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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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