Trump to propose scrapping student loan forgiveness program

May this serve as a lesson to never take a bite of the carrot dangled by the government. Why anyone would subject their future to the whims of government is difficult for me to understand.

I worked three jobs at times to pay for college and graduate school. Why does it require students to accumulate over $1 trillion in debt to accomplish the same thing these days?

Perhaps someone should be investigating the colleges and universities. There are likely countless Janet Nepolitanos heading such institutions across the country.

CriticalThought said:

My husband has his PMP and now I call him a pimp.

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It took a month of studying after the boot camp.
I passed it on the first try.

Yep a player in a management position.

CriticalThought said:

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.

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The government was teaching you bad financial practice. We are all responsible for our debts. Resist away.

Henrin said:

Yes, people are taking out these loans with the knowledge they have no obligation to pay them back. How is that ok?

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That's not really true - to get the loans forgiven they have to make a ten-year commitment to public service or charity work. They "pay them back" by complying with the terms of the loan. You're opposed - great. But it's not as if the borrowers can just legally walk away. It's not any different in principle than a company engaging in R&D with the knowledge that there is a special tax credit available to them. Or investing in wind energy, or homeowners giving to charity, or any of hundreds of tax breaks in the Code, or tax and infrastructure incentives at the state and local level going to businesses in exchange for investments and/or jobs.

ocean515 said:

May this serve as a lesson to never take a bite of the carrot dangled by the government. Why anyone would subject their future to the whims of government is difficult for me to understand.

I worked three jobs at times to pay for college and graduate school. Why does it require students to accumulate over $1 trillion in debt to accomplish the same thing these days?

Perhaps someone should be investigating the colleges and universities. There are likely countless Janet Nepolitanos heading such institutions across the country.

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College is a lot more expensive now than it used to be. Not sure when you went to school but tuition costs have outpaced inflation for a long time now. That's a legitimate problem that demands a hard look at all levels, but it's not one that students can solve - they take tuition as it IS. And higher tuition per student ===>> more debt per student at the end.

'Making American Student Loans Great Again' ........... :2razz: ........

JasperL said:

College is a lot more expensive now than it used to be. Not sure when you went to school but tuition costs have outpaced inflation for a long time now. That's a legitimate problem that demands a hard look at all levels, but it's not one that students can solve - they take tuition as it IS. And higher tuition per student ===>> more debt per student at the end.

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When I went to nursing school, my private university education was about 3 grand a year. Add another 3 grand a year for room/board/medical. The people who go to my school pay about $50 grand a year without living expenses, books, or fees.supplies,uniforms. I can't even comprehend what that loan payment would look like.:shock:

They clearly don't want an educated population because the educated don't vote republican

For someone on the precipice of impeachment for corruption he sure is transparent as hell - an education secretary who loathes education and screwing people who made decisions years ago to go into the public sector. When guess who is the biggest leech of all? Devos and Trump with their tax free stock dump and Trump with his 20 years of dodging taxes altogether. These are the last people who should have any say in how taxes are spent

And someone billionaire heirs who never had to take out loans in their life should be the last to decide how loans are repaid

year2late said:

When I went to nursing school, my private university education was about 3 grand a year. Add another 3 grand a year for room/board/medical. The people who go to my school pay about $50 grand a year without living expenses, books, or fees.supplies,uniforms. I can't even comprehend what that loan payment would look like.:shock:

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my last year in college was about 10K a year (81) the same place is now around 65K

unbelievable

TurtleDude said:

my last year in college was about 10K a year (81) the same place is now around 65K

unbelievable

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When I graduated, the tuition for the entire program was roughly half of my first years salary.

Same school, the tuition for the entire program, is 2.5 to 3 times what a nurse could expect to make early in her career.(in the same area)

Just some perspective.

year2late said:

When I graduated, the tuition for the entire program was roughly half of my first years salary.

Same school, the tuition for the entire program, is 2.5 to 3 times what a nurse could expect to make early in her career.(in the same area)

Just some perspective.

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my three years at law school was about 30K

that will buy you have a year at the same school now. my starting salary at a good sized Cincinnati firm was about 10 grand higher than what it cost to go to law school. now I don't know what the starting salary is at that firm anymore but I doubt its 200K which would be 10 grand above three years at the same school

CriticalThought said:

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.

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Boy are you going to be pissed when you find out how insolvent Social Security is. The lesson here that you should take with you for the rest of your life is don't trust the government. No one should be making significant economic decisions based on what the government promises. It can all be undone by the same method in which it was done.


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JasperL said:

College is a lot more expensive now than it used to be. Not sure when you went to school but tuition costs have outpaced inflation for a long time now. That's a legitimate problem that demands a hard look at all levels, but it's not one that students can solve - they take tuition as it IS. And higher tuition per student ===>> more debt per student at the end.

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Programs like this are why tuition has outpaced inflation.


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JasperL said:

College is a lot more expensive now than it used to be. Not sure when you went to school but tuition costs have outpaced inflation for a long time now. That's a legitimate problem that demands a hard look at all levels, but it's not one that students can solve - they take tuition as it IS. And higher tuition per student ===>> more debt per student at the end.

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I recognize and acknowledge the problem students face today. I think the issue represents one of the greatest scandals facing young people today.

On one hand, you had an administration, and it's connected political party, claiming a person will amount to nothing if they don't attend college. Then they make student loans as easy to get as a latte at Starbucks.

The administrators at these colleges and universities, in almost all cases strongly affiliated with the same party as the previous administration jack up tuition in response to all the "free" money young people with little life experience bring to the table.

It is a crime of generations that will haunt and hobble young people their entire lives.

While I embrace the knowledge that can be gained in the years of study post High School, the method that is being used to provide it is one of the most despicable things that leaders have done to younger generation in my life time.

I feel your pain.

CriticalThought said:

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.

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I believe everyone's student loans should be forgiven. But, I know the morons on the right would have a cow over that proposal.

Aberration said:

Programs like this are why tuition has outpaced inflation.

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Maybe it's part of it, but tuition has outstripped inflation for decades, long before this program....

ocean515 said:

I recognize and acknowledge the problem students face today. I think the issue represents one of the greatest scandals facing young people today.

On one hand, you had an administration, and it's connected political party, claiming a person will amount to nothing if they don't attend college. Then they make student loans as easy to get as a latte at Starbucks.

The administrators at these colleges and universities, in almost all cases strongly affiliated with the same party as the previous administration jack up tuition in response to all the "free" money young people with little life experience bring to the table.

It is a crime of generations that will haunt and hobble young people their entire lives.

While I embrace the knowledge that can be gained in the years of study post High School, the method that is being used to provide it is one of the most despicable things that leaders have done to younger generation in my life time.

I feel your pain.

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You ruin any chance at your comment being taken seriously by making this partisan. Tuition inflation didn't start or accelerate with Obama, or when Democrats are in power. Lots of states are run by Republicans, and they have lots of conservatives on the Board of Trustees or equivalent. You have ZERO evidence that the problem is caused by Democrats or accelerated under Obama, but you just can't pass up the chance to blame it on democrats because it's ALWAYS the fault of democrats to you.

A good bit of the inflation in tuition costs for public colleges is declining state support for higher education, for example.

JasperL said:

That's not really true - to get the loans forgiven they have to make a ten-year commitment to public service or charity work. They "pay them back" by complying with the terms of the loan. You're opposed - great. But it's not as if the borrowers can just legally walk away. It's not any different in principle than a company engaging in R&D with the knowledge that there is a special tax credit available to them. Or investing in wind energy, or homeowners giving to charity, or any of hundreds of tax breaks in the Code, or tax and infrastructure incentives at the state and local level going to businesses in exchange for investments and/or jobs.

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I don't have a problem with this. The government needs people proficient in certain fields and offer bonuses to fill the positions. Business does the same thing. I know people who have received as much as $125 K as a bonus in a highly specialized field.

I would have a problem if the government reneged on their contract.

JasperL said:

You ruin any chance at your comment being taken seriously by making this partisan. Tuition inflation didn't start or accelerate with Obama, or when Democrats are in power. Lots of states are run by Republicans, and they have lots of conservatives on the Board of Trustees or equivalent. You have ZERO evidence that the problem is caused by Democrats or accelerated under Obama, but you just can't pass up the chance to blame it on democrats because it's ALWAYS the fault of democrats to you.

A good bit of the inflation in tuition costs for public colleges is declining state support for higher education, for example.

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Obama put the government in control of student loans in 2010. That doubled down on a program that is feeding the drug dealer.

Channel - SFGate

Further, by pushing this ridiculous narrative that one's future will not be assured unless one attends college, students responded to the Obama Administrations admonishment by taking on colossal debt they have no life experience to fully comprehend the ramifications from.

Has the quality of education increased proportionally to the cost? Or have salaries and infrastructure been improved on the backs of students who are filled with dreams, and little experience in reality?

Student loans started out as a supplement to the cost of higher education. Once these college administrators saw they could charge just about anything for the education they offered, what happened?

Who is now calling for free college, versus doing something about the outrageous cost of it? That is what confirms the partisan background and nature of this mess.

ocean515 said:

Obama put the government in control of student loans in 2010. That doubled down on a program that is feeding the drug dealer.

Channel - SFGate

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Your link is broken, but the Feds were always in control of student loans - at least the part Obama changed. The only difference was lenders who had government backstops on federally guaranteed loans didn't get to skim off a nearly risk free part of student's loan payments.

And if you believe that accelerated the problem of rising tuition, let's see the evidence. I haven't seen it, and you asserting "IT'S THE DEMOCRATS' FAULT!!!!" for the 800th time isn't persuasive.

Further, by pushing this ridiculous narrative that one's future will not be assured unless one attends college, students responded to the Obama Administrations admonishment by taking on colossal debt they have no life experience to fully comprehend the ramifications from.

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More likely what people were responding to was a crappy job market post the Bush Great Recession, and college was an identifiable way to hopefully improve chances of getting a JOB. Or they were responding to $billions in ads by for-profit colleges that at least around here are constant. But again, you are just making baseless assertions that amount to nothing more than "democrats suck - it's all their fault!" If you have any evidence that would be great!

Has the quality of education increased proportionally to the cost? Or have salaries and infrastructure been improved on the backs of students who are filled with dreams, and little experience in reality?

Student loans started out as a supplement to the cost of higher education. Once these college administrators saw they could charge just about anything for the education they offered, what happened?

Who is now calling for free college, versus doing something about the outrageous cost of it? That is what confirms the partisan background and nature of this mess.

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What did Bush and the GOP do to stem the rising cost of inflation? What is the current GOP doing to stem the rising cost of inflation? Nothing is the answer and it's really NOT a partisan issue, or shouldn't be. No party is to blame and no party by itself CAN solve the problem because the problems are heavily dependent on public schools in both GOP and Democratic-led states.

FWIW, what confirms the partisan nature of it is your evidence free insistence that it's always the Democrats' fault, no matter the problem.

And "free college" is a reality in Tennessee - the first two years anyway. It's one thing I'm proud of my dark red GOP-led state getting done - two years of tuition-free community college for any resident, includes trade schools. Another program provides tuition for 4 year students who maintain good grades.

JasperL said:

Your link is broken, but the Feds were always in control of student loans - at least the part Obama changed. The only difference was lenders who had government backstops on federally guaranteed loans didn't get to skim off a nearly risk free part of student's loan payments.

And if you believe that accelerated the problem of rising tuition, let's see the evidence. I haven't seen it, and you asserting "IT'S THE DEMOCRATS' FAULT!!!!" for the 800th time isn't persuasive.



More likely what people were responding to was a crappy job market post the Bush Great Recession, and college was an identifiable way to hopefully improve chances of getting a JOB. Or they were responding to $billions in ads by for-profit colleges that at least around here are constant. But again, you are just making baseless assertions that amount to nothing more than "democrats suck - it's all their fault!" If you have any evidence that would be great!



What did Bush and the GOP do to stem the rising cost of inflation? What is the current GOP doing to stem the rising cost of inflation? Nothing is the answer and it's really NOT a partisan issue, or shouldn't be. No party is to blame and no party by itself CAN solve the problem because the problems are heavily dependent on public schools in both GOP and Democratic-led states.

FWIW, what confirms the partisan nature of it is your evidence free insistence that it's always the Democrats' fault, no matter the problem.

And "free college" is a reality in Tennessee - the first two years anyway. It's one thing I'm proud of my dark red GOP-led state getting done - two years of tuition-free community college for any resident, includes trade schools. Another program provides tuition for 4 year students who maintain good grades.

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Sorry about the broken link.

Here is one on the subject from a different source.

https://www.forbes.com/2010/05/10/student-loans-hcera-leadership-education-fox.html

Hey, I don't believe free college will ever happen. If it does, as an employer, I can certainly say college degrees will diminish in importance.

Outside of specific degrees like engineering, the vast majority of people I've hired did not have degrees that covered the job they were seeking. So a college degree was simply a way to measure focus and commitment in the applicant. It took something to go to college and graduate. That will be removed.

I think I'll leave it at that, since this is going to devolve into a left/right crap fest I'm not interested in engaging in.

eace

JasperL said:

Maybe it's part of it, but tuition has outstripped inflation for decades, long before this program....

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View attachment 67217877

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This is not the first government program distorting the market of school tuition.


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ocean515 said:

Sorry about the broken link.

Here is one on the subject from a different source.

https://www.forbes.com/2010/05/10/student-loans-hcera-leadership-education-fox.html

Hey, I don't believe free college will ever happen. If it does, as an employer, I can certainly say college degrees will diminish in importance.

Outside of specific degrees like engineering, the vast majority of people I've hired did not have degrees that covered the job they were seeking. So a college degree was simply a way to measure focus and commitment in the applicant. It took something to go to college and graduate. That will be removed.

I think I'll leave it at that, since this is going to devolve into a left/right crap fest I'm not interested in engaging in.

eace

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I never made it left/right - that's the path YOU chose. But I agree, and said in the post you just quoted that it's not a partisan issue.

JasperL said:

I never made it left/right - that's the path YOU chose. But I agree, and said in the post you just quoted that it's not a partisan issue.

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Just pointing to the facts as they evolved over the last 10 years. You're the one who wanted to avoid discussion on that period and point at Bush.

Bush didn't have the government take over the program....

It is a very partisan issue, despite your desire to avoid having to admit it.

ocean515 said:

Just pointing to the facts as they evolved over the last 10 years. You're the one who wanted to avoid discussion on that period and point at Bush.

Bush didn't have the government take over the program....

It is a very partisan issue, despite your desire to avoid having to admit it.

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The problem is FAR older than 10 years as demonstrated by the graphs I posted earlier, and you didn't point to any facts at all or demonstrate how the one change to the Federal loan contributed to tuition inflation both decades before that change or after, which isn't surprising since tuition at public colleges is mostly a state issue. The only cite was to an article that disputed the savings from changing the federal loan program as estimated by CBO in 2009, but you didn't follow up with whether the projections were accurate or far off the mark.

But, yes, of course it's always the Democrats' fault. You're nothing if not predictable.