Should All Student Debt Be Cancelled?

[bromack1]

I have less sympathy for someone leveraging their future earnings to take extravagant vacations, acquire luxury cars, or even exclusive brand name clothes. When those future earning don't materialize or as expected, they get what they get. However I do have compassion for people, especially very young but legal adults, that are lead to believe by society and manipulative marketing campaigns that financing a higher education will most likely lead to fulfilment of the american dream. I'll pass on bankruptcy court. I used to work in the recovery department of a large bank and processed a lot of those claims so, I know all the stories. In my opinion money is not a drug. Money is more like a tool.

Money is tool at its best and a drug at its worst. That is a fact going back centuries.

Also, speaking from my own experience, I was 19 when I signed my first promissory note to buy a car. I had no loan guarantor to co-sign. It was all my own money and I clearly understood the terms of the loan. This was well before I went to college and later earned a degree in business. It was simple math, don't pay the loan, they will take the car.

If you really wanna "blame" anybody about student loan problems, start with the colleges and universities that feed off the money they collect from these "young and naive" students. It is "the colleges" that direct students to these lenders. It is "the colleges" that set the fees which increase every year. In my opinion, colleges need to held more accountable for their actions.

The world can be a very mean and vicious place if you're not paying attention. Being "ignorant" about its pitfalls will cause you a tremendous amount of harm. With today's internet environment and all this information at your fingertips, there should be no reason for making poor uninformed financial decisions.

 

[TENT]

I have a right to complain about my allocations.

That is the next war the citizens will fight.

Just wait.

You niggas is clowns.. That avatar fit you perfect. These cacs got you fools gamed. Your broke ass taxes wont change one fucking bit one way or another. All of a sudden you muthafuckas wanna take an accounting of your taxes and allocations.. Hilarious. fyi- the proposed legislation to "pay" for this measure was to have been a wallstreet tax. But again, either way, you wouldnt notice a difference and couldnt make a distinction between tax dollars going to Israel to pay some jews rent or to account for loan forgiveness. Funny what you silly niggas decide to get outraged over. You cats puling all kinds of gymnastic stunts to pretend you arent just haters.


I tried to.. But you idiots made the mistake of making it about tax allocations... So i merely exposed your hypocrisy.

 

[Amajorfucup]

I have a right to complain about my allocations.

That is the next war the citizens will fight.

Just wait.

 

[BKF]

If it is to be eliminated by income. Then it should be adjusted by region.
100k in one area, is not the same as it is in another area.

 

[bromack1]

If it is to be eliminated by income. Then it should be adjusted by region.
100k in one area, is not the same as it is in another area.

Student loan debt will never be cancelled. Its a federal debt and Joe Biden could issue an executive order on day 1. He has never promised it and he will never do it. Only Bernie Sanders and the only ones really talking about it. Chuck Schumer said he wants to do a bill but he is in the Senate.

 

[Politic Negro]

 

[DC_Dude]

Yeah shit sad..I tell people if you do get loans, do it smart....I would never discourage anyone from going to college because we need more engineers, doctors, lawyers, and etc...Just make sure you have a plan in place to pay it back....Parents need to start saving as soon as the kid is born so they want have to worry about college debt when they graduate as well.

 

[xxxbishopxxx]

Yeah shit sad..I tell people if you do get loans, do it smart....I would never discourage anyone from going to college because we need more engineers, doctors, lawyers, and etc...Just make sure you have a plan in place to pay it back....Parents need to start saving as soon as the kid is born so they want have to worry about college debt when they graduate as well.

kind of hard, when folks were already living paycheck to paycheck. Plus there's the whole separate discussion about going to college if you are not going for any of the money degrees

 

[DC_Dude]

kind of hard, when folks were already living paycheck to paycheck. Plus there's the whole separate discussion about going to college if you are not going for any of the money degrees

yeah or for those kids who want to go to college, but really can't afford it...i wish people would teach parents/kids how they can use community colleges to get into their respective field..

Like if you want to be a MD or a PA, but can't go to college, I would tell a kid, go to a community college and study sonography or respitaroy therapy (both hard asf, but you can make some decent money in both) and then spend the 1-2 years in college and apply for medical school....

 

[DC_Dude]

Plus I will also tell people that may be struggling with student loans, there are a few redditt groups where people will put you on to all kinda of things...

One program people don't talk enough about is the PSLF program...Basically you work in a public service field for 10 years, pay your loans on time, and the remaining balance is forgiven and under the new Covid plan, you don't have to pay taxes on the balance....

Man I be seeing people in these redditt groups talk about how they got like 50K, 100K, and etc. forgiven under this program....

 

[DC_Dude]

Plus I will also tell people that may be struggling with student loans, there are a few redditt groups where people will put you on to all kinda of things...

One program people don't talk enough about is the PSLF program...Basically you work in a public service field for 10 years, pay your loans on time, and the remaining balance is forgiven and under the new Covid plan, you don't have to pay taxes on the balance....

Man I be seeing people in these redditt groups talk about how they got like 50K, 100K, and etc. forgiven under this program....

And when paying your loans, you can do the income based too which is based on your AGI so if you invest alot of money, your AGI lowers and you don't have to pay as much. I think income based is 10% of your AGI.

 

[Tito_Jackson]

Plus I will also tell people that may be struggling with student loans, there are a few redditt groups where people will put you on to all kinda of things...

One program people don't talk enough about is the PSLF program...Basically you work in a public service field for 10 years, pay your loans on time, and the remaining balance is forgiven and under the new Covid plan, you don't have to pay taxes on the balance....

Man I be seeing people in these redditt groups talk about how they got like 50K, 100K, and etc. forgiven under this program....

Yep!! My health system is considered a Non-Profit, so every year I work here counts toward having all of my school loans forgiven.

 

[DC_Dude]

Yep!! My health system is considered a Non-Profit, so every year I work here counts toward having all of my school loans forgiven.

Yup...I am on year 9 right now and counting the months....I told all my friends that are not paying their loans how they are missing out because the last year and up until September you didn't have to pay and that's like 18 months towards that 120 count...

 

[Rembrandt Brown]

I voted no...(and I have hella debt)

This is helping pinks not the entirety of black Americans who are still not going to college like that.

Reparations first.

By the sheer number so White students in contrast to Blacks who would benefit. They'd stand to gain far more from it than Blacks.

There are a significant population of black folk that don't even have bank accounts, let alone that would qualify for a 5 figure loan. These are white people problems.

 

[Costanza]

 

[Politic Negro]

How many people at 18 were equipped with that knowledge? It wasn't until the Bush administration to sign a bill to make credit cards tell you how much money you'll pay back if you do the minimum. (Fact Act)

 

[Costanza]

How many people at 18 were equipped with that knowledge? It wasn't until the Bush administration to sign a bill to make credit cards tell you how much money you'll pay back if you do the minimum. (Fact Act)

I think that is good to require. But the interest rate was disclosed, right? So this was really just explaining math for all the children left behind (No Child Left Behind joke)?

 

[Politic Negro]

I think that is good to require. But the interest rate was disclosed, right? So this was really just explaining math for all the children left behind (No Child Left Behind joke)?

I see what you did there at the end.

Interest rate was disclosed but I don't remember how it was it disclosed nor how to pay it back. In addition, the lenders would lump the loans together making the interest accrue faster and harder to pay it down.

Finally you know consumer finance was an elective class if the school had the option. That's why states are now mandating it for graduation.

Knowing a percentage of something is basic. Learning the facets of compounding interest is not.