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Sideways Riding Expert
Posts: 11371
   
Location: ND--it snows, it floods, it snows, it floods | Okay, I'm on the fence about this. So a friend is on FB all happy as a clam because she only has to pay back $10/month for 25 years and the rest of her $160K balance will be forgiven. Really???? This is a federal program I guess. I understand that's a lot of $$$ but really??? Why should I have to subsidize your ability to not pay. Seriously...she only has to pay back $3000 over 25 years ($120 a year) and the rest is forgiven????? Now keep in mind that this is her B.S. and Masters but still when did it become okay to NOT have to pay back your debts? |
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 Ima Fickle Fan
Posts: 3547
 
Location: Texas | I know there are programs out there that will forgive you student loan debt. HOWEVER, there are fine points associated with all of them. I know of one for those who work in education. If you pay you monthly balance in full and on time for 10 years, the debt will be forgiven. However, you must also be working in education the full 10 years.
Not sure what your friend is doing, but I highly doubt she will only pay $10/month for 25 years on that amount and then be done. The programs I know about, the minimum amount you pay is based on what you owed and maybe your current income. At her rate, she'll only pay $13K. I don't see how that benefits anyone but her. |
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Extreme Veteran
Posts: 399
| I think it really depends on your major and location.. For example they offer forgiveness if you teach in a underdeveloped or bad neighborhood for x amount of time. |
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Sideways Riding Expert
Posts: 11371
Location: ND--it snows, it floods, it snows, it floods | And those programs I can understand...or for med. students working in poor or underdeveloped areas of the country. I can at least say that's a good idea but according to this poster it's as I stated and I KNOW she's not in either of the situations. I just can't fathom it. |
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 Shelter Dog Lover
Posts: 10277
| I am not on the fence about it at all, I don't feel we should subsidize student loans. I do like those programs that forgive student debt for teaching in low income districts etc. However, people choosing to take out loans to go to expensive schools then whining about the debt when they get out is just shucking personal responsibility for the decisions you have made. College tuition is outrageous. We had all our kids stay home and go to junior college 2 years then transferred to a 4 year school. |
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  That's White "Man" to You
Posts: 5515
| That person has no personal integrity. As a banker if someone came and and wanted to borrow money and I found out about this I would never give them a loan. What a low life, send me their name, I will tell it straight to your friend. |
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 Warmblood with Wings
Posts: 27846
Location: Florida.. | they chose to go to school and they should have to pay the debt.we did growing up.. why is it now students can feel they are entitled... oh yea its a obama thing |
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 Potato Soup Queen
Location: Alabama | Hmmm I don't know...there are certainly worse things in this country than giving someone that was born and raised here a "free" education..... and we give away plenty of things to people that don't deserve it and weren't born here. I'd rather my tax dollars paid for education than half the junk it does pay for. |
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That's White "Man" to You
Posts: 5515
| Farrierlady - 2014-10-17 9:51 PM Hmmm I don't know...there are certainly worse things in this country than giving someone that was born and raised here a "free" education..... and we give away plenty of things to people that don't deserve it and weren't born here. I'd rather my tax dollars paid for education than half the junk it does pay for.
But it isnt this or that. It is this AND that. |
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Warmblood with Wings
Posts: 27846
Location: Florida.. | true but its not so simple..
it could be for any nationality and any circumstance.. not just americans that work hard. thats the trouble.. I believe in scholarships.
to me this is like homeowners getting bail outs for buying to expensive homes.
many americans are in debt for college and struggle .Id like to see the critiria and Id also like to see.. if their debt is forgiven are they living above their means.. so now no debt.. so buy a expensive home and toys et6
one more thing.. these grants.. i hear all the time youjng adults or older going back to school qualify for 5000 or 7000 .. they receive the check. pay school some and pocket the rest.. why does this happen?
Edited by Bibliafarm 2014-10-17 10:07 PM
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 Elite Veteran
Posts: 805
Location: Montana | I called one I seen on FB they wanted to Double! My payment for seven years. I said if I did that myself I would have my $11000 paid off in no time. Now all I need is to get a job so I can. |
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Elite Veteran
Posts: 805
Location: Montana | I called one I seen on FB they wanted to Double! My payment for seven years. I said if I did that myself I would have my $11000 paid off in no time. Now all I need is to get a job so I can. |
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Expert
Posts: 1409
Location: Oklahoma | another way that student loans are forgiven is if you draw disability. And you know how many are disable-----------------yup! I have worked for a loan company and for a gov. program for people to build homes (which is awesome program if was ran right) but anyways I have seen this many many times! Usda only counts 1% of total due as a debt / income ratio even if it is deferred. and 99% of student loans are deferred. |
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 Hugs to You
Posts: 7551
Location: In The Land of Cotton | I agree also that I would much prefer education getting money then system abusers. However the system is so screwed up on who gets forgiveness. Drs in our area get it, but not the nurses?
Student loans are needed because education is so high. But it is the financial counselors at the schools giving these students all the money they are available for. Way more then they need. Then when they graduate they are stuck paying it back. Finance 101 should be taught in the school system from 7th grade on. |
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 Angel in a Sorrel Coat
Posts: 16030
Location: In a happy place | rodeomom3 - 2014-10-17 4:40 PM I am not on the fence about it at all, I don't feel we should subsidize student loans. I do like those programs that forgive student debt for teaching in low income districts etc. However, people choosing to take out loans to go to expensive schools then whining about the debt when they get out is just shucking personal responsibility for the decisions you have made. College tuition is outrageous. We had all our kids stay home and go to junior college 2 years then transferred to a 4 year school.
Me too. |
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 I Don't Brag
Posts: 6960
| In the same vein, people walking away from mortgages when they over bought (oh, it was the bank's fault), and credit card debt. I was raised that if you bought something, you paid for it.....end of story.
Free college tuition??!! With the way that many already throw away their parents hard earned money partying instead of studying?? Seriously. Just how much value will they put on education if it is free? Not what I want to be paying for. Make it merit based and/or on need then you might sway me a little. |
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 You get what you give
Posts: 13030
Location: Texas | It's a federal program, but her numbers sound way way off to me. I just don't see how she can only get away with paying $120 a year. They have income based payments… but I still don't see how she can pay that little per month. I think she is mistaken. You have to pay either the amount you agreed to when you signed your MPN + interest, and then if your income is low enough they will adjust your monthly payments. Believe me, I will graduate vet school with around $150,000 in student loan debt and the vast majority will be federal debt. I will still be paying a lot before I see anything forgiven…and I am still honestly skeptical that it will even apply to white middle class me.
Also do want to add, what happened back in the day as far as paying for college is DRASTICALLY different than what it is now. School is a lot more expensive than it used to be. So, although I disagree with people abusing the system, it's unfortunate that we can't go get a summer job and pay for school like people used to. I've had old vets tell me they were able to pay tuition by stacking hay in the summer.
There are quite a few in my vet school class whose parents pay for their school, rent, everything. Then there's a few adults who had prior careers that funded their school- I'm talking about the 60 year old lawyer in our class- and some who have spouses working to help pay.. and then there's a significant chunk of people like me whose parents don't have an extra $35,000 a year to pay for our school, and we don't have prior careers to push us through.. etc.
And one more point- I'm taking on a lot of debt for my career but you won't hear me complain about the debt. It's just part of it. |
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 Three in a Bikini
Posts: 2035
| I am going to make two points.
1. Nobody cares what college you went to. They just want to see that you graduated.
2. There are affordable accredited universities all over the place. Go there if you cannot afford a $160,000++ balance later in life. |
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 Troll Patrol
Posts: 7298
Location: Greenville Texas | This subject is a sore spot for me.
I have a relative that owes a large amount on a student loan. A loan they got years ago and then casually blew it off and bugged out. So now it's a LARGE amount.
This relative recently inherited a large sum of money. Large enough to pay off the loan and still have a chunk left over.
I doubt the loan will get paid off.This person will find away around it and that makes me angry.
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 Thick and Wavy
Posts: 6102
Location: Nebraska | 3canstorun - 2014-10-18 8:15 AM I agree also that I would much prefer education getting money then system abusers. However the system is so screwed up on who gets forgiveness. Drs in our area get it, but not the nurses?
Student loans are needed because education is so high. But it is the financial counselors at the schools giving these students all the money they are available for. Way more then they need. Then when they graduate they are stuck paying it back. Finance 101 should be taught in the school system from 7th grade on.
Nurses in certain areas do get it. Also, they make you sign a piece of paper that shows you how much it costs for the year and how much your loans are, at least my school did. It makes you aware that you're borrowing more than what your tuition is. Most of my friends lived off that loan money instead of working more than 20 hrs per week during school. Another thing is that they don't fully explain that unsubsidized loans gain interest WHILE you are in school. They also don't tell you that you can start paying off your loans whenever. I started paying my loans off while I was in school. I'd just pay back whatever I had left over at the end of the month but I tried to at least pay the interest for the month. I was able to get a little over $3k or 4k of principle paid back before I even graduated. |
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Sideways Riding Expert
Posts: 11371
Location: ND--it snows, it floods, it snows, it floods | Turnburnsis - 2014-10-17 10:30 PM another way that student loans are forgiven is if you draw disability. And you know how many are disable-----------------yup! I have worked for a loan company and for a gov. program for people to build homes (which is awesome program if was ran right) but anyways I have seen this many many times! Usda only counts 1% of total due as a debt / income ratio even if it is deferred. and 99% of student loans are deferred.
Don't get me started on gov't house loans. My husband and I do not qualify for a USDA loan because we make to much money. We qualify for over $500k but we only plan on spending between $250--$300K for new construction. We may qualify but we know there is no way we will spend that much. Yet someone who makes $30K a year qualifies for all this stuff and had a higher chance of walking away on non-payment then us. It seems like we get penalized for making money and paying our bills. |
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Expert
Posts: 1531
Location: South | 3canstorun - 2014-10-18 8:15 AM I agree also that I would much prefer education getting money then system abusers. However the system is so screwed up on who gets forgiveness. Drs in our area get it, but not the nurses?
Student loans are needed because education is so high. But it is the financial counselors at the schools giving these students all the money they are available for. Way more then they need. Then when they graduate they are stuck paying it back. Finance 101 should be taught in the school system from 7th grade on.
Agreed, too many people are maxing out school loans just to live on so they don't have to work, then are shocked when they graduate.
That is an awful lot of money not to have to pay back-certainly hope she's mistaken because my sister went to a big time school and paid off 80k, and she is an inner city teacher.
I had a very hard time going back to school- made too much money to receive any loans but I didn't have enough money to pay up front every semester so I had to save... Yet a lot of my friends who had a child or were married got offered up to 5k a semester. |
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 I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | It really sucks when you get punished for being responsible but it's the responsible hard working people that pay for all of these socialistic programs. |
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | rodeoveteran - 2014-10-18 3:02 PM In the same vein, people walking away from mortgages when they over bought (oh, it was the bank's fault), and credit card debt. I was raised that if you bought something, you paid for it.....end of story. Free college tuition??!! With the way that many already throw away their parents hard earned money partying instead of studying?? Seriously. Just how much value will they put on education if it is free? Not what I want to be paying for. Make it merit based and/or on need then you might sway me a little.
My college degree was free--paid for by scholarships both from the public university and a private foundation. |
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Member
Posts: 23
| Don't borrow it if you can't pay it back. My son went to a high priced school in California. Graduated owing over 100K. He paid it all back in 3 years. Yes, he got a good job upon graduation but he also worked his a$$ off to get it and didn't go buy a new car and he didn't buy new clothes, etc. He never once thought someone else should pay his way. |
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I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | permanent vacation - 2014-10-19 11:46 AM Don't borrow it if you can't pay it back. My son went to a high priced school in California. Graduated owing over 100K. He paid it all back in 3 years. Yes, he got a good job upon graduation but he also worked his a$$ off to get it and didn't go buy a new car and he didn't buy new clothes, etc. He never once thought someone else should pay his way.
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 Expert
Posts: 1482
Location: on my horse | I'm a full time college student (secondary education major) that works overtime to pay my bills and my tuition and keep the horse that I paid 25 dollars for healthy and safe never mind the ability to compete during this time in my life... I went to a junior college and am done with absolutely no debt.
That being said I am now transferring to an in state university that I cannot afford even working overtime, not competing, and having sold all but one horse. I qualify for the teach grant and teacher loan forgiveness programs. Am I going to take it? YOU BET I AM. If someone like me who works over 50 hours a week at a good paying job 6 days a week and lives in a shack in the bad part of town and still can't cover the cost of tuition and rented text books, who can? My parents aren't putting me through school, I am. When I graduate I'll have a small to moderate amount of debt that I will begin to pay off, but I would be crazy to pass up a loan forgiveness program for teaching in an area of high need (which ironically is the entirety of my state minus one school district). You will NEVER hear me complain about the debt I'm about to accumulate, because that's a burden I'm choosing to take on but I would be crazy to turn down something to assist with removing debt.
I would be skeptical of your FB friend's situation, but my point here is keep in mind there are many students out there who have this option available and who take it and have a need for it even though they have done all they can to pay their own debts.
I would rather have my tax dollars go to helping get people out of school debt than just about anything else, at least they decided to get an education and try to put themselves in a position to not be a drain on society for life.
There are exceptions to every rule and people who abuse every system but that's just life. Rant/opinion over don't flame me please
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 Reaching for the stars....
Posts: 12708
| So tell me how and why, in 1983, when my hamstring was severed in a severe horse accident (equine studies being what I went to college for), and I was fired because I couldn't work, ended up HOMELESS in a town I didn't know anyone in, and asked to have my student loans DEFERRED, with all the medical and legal paperwork needed, I was immediately put in DEFAULT???
My personal experience formed opinion is that everyone should have to pay back every penny borrowed. This issue kept me from being able to purchase anything on credit, and permanently lowered the top credit number I'll ever achieve. Even when, years later with help from my grandmother, we wrote and called for a payoff amount, was given an amount, paid it in full, two years after THAT when I went to try to buy a car there was still OUTSTANDING INTEREST that I had to clear before I could try to apply for credit!
I think it's bs that these loans are forgiven. |
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I Don't Brag
Posts: 6960
| Three 4 Luck - 2014-10-19 11:26 AM
rodeoveteran - 2014-10-18 3:02 PM In the same vein, people walking away from mortgages when they over bought (oh, it was the bank's fault), and credit card debt. I was raised that if you bought something, you paid for it.....end of story. Free college tuition??!! With the way that many already throw away their parents hard earned money partying instead of studying?? Seriously. Just how much value will they put on education if it is free? Not what I want to be paying for. Make it merit based and/or on need then you might sway me a little.
My college degree was free--paid for by scholarships both from the public university and a private foundation.
As I said, merit and need based, NOT free college tuition for all paid for by the taxpayers. This is what I am beginning to hear the demand for, and do not support. |
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 Take a Picture
Posts: 12842
| Don't worry about it. I have a feeling that she is going to have a RUDE awakening one day. |
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Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | rodeoveteran - 2014-10-19 3:20 PM Three 4 Luck - 2014-10-19 11:26 AM rodeoveteran - 2014-10-18 3:02 PM In the same vein, people walking away from mortgages when they over bought (oh, it was the bank's fault), and credit card debt. I was raised that if you bought something, you paid for it.....end of story. Free college tuition??!! With the way that many already throw away their parents hard earned money partying instead of studying?? Seriously. Just how much value will they put on education if it is free? Not what I want to be paying for. Make it merit based and/or on need then you might sway me a little. My college degree was free--paid for by scholarships both from the public university and a private foundation. As I said, merit and need based, NOT free college tuition for all paid for by the taxpayers. This is what I am beginning to hear the demand for, and do not support.
My reading comprehension is terrible today. LOL |
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 Goat Giver
Posts: 23166
| You don't have to have a degree to keep from being a drain on society. It's funny, but my DIL owes a small fortune, she has a masters.......and I work with guys who did not go to college that make triple what she does. I don't think you should borrow tons of money to get a degree. I doubt hers gets paid back. I don't have a problem with the forgivness programs if conditions are met.
Son's education was paid for by HIM, not us with scholarships and working. |
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Extreme Veteran
Posts: 368
| I work for one of the major student loan servicers for the Dept of Ed. What the original poster is saying could be absolutely true. However, her friend would have to qualify annually showing their income and family size. The only way the payment would stay the same every year is if the family size and income did not change. With Income Based Repayment programs there is forgiveness after 20 and 25 years (depending on the program) of making qualifying payments. Those payments can go as low as ZERO, yes ZERO dollars a month if your income, student loan debt, and family size meet the criteria.
The forgiveness part is really only going to work out for those families on a fixed or lower income and have larger family sizes.
Drs and law students think its a great thing when they graduate, because they aren't yet making their expected income so they would indeed get a low payment...for a while... eventually that will catch up to them when they are making their expected income as they would no longer qualify and have all the interest and principal to pay back.
Another way forgiveness will work out in the borrower's favor is if they work in Public Service. If you work in public service and make 10 years of qualifying payments (income based programs are the only way to go here beacuse they are drug out to 25 years rather than the standard 10) then the balance after 120 payments is forgiven provided you've submitted paperwork showing you've worked in Public Service for those 10 years. |
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 Expert
Posts: 3782
Location: Gainesville, TX | tuff5224 - 2014-10-20 7:23 AM
I work for one of the major student loan servicers for the Dept of Ed. What the original poster is saying could be absolutely true. However, her friend would have to qualify annually showing their income and family size. The only way the payment would stay the same every year is if the family size and income did not change. With Income Based Repayment programs there is forgiveness after 20 and 25 years (depending on the program) of making qualifying payments. Those payments can go as low as ZERO, yes ZERO dollars a month if your income, student loan debt, and family size meet the criteria.
The forgiveness part is really only going to work out for those families on a fixed or lower income and have larger family sizes.
Drs and law students think its a great thing when they graduate, because they aren't yet making their expected income so they would indeed get a low payment...for a while... eventually that will catch up to them when they are making their expected income as they would no longer qualify and have all the interest and principal to pay back.
Another way forgiveness will work out in the borrower's favor is if they work in Public Service. If you work in public service and make 10 years of qualifying payments (income based programs are the only way to go here beacuse they are drug out to 25 years rather than the standard 10) then the balance after 120 payments is forgiven provided you've submitted paperwork showing you've worked in Public Service for those 10 years.
This is me. I work in education and have Public Service Loan Forgiveness. My payments are based on my husband's and my income. They change every year after we do taxes, go up, down, etc. I will make 120 payments and then the rest will be forgiven. All that being said, you have to pay taxes on the amount that is forgiven. |
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Extreme Veteran
Posts: 368
| oija - 2014-10-20 9:33 AM
tuff5224 - 2014-10-20 7:23 AM
I work for one of the major student loan servicers for the Dept of Ed. What the original poster is saying could be absolutely true. However, her friend would have to qualify annually showing their income and family size. The only way the payment would stay the same every year is if the family size and income did not change. With Income Based Repayment programs there is forgiveness after 20 and 25 years (depending on the program) of making qualifying payments. Those payments can go as low as ZERO, yes ZERO dollars a month if your income, student loan debt, and family size meet the criteria.
The forgiveness part is really only going to work out for those families on a fixed or lower income and have larger family sizes.
Drs and law students think its a great thing when they graduate, because they aren't yet making their expected income so they would indeed get a low payment...for a while... eventually that will catch up to them when they are making their expected income as they would no longer qualify and have all the interest and principal to pay back.
Another way forgiveness will work out in the borrower's favor is if they work in Public Service. If you work in public service and make 10 years of qualifying payments (income based programs are the only way to go here beacuse they are drug out to 25 years rather than the standard 10) then the balance after 120 payments is forgiven provided you've submitted paperwork showing you've worked in Public Service for those 10 years.
This is me. I work in education and have Public Service Loan Forgiveness. My payments are based on my husband's and my income. They change every year after we do taxes, go up, down, etc. I will make 120 payments and then the rest will be forgiven. All that being said, you have to pay taxes on the amount that is forgiven.
you are exactly right! Thats a MAJOR point that people don't realize! When something is forgiven, you are still required to pay taxes on that amount!
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Miss Southern Sunshine
Posts: 7427
Location: South Central Florida | Of all the crazy stuff we give away and pay for, I truly don't mind paying off student loans. We paid for my kids college, we did pre paid for my son and pay as you go for my daughter. Both started at community colleges...it cost a bloody fortune. I don't know how kids do it with no help. Each semister, with books and fees was into $4K.
Paying for education is paying for the future, they will be business people, tax paying, income producing, hard working americans. I don't know how kids graduate wiht $150 or so in student loans...that actually makes me a little sick at my stomach.
Have a friend that just graduated from law school....I don't know what her student loans are, but she is a hard worker and received a lot of scholarships, was top of her class....okay one of the jobs she looked at for the DA's office...started at $32K a year. ARE YOU KIDDING? We live in a rural area, but Holy Cow.....
Don't get me started on college books....I think that's the biggest scam on the planet. I think MOST colleges are far over priced and practally out of the reach of the general public with out help.
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 Famous for Not Complaining
Posts: 8848
Location: Broxton, Ga | You borrow YOU pay back.........no I don't want to pay back your student loans.......... |
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 Not Afraid to Work
Posts: 4717
| Now... when I say this... don't get all upset but you guys are all being very judgemental.
I will not deny there are many people who blow their student loan money and I am not say there shouldn't be some type of accountability.
here is my story...
I went to a community college and received my Associate Science in Paralegal. I graduated with a 3.8 GPA (darn math lol).
My 2 year transferred directly into a Bachelor of Arts in Criminal Justice.. graduated with a 3.9 GPA.
I did not use any of the "extra" money I was given. I bought all my books out of pocket and I paid for my summer classes out of pocket. I went to school at night and worked during the day.
Yes I bought a new car because mine needed far too much work and with financing options I had the same monthly payment as a relatively used car.
I now work in dispatch which doesn't require a degree and applying for my dream job. I also volunteer on my days off through an agency related to my field of interest. I also need reliable transportation because I work very goofy hours.
So my point is, yes there are kids out there who blow their money. There are kids who don't take college seriously but for those who do... I think this forgiveness programs are the saving grace for some.
I qualify for one in another seven years because I am working in public service job.
If my tax money is going towards those who refuse to work, teens moms who get college for free, I think this is the least of our problems.
I am 25 and would like to buy a house but I cant because of my school loans. I pay them and I will pay them because I chose to make a life for myself but don't judge everyone based on the few bad apples. Some of us are literally living on dreams and spaghetti O's trying to find a place in this world.
I think there are much worse programs in this world that should be upsetting us. JMO |
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 Elite Veteran
Posts: 684
Location: Oklahoma | Like many of the people who have already commented, when I went to college, I paid for it. Not my parents. While I did work, to pay for rent and my horses, I took our loans to pay for books, tuition, ect. I made it all the way to my BS in animal science and then decided to do a complete 180 and go into law enforcment. Yes I will qualify for the public service forgivness after ten years. But I sure as heck don't have a $10 a month payment! lol. I overpay my loan every month. Its the responsible thing to do. |
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 Extreme Veteran
Posts: 554
| Funny how some opinions change when they can benefit from it. I think you borrowed it you should pay it back. I went to school and paid for mine took me some time to pay it off. People don't realize it takes years sometimes for your schooling to payoff with getting the job you want or a better one.
Part of the whole problem so many get away with whatever and it continues, and the ones who are responsible are penalized for doing the right thing. |
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Not Afraid to Work
Posts: 4717
| osu_barrelracer - 2014-10-20 5:11 PM
Like many of the people who have already commented, when I went to college, I paid for it. Not my parents. While I did work, to pay for rent and my horses, I took our loans to pay for books, tuition, ect. I made it all the way to my BS in animal science and then decided to do a complete 180 and go into law enforcment. Yes I will qualify for the public service forgivness after ten years. But I sure as heck don't have a $10 a month payment! lol. I overpay my loan every month. Its the responsible thing to do.
Yes very true. My student loans are almost $500 per month. So in reality when the 10 years rolls around, ill be saving very very little. I think it amounted to only a few grand when in the grand scheme or things is basically pennies.
Those who qualify for $10 per month are usually on an income based program (likely not working at all if its $10). It wont stay that way forever if shes on income based unless she never has an income. |
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Student Loan Forgiveness