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Thread: Trump to propose scrapping student loan forgiveness program

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by ludin View Post
    well certain professions this always existed.
    teachers teaching in underserved schools, doctor, and lawyers that would do community work or be a public defender for I think 5 years.

    they could get their student loan forgiven.
    Obama expanded that for every government worker out there.

    Unless you have massive prior experience then good luck getting a job without a degree.
    What? More and more businesses could care less about a university degree unless the degree directly applies to the job.

    Report: College degrees mean less in job market | State-and-regional | azdailysun.com

    And that trend is just going to continue - I bet - as people realize more and more that college degrees are pretty much useless UNLESS they are for the specific area you studied.

    Like I said, I took economics in university and learned NOTHING that I have been able to use in my investments career. Other than a few terminologies and definitions (which anyone can learn in a few hours on their own), I had to pretty much un-learn everything I was taught because the prof's were utterly clueless - as it turned out.

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by CriticalThought View Post
    Trump to propose scrapping beleaguered student loan forgiveness program ? report - MarketWatch

    Well that royally sucks. This is a program that was contractually included in every loan promissory note I signed. I made major financial decisions based on the federal government's promise with this program. I could have refinanced my student loans at a lower interest rate through a private lender. I could have gone into a more lucrative field in the private sector. I could have put off buying a house until I paid down my balance. And now two billionaires are going to make the federal government renege on its contracts with people who made the apparent mistake of believing in going into the poorly paid public sector.

    I am not saying the program isn't flawed and that caps should not have been put in place a long time ago but when you are talking about a program that people made huge life altering decisions about and it looks like you aren't even going to grandfather in those who have been doing their part, well...I think I have reached my limit. I am going to find Maggie's old post about things I can be doing and I am fully joining the resistance.
    I noticed a study a few months back that said something like 40% of those taking loans expect to never have to pay on any or most, they expect someone to come in and relieve them of the debt.

    Maybe that is a bad thing, maybe if people know that they will be on the hook they will be more responsible.

    Just Maybe.
    New knowledge is the most valuable commodity on earth. The more truth we have to work with, the richer we become.<<<<<Kurt Vonnegut

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by DA60 View Post
    What? More and more businesses could care less about a university degree unless the degree directly applies to the job.

    Report: College degrees mean less in job market | State-and-regional | azdailysun.com

    And that trend is just going to continue - I bet - as people realize more and more that college degrees are pretty much useless UNLESS they are for the specific area you studied.

    Like I said, I took economics in university and learned NOTHING that I have been able to use in my investments career. Other than a few terminologies and definitions (which anyone can learn in a few hours on their own), I had to pretty much un-learn everything I was taught because the prof's were utterly clueless - as it turned out.
    tell a high school kid to apply for a job with no experience and no degree for a finance job like you have.
    your company wouldn't hire him.

    you got hired because you had a degree. you had basic knowledge of your field of study. you understood basic concepts
    and applications.

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by Hawkeye10 View Post
    I noticed a study a few months back that said something like 40% of those taking loans expect to never have to pay on any or most, they expect someone to come in and relieve them of the debt.

    Maybe that is a bad thing, maybe if people know that they will be on the hook they will be more responsible.

    Just Maybe.
    it is a horrible thing more so if they are not getting a STEM degree.
    taking on debt that is not needed is always a bad thing.

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by ludin View Post
    it is a horrible thing more so if they are not getting a STEM degree.
    taking on debt that is not needed is always a bad thing.
    My boys GF and her sister both have degrees, the sister is a wedding make-up artist and the GF is going to work for a catering company. She said that her parents were insistent that both go get degrees, and the parents made it clear years ago that they did not give one tinkers damn what the girls did after.

    I too have a problem with that, money should generally be spent wisely, and the "University Experience" is not worth $100,000+, especially if it is mostly other peoples money.
    New knowledge is the most valuable commodity on earth. The more truth we have to work with, the richer we become.<<<<<Kurt Vonnegut

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by CriticalThought View Post
    Trump to propose scrapping beleaguered student loan forgiveness program ? report - MarketWatch

    Well that royally sucks. This is a program that was contractually included in every loan promissory note I signed. I made major financial decisions based on the federal government's promise with this program. I could have refinanced my student loans at a lower interest rate through a private lender. I could have gone into a more lucrative field in the private sector. I could have put off buying a house until I paid down my balance. And now two billionaires are going to make the federal government renege on its contracts with people who made the apparent mistake of believing in going into the poorly paid public sector.

    I am not saying the program isn't flawed and that caps should not have been put in place a long time ago but when you are talking about a program that people made huge life altering decisions about and it looks like you aren't even going to grandfather in those who have been doing their part, well...I think I have reached my limit. I am going to find Maggie's old post about things I can be doing and I am fully joining the resistance.
    DeVos is poised to do the most policy damage to this country that we've seen in generations. She's essentially stealing from the future knowledge and opportunity of our children for the sake of corporate profits.

    Her proposals in Michigan were objective failures.

    DeVos&#39; Michigan schools experiment gets poor grades - POLITICO

    Her approach is about as tone deaf as "let them eat lead".

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by Hawkeye10 View Post
    My boys GF and her sister both have degrees, the sister is a wedding make-up artist and the GF is going to work for a catering company. She said that her parents were insistent that both go get degrees, and the parents made it clear years ago that they did not give one tinkers damn what the girls did after.

    I too have a problem with that, money should generally be spent wisely, and the "University Experience" is not worth $100,000+, especially if it is mostly other peoples money.
    that was stupid of them to do. she could have gone to cosmetic school and the other pastry school.

    student loans are loans and have to be paid back. if someone wants to party hardy for 100k then that is on them and no one else.
    they shouldn't get off the hook.

    I never would have been able to get my 4 year without SL. best decision I ever made.

    since then my company has paid for me to get my PMP and my ITIL. both of which I passed.
    the PMP was one of the hardest tests I had ever taken.

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by Hawkeye10 View Post
    I noticed a study a few months back that said something like 40% of those taking loans expect to never have to pay on any or most, they expect someone to come in and relieve them of the debt.

    Maybe that is a bad thing, maybe if people know that they will be on the hook they will be more responsible.

    Just Maybe.
    Wow. Imagine that people sign a contract saying if they do certain things that their student loan will be forgiven. Wait...why is that hard to believe?
    Quote Originally Posted by Bucky View Post
    The economy will improve under this bill. If a few people die, it will be for the betterament of this country.

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by ludin View Post
    that was stupid of them to do. she could have gone to cosmetic school and the other pastry school.

    student loans are loans and have to be paid back. if someone wants to party hardy for 100k then that is on them and no one else.
    they shouldn't get off the hook.

    I never would have been able to get my 4 year without SL. best decision I ever made.

    since then my company has paid for me to get my PMP and my ITIL. both of which I passed.
    the PMP was one of the hardest tests I had ever taken.
    My husband has his PMP and now I call him a pimp.
    Quote Originally Posted by Bucky View Post
    The economy will improve under this bill. If a few people die, it will be for the betterament of this country.

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    Re: Trump to propose scrapping student loan forgiveness program

    Quote Originally Posted by CriticalThought View Post
    How on earth is it welfare?

    It is a program where if you agree to work in public service, usually at lower pay and harsher conditions, and you pay on your student loans for 120 monthly payments without defaulting, then the government will pay the remaining balance, as stipulated by a CONTRACT, your loan promissory note. Some companies do the exact same thing.

    You literally earn it by...

    A: working
    B: making payments
    C: limiting your career options to specific fields and options.

    This is not handouts to people in need, it is a contract.
    Because the government is paying for your education. Sure it's by contract, but that doesn't change much of the reality of the thing. All it means is that the government agreed to use other peoples money to pay for that persons loan by contract.

    And why in the world would making payments matter at all? So what, you get to pay well below the needed amount to pay back the debt for ten years and somehow I'm supposed to care about that? Nope, I don't.

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