, and useless degrees taught by smug unqualified tenured professors.

I dipped into a college class for "fun" because it was specifically being taught on my industry. I just wanted see what the professor was teaching. It was the most painful hour I've had to endure listening to. Everything coming out of the professors mouth was absolute total detached horse shit that has nothing to do with my profession and will never qualify you for anything. The lecture was completely detached from reality. I've never seen such an "intelligent" person sound like such fool in my life.

I have been in my profession hands on (and book smarts) over 20 years dealing with top people in my industry including U.S. and foreign multinational corporations. Literally everything coming out of this professors mouth was utter horse shit. Not one thing he taught in that class could be used by anyone in our business hands on. You've never heard such such fanciful explanations, hypothetical nonsense, and impressive useless gibberish. If our profession functioned as he taught - nothing would ever get done. Nobody would be qualified to do anything. And there are students depending on this for their future.

It made me see things from a different perspective:

When you graduate college with 200k in debt and end up working in a call center for $13.50/hr; one could make a case you have been duped and therefore owe nothing...
71   GreaterNYCDude   2022 Aug 24, 10:51am  

GNL says

GreaterNYCDude says


And here it is...

https://studentaid.gov/debt-relief-announcement/

I don't know why this gets me so aggravated, we've spent more money on less important stuff, but for some reason this issue hits home with me.

Your comment is clear as mud as to what side you are on.

I mean I can relate to it more than say billions for Ukraine. As someone who still has student loan debt, I'm torn. I don't want the handout but if eligible (I'm not) I wouldn't leave money on the table either.

I think either college (community and / or public college) should be 100% free anf paid for by the government OR the government should get out of the businesses of backstoping educational loans all together. You can't be half pregnant, and this "fix" is mostly pandering as it fixes very little.

If you want to call me out for straddling the fence on this one, so be it. But all this program does is keep college prices inflated.

As an aside the IRS normally views a forgiven debt as "income". Mabey they do need more agents.
72   HeadSet   2022 Aug 24, 12:59pm  

GreaterNYCDude says

As an aside the IRS normally views a forgiven debt as "income". Mabey they do need more agents.

Key word is "normally." Even so, one would rather just pay tax on $10k than the whole $10k itself.
73   Patrick   2022 Aug 25, 9:06pm  

WookieMan says

Just allow people to BK on the loans. That's the biggest issue in my opinion. No one will lend to 18 year olds anymore and the prices will plummet for school.


Lol, I think you just explained exactly why student loans were made non-dischargeable in 2007 or so.

They universities probably lobbied to make sure the loans keep coming, no matter how much damage they cause.
74   HeadSet   2022 Aug 26, 10:54am  

Michael Cooke says


When you graduate college with 200k in debt and end up working in a call center for $13.50/hr; one could make a case you have been duped and therefore owe nothing...

Then the solution is a refund from the college, not the college keeps the money and taxpayers forgive the debt. The refund method would stop the useless degrees from being offered, while the forgive loan option just encourages more educational fraud.
75   WookieMan   2022 Aug 26, 12:11pm  

HeadSet says

Michael Cooke says



When you graduate college with 200k in debt and end up working in a call center for $13.50/hr; one could make a case you have been duped and therefore owe nothing...

Then the solution is a refund from the college, not the college keeps the money and taxpayers forgive the debt. The refund method would stop the useless degrees from being offered, while the forgive loan option just encourages more educational fraud.

The only solution is BK. Won't happen. Forgiving debt just makes it worse. Student loans should be no different than a CC. You literally can just walk away and not pay it. Just fucks your credit. Risk you take, but that's what a loan is on the bank/government side. Price in the interest.

Administrators and professors would lose fuck tons of money. So likely not happening. Reform is just a random word in government institutions that has no meaning even though they're educators.
76   Robert Sproul   2022 Aug 26, 2:04pm  

HeadSet says

You answered the question of why BK is not allowed on student loans.

Thanks to Joe Biden who championed the BAPCPA bill in '05.

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