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Etiquette

Student Loan Forgiveness Act of 2012

http://www.huffingtonpost.com/rep-hansen-clarke/student-loan-forgiveness_b_1454241.html 

Have we talked about this?  CN: A congressman from MI is proposing a bill for students to  have their students loan forgiven after certain criteria is met. 
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Re: Student Loan Forgiveness Act of 2012

  • i will probably be in the minority here, but i dont think these loans should be forgiven.

    students and parents need to make better decisions about colleges and what loans they should or should not take based upon what they actually expect to earn when they graduate.
  • In Response to Re: Student Loan Forgiveness Act of 2012:
    i will probably be in the minority here, but i dont think these loans should be forgiven. students and parents need to make better decisions about colleges and what loans they should or should not take based upon what they actually expect to earn when they graduate.
    Posted by Calypso1977
    So...minimum wage?
  • djhardjhar
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    I disagree with it. They took out a loan, they should pay it back.

    I didn't take out student loans. I worked 3 jobs at one point in college.  Should I have just taken out loans in hopes that I wouldn't have had to repay them?

    Also, I have several friends who didn't go to college because they didn't want to take out loans. Now in some cases, they are unable to get anything but entry level positions.  Other jobs that require a degree pay better.  How is it fair for someone to get a better paying job just because they were willing to take out a loan that they now wouldn't repay.

    In addition to thinking it's not fair, our economy is not in the kind of shape required for all these loans to just be forgiven.  Bad luck and bad economies hurt people paying back all kinds of loans - mortgages, student loans, etc. Why special treatment for student loans?
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  • edited June 2012
    A loan isn't a gift - it's a debt and it should be paid back.

    ETA: and this is why we are doing an educational savings plan for Baby Bee.
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  • I agree that they shouldn't be forgiven.  I busted my ass to get a scholarship that covered me, and I also chose a smaller school.  My degree means the exact same thing as someone's who went to an expensive school. 

    Also, I think the mentality for a lot of kids going to college straight from HS, is that is what they are "supposed" to be doing.  Most have no clue what they want to do in life, thus virtually wasting their time the first year or two.
  • I also say that these loans shouldn't be forgiven. I hate that it even crosses our mind that we shouldn't have to be responsible for tens of thousands of dollars in our name. We just feel that it is owed to us that these debts be forgotten. 

    Our news station did a story a few weeks ago about how getting a degree isn't really paying itself off in many cases. I'm not sure if I agree with it because I think a higher education is always worth it, but the story was interesting. 
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  • edited June 2012
    Sorry.  You took out the loan it is on you to pay it back.  I spent two years unemployed and took a part time damn close to minimum wage job to keep paying my law school loans because that is what grownups do.
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  • I don't think that forgiving the loans gets to the root of the problem.  The astronomical cost of education and the pitiful job market is what is really causing the issue.  All we're going to do by forgiving student loans in ensure that more kids take out crazy amounts of debt that someone (if not the student) will eventually have to pay back.  I don't see that as solving the problem.
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  • edited June 2012
    I am also like previous posters in that I busted my ass working a full-time job while attending school full-time to get through my Bachelor's.  Now I am working part-time to put myself through grad scool, paying as I go.  I have a total of $3,000 in student loans, and am proud of the fact that when I graduate in two years that my paycheck will go to me, and not a chuck every month to the student loans I took out. 

    However fiance and my sister (both alma mater of the same school) have between 50k and 80k in student loans.  My dad, the co-signer of my sister's loans, is very very nervous about how all that money will get paid back.  He has suggested she join the National Guard or Reserves, and has even gone so far as to take out a life insurance policy on her so that in the event something happens to her the loans get paid off. 

    When I have kids, I plan on encouraging them to attend community college for two years and then transfer to a 4 year school, and to be creative with how they plan on paying for their degree.
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  • This is one steaming load of shiiit.
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    I don't think that forgiving the loans gets to the root of the problem.  The astronomical cost of education and the pitiful job market is what is really causing the issue.  All we're going to do by forgiving student loans in ensure that more kids take out crazy amounts of debt that someone (if not the student) will eventually have to pay back.  I don't see that as solving the problem.
    Posted by baystateapple
    This EXACTLY. I think the fact that we're making education impossible to afford is the bigger issue here. I don't know how I feel about loan forgiveness.
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    i will probably be in the minority here, but i dont think these loans should be forgiven. students and parents need to make better decisions about colleges and what loans they should or should not take based upon what they actually expect to earn when they graduate.
    Posted by Calypso1977
    Agreed. People are not financially educated these days and get degrees in subjects that they "love" without considering whether or not they will be able to utilize these degrees in employment that will enable them to fund these degrees.

    If we were having moneyball fights as a country that was economically prosperous, that would be one thing, MAYBE. But in our current economic state, and internationally speaking... no. Just no.
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  • My dad cosigned my student loans for graduate school.  He told me he had no problem doing so, that if I defaulted on them I'd have a lot more to fear from him than from the government.  I am very careful with the amount of money I take out each semester, to make sure that I don't get myself in over my head. 
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    In Response to Re: Student Loan Forgiveness Act of 2012 : So...minimum wage?
    Posted by Anysunrise
    no, but using some logic.

    for example, if you want to study to  be a teacher, and expect to earn $30K a year at your first teaching job (this of course assumign you get one) then IMO, you do not need to attend a fancy private university that costs more for one year of tuition than you expect to even earn in your first year.

    most employers dont care where you went for undergrad.  they just care that you went.  where picking a name school *might* matter is for advanced degrees.
  • In Response to Re: Student Loan Forgiveness Act of 2012:
    In Response to Re: Student Loan Forgiveness Act of 2012 : Exactly. Also, are the criteria on the webpage? I would be intersted in seeing what those are.
    Posted by cfaszews25

    "The bill provides full loan forgiveness for current borrowers who have paid the equivalent of 10 percent of their discretionary income for 10 years or who are able to do so over the coming years. It moreover caps interest rates on federal student loans at 3.4 percent and enables existing borrowers to break free from crushing fees by converting many private loans into federal loans."

    Per that article

  • No way should these loans be forgiven. Instead, policy changes need to happen to make education more affordable and improve the economy/job prospects.
  • pkontkpkontk
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    In Response to Re: Student Loan Forgiveness Act of 2012:
    I don't think that forgiving the loans gets to the root of the problem.  The astronomical cost of education and the pitiful job market is what is really causing the issue.  All we're going to do by forgiving student loans in ensure that more kids take out crazy amounts of debt that someone (if not the student) will eventually have to pay back.  I don't see that as solving the problem.
    Posted by baystateapple
    I totally agree, especially with the rising cost of education.  My college is running a capital campaign now for a new football stadium (WTF they're division 3), a new science building (they tore down one and built a new one right after I graduated 7 years ago) and a new state-of-the-art gym/fitness center (it could likely use an upgrade).  I'm not giving them a dime.  The focus for choosing a college should be about academics, not which has the best gym and student center. 

    I have a substantial amount left to pay on my loans for undergrad and postgrad.  My fiance was lucky enough not to need ANY loans.  While this bill would be nice, I'd much rather the money go to something like better financial assistance or decreasing the overall cost of a college education.
  • In Response to Re: Student Loan Forgiveness Act of 2012:
    So, discretionary income? Is that like... the money left over after mortgage/taxes/whatever?
    Posted by cfaszews25
    I was wondering the same thing.  It's pretty easy to magically "use up" any money left over after bills: expensive cell phone, cable, etc.  I don't know if that kind of stuff counts, though.
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    No way should these loans be forgiven. Instead, policy changes need to happen to make education more affordable and improve the economy/job prospects.
    Posted by daffodil_jill
    Yeah.  This.  Daff is way more articulate than I am.

    I'd like to see an explanation of why tuition keeps increasing at a biting rate.  That's not saying that there aren't reasons, but I'd love to see a breakdown. 
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    In Response to Re: Student Loan Forgiveness Act of 2012 : This EXACTLY. I think the fact that we're making education impossible to afford is the bigger issue here. I don't know how I feel about loan forgiveness.
    Posted by lissadelsol
    I think it's documented that it was student loans in the first place that actually caused costs to inflate. Supply vs. demand. When you can say, "I want to go to college," and have that instantly funded, then what stops a school from raising its fees? Nothing.

    What irritates me at the moment are transfer credits. I had to fight tooth and nail for my university to accept my foreign language credits from my first school, just because it was in a language that they didn't offer at the transfer school. I was given the waiver/credits in my last term there. FI transferred and has to retake a lab class that he took at his old school because they won't accept the credits.

    I'll encourage my children to go to vocational high school or a trade school, as I plan on homeschooling them.
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  • pkontkpkontk
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    An interest rate cap would be lovely, I'm all for that.  I consolidated mine a while ago and my bills are way less but it will take me a lot longer to pay them back, which also means I'm paying more because of interest.
  • I think this is like putting a band-aid on a gun shot wound.  Student loan debt itself is NOT the problem, so you can't fix it by forgiving it for some people.  We need to get the cost of college down and do a better job of educating teens on how to responsibly take on debt.

    Also, this just re-affirms the whole BS entitlement attitude that kids have.  That someone should pay off their loans.  That it's 'not their fault' they took out more than they can handle.  It's crap and NOT the type of message we should be sending if we actually want to solve our problems...
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    In Response to Re: Student Loan Forgiveness Act of 2012 : Yeah.  This.  Daff is way more articulate than I am. I'd like to see an explanation of why tuition keeps increasing at a biting rate.  That's not saying that there aren't reasons, but I'd love to see a breakdown. 
    Posted by baystateapple
    I think I heard something on the radio a while ago about UF and FSU wanting to increase tuition because they're receiving less money from the government.  I could be wrong though.
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  • I think this is going to make the feeling of entitlement around a lot of today's youth even worse.  Oh, I'll take out a loan for school instead of working hard, get a job and as long as I pay back 10% over 10 years then someone else can pay the rest of my debt.

    I call bullshit on this too.
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  • AnysunriseAnysunrise
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    edited June 2012
    In Response to Re: Student Loan Forgiveness Act of 2012:
    In Response to Re: Student Loan Forgiveness Act of 2012 : no, but using some logic. for example, if you want to study to  be a teacher, and expect to earn $30K a year at your first teaching job (this of course assumign you get one) then IMO, you do not need to attend a fancy private university that costs more for one year of tuition than you expect to even earn in your first year. most employers dont care where you went for undergrad.  they just care that you went.  where picking a name school *might* matter is for advanced degrees.
    Posted by Calypso1977
    Yeah, assuming you get a job in the field you went to school for. Isn't the whole issue here is that isn't happening? Not that I disagree with you about the fancy private school over a public university choice, but I think it's silly to say they should base it on what they think they'd earn in their field of study when a lot of the stated issue is that they aren't getting those jobs. Assuming one even gets a job, really the only thing you can guarentee is that you'll be making at least minimum wage. 

    I mean, the only reason I could afford school is because I recieved a pretty good scholarship, and I'm definitely not going to a fancy school. I agree with Bay about the cost of education being the real problem. 
  • Who is going to be paying off all of this residual student loan debt, anyway?  The government?
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    In Response to Re: Student Loan Forgiveness Act of 2012 : I think I heard something on the radio a while ago about UF and FSU wanting to increase tuition because they're receiving less money from the government.  I could be wrong though.
    Posted by adamar15
    Nope.  Heard that too!
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    In Response to Re: Student Loan Forgiveness Act of 2012 : Daff is way more articulate than I am.
    Posted by baystateapple
    lol, I think that's the first time anyone's ever said that.
  • In Response to Re: Student Loan Forgiveness Act of 2012:
    In Response to Re: Student Loan Forgiveness Act of 2012 : "The bill provides full loan forgiveness for current borrowers who have paid the equivalent of 10 percent of their discretionary income for 10 years or who are able to do so over the coming years. It moreover caps interest rates on federal student loans at 3.4 percent and enables existing borrowers to break free from crushing fees by converting many private loans into federal loans." Per that article
    Posted by gurrlballa10
    I think the bolded is a step in the right direction.
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  • In Response to Re: Student Loan Forgiveness Act of 2012:
    I think this is going to make the feeling of entitlement around a lot of today's youth even worse.  Oh, I'll take out a loan for school instead of working hard, get a job and as long as I pay back 10% over 10 years then someone else can pay the rest of my debt. I call bullshit on this too.
    Posted by Habs2Hart
    Yes to the bolded. 

    I don't think kids think before they pick colleges or majors and how it will impact their life after they graduate.  

    I chose a college that was in state to keep my tuition down and I made sure to only take out $X amount of loans. The rest me and my family paid for (I know I'm lucky that I got help and I do appreciate it). 

    I do not think student loans should be forgiven.
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