student debt forgiveness is back

[Medsport]

geezus man, were you a med student? It should be well within everyone's reach to pay off student loans in 3-5 years. More than that the debt must be at eyewatering levels.

Well kind of. I actually went the 2nd time for an associates in accounting (first it was CAD, but that didn't work out either. I never even got an interview for an accounting job and was delivering pizza at the time so I wasn't making much money. Went thru a divorce and decided to give Nursing a try. I was stupid and took my sisters advice to borrow extra money to live off of that way I could cut back to part time work and concentrate on school the last year or so. WE were under the misguided assumption we could get a job at a hospital and they would pay off the school loans, but found out they only did it for RN's around here. I did get my LPN, but back then they didn't pay very good just starting out. So in essence I was paying for 4 years of college. Only in the past few years, have I started to make some decent money and get my credit cards and such paid off for awhile. My main loan was for 20 years and the smaller one was for 10. I've only been paying the min. and declared forbearance a few times several years ago when times were lean and that didn't help as interest continues to accrue.

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[Strokerswild]

actually it's to your advantage to pay the mortagage as slowly as possible. Because every day you're paying it back with ever more worthless currency and the contract (nee Mortgage) doesn't have a clause that allows the bank to change your interest rate or adjust the outstanding balance owed in light of rapidly worsening currency. The bank took a risk a dollar in 30 years time was going to be worth ~same as a dollar today. As the printing presses go into hyperdrive that whole assumption falls apart spectacularly.

That said, there is something to be said for having no debt obligations at all.

Meh. There's more than just something to be said for no debt obligations. I became debt free on 2/1/21 at the ripe old age of 51, when I paid off my properties. It's a great, yet strange, feeling. I'll bet I'll get used to it though. No matter what happens, my home is exactly that - mine.

I 'blame' becoming debt free on Covid and ADMs on GT500s. In early March of last year, I was gung-ho on buying a GT500. A couple of days worth of calls to dealers revealed that it wasn't going to happen without an ADM. Screw them, to put it politely. Nearly simultaneously, Covid knocked the wind out of my employer's sails and we got our wages cut 25%. Time to batten down the hatches. Pay went back to normal around the holidays, but the light at the end of the tunnel was near. I have a ~$10K patio/landscaping project that got put on hold last summer that will resume in the spring. Meanwhile, it's time to save some cash and jack up the 401k contributions. Things should be looking pretty decent when the '22 ordering guides come around. Assuming I don't say to hell with the car and just buy more property.

Now, back to bickering about people wanting the debt they signed up for being forgiven.....

 

[shogun32]

No matter what happens, my home is exactly that - mine.

forget to pay your property taxes. You'll find out you're only just renting it from the local principality.

 

[HoosierDaddy]

forget to pay your property taxes. You'll find out you're only just renting it from the local principality.

Everyone knows that unless they were absent the day school showed the Brady Bunch Movie.

At least the worst jurisdictions are getting clamped down on abuses. Detroit was auctioning homes for as little as $8 overdue taxes and pocketing the entire sale price. Now the arrears must be significant and the owner gets the sale price minus the taxes.

Hmmm. Wondering if this might be a way to avoid broker fees selling a house. Don't pay your property tax and see how high the bids go. If just low-balls, buy it yourself and sell it the usual way.

 

[sk47]

Quote Briebee72 "bankruptcy, would be the same as forgiveness cause would still not be paying back tax funded loans."
Hello; Not quite the same things. With forgiveness the borrower goes on about their lives as normal, just without debt. With bankruptcy the borrower has penalties. Credit scores affected, restrictions on being able to take out loans for a time and such. Perhaps even some obligation to pay a portion of the debt depending on their overall financial situation. These penalties ought to encourage those who can pay to not take a bankruptcy.

Quote Briebee72 "its getting to where just to live every month is more then 70% of Americans make."
Hello; Yes the cost of living is a problem for ordinary taxpayers, yet you favor adding the just debt of others onto their already financially burdened shoulders. Sure some of the folks who took out student loans are struggling, but so are many of those whom you wish to send the bill to.

Quote Briebee72 "its not hard to see people just cant do it. its got nothing to do with lazy or freeloaders. and you cant hate people for trying to get a better life with a degree. People are just trapped. The real problem is the colleges being left to screw everyone so maybe focus the hate there instead of the borrowers?"
Hello; I do not hate the borrower. Nor do I blame them for trying to get a better life. Had an uncle who took a chance and invested in a coal mine back during a boom in the 1970's. He lost everything he invested. For some the investment in college pays off, for others it does not.
Some folks start a business instead of going to college. Some of those businesses do well and some go bust.

Quote Briebee72 "what is the solution other then let the borrows sink?"
Hello; The way it looks, the only solution you favor is forgiveness and reject all others. So if forgiveness is the only thing on the table then I would vote no.

 

[FreePenguin]

Meh. There's more than just something to be said for no debt obligations. I became debt free on 2/1/21 at the ripe old age of 51, when I paid off my properties. It's a great, yet strange, feeling. I'll bet I'll get used to it though. No matter what happens, my home is exactly that - mine.

I 'blame' becoming debt free on Covid and ADMs on GT500s. In early March of last year, I was gung-ho on buying a GT500. A couple of days worth of calls to dealers revealed that it wasn't going to happen without an ADM. Screw them, to put it politely. Nearly simultaneously, Covid knocked the wind out of my employer's sails and we got our wages cut 25%. Time to batten down the hatches. Pay went back to normal around the holidays, but the light at the end of the tunnel was near. I have a ~$10K patio/landscaping project that got put on hold last summer that will resume in the spring. Meanwhile, it's time to save some cash and jack up the 401k contributions. Things should be looking pretty decent when the '22 ordering guides come around. Assuming I don't say to hell with the car and just buy more property.

Now, back to bickering about people wanting the debt they signed up for being forgiven.....

That’s what I’m thinking, I can’t predict future or my job stability but at the moment I can really chunk massive payments. If house was paid off, all I would owe is 200 month propert tax. And 50 energy, 50 water, 50 gas and 60 internet so 410 a month.

that’s manageable. Lol I have a room mate I charge 500 off of.

 

[Strokerswild]

That’s what I’m thinking, I can’t predict future or my job stability but at the moment I can really chunk massive payments. If house was paid off, all I would owe is 200 month propert tax. And 50 energy, 50 water, 50 gas and 60 internet so 460 a month.

that’s manageable. Lol I have a room mate I charge 500 off of.

Back in 2003, the company I worked for went belly-up, and I had a mortgage and a car payment, and it was rough for a bit but I made it. When things were looking possibly grim last year as I mentioned, it was hauntingly familiar and ALL non-essential expenses were off the table and the focus was my only debt, property.

 

[FreePenguin]

Back in 2003, the company I worked for went belly-up, and I had a mortgage and a car payment, and it was rough for a bit but I made it. When things were looking possibly grim last year as I mentioned, it was hauntingly familiar and ALL non-essential expenses were off the table and the focus was my only debt, property.

I am going to pay my car off in next 4 months, be done with that monthly bill. I wouldn’t of honestly bought it at full price (34k msrp) but got it was 2 year leftover at 23k otd. 21.6k before tax

but that added strain to my life the last year or two. I should of had it paid off already

 

[Stage_3]

Try following the threads. Bit of light humor. I've moved on. I like sk47's posts.

Man, good thing you were kidding.

I was like,......who wants to pay more taxes?!?! lol
They would have to be mentally disabled. LOL

 

[VERN]

Just read on MSN news that Biden not likely to sign $50,000 forgiveness by executive order. $10,000 still on table. Senate Majority leader, Schumer is still pushing the big ticket 50G. On a related topic, I hope persons receiving stimulus cks are paying down their rent first-- but wait a minute --we have rent forgiveness (moratorium) currently so why do that when you cannot be evicted. Hopefully nobody is offended but it is the right thing to do. I am being sarcastic of course people should use money to pay rent, but will they?

 

[FreePenguin]

I hope when time comes landlords 100% push evictions fully through court and hurt those who got tons ofunemployment money but refused to pay landlords

 

[sk47]

Just read on MSN news that Biden not likely to sign $50,000 forgiveness by executive order. $10,000 still on table. Senate Majority leader, Schumer is still pushing the big ticket 50G. On a related topic, I hope persons receiving stimulus cks are paying down their rent first-- but wait a minute --we have rent forgiveness (moratorium) currently so why do that when you cannot be evicted. Hopefully nobody is offended but it is the right thing to do.

Hello; Are you are saying those who are getting checks should not pay rent even if they have the money to do so?

 

[shogun32]

Hello; Are you are saying those who are getting checks should not pay rent even if they have the money to do so?

no, he's saying that a certain (probably large) percentage of people getting govt assistance have not been paying toward the rent in full or in part because of the eviction moratorium. When it's lifted and the landlord demands back-rent (even at a discount) the tenant is unlikely to have the funds.

The bigger problem is the economic calamity is entirely a creation of the central gov't and the governors who marched in lock-step. When the gov't willfully deprives you of your job, it is the gov't who is obligated to compensate you and the land-lord(s) who can no longer receive their income for their services/property.

The IRS has records on everybody's income, week by week or monthly. It would have been a trivial exercise to have all who lost employment thru deliberate gov't action to file for unemployment and collect 'pay' that way, and have the States aggregate the bill and submit it to the US Treasury, which keeping with long established practice just print the money out of thin-air. The USG could have also put a partial moratorium on non-commercial rent to cap it to 30% of the unemployment check and each property owner could file for recompense of the missing 70% from the Feds. Commercial real-estate would file likewise but ask for 100% re-imbursement or a suitable number.

The IRS knows every employer and every employee TIN/SSN so it's not a mystery as to whom is eligible.

 

[FreePenguin]

There’s a lottt of places because of the metatorium refusing to pay saying it’s a pandemic and they won’t use their base + unemployment towards rent. I really think they need punished.
I read some places are paying them to leave and crap. Otherwise they damage property for free

Ihope thegov doesn’t give money towards cancel rent and hopefully lbdlords sue thehell out of them.

 

[shogun32]

What the USG has done is a clearly illegal 'taking' in violation of the Constitution. It's gonna be fun to watch the Supreme Court on this one. Maybe they'll find their balls this time.

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