in the face of everyone who worked their ass off to pay off their loans or paid for school without loans.

That is all.

Free thread.

4/22/2012 8:07:23 PM

When is this going to happen?

4/22/2012 8:09:23 PM

4/22/2012 8:10:41 PM

shit i need to go take out about 100k in student loans right now.

[Edited on April 22, 2012 at 8:12 PM. Reason : i'm 100% jelly]

4/22/2012 8:11:54 PM

Mega Millions is a slap in the face of the Cherokee and Sioux tribes

4/22/2012 8:12:53 PM

Someone give me the rundown. I've got ~$11k. I've been stalling on writin the check.

4/22/2012 8:14:38 PM

Why shouldn't we bailout students? People who did nothing but buildup debt to work hard and earn a right to be eligible to earn a living. If banks can get this kind of money to not fail it would send a much better message if the people were bailed out. The young people.

4/22/2012 8:24:55 PM

4/22/2012 8:25:11 PM

Rundown Plz

4/22/2012 8:25:52 PM

slaps in the face aren't that bad

4/22/2012 8:28:04 PM

I'll slap someone for $11k

4/22/2012 8:30:49 PM

I will gladly take a slap in the face if my student loan would be forgiven!

4/22/2012 8:30:52 PM

4/22/2012 8:39:36 PM

^^100% Student Loan Forgiveness is a slap in the face of everyone who worked their ass off to pay off their loans

[Edited on April 22, 2012 at 8:39 PM. Reason : .]

4/22/2012 8:39:42 PM

Quote :

""H.R. 4170 would forgive student loan debt for those who have paid 10 percent of their discretionary income toward their loans for 10 years and would cap interest on federal student loans at the current rate of 3.4 percent," an earlier report reveals. Individuals who go into teaching, public service or practice medicine in underserved areas would have their debt forgiven after only five years "

http://www.nationalledger.com/lifestyle-home-family/student-loans-and-the-forgiveness-238085.shtml

4/22/2012 8:41:59 PM

So, would this apply retroactively and reduce my interest rate from 5.8%?

4/22/2012 8:43:12 PM

is discretionary income gross or net

4/22/2012 8:45:31 PM

net

[Edited on April 22, 2012 at 8:47 PM. Reason : and most definitions say it's after all your bills are paid too.]

4/22/2012 8:46:30 PM

Oh well.

4/22/2012 8:58:27 PM

lol I just paid mine off with a big check for the last couple k

don't think it was 10% though so it doesn't matter anyway

4/22/2012 9:05:23 PM

what kind of bills do they consider bills lol

4/22/2012 9:11:50 PM

telephone bills, automo'bills..

4/22/2012 9:24:47 PM

So if you went into debt financing a brand new 2012 model rather than buying a beater...you will be rewarded.

4/22/2012 9:31:03 PM

anybody know if car dealers will give partial cash back on trade-ins, rather than applying the total trade-in value toward your payment of the vehicle you are buying?

would rather not pay 2 car payments for a few months

[Edited on April 22, 2012 at 9:33 PM. Reason : g]

4/22/2012 9:33:09 PM

Quote :

"what kind of bills do they consider bills lol"

Rent, utilities, food, gas, car payment (within reason). There's a lot of case law on this subject if you look into bankruptcy law, and that'll detail what are "necessities" (clothing, school tuition, hair cuts, etc). I would expect the bankruptcy definition of disposable income is similar to what's used in this context. It's pretty lenient. As long as your bills aren't extravagant, then they're counted.

4/22/2012 9:35:05 PM

Shit...I'd let someone beat the crap out of me if they forgive all debts that I owe

4/22/2012 9:38:47 PM

so you basically have to make minimum payment for at least 10 years before the rest is forgiven? I think I would probably pay my loan off before 10 years anyway.

4/23/2012 12:22:02 AM

here's an idea: pay back money you borrowed your own fucking self, instead of relying on everyone else to do it for you.

4/23/2012 12:24:37 AM

I feel sorry for my friends with the crushing piles of student loan debt.

4/23/2012 12:29:30 AM

^what fields are they in?

4/23/2012 12:31:06 AM

hooray, reward the lazy and stupid students.

4/23/2012 12:37:09 AM

Surprisingly all over the place.

Lots of vet school friends. They worked and worked so hard... then at one point it became clear to me that they were spending the extra 4 years putting on debt (which helped explain their the constant need to work). I just wanted to hug them and tell them "you're not an animal super hero, they'll be okay without you". I'm sure that would have just pissed them off

There are normal doctors too, and law... oh law...

Not as many, but I knew several engineers in debt too. One guy I knew interned at a company I was at every summer and at one point it very awkwardly came up that his college funding was summer earnings + debt. I mean, sure he probably only took 1-2 year to break even.

Oh, and then there are the out of state students. Why.... I still don't know.

4/23/2012 12:37:45 AM

How bout this:

Forgive my students loans (~40k for undergrad/Master's) and I'll continue paying into Social Security even though I'll never see a single dime of it?

Sound good?

4/23/2012 12:51:28 AM

Quote :

"lazy and stupid students."

does not compute.


if you're going to award anybod then this is the group to reward. Not the rich ceos and bankers like what we've been doing with a hell of a lot more money.

4/23/2012 12:53:29 AM

They already have something very similar to this for public servants, essentially it is the exact same thing, except there is no set percentage amount to contribute in order to qualify, just make 120 payments:

http://studentaid.ed.gov/students/attachments/siteresources/LoanForgivenessv4.pdf

4/23/2012 12:55:25 AM

http://www.theonion.com/articles/tuition-in-tough-times,8615/

4/23/2012 8:15:11 AM

here's an idea: pay back money you borrowed your own fucking self, instead of relying on everyone else to do it for you.

4/23/2012 8:19:06 AM

4/23/2012 8:28:33 AM

Quote :

"at one point it very awkwardly came up that his college funding was summer earnings + debt"

I'm not really sure what is so awkward about that. Unless I'm understanding you wrong (I'm assuming you are saying that his college was paid for via loans and any money he made from summer jobs) that seems like that was the case for me as well as a lot of my friends.

My loan is scheduled to be paid off in a few months though (only took a total of 5 years)

[Edited on April 23, 2012 at 8:33 AM. Reason : ]

4/23/2012 8:32:46 AM

as someone who has student loans of course i'd love for the government to pay them off for me.
as a taxpayer, fuck no we shouldn't forgive student loans. the federal budget is way too red as it is.

4/23/2012 8:32:55 AM

no wonder some people are upset, i mean after all, wasnt this one of obamas campaign promises?

4/23/2012 8:36:55 AM

^^^ I find it awkward because it's simply not fair. But maybe I'm the only plagued by morality like this.

[Edited on April 23, 2012 at 8:37 AM. Reason : ]

4/23/2012 8:37:36 AM

someone forgive my mortgage loan plz

4/23/2012 8:38:51 AM

^^I think the statement itself was just worded strangely. It seemed to me when reading it like you thought it was awkward possibly because you were getting your degree paid for while he was taking out loans for it or something.

And my response was based on the fact that I don't think there is anything remotely strange with the notion that someone simply has to take out loans for college education.

Now, that's not to say that I don't think college is getting ridiculously expensive or that our society is set up in a way that "forces" too many people go to college. But there is nothing inherently wrong with taking out a loan and making an investment in yourself.

[Edited on April 23, 2012 at 8:44 AM. Reason : ]

4/23/2012 8:41:34 AM

There are crazy things that come up when splitting a house and such. For someone getting into student loan debt, every $1 they spend is probably $2 they'll have to pay back some time later in life. People just moving cities and such, often barely make it there. It's sad.

I do think it's strange, I think the entire epidemic of student debt is strange. Our parents didn't deal with this stuff, and a large fraction of our own generation doesn't either. I think everything about life would be awkward for someone saddled with debt.

4/23/2012 8:47:42 AM

Just because you take out a loan doesn't mean you are "saddled" with debt. I took out a loan knowing I was investing in myself, made damn sure to get out in 4 years, and it paid for itself almost immediately after graduating. I never felt saddled by the debt - but then again I had a plan.

And maybe your parents didn't have to deal with this but mine did. My mom couldn't afford to go to college (went later in life and yes she took out loans for it) and my dad worked in college and took out loans for the rest.

Once again though, I do think that the price of college is insanely high still in general and especially high for a lot of degrees (even useful ones). I just don't think the idea of debt for higher education is that bad - if the levels of debt are reasonable when compared to the possible income generation (which isn't the case for a lot of degrees at the moment). I do not think that all degrees at the same university should cost the same either.

[Edited on April 23, 2012 at 8:58 AM. Reason : ]

4/23/2012 8:56:48 AM

Part of it is the debt to income ratio is crazy now. When our parents were in college, they could reasonably expect to pay off their student loans within a few years of graduating. But now, tuition rates have risen exponentially, and new graduate income rates have not. So, that's the crux of a lot of the problem.

I took out a lot of loans to pay for my law school. I took out the minimum for each year of law school, and only two years of undergrad (worked through both undergrad and law school). I still had over $100k on student loans.

But, I'll have it paid off in three years, so why should it be "awkward" for anyone that I have debt if it's not "awkward" for me? Student loan debt shouldn't be a source of shame. But having any debt you can't repay could be.

4/23/2012 9:02:33 AM

The problem is that so many people think all kids have to go to college or that all kids deserve to go to college. We keep shipping off more kids to college to earn, for what turns out to be for most people, a worthless degree. Yes, I'm looking at you, CHASS/liberal arts. Sure, some degress/people find great success in these fields and are capable of paying back loans. Many; however, cannot. This also extends into the STEM degrees, as basic biology/chemistry/etc. degrees, without a good sense of direction, are as worthless as a music history degree. We need to get off the idea that Bobby-Ann's and Bobby-Ray's son, Bobby-Bob, needs to get a 4 year degree to work on gran-pappy's, Bobby-Robert, farm. College admissions should only be getting tougher and only those who meet the strict academic requirements, show a willingness to learn, and show a direction in life, should be admitted. If family finances of are concern, then financial aid and low-interest loans kick in, since every dumbass isn't soaking up all of this money that could go to people who deserve it more. Once our lower education improves to the point where all these kids are truly prepared, should, and need to go to college, then we can start shipping them off.

[Edited on April 23, 2012 at 9:12 AM. Reason : .]

4/23/2012 9:11:09 AM

I do agree with that. I wish trade schools were more highly advocated on a high school level.

4/23/2012 9:12:48 AM

^

other countries (cough, China, cough) identify the smart kids and groom them. they take the less-intelligent and send them to appropriate trade schools , when needed.

We take the under performing, groom them, and send them to college, unprepared, unmotivated, and uneducated.

[Edited on April 23, 2012 at 9:14 AM. Reason : .]

4/23/2012 9:13:10 AM