In 1966 when I was in college, I applied for and was granted a student loan. Per the terms of the loan agreement, after I graduated and had a job, I started repaying it. In a couple of years, I'd paid it off in full.
Apparently Mr. Biden has decided that folks don't need to repay their student loans anymore.
Anyone know the address where I can mail in my application for a refund?
If you can get a refund for a loan, what are chances (besides slim and none) I can get reimbursed for cost of putting 2 kids thru college, paid out of my savings ?
Not to worry, just as soon as I get the address, I'll forward it to you...
Really? All people who hold student loans? Their entire student loan?
"The debt relief announced Friday affects borrowers enrolled in income-driven repayment plans, which allow forgiveness after making a certain number of monthly payments."
You need better news sources.
Where did he state *ALL* student loans would qualify? I would suggest that if he does not receive a refund, that he seek reparations. Surely he has been wronged during his life. Perhaps someone called him a name or the wrong pronoun.
Details, details. Should any be forgiven at my expense? Are you willing to contribute to someone that can't find a decent paying job? I paid for mine, helped my kids with their education.
No one offered to help with car payments either.
Back when I went to college I made enough working summers to pay for tuition, fees and books and commuted. Graduate school, I got a graduate assistantship where I taught labs and got reimbursed with tuition and enough to live on.
Paid for our three sons full college but stopped for grad school. Two went to law school and borrowed. As money for loans was becoming available the colleges just sucked it up by raising tuition. I believe the younger son had to borrow twice as much.
Government took over loans and natural reaction was colleges sucking it up raising tuition's.
Government should not be in the loan business, period. What Biden is doing is a blatant attempt to buy votes and today's entitled students are not intelligent enough to realize it. Any loan forgiveness will just be sucked up by colleges increasing tuition as usual.
I'm not convinced that forgiving the loans is a good idea. I am convinced that misrepresenting the program is intellectually bankrupt.
Yeah, between 240 and 300 monthly payments depending on circumstances. Apparently if you religiously pay the vig for 25 years you're done.
iirc, I was on the hook for $6k when $8K was considered a good starting salary for an engineer. Today some people seem to be in for $200K when their degree in recreation is good for $26K a year.
It took me a little longer because I worked for a start up and for a few years we were taking minimal salaries so we could meet the payroll.
As Calvin Coolidge said 'They hired the money, didn't they?' when the Brits wanted their WWI debt forgiven. otoh, the whole mess needs to be reformed. Not everybody needs to go to college, employers shouldn't require a college degree for jobs a high school student could do, and colleges shouldn't be charging exorbitant tuition for degrees with no ROI in sight.
The flip side is where are all those decent paying jobs? Bangalore? The duopoly has really FUBARed this country.
That wasn't uncommon in the early 60's when tuitions were $200/yr.
Today they're 9,000/yr which is way more than inflation (which $200 would be about $2000/yr today). So you're comparing apples with oranges.
But I have a masters degree in 4th century Greek sculpture. I should be able to get a good high paying job. Maybe I should have taken Interpretive Dance?
Do they offer Kabuki or Sumo degrees?
Because of your reason here, I was definitely oppossed to full forgiveness, that some asked for. That was hard to believe. Maybe it was just a place to start bargaining, but I take people literally.
OTOH, I trust Biden and he had some good reason I forget for 5000 apiece. I thought it was 5000, but then it changed to 10 or 20,000 per. That seems like a lot. Rather than give so much to so few, the government should give some to them and save the rest for other good things.
OTOH it was easy for me to pay my debs. IIRC, in 1964 room and board in the dorm about a little over 1000, and tuition at an expensive private school was 1400. When various sources managed to come up with more money to help students to pay tuition, such as Pell grants, aiui the colleges were able to raise tuition much faster than inflation was raising other prices. So kids in the last 30 years have graduated with biggg debts.
OTOH, some complain about $30,000, but buy a $30,000 car instead of a
10,000 car. If they bought the cheaper car, they'd have 20,000 of the 30000 already. Even when I commuted to work every day I never paid more than 3300 and I didn't owe any student loans 5 years after school.And they expect to buy a house right after marriage or earlier.
How much do you need?
Cindy somehow reminded me that I think it's Wrong to forgive the entire debt. Biden seemed clearly to feel the same way and he seemed to get heat from some Democrats for that. I sort of found that amazing.
IT's wrong a) mostly because they agreed to pay and if they don't have to pay as much they are lucky. But to pay nothing or nothing more than they have so far, is like saying there is a free lunch, and there shouldn't be. and b) it breeds resentment in those who went to a cheaper school or no school at all because they didn't have the money and coudln't or wouldn't borrow it, and in those who just pay taxes and don't want to give gifts to college boys (or girls.) and even those who don't pay taxes but enjoy resenting others.
3rd century is where it's at.
Education of the people is one of the best investments a country can make. The GI Bill education benefits invested in returning GI's paid back twice as much in increased income taxes paid over their lives by the recipients, and the GNP grew by 5X the investment.
Pricing people out of education is crazy. The current price of advanced education is crazy. We are heading in the direction of advanced education only being available to the rich.
Can you provide evidence that the raises in college tuition rates were caused by the proliferation of student loans? How much of the rate of tuition increase has been due to (1) inflation, (2) faculty and graduate student teaching assistant demands for higher salaries, (3) competition among schools to see who can build the most expensive new sports stadiums and clubhouses, and attract the coaches with the greatest celebrity status who (of course) demand the highest salaries, (4) affirmative action admission policies that attract capable students from low income families who can afford college only if paid for with scholarships and loans, and possibly other explanations.
Besides, what's your understanding of how this one-time loan forgiveness action incentivizes schools to raise their tuition? I don't see any possible link between one time loan forgiveness and augmentation of the future supply of tuition loan money. The former students who hold these loans have already paid their school's tuition bills in full while they were enrolled. It's the non-governmental underwriters of the loans who will receive loan forgiveness payments, not the schools.
My belief is that it's a seller's market (the schools are the sellers). They don't need an excuse to raise tuition. The increased demand from our increasing population of high school graduates seeking a college education at a "name" school exceeds the growth in available slots at those schools. And, in our society, where the image of prestige is desired by so many, the more expensive the merchandise, the greater prestige it has and the more desirable it becomes (even if its intrinsic value is no greater).
Yeah well part of the problem is we've degenerated from teaching Latin and Greek in high school to teaching Remedial English in college.
And if grade-inflation wasn't doing enough damage, now many classes don't issue grades lest they adversely impact the self-esteem of those who don't do well.
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