Student Loans Debt

[preciousjeni]

Originally Posted by Munchkin03

I thought the first post was kind of insane.

I'm finding that the OP is making a lot of *interesting* posts all over GC.

[VandalSquirrel]

Originally Posted by preciousjeni

I'm finding that the OP is making a lot of *interesting* posts all over GC.

You read my mind! I felt like we were watching an episode of Coffee Talk with our host Linda Richman.

I'm feeling verklempt over Barbara Streisand, I'll give you a topic to discuss amongst yourselves, discuss:

The mean girls of GC are neither mean nor girls, DISCUSS.

Now that a person had eight babies using student aid money (allegedly) I doubt there will be anything but tighter restrictions on loans. It wouldn't surprise me if they did audits and you had to bring in receipts to prove what you spent money on.

[Coramoor]

Screw that. I just paid off 70K of student loan debt in two years. Is the gov't going to reimburse me for that?

[kddani]

Originally Posted by Coramoor

Screw that. I just paid off 70K of student loan debt in two years. Is the gov't going to reimburse me for that?

Seriously, me too. People, you took on the debt, pay it back. Everyone thinks they are entitled to a bailout of their own. You decided to take on that debt, you signed on the dotted line. Be responsible for your own actions and pay for it.

Not that a facebook petition/online petition is going to be too influential.

[Kevin]

Originally Posted by kddani

Not that a facebook petition/online petition is going to be too influential.

Bullcrap. I'll bet Obama checks it regularly on his Blackberry.

[Munchkin03]

Originally Posted by Kevin

Bullcrap. I'll bet Obama checks it regularly on his Blackberry.

This goes into something else that kind of annoys me about this new batch of kids...they think that since the Obamas had student loans, that they're more "sympathetic" to those who have loans. Maybe he is, but I'm not, and I had loans too.

[Kevin]

Originally Posted by Munchkin03

This goes into something else that kind of annoys me about this new batch of kids...they think that since the Obamas had student loans, that they're more "sympathetic" to those who have loans. Maybe he is, but I'm not, and I had loans too.

The halo will fade. Give it time.

[texas*princess]

Originally Posted by kddani

Seriously, me too. People, you took on the debt, pay it back. Everyone thinks they are entitled to a bailout of their own. You decided to take on that debt, you signed on the dotted line. Be responsible for your own actions and pay for it.

Not that a facebook petition/online petition is going to be too influential.

I agree.

Why don't we just pay off everyone's mortgages and personal credit cards while we're at it?

Shizz, if they start paying off people's credit cards, I'm taking all 3 of my 0-balance cards out for a joyride and maxing those puppies out!

</sarcasm>

[PeppyGPhiB]

Originally Posted by Coramoor

Screw that. I just paid off 70K of student loan debt in two years. Is the gov't going to reimburse me for that?

LOL I was thinking the same thing. I'm a year or two away from having all of my loans paid off, and I'd be PISSED if the gov't now stepped in to erase the debt of the millenials, who haven't even begun to understand what it means to be a responsible, bill-paying adult.

[AGDee]

Since the length of time to find a "real" job after graduation is getting longer and longer (last I heard it was around 9 months and that was before the more recent downturns), I could see them deferring them longer, or not charging interest while one is laid off, or making some measures like that. But completely forgiving them seems counter productive. College grads are still in a much better position than non college grads. As we're moving away from manufacturing, it's the non-college grads who need job training, etc.

I'm getting kind of tired of hearing people who have two working adults (spouses, whatever) in the home saying "Where's my bailout?" because, in reality, they do not need one! If they do, it's because of their own irresponsibility. I don't need a bailout at this point in time. I believe my job is pretty secure. I spend carefully and save carefully. I'm paying a boatload more in taxes for 2008 than usual because of inheriting IRAs from my mom. I don't expect a handout for no reason just so that I can spend frivolously.

Having programs for people to re-finance out of insane mortgages is one thing. Forgiving loans for those people who are in the best position right now is just silly. That said, I do think teachers who are paid less than $60K or so should get reduced student loans, even on sliding scales for working in various difficult geographic areas. Nurses too, and probably some other "critical need" type jobs. With the shortage of general practice physicians, they should probably qualify too.

[BaltoAlphaPsi]

Originally Posted by AGDee

Since the length of time to find a "real" job after graduation is getting longer and longer (last I heard it was around 9 months and that was before the more recent downturns), I could see them deferring them longer, or not charging interest while one is laid off, or making some measures like that.

I think that's a decent idea.

6 months after graduation is the average amount of time to find a job, and start paying off loans. If you lengthen that to a year, or 18 months, you risk students taking that time off as a large vacation, possibly putting them into a worse situation. Though, it does give time for those harder jobs to find that you may need more time to pay back your loans.




I just feel that, if banks know that at this point in time student loans are almost mandatory for anyone wanting to get their degree, and even MORE likely for grad students, they could help everyone by lowering the interest rates. The government wouldn't need to step in the way people feel they do now, and banks are still making a load of money off of the interest just because people are BORROWING so much money.

Building credit is one of the best things a student can do for themselves, so they need ways to do that. Some credit card companies have stepped in a had great rates and insensitive for current college students. Students also need to learn financial responsibility so they wont be relying on unemployment/welfare for the rest of their lives. (Which ultimately hurts the rest of the country because we're paying taxes for their lazy @$$es)

When I first heard about this petition, i was surprised at the amount of support I saw. But then I thought about how many of my friends (college students) are on unemployment, and It kind of made me think about how lazy this country is. The government get's nothing out of you going to college. So why should the government bail you out of your student loans. The government would get something out of lowering student loans Interest rates because less people would be having difficulty in paying back.

I'm the youngest of 5, all went to college, I'm still in it. My parents told us, they would pay for half of the first 4 years we were in school. After that, we're on our own. So i have loans out, and my parents have loans for me, and when I enter my 5th year (because my program can't really be done in 4) I'll be on my own. Would I love for that year to be free? Duh, who wouldn't. But that's what scholarships are for. And that's why I keep applying for scholarships. I wont be in the worst of shape after i graduate. But my parents have 5 kids worth of loans, 20 years worth of college loans, in 12 years. They consolidate, and they do what they can. But the amount of interest alone is putting them in a serious financial situation.

I think lowering the interest rates can help longer than forgiving student loans. Forgiving student loans just makes people even more lazy, and possibly feel even more entitled to things that they're not entitled. Also, as many people have said, that money could go toward much better things... as long as they are things IN this country. But bailing out student debt will only help one generation of college students, what about the next set of college students? The government can't help everyone get through college, they do what they can, FAFSA, and other ways to get government aid. There are private loans, and as always... just a damn good highschool GPA can do wonders for you!

[Munchkin03]

Originally Posted by BaltoAlphaPsi

I think lowering the interest rates can help longer than forgiving student loans.

as always... just a damn good highschool GPA can do wonders for you!

Student loan interest rates are lower than they've ever been; I honestly don't think they can get any better. Mine were at just under 3%; my savings account has a higher interest rate! I figured it made more sense for me to pay that off and put the money I was paying for loans in savings.

Oh yeah...not everyone who does well in school will get scholarships. A lot of colleges do not provide merit aid; some private scholarship organizations look at need before they look at merit to prevent one or two students at the top from taking the most scholarship money. I was in the top 1% of my HS class with a ton of extracurrics, and I got exactly $1,500 in scholarship money. That money was actually connected to an activity I was involved in. Great considering 4 years of tuition was just about $150,000.

[KSigkid]

Originally Posted by AGDee

That said, I do think teachers who are paid less than $60K or so should get reduced student loans, even on sliding scales for working in various difficult geographic areas. Nurses too, and probably some other "critical need" type jobs. With the shortage of general practice physicians, they should probably qualify too.

I think things are going that way, at least to a certain degree. From the emails that go out over my law school's listserve, it appears that the new federal loan consolidation programs have an option where you can base your repayment on your income. Now, I don't know whether that significantly drops the starting payments, and I'm guessing you get hit hard on the back end, but it's an option. Plus, there are the loan forgiveness options for teachers and lawyers; I'm not sure which other professions have that sort of program.

I'm not sure how far to stretch the programs though. How do you decide which professions should qualify? Of course, I'm speaking as someone who is going into a profession that has some loan forgiveness, and as someone who was able to us a minimal amount of student loans (through merit and need based scholarships/grants and full-time work proceeds) through undergrad and law school, so take my opinion for what it's worth.

[AGDee]

I can't speak much to student loans either. I never had them. For undergrad, I had a full tuition scholarship, help from parents for room & board and worked for my book/spending money/sorority dues. For grad school, I did it while working full time for employers that had decent tuition reimbursement programs.

[texas*princess]

Originally Posted by AGDee

That said, I do think teachers who are paid less than $60K or so should get reduced student loans, even on sliding scales for working in various difficult geographic areas.

There is a program - I think it's called something like "Teach for America" - that either reduces or completely pays for college loans for people who enroll in the program and teach for 2-3ish years.