[Bay Kid]

Don't you wish you had a student loan? Paid for my own by saving and working. I helped my children by all saving and working. Now student loans are expected to be forgiven.

If I borrow money for a car, boat, home I have to repay my loan. All these students knew what they were signing up for. So why expect someone else to forgive your loan?

[retiredguy123]

It's simple. Just another way to buy votes. Transfer the student loan debt to the taxpayers. Very few people care about the National debt anymore.

[MrFlorida]

I put 3 kids through college, and one through law school, all loans paid in full....silly me !

[Love2Swim]

The loan forgiveness stems from a law that allows borrowers with federal student loans to ask that their debts be erased if their schools did anything deceptive or illegal — or abruptly went out of business. These schools that were targeted for loan forgiveness were deceptive, broke the law, and took advantage of students, leaving them with huge debts totalling $$billions. I agree that if a student takes out a loan at a legitimate school or bank, they should pay it back. The institutions named in the recent loan forgiveness were not legitimate.

[jimbomaybe]

Originally Posted by Bay Kid

Don't you wish you had a student loan? Paid for my own by saving and working. I helped my children by all saving and working. Now student loans are expected to be forgiven.

If I borrow money for a car, boat, home I have to repay my loan. All these students knew what they were signing up for. So why expect someone else to forgive your loan?

And of course we will be seeing more "news" articles about young people who have such a large student debt that they are in a hopeless situation. and of course they won't ask why did you take out such a large loan that the job at the other end couldn't support the debt?

[Stu from NYC]

Amazing that kids get degrees that do not qualify them for a job that is in demand and would pay them a good salary.

So they graduate with a mountain of debt and than wonder why they should be responsible for their loan while working in McDonalds.

At the same time universities are able to charge what they want as tuition is paid for by loans.

[Love2Swim]

The loan forgiveness stems from a law that allows borrowers with federal student loans to ask that their debts be erased if their schools did anything deceptive or illegal — or abruptly went out of business. These schools that were targeted for loan forgiveness were deceptive, broke the law, and took advantage of students, leaving them with huge debts totalling $$billions. I agree that if a student takes out a loan at a legitimate school or bank, they should pay it back. The institutions named in the recent loan forgiveness were not legitimate. They were predatory lenders, and by law, the loans were forgiven since the lenders criminally mis-represented themselves. People on this forum seem to be getting into a dither about something that did not happen. Those with legitimate loans are still liable for them. Those who had loans from illegitimate/criminal institutions, had theirs forgiven. Geesh.

[Normal]

What kind of a nation are we if we don’t have our youth working towards self-sustainability? I certainly didn’t raise my kids that way.

[njbchbum]

Originally Posted by Love2Swim

The loan forgiveness stems from a law that allows borrowers with federal student loans to ask that their debts be erased if their schools did anything deceptive or illegal — or abruptly went out of business. These schools that were targeted for loan forgiveness were deceptive, broke the law, and took advantage of students, leaving them with huge debts totalling $$billions. I agree that if a student takes out a loan at a legitimate school or bank, they should pay it back. The institutions named in the recent loan forgiveness were not legitimate. They were predatory lenders, and by law, the loans were forgiven since the lenders criminally mis-represented themselves. People on this forum seem to be getting into a dither about something that did not happen. Those with legitimate loans are still liable for them. Those who had loans from illegitimate/criminal institutions, had theirs forgiven. Geesh.

Why do you think that the powers that be who promote student loan forgiveness are not presenting the forgiveness as you have? Is that misrepresentation/misinformation or is loan forgiveness the intention regardless of predatory practice?

[Love2Swim]

Who knows? And who cares? The law is the law. If students want to legally seek relief, they can do so. These predatory lenders deserve to be out of business. Our kids were taken advantage of, and deserve relief. I applaud the government for doing the right thing.

[I'm Popeye!]

Sure, The taxpayer pays the student loan, after the student graduates they charge the taxpayer outrages dollars for a mediocre service.
That's the ticket!

[Love2Swim]

Originally Posted by I'm Popeye!

Sure, The taxpayer pays the student loan, after the student graduates they charge the taxpayer outrages dollars for a mediocre service.
That's the ticket!

You clearly do not understand what has happened. Educate yourself. The students were the victims of fraud. Many did not graduate due to fraud and misrepresentation by the colleges involved. Many that did graduate were told their degree would be a legitimate one that would lead to employment, but that was not the case. Their degrees were worthless. These institutions took advantage of our young people in a criminal manner, and the law gives the kids recourse. Better than the tax cuts for the rich we saw under the last administration. Now that, in itself, was criminal.

[OrangeBlossomBaby]

I was accepted to Graham Junior College in Boston, and to Emerson also in Boston. We visited both, I fell in love with Emerson. We were a solid middle-class family who emphasized education, so my parents were willing to co-sign a loan so that we could afford the higher fee. This was a guaranteed state loan available had at the time, with a super low interest rate.

Three months after I started Emerson, Graham closed its doors forever. If I had chosen Graham, I would not have been refunded, AND I would've had to pay the loan back for the entire year. And it'd be too late to matriculate into Emerson, and the first three months of school at Graham would have been for zero credit. And I'd be stuck in Boston with a lease (because Graham didn't have dormitories) and no reason to be there.

I was the lucky one who chose the right school. There are tens of thousands of students who were unlucky and chose the wrong school. They ended up with no education, no refund, and a loan to pay back.

I did pay back my loan, but had to defer twice. So my 10-year loan took me 12 years to pay off. I'm okay with that, I never had trouble finding work, just two years out of the 12 I found myself dipping into savings to pay bills, and didn't want to end up with nothing. That reprieve of $87.02/month every month for two years was just enough to keep me from falling into a financial crisis.

Note that number - $87.02/month. That's equal to $217.31 by today's standards, accounting for inflation.

Do you know anyone graduated from college recently whose student loan bill is only $217.31/month? I don't. I have friends and former co-workers who are looking at $400-1000/month loan bills. The cost of education has risen disproportionately to the income potential of the degree.

Why do you think there are so many Aspen Dentals? A dentist hanging out his sign on his own office door will be spending 100% of his revenue to pay off debt. He will have no income at all for years. But if he joins a group, he can share expenses, and actually get a real paycheck.

[jimbomaybe]

Originally Posted by Love2Swim

Who knows? And who cares? The law is the law. If students want to legally seek relief, they can do so. These predatory lenders deserve to be out of business. Our kids were taken advantage of, and deserve relief. I applaud the government for doing the right thing.

So if I am the victim of fraud the Government makes me whole again, how about some drunk driver hits me should the government take care of my problems stemming from that, I own stock in a company the managers loot and destroy should the government pony up my lost money?

[Bucco]

.See post 4 and read more

Yet another thread worded in order to stir unrest and unease.

Had it been worded truthfully, allowing for the truth, there would be no room for complaining, etc. it’s a good thing made into a negative.