student debt forgiveness is back

[sk47]

...funny.
No one ever mentions the tax cuts the wealthy get EVERY time the GOP party
has the WH.
And then someone on here asks where the money is going to come from
to pay all of these loan forgiveness bills.

The beleaguered taxpayer is always the one stuck with bill.......... (that is
the lower income taxpayer I should say).............................

Hello; This topic has been covered before. Some highlights. First is there are literally millions, including myself, who took out such loans and paid them back. I did not have the money to pay for college and back in the day banks would not do a loan without collateral. So it was a good thing I could borrow from the government.

I also got a good deal in the loan terms. Better than if I went to a bank. Best I understand the loans are still a sweetheart deal. By that I mean good interest rates and a delay before you have to start paying back.

Near as I can tell those who make it thru college getting a degree in something that will lead to a job will make a great deal more money over a lifetime than those who do not go to college. Yet somehow the idea is that for all those who do not benefit in any way from the loans are supposed to help pay for someone with a degree. Someone with a degree who will make more money than the non-grad.

I live in what basically is a college town. Four of the houses close to me have college students renting them. Most of them live well. My closest student neighbor is in small animal vet school. He says he have over $200 grand in debt when finished. He and his wife have taken two vacations to Mexico in the last two years. The wife has a new vehicle. I have no objections about what sort of lifestyle they live, but do not see why i or anyone else needs to pay his student loans.

Back when I borrowed from the government I understood it was a loan. I knew it had to be paid back. Todays borrowers must have understood the same thing.

Some people go to trade schools. Auto mechanics, truck driving, HVAC and more. They also have to buy expensive tools to work with. Maybe they get student loans and if so this particular bit does not fit. So they shell out money or go into debt to get skills. Do they get some sort of forgiveness???

Lastly it looks to be a vote thing more than anything else. I will not go into that.

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[Medsport]

So how do you find out if you qualify? I had been searching about it and it is very confusing. I have been a nurse for about 15 years and have been paying on my student loans most of that time except for a few periods I put them into forbearance. It almost sounds like I may be eligible, but then the part that says you must have a qualified employer sounds like I'm not. I believe my present employer is since it is a non-profit, but I have only been here a little over 3 years and I'm pretty sure my past employers were for profit. If this is the case I should just about have them paid by the time I am here for 10 years, just my luck. But I'm wondering if I should put them into deferment or forbearance if that is the case to save some money? That may not work either though as it may not count towards the 120 payments then.

 

[sk47]

So how do you find out if you qualify? I had been searching about it and it is very confusing. I have been a nurse for about 15 years and have been paying on my student loans most of that time except for a few periods I put them into forbearance. It almost sounds like I may be eligible, but then the part that says you must have a qualified employer sounds like I'm not. I believe my present employer is since it is a non-profit, but I have only been here a little over 3 years and I'm pretty sure my past employers were for profit. If this is the case I should just about have them paid by the time I am here for 10 years, just my luck. But I'm wondering if I should put them into deferment or forbearance if that is the case to save some money? That may not work either though as it may not count towards the 120 payments then.

Hello; do some checking before deferment or forbearance. I have seen reports about how the interest accrues during these times. If so could wind up owing even more than the initial loan was due to that interest piling up.

 

[jtmat]

So how do you find out if you qualify? I had been searching about it and it is very confusing. I have been a nurse for about 15 years and have been paying on my student loans most of that time except for a few periods I put them into forbearance. It almost sounds like I may be eligible, but then the part that says you must have a qualified employer sounds like I'm not. I believe my present employer is since it is a non-profit, but I have only been here a little over 3 years and I'm pretty sure my past employers were for profit. If this is the case I should just about have them paid by the time I am here for 10 years, just my luck. But I'm wondering if I should put them into deferment or forbearance if that is the case to save some money? That may not work either though as it may not count towards the 120 payments then.

Below links will help... they are from https://studentaid.gov/ (better to go here and click on the down arrow under "manage loans").

Another way: https://studentaid.gov/manage-loans/forgiveness-cancellation .... read the links on the left, but you have to scroll to bottom of page to see all links.

Some other links:

MANAGE LOANS

• About Loan Repayment
• Complete Exit Counseling
• Complete TEACH Grant Conversion Counseling
• Make a Payment
• Consolidate My Loans
• Apply for Income-Driven Repayment
• Qualify for Loan Forgiveness
• Delinquency and Default

 

[sk47]

...funny.
No one ever mentions the tax cuts the wealthy get EVERY time the GOP party
has the WH.
And then someone on here asks where the money is going to come from
to pay all of these loan forgiveness bills.

The beleaguered taxpayer is always the one stuck with the bill.......... (that is
the lower income taxpayer I should say).............................

https://americansfortaxfairness.org/billionaires/

Hello; About the bold comment above. I hear this some times which seems to imply that tax cut favored only the wealthy. It in fact went down to the lower income brackets and regular working folks wound up with a decent amount of extra money in their own pockets paycheck to paycheck.

That those with a higher income had a greater absolute amount each pay period reflects more on the fact they start with a higher income. If you start with a greater number and use the same percentage you will wind up with a greater secondary number.

In fact the wealthy actually do pay a greater portion of taxes overall. But this line of thinking has little to do with the fact that student debt forgiveness will be paid for by a huge portion of the population who get no benefit from the deal. My guess is the wealthy do not have to borrow to send their kids to college. So you want them to pay their own kids way and pay for other peoples kids as well. I get the reasoning behind this. They have the money so that becomes reason enough to take it from them.

I would spend a lot more unwisely if I could tap my neighbors bank accounts. There is another aspect to this forgiveness business. So many may do college as a jaunt or party time or pick some major with little or no job value. I get why they struggle paying back loans. But are the rest of us supposed to back up irresponsible behavior. Have a major with a promise of a decent job to start with.

 

[TexasMetallic5.0]

I guess I need to go back to school and get some of this free money.

 

[Medsport]

I guess I need to go back to school and get some of this free money.

I'm actually thinking about it, but not sure what field to go into. I'm almost getting too old though at this point.

 

[HoosierDaddy]

I'm actually thinking about it, but not sure what field to go into. I'm almost getting too old though at this point.

Get a degree in intersectionality. Maybe you could figure out how to stop all the red light running.

 

[TexasMetallic5.0]

I'm actually thinking about it, but not sure what field to go into. I'm almost getting too old though at this point.

Same. I’ve got 20 years in with the Dept. of Defense and recently reactivated my peace officer license. I’m in my early 40’s and can’t think of anything I’d achieve by going back.

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