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Thread: Cutting Down Student Debt (Student Loan Forgiveness)

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    Cutting Down Student Debt (Student Loan Forgiveness)

    The White House proposes that the government forgive billions of dollars in student debt over the next decade, a plan that cheers student advocates, but critics say it would expand a program that already encourages students to borrow too much and stick taxpayers with the bill.

    The proposal, included in President Barack Obama's budget for next year, would increase the number of borrowers eligible for a program known casually as income-based repayment, which aims to help low-income workers stay current on federal student debt.

    Borrowers in the program make monthly payments equivalent to 10% of their income after taxes and basic living expenses, regardless of how much they owe. After 20 years of on-time payments—10 years for those who work in public or nonprofit jobs—the balance is forgiven.

    Rest at here:
    Cutting Down Student Debt - WSJ.com


    Another well-conceived government plan that will have absolutely *no* unintended consequences. No way this will lead to even more overborrowing.

    My favorite part is the law student who borrowed $300,000 for reasons other than just school. The real fools are those who live responsibly and within their means--why not buy McMansions and borrow 6 figures to be a professional student? The writing is on the wall--politicians will eventually buy the rest of the votes from those who want free money, so why not everyone just take on as many loans as possible?

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    Quote Originally Posted by hidingrpolitics View Post
    The White House proposes that the government forgive billions of dollars in student debt over the next decade, a plan that cheers student advocates, but critics say it would expand a program that already encourages students to borrow too much and stick taxpayers with the bill.

    The proposal, included in President Barack Obama's budget for next year, would increase the number of borrowers eligible for a program known casually as income-based repayment, which aims to help low-income workers stay current on federal student debt.

    Borrowers in the program make monthly payments equivalent to 10% of their income after taxes and basic living expenses, regardless of how much they owe. After 20 years of on-time payments—10 years for those who work in public or nonprofit jobs—the balance is forgiven.

    Rest at here:
    Cutting Down Student Debt - WSJ.com


    Another well-conceived government plan that will have absolutely *no* unintended consequences. No way this will lead to even more overborrowing.

    My favorite part is the law student who borrowed $300,000 for reasons other than just school. The real fools are those who live responsibly and within their means--why not buy McMansions and borrow 6 figures to be a professional student? The writing is on the wall--politicians will eventually buy the rest of the votes from those who want free money, so why not everyone just take on as many loans as possible?
    You get an even better deal if you go to work for the gov after you graduate,like gov workers don't get enough perks already?

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    Quote Originally Posted by hidingrpolitics View Post
    The White House proposes that the government forgive billions of dollars in student debt over the next decade, a plan that cheers student advocates, but critics say it would expand a program that already encourages students to borrow too much and stick taxpayers with the bill.

    The proposal, included in President Barack Obama's budget for next year, would increase the number of borrowers eligible for a program known casually as income-based repayment, which aims to help low-income workers stay current on federal student debt.

    Borrowers in the program make monthly payments equivalent to 10% of their income after taxes and basic living expenses, regardless of how much they owe. After 20 years of on-time payments—10 years for those who work in public or nonprofit jobs—the balance is forgiven.

    Rest at here:
    Cutting Down Student Debt - WSJ.com


    Another well-conceived government plan that will have absolutely *no* unintended consequences. No way this will lead to even more overborrowing.

    My favorite part is the law student who borrowed $300,000 for reasons other than just school. The real fools are those who live responsibly and within their means--why not buy McMansions and borrow 6 figures to be a professional student? The writing is on the wall--politicians will eventually buy the rest of the votes from those who want free money, so why not everyone just take on as many loans as possible?
    I actually don't have a problem with that because no one will make all of their payments on time.

    Seriously, this is no give-away program. As far as borrowing $300K for reasons other than school? Where are you getting that information? Student loans are for school. Do you have proof someone can buy a house with the money?
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    Quote Originally Posted by MaggieD View Post
    I actually don't have a problem with that because no one will make all of their payments on time.

    Seriously, this is no give-away program. As far as borrowing $300K for reasons other than school? Where are you getting that information? Student loans are for school. Do you have proof someone can buy a house with the money?
    It states it in the article. It seems like a huge giveaway program.

    "During her studies her husband was laid off and she twice had to take out emergency student loans totaling more than $30,000 to make home repairs, pay unexpected medical costs and keep up with the family's $1,000-per-month health-insurance bills, she said.

    She now is applying for government jobs that pay about $55,000 a year. According to a repayment calculator created by the New American Foundation, a Washington-based think tank, Ms. Rodriguez-Marshall would pay $273 per month in her first year under the program; without it, she would owe $3,562 a month. Under the program, she would pay about $102,000 over 10 years, and the government would forgive about $639,000, which includes interest.

    ...

    The government caps the amount that an undergraduate student can borrow, at $57,500. However, graduate students essentially have no cap—the so-called "Grad Plus" program allows them to borrow up to whatever their respective college charges."
    Last edited by hidingrpolitics; 05-10-13 at 10:42 AM.

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    An imperfect idea, to be sure, but considering that higher education has been overcharging for so long... tuition has been keeping up in lock-step with increases of student loan availability, funny coincidence... I'm having a hard time working up any outrage.
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    Quote Originally Posted by radcen View Post
    An imperfect idea, to be sure, but considering that higher education has been overcharging for so long... tuition has been keeping up in lock-step with increases of student loan availability, funny coincidence... I'm having a hard time working up any outrage.
    So stick it to the taxpayers!!! What a statement. Pathetic.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    Quote Originally Posted by MaggieD View Post
    So stick it to the taxpayers!!! What a statement. Pathetic.
    We taxpayers are stuck for everything, including all the bonuses paid under TARP. All I know is that we've been shafted by the very rich.

    I too cannot get worked up over this proposal. I got all worked up over TARP and the rest of the shanigans, for what?

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    Quote Originally Posted by Henry David View Post
    We taxpayers are stuck for everything, including all the bonuses paid under TARP. All I know is that we've been shafted by the very rich.

    I too cannot get worked up over this proposal. I got all worked up over TARP and the rest of the shanigans, for what?
    Apathy. The enemy of democracy. You've got it.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    Quote Originally Posted by MaggieD View Post
    Apathy. The enemy of democracy. You've got it.
    Balancing idealism with reality.
    If you claim sexual harassment to be wrong, yet you defend anyone on your side for any reason,
    then you are a hypocrite and everything you say on the matter is just babble.

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    Re: Cutting Down Student Debt (Student Loan Forgiveness)

    Quote Originally Posted by MaggieD View Post
    Apathy. The enemy of democracy. You've got it.
    You're quite right, I am apathetic. But Radcen puts it into perspective.

    Also, consider that if "democracy" means the government is controlled by the 'demos', the people, then in this country democracy is an illusion.

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