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Thread: Obama to Announce Student Loan Relief Plan

  1. #51
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Eighty Deuce View Post
    As I noted in an above post, this only makes it worse. It creates a moral hazard, and fuels education inflation.

    Here's an example. You got $250K in loans to get your dream degree but which you are unlikely to ever make much money. But why you worry !! They can only compel you to pay 10% of what you earn clear of the poverty line, and then only for 20 years. So now that you have your dream degree, you can also opt for your la-la job !! Which in many scenarios, won't pay back half the loan.

    Obama has chosen to address this by making it worse. This is exaclty what happened starting in 1997 with housing and sub-primes. Government sponsored moral hazards that created inflation and bad loans.
    Let me put it to you this way. I'm 18, for arguments sake. I know ****. I am told I need an education, and I spend the 250 k only to find I simply can't pay it back. No intent, just a fact, I can't pay it back. **** happens.

    Now, those loans have been made, the fact is they won't be paid back, pragmatically what shoudl the country do? The crash is coming.

    Actually, Obama isn't doing much at all. While I would like him to, the fact is what he proposes will hardly be notice in the coming crisis.

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  2. #52
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Boo Radley View Post
    Let me put it to you this way. I'm 18, for arguments sake. I know ****. I am told I need an education, and I spend the 250 k only to find I simply can't pay it back. No intent, just a fact, I can't pay it back. **** happens.

    Now, those loans have been made, the fact is they won't be paid back, pragmatically what shoudl the country do? The crash is coming.

    Actually, Obama isn't doing much at all. While I would like him to, the fact is what he proposes will hardly be notice in the coming crisis.
    I agree. It seems like there will be very few people who actually benefit from this executive order...and most of them won't benefit very much. Grossly inadequate. This looks a lot more like a gesture to pretend that he's doing something about the problem, than a serious effort to solve it.
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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Boo Radley View Post
    Let me put it to you this way. I'm 18, for arguments sake. I know ****. I am told I need an education, and I spend the 250 k only to find I simply can't pay it back. No intent, just a fact, I can't pay it back. **** happens.

    Now, those loans have been made, the fact is they won't be paid back, pragmatically what shoudl the country do? The crash is coming.

    Actually, Obama isn't doing much at all. While I would like him to, the fact is what he proposes will hardly be notice in the coming crisis.
    Like anything, you have to look at options before you, and then plot the course. If you can't afford the full $250K, then you can reduce that with 2 years of Community COllege, many of which have curriculum than then transfer with full credit to the larger state universities. It also keeps you from being someone who goes to college for a year or two, who has no business in college, blowing $100-125K figuring that out. There are other more prudent ways as well.

    The solution is not to do as Obama has. Which is pure politics and vote buying. It is 100% the wrong solution.

    Anyhow, I wish you well moving forward. My choice many moons ago was the military, which ended up being a 7 year stint in some fine units. And then I went to college, as a 25 year-old, amongst 18 year olds, on the GI Bill. Fox in the hen house for sure And I went from having been a mediocre HS student to a straight A student at a very good College in Virginia. Had I attempted college right out of HS, I would have not done as well.

    What Obama has done is all wrong. He has been such a mistake.

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Boring Bob View Post
    Is it necessarily a poor decision to limit maximum payments to 10% of income while still holding people accountable for those payments until the debt is fulfilled?
    Because, for some of these loans, those debts will NEVER be filled at 10% income for some of the owners of those loans. You got people that spent 160K to go to an ivy league school, in order to get, say, a degree in english. Guess what? Demand for teachers is low right now. So they are working at Starbucks. Making 11 bucks an hour. For, let's say, 27 hours a week. You do the math.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Obama to Announce Student Loan Relief Plan

    Thing is, between my wife and I, we pay about...800 a month on our student debt. Now, I'm out of a job, and unemployment gives me about 300 a week, after taxes.

    I'm not looking for a handout, just a little leeway. Deferments are not the answer, they have 3 and 6 month deferments, but when they come back on, your interest rate has gone up, and, of course, the interest building itself has increased the size of the loan, let alone the "catching up" you have to do to stay on track.

    I don't want my neighbor to have to foot the bill, part of the bill, or anything remotely like that. All I want is for a little under ****ing standing. Kinda like what some home owners who are out of work want. But what did the banks do? Kick them out. And then they lost money on the house. So much that they cut their losses by giving the house to the state, lol. Seems kinda silly, to me. Same with student loans. I've never not paid a debt in my life. It may have taken me a while, but I've always paid my debts. The same is true of my student loan, but jesus, I feel like I'm being kicked while I'm down. You can't squeeze water out of stone, man. And for what? What's the BEST possible result of the student loan companies not being negotiable? I cut back on my utilities and groceries, but eventually, I fail to pay may mortgage. That happens, I lose my credit rating, so guess what, student loan company, while that debt isn't dropped vie bankruptcy, I don't care about late payments anymore, because I have no credit for you to go after. that 20-25 year loan is now going to take your ass the next 60 years to collect, I swear it.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by Your Star View Post
    Mr.V will always make his political opponents into bad people, who do bad things.
    I'm sorry you don't understand that there are real world consequences and less benevolent reasons behind the things politicians do, however I'm just trying to help educate you.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by KevinKohler View Post
    Thing is, between my wife and I, we pay about...800 a month on our student debt. Now, I'm out of a job, and unemployment gives me about 300 a week, after taxes.

    I'm not looking for a handout, just a little leeway. Deferments are not the answer, they have 3 and 6 month deferments, but when they come back on, your interest rate has gone up, and, of course, the interest building itself has increased the size of the loan, let alone the "catching up" you have to do to stay on track.

    I don't want my neighbor to have to foot the bill, part of the bill, or anything remotely like that. All I want is for a little under ****ing standing. Kinda like what some home owners who are out of work want. But what did the banks do? Kick them out. And then they lost money on the house. So much that they cut their losses by giving the house to the state, lol. Seems kinda silly, to me. Same with student loans. I've never not paid a debt in my life. It may have taken me a while, but I've always paid my debts. The same is true of my student loan, but jesus, I feel like I'm being kicked while I'm down. You can't squeeze water out of stone, man. And for what? What's the BEST possible result of the student loan companies not being negotiable? I cut back on my utilities and groceries, but eventually, I fail to pay may mortgage. That happens, I lose my credit rating, so guess what, student loan company, while that debt isn't dropped vie bankruptcy, I don't care about late payments anymore, because I have no credit for you to go after. that 20-25 year loan is now going to take your ass the next 60 years to collect, I swear it.
    Yes, banks kick you out for not paying your debt, car loan payment failures get your car repo'd, failure to pay your cable bill get's it turned off and the same with electricity.

    Sorry life took a bad turn for you, but that's life, **** happens. DEAL WITH IT.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by MrVicchio View Post
    First off, didn't he try this failed idea with mortgages?

    http://www.google.com/url?sa=t&rct=j...NiOCjdxdCWdU4Q

    And secondly, this folks is just a President, bribing a voter block with YOUR MONEY!


    Lets get honest here...Perry throws out a 20% flat tax so the very rich get a HUGE tax cut...and to buy the rest of the country he says ok you can use the same tax code youve always used if you like that TALK ABOUT PANDERING AND BUYING VOTES....and someone tell me what this does for debt reduction lol

    Herman Cain...999 SUPER HUGE tax cut for the rich SUPER HUGE tax hike on everyone else...ooops wait how bout 909 TALK ABOUT BUYING VOTES

    Stop being hippocritical....obama is doing nothing different than the GOP only hes helping the bottom...they are sucking up to the top..pfffffffffffft

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by KevinKohler View Post
    Thing is, between my wife and I, we pay about...800 a month on our student debt. Now, I'm out of a job, and unemployment gives me about 300 a week, after taxes.

    I'm not looking for a handout, just a little leeway. Deferments are not the answer, they have 3 and 6 month deferments, but when they come back on, your interest rate has gone up, and, of course, the interest building itself has increased the size of the loan, let alone the "catching up" you have to do to stay on track.

    I don't want my neighbor to have to foot the bill, part of the bill, or anything remotely like that. All I want is for a little under ****ing standing. Kinda like what some home owners who are out of work want. But what did the banks do? Kick them out. And then they lost money on the house. So much that they cut their losses by giving the house to the state, lol. Seems kinda silly, to me. Same with student loans. I've never not paid a debt in my life. It may have taken me a while, but I've always paid my debts. The same is true of my student loan, but jesus, I feel like I'm being kicked while I'm down. You can't squeeze water out of stone, man. And for what? What's the BEST possible result of the student loan companies not being negotiable? I cut back on my utilities and groceries, but eventually, I fail to pay may mortgage. That happens, I lose my credit rating, so guess what, student loan company, while that debt isn't dropped vie bankruptcy, I don't care about late payments anymore, because I have no credit for you to go after. that 20-25 year loan is now going to take your ass the next 60 years to collect, I swear it.
    I think you are the exact person (and your wife) that deserves this help. I hope what Obama's done makes a difference for you both.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Obama to Announce Student Loan Relief Plan

    Quote Originally Posted by MaggieD View Post
    I think you are the exact person (and your wife) that deserves this help. I hope what Obama's done makes a difference for you both.
    It won't. We won't qualify. And besides, this is not the sort of help I want...all I freaking want is to be able to negotiate with my lender, or at least, the people that bout my loan from my orig lender.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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