I saved a shit ton of money in college by always buying an old edition of whatever text books were required. It was never a problem. Also I just wrote addition instead of edition, fortunately caught it, but maybe my cheapskate book buying is catching up with me lol.
I’d like to see something similar done with the interest, just recalculate interest from origination to be just enough to cover administrative costs, and apply what’s been paid to the principal amount. I think they should do that for all student loan borrowers, including those of us who already paid our loans off and let us either have a refund or donate our refund amount to someone else’s student loan. Student loans shouldn’t have ever been predatory.
And agreed on fixing the root of the problem, until that’s addressed these bandaids are just that.
I think the interest is what became the problem. Many people have paid for years on their loans, only to end up owing more than they originally borrowed. Student loans should not be predatory…well no loans should be predatory but especially not student loans.
A friend of mine was one of those whose loans for ITT were finally forgiven. She cried when she found out. I'm so excited for her.
I've been dutifully tucking away $500 a month to my savings account, under the expectation that my undergraduate loans (what little remains of them) may be wiped out, but the graduate degree loans will probably not be. I do not mind - the ROI on my master's degree paid for itself within 2 years, and I currently have a comfortable, low stress job in my degree field that pays me enough and allowed me to take the last week and a half off fully paid for a surgery. (I go back Monday, although if I needed it I could have another two weeks.)
$10K forgiven is needed for a different friend. She has three kids; she delayed entering her teaching career for the last 13 years so she could take care of them as a SAHM. She finally got back on track a few years ago, and while she's finally a full time teacher at her youngest son's elementary school, she still owes about $11K in student loans from schooling almost 20 years ago.
Please, Biden administration. Help her out. She has exactly $0 saved for retirement right now.
This could be SO EASY and they are making it SO HARD. Just let student loans be subject to the same bankruptcy laws as billionaires. I don’t know what I am missing here?
The problem is that a lot of people care negatively. If we are going to do something for people who got slammed by the pandemic economy then we should do something for people who got slammed in the 2008 crash but still paid off their debt. It will bring a lot of good will as well as putting stimulatory money in more pockets.
I saved a shit ton of money in college by always buying an old edition of whatever text books were required. It was never a problem. Also I just wrote addition instead of edition, fortunately caught it, but maybe my cheapskate book buying is catching up with me lol.
My paws are crossed!
I’d like to see something similar done with the interest, just recalculate interest from origination to be just enough to cover administrative costs, and apply what’s been paid to the principal amount. I think they should do that for all student loan borrowers, including those of us who already paid our loans off and let us either have a refund or donate our refund amount to someone else’s student loan. Student loans shouldn’t have ever been predatory.
And agreed on fixing the root of the problem, until that’s addressed these bandaids are just that.
yeah, when I graduated from undergrad in 73, I had about $6000 in loan debt.
none of their base went to college, so they don't care about student loan problems of the elite!
When we drove cross-country, Ms. O and I started picking up state shot glasses.
I think the interest is what became the problem. Many people have paid for years on their loans, only to end up owing more than they originally borrowed. Student loans should not be predatory…well no loans should be predatory but especially not student loans.
A friend of mine was one of those whose loans for ITT were finally forgiven. She cried when she found out. I'm so excited for her.
I've been dutifully tucking away $500 a month to my savings account, under the expectation that my undergraduate loans (what little remains of them) may be wiped out, but the graduate degree loans will probably not be. I do not mind - the ROI on my master's degree paid for itself within 2 years, and I currently have a comfortable, low stress job in my degree field that pays me enough and allowed me to take the last week and a half off fully paid for a surgery. (I go back Monday, although if I needed it I could have another two weeks.)
$10K forgiven is needed for a different friend. She has three kids; she delayed entering her teaching career for the last 13 years so she could take care of them as a SAHM. She finally got back on track a few years ago, and while she's finally a full time teacher at her youngest son's elementary school, she still owes about $11K in student loans from schooling almost 20 years ago.
Please, Biden administration. Help her out. She has exactly $0 saved for retirement right now.
Macinena is a good one.
Canceling this debt is good for all of us. I happen to have paid off my relatively minimal student debt already, but I was lucky and able to do it.
Those former debt payments will go right I to the general economy. People will be freed up to start businesses, buy houses, etc.
This could be SO EASY and they are making it SO HARD. Just let student loans be subject to the same bankruptcy laws as billionaires. I don’t know what I am missing here?
You are talking about a tiny number of elderly ass clowns. Most people do care one way or the other.
Perhaps he’s not a nice person?
No. Stop being such an ass. Did you object to your grandparents getting Social Security checks, although they'd paid in very little if any.
I remember that gasbag.
One of the inspirations for Ted Baxter.
His traditional final line inspired distrust.
"And that's the REST of the story."
The problem is that a lot of people care negatively. If we are going to do something for people who got slammed by the pandemic economy then we should do something for people who got slammed in the 2008 crash but still paid off their debt. It will bring a lot of good will as well as putting stimulatory money in more pockets.