President Joe Biden - Kamala Harris Administration

#20,426
#20,426
SpaceCoastVol said:
How would you like to be that 35 year old that just made your last loan debt payment just to watch your coffee server at S'bucks get his PhD loan completely forgiven?
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Or a 32 year old who made choices specifically around avoiding debt at all costs.

There is a government student loan forgiveness program, it's called the military.
 
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#20,429
#20,429
Rasputin_Vol said:
No different than how I feel about the same Starbucks barista getting $6k in "earned income credit" while I'm paying several times that in income taxes.

That isn't a reason to not have student loan relief.
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Oooh yes there is. I paid mine off. They undertook these debts, they can pay them too. If you want a change, allow the to be bankruptable. Other than that, hell no. Pay your damned debts
 
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#20,430
#20,430
LouderVol said:
Or a 32 year old who made choices specifically around avoiding debt at all costs.

There is a government student loan forgiveness program, it's called the military.
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Sure. And right now is probably a good time to go in with us exciting hostile theaters with our tails tucked
 
#20,431
#20,431
SpaceCoastVol said:
Oooh yes there is. I paid mine off. They undertook these debts, they can pay them too. If you want a change, allow the to be bankruptable. Other than that, hell no. Pay your damned debts
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In 1995 I got my undergrad along with 20k in debt. About 36k in todays money.

I paid it off in less than 2 years. My debt was also minimized because I worked the night shift while going to school full time. These people can stfu.
 
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#20,433
#20,433
allvol123 said:
So your solution to developing a more fiscally responsible nation would start by rewarding the behavior of irresponsible financial decision making.
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Well right now, we are rewarding the lenders.

The proper solution would be that each one feels some pain. Don't remove all of the student debt, but give it a substantial haircut. That way, they still owe something and the lenders are penalized.

But really the way this system is set up, the lenders can't really be penalized because they can create money out of thin air and really don't have to maintain reserve limits.
 
#20,434
#20,434
Rasputin_Vol said:
You won't be paying for it. They are just going to either default (highly unlikely) or print more money and hyperinflate the currency (most likely). And it's interesting that the little $1-1.5 trillion in student loan debt or whatever it is right now seems to irritate people, but they don't bristle too much about all of the debt the DoD has run up in the last two decades in the Middle East. Most people didn't sign up for that debt, either.

I say again, these banks and the politicians are going to hold these people's feet to the fire and make them accountable for decisions they made when they were 18-21 years old, yet the people in Washington DC in their 40s and older that waste multiple times more money are allowed to walk the streets with no worries.

This country isn't going broke and sitting at close to $30 trillion in on book debt because of student loans. GTFOH...
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I'm a proponent of allowing people to make one time non penalty 401K withdrawals to pay for student loans because without paying the student loan there is no retirement. The loan has to be verified student loans thru the Dept of Education or verified student loan provider without a bunch of other consolidated debt like credit cards, etc.
 
#20,435
#20,435
Vol423 said:
He's apparently sitting on student loans.
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I've been debt free for over 15 years...

Why are you so emotional about this? It won't be coming out of your pocket. They'll just print up more money.

The outstanding student loan debt is somewhere in the $1.5 trillion range. Yet, we've spent multiple times that in the Middle East with nothing to show for it, you had all of this money that we gave out over the lat year and a half over a bogus pandemic, and you now have congress trying to push over $2 trillion in more spending for the upcoming year.

Student loans are not what is driving this country broke. Relax...
 
#20,436
#20,436
Rasputin_Vol said:
Well right now, we are rewarding the lenders.

The proper solution would be that each one feels some pain. Don't remove all of the student debt, but give it a substantial haircut. That way, they still owe something and the lenders are penalized.

But really the way this system is set up, the lenders can't really be penalized because they can create money out of thin air and really don't have to maintain reserve limits.
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That isn’t proper at all. No one is forcing anyone to borrow money. Be accountable for your actions.
 
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#20,438
#20,438
allvol123 said:
In 1995 I got my undergrad along with 20k in debt. About 36k in todays money.

I paid it off in less than 2 years. My debt was also minimized because I worked the night shift while going to school full time. These people can stfu.
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How much inflation over the last 25+ years since you graduated has occurred due to all of this nonsensical lending to liberal arts majors?

The sole burden of this shouldn't just rest on shoulders of the students. The lenders and govt need to get their share of the pain.
 
#20,439
#20,439
Rasputin_Vol said:
How much inflation over the last 25+ years since you graduated has occurred due to all of this nonsensical lending to liberal arts majors?

The sole burden of this shouldn't just rest on shoulders of the students. The lenders and govt need to get their share of the pain.
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You signed it, you pay it.
 
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#20,440
#20,440
BreatheUT said:
I'm a proponent of allowing people to make one time non penalty 401K withdrawals to pay for student loans because without paying the student loan there is no retirement. The loan has to be verified student loans thru the Dept of Education or verified student loan provider without a bunch of other consolidated debt like credit cards, etc.
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Meh, I would just cap all debt at a good number around $25k-35k. Not something that will shutdown your life, but at the same time, you feel some pain and shoulder some responsibility for their actions.
 
#20,441
#20,441
Rasputin_Vol said:
Meh, I would just cap all debt at a good number around $25k-35k. Not something that will shutdown your life, but at the same time, you feel some pain and shoulder some responsibility for their actions.
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Yea, that 50k car I just bought, I only want to pay half of it.

Goodness.
 
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#20,442
#20,442
allvol123 said:
You signed it, you pay it.
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Most of them were 18-21 years old making these decisions. Most people don't have people around them that are able to advise them of the commitment they are signing on to at that time. And the universities, media and govt doesn't make matters better by encouraging these kids to shoulder these debts. I'm sure most of you had people around you advising you wisely. Me personally, I did not have that... and I am very lucky to not have been in the situation that some of these people are in. Now the people with over $50k in debts for liberal arts degrees... at what point do we start to focus on the lending institutions and government with regards to the decisions they made by throwing more money at these people?

I love how you guys have no issue holding these people fully accountable for decisions they made early in life, but let these Boomers and older Gen-Xers get away without any consequences for their lending practices.
 
#20,444
#20,444
Rasputin_Vol said:
Most of them were 18-21 years old making these decisions. Most people don't have people around them that are able to advise them of the commitment they are signing on to at that time. And the universities, media and govt doesn't make matters better by encouraging these kids to shoulder these debts. I'm sure most of you had people around you advising you wisely. Me personally, I did not have that... and I am very lucky to not have been in the situation that some of these people are in. Now the people with over $50k in debts for liberal arts degrees... at what point do we start to focus on the lending institutions and government with regards to the decisions they made by throwing more money at these people?

I love how you guys have no issue holding these people fully accountable for decisions they made early in life, but let these Boomers and older Gen-Xers get away without any consequences for their lending practices.
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How much you owe?
 
#20,449
#20,449
Rasputin_Vol said:
Meh, I would just cap all debt at a good number around $25k-35k. Not something that will shutdown your life, but at the same time, you feel some pain and shoulder some responsibility for their actions.
Click to expand...

It doesn't have to be the only answer but allowing people to make a lump sum from the 401K could resolve this for many including me.
 
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