Student Loan Forgiveness Act of 2012

montanabounding

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:7aafd6fc-9812-451c-b228-bc71bb98b2fd">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : EVERYONE with a degree worked hard.  That's not what I'm arguing.  Look at the inflation graphs.  Look at how dramatically the cost of education has outpaced the cost of living.  This doesn't mean your father didn't work hard.  It means that the exact same degree he received is about 500x more expensive than it was when he was in school, making that degree virtually unaffordable for most.  Even when you're working your way through college.
Posted by shawnandlauren[/QUOTE]

Preach.

I think I said it earlier in thread - I'm pretty sure it's fact and documented that it's because they basically handed out loans to anybody who signed up for one. You flood money into the system, costs go up.

<a href="http://financemymoney.com/student-loan-market-college-loans-for-profit-education-pell-grants-debt-educational-outcomes-bubble-in-higher-education/" rel="nofollow">Link 1</a>
<a href="http://www.cato-at-liberty.org/these-reports-prove-aid-doesnt-fuel-tuition-inflation-except-they-dont/" rel="nofollow">Link 2</a>

Student loans created a bubble, much like housing mortgages. You used to be able to pay cash for your home after working for a certain period of time. When there was the housing bubble, there was NO way that was possible. Now that the bubble has burst, it's kind-of possible again.

Once the student loan bubble bursts, costs will decrease. How will that happen and what will be the result? No clue.

Right now, I've got my eye on Italy and the upcoming conference in Mexico. I'm very nervous about those two events.

Habs2Hart

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:f0b13248-ddd6-44db-85bf-edf6b767229b">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]Who the fuuuck goes to Harvard and majors in basketweaving?
Posted by amys325[/QUOTE]

The best damn basketweaver ever, that's who.

wrigleyville

Random aside: my friend is an honest-to-god basket weaver. He makes those huge baskets for hot air balloons. When people ask him what he does for a living, he gets a huge grin on his face because he knows they won't believe it when he says "basket weaver".

I realize this contributes nothing to the debate. Carry on.

Meegles4

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:01e37787-a682-4cf9-9086-efb356fd5320">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]Mr. Fish doesn't have a college education. I have my master's degree. He actually makes more than I do. So there's that.
Posted by crfische[/QUOTE]

And Mark Zuckerberg never finished his degree. There are always exceptions, but I still say a college degree, in general, is going to make you more marketable and have a higher earning potential than a high school diploma. And that's likely moreso true these days than it was when our parents and grandparents were growing up.

Now, should you choose your college degree path based on what you can afford and not go to Harvard for Basketweaving? Yes.

ETA: added sentence for clarity.

Habs2Hart

Also, less expensive =/= silver platter.

Habs2Hart

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:12d06207-fbe2-47f1-91bd-cc7803e75082">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]Random aside: my friend is an honest-to-god basket weaver. He makes those huge baskets for hot air balloons. When people ask him what he does for a living, he gets a huge grin on his face because he knows they won't believe it when he says "basket weaver". I realize this contributes nothing to the debate. Carry on.
Posted by wrigleyville[/QUOTE]

  ^
  I
  I

Maybe this dude? 

jemmini6

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:b19dc730-c065-41f0-b9c6-ce180b7fb07f">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]I get what you're saying, Snips, but this plan doesn't seem like it's very well thought out. Also. <strong>What IS the penalty if you don't repay your student loans?</strong> I mean, I don't think that harsher punishment for NOT paying your loans is the answer, I'm just seriously wondering.
Posted by crfische[/QUOTE]

From what I understand (this may have changed since I had to do my exit counselling), for federal loans anyways, they can garnish your wages, withhold tax returns, etc.  Plus, it is one of the few debts that NEVER goes away as long as you are alive.  You can file bankruptcy 50 times and you STILL owe your loans.

montanabounding

I bet there are a heck of a lot of plumbers and electricians who went to vocational high school or trade school and apprenticed and make a LOT more money than people who went to college, and don't have the insane debt but DO have the money coming in (provided that they're skilled in their field).

Sheesh. I know that our plumber makes a ton of money every time he stops by. If I'd known that stuff in eighth grade, I would have told my parents to hold off on the fancy-shmancy prep school and I wouldn't have gone to college. I could have been an electrician. Or a demolitions expert.

wrigleyville

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:6779acef-6d37-4010-bfdd-6a22b95dd354">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : From what I understand (this may have changed since I had to do my exit counselling), for federal loans anyways, they can garnish your wages, withhold tax returns, etc.  Plus, it is one of the few debts that NEVER goes away as long as you are alive.  You can file bankruptcy 50 times and you STILL owe your loans.
Posted by jemmini6[/QUOTE]
This is correct. It's a lot like not paying your taxes. That ish never goes away, and they can garnish the hell out of your life. (For federal loans, anyway.)<div>
</div><div>For bank loans, it may be like defaulting on any other type of bank loan: credit goes to hell, they can sue you, etc.</div>

mkrupar

I had scholarships and grants, but my institutional scholarships (provided by my university) were capped at $10k a year. It was BS because before I even walked in the door I was awarded $25k in inst. scholarships, every year, for 4 years. Granted I still made the decision to go to that school, but it still sucked that I couldn't even use all of the money they awarded me for being so awesome.

I have loans to cover the gap and graduated with about $20k in loan debt. I'm one of the lucky ones. My monthly payments for my federal loans are only $150.00 a month, and I pay about $100.00 a month for my private ones. And they'll both be paid off in the 10 year time slot, if not sooner.

I actually didn't know, going in to college, what my loan repayment was going to be because I was 18 and didn't read that crap. I agree education about loans is imperative, and a major overhaul of education and costs needs to be done.

I graduated about 2 years before the economy tanked, but I also work in/have a degree in an industry, that for the most part, is recession proof. Not entirely, but we can get by without too much craziness. I have no idea what figures they're putting out there for recent grads looking for a job in my field.

baystateapple

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:12d06207-fbe2-47f1-91bd-cc7803e75082">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]Random aside: my friend is an honest-to-god basket weaver. He makes those huge baskets for hot air balloons. When people ask him what he does for a living, he gets a huge grin on his face because he knows they won't believe it when he says "basket weaver". I realize this contributes nothing to the debate. Carry on.
Posted by wrigleyville[/QUOTE]
Actually, it's answered the question I've always had, as to what you do with a basketweaving degree.  My mom used to cite that all the time.

But my parents also insisted that I go to a private Catholic university for undergrad, so what do I know.

amys325

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:e5c483c9-fa6d-45fc-aee4-796980bd9bd9">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]I bet there are a heck of a lot of plumbers and electricians who went to vocational high school or trade school and apprenticed and make a LOT more money than people who went to college, and don't have the insane debt but DO have the money coming in (provided that they're skilled in their field). Sheesh. I know that our plumber makes a ton of money every time he stops by. If I'd known that stuff in eighth grade, I would have told my parents to hold off on the fancy-shmancy prep school and I wouldn't have gone to college. I could have been an electrician. Or a demolitions expert. ;)
Posted by montanabounding[/QUOTE]

<div>I was just going to say that I wish I had thought of going into a trade instead of college.  Besides the fact that you can make bank, in the event of any type of apocolypse, I am screwed with my English degree and will be weeded out immediately.</div><div>
</div><div>Jemmini, I read your ticker as "driving to honduras" and I was super confused.</div>

AllAboutTheBenjamin

Who pays 89k for student housing?

wrigleyville

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:d972a271-36d2-4bba-8baa-b9e5fd0fdfd3">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : Actually, it's answered the question I've always had, as to what you do with a basketweaving degree.
Posted by baystateapple[/QUOTE]
You could also work here:<div>
</div><div>
<a href="http://cdn.cl9.vanillaforums.com/downloaded/ver1.0/content/images/store/12/8/7cd07dd8-da1f-46c9-a8f1-b1d53ed9e6a6.large.jpg" title="Click to view a larger photo" class="PhotoLink"> <img src="http://cdn.cl9.vanillaforums.com/downloaded/ver1.0/content/images/store/12/8/7cd07dd8-da1f-46c9-a8f1-b1d53ed9e6a6.medium.jpg" alt="" /></a>
<div>
</div><div><a href="http://en.wikipedia.org/wiki/The_Longaberger_Company" rel="nofollow">http://en.wikipedia.org/wiki/The_Longaberger_Company</a> </div></div><div>
</div><div>
</div>

Anysunrise

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:33a32dc1-cad2-450a-9073-37b59d01f749">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]Who pays 89k for student housing?
Posted by AllAboutTheBenjamin[/QUOTE]

<div>Yeah, that seems insane. I don't know where one could live where that would be cheaper than just living off campus.</div>

baystateapple

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:83fb77d6-f142-4739-a724-060e8d962a5a">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : You could also work here:
Posted by wrigleyville[/QUOTE]
That's amazing.  It sort of looks like something on Ace of Cakes.

baystateapple

Also, for 89K in housing, my dorm had better have a freakin' en suite jacuzzi and my own personal Aston Martin.

AllAboutTheBenjamin

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:7ced2b1b-df8c-403a-b688-081b01b20349">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : Yeah, that seems insane. I don't know where one could live where that would be cheaper than just living off campus.
Posted by Anysunrise[/QUOTE]


If I'm paying 89k to live in the dorms those dorms better have marble floors, golden toilets and fucking 24 hour butler service.  My college dorm room had dimensions of a damn closet.

montanabounding

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:135f3c8a-0eb5-4a1a-b2b8-6059bcb57153">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : I was just going to say that I wish I had thought of going into a trade instead of college.  Besides the fact that you can make bank, in the event of any type of apocolypse, I am screwed with my English degree and will be weeded out immediately.
Posted by amys325[/QUOTE]

FI's family and I talk about what we'd do in case of a zombie apocalypse. We have an ER doctor in the family and a bunch of hunters (who can also skin/gut/prepare meat), a woman who can make ice cream and waffles and a ton of gourmet food on nothing more than a camp stove/dutch oven, a Marine, somebody who rigged up his own solar power system, and a chemical engineer, among others.

AbbeyS2011

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:33a32dc1-cad2-450a-9073-37b59d01f749">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]Who pays 89k for student housing?
Posted by AllAboutTheBenjamin[/QUOTE]

I was wondering that one too.

Habs2Hart

My housing (not food or anything, just housing off campus) for 6 years was $29,000 and I lived in pretty decent rental houses.  How the hell does one spend 89K on housing unless you went for 15-20 years or rented a 4bdrm to yourself. 

rsanna

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:33a32dc1-cad2-450a-9073-37b59d01f749">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]Who pays 89k for student housing?
Posted by AllAboutTheBenjamin[/QUOTE]

<div>Sorry, my phone when I posted decided that a hypen isn't cool enough to show up.</div>

pkontk

I know that there are a lot of recent grads out there who have piles of student loan debt and zero job opportunities.  I still think forgiving loans is a bad idea.

If someone comes to Boston, with a college degree, they can find a job.  It may be retail, or waitressing, or at Whole Foods, or a temp job.  But its a job.  My sister finished school in May, she is working THREE jobs right now and living on her own... and she hasn't even started to have to pay her debt off yet.  I know things are bad in other parts of the country, but unless you own a house or have kids, its pretty easy to relocate as a recent grad.  There are alumni networks in most major cities, as well as facebook and linkedin.  You'll find friends and housing.  You'll be fine.

When I finished my master's degree, my dad and I sat down and he laid out what life would cost (loans, rent, bills, food, etc) and we figured out about what I should be making.  I got a job that paid pretty much that amount.  If it didn't I would have had to find another, better paying job.

I'm rambling, but my point is, there is no reason to forgive student debt, except to win votes.  This comes from a person who has dealt with a lot of financial stress because of loans.  Would I have more spending money or saving money if I weren't paying off loans?  Sure.  But it was my choice to take them out and I am responsible for my own actions.

AllAboutTheBenjamin

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:eaa2c33b-37fb-4ba5-a5e4-386b59ac28a0">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : Sorry, my phone when I posted decided that a hypen isn't cool enough to show up.
Posted by rsanna[/QUOTE]

Whatwhat?

ETA - Gotcha.  And thank God.

amys325

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:484d7bc7-d6a3-4a9d-8317-18505f416fd3">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : Whatwhat?
Posted by AllAboutTheBenjamin[/QUOTE]

<div>What I got from that was it was supposed to be 8-9K, not 89K.  Stupid mobile app.</div>

baystateapple

Yeah that makes more sense.  My undergrad housing was about $9K a year for a dorm and 18-meal plan.

dramaqueen91087

Ok to answer some questions. First, the school I chose was actually less expensive then a SUNY new york state school. And while technically you have 5 years to get your masters almost no one will hire without one. I do work full time and am paying back my loans. I worked all through school at times working two jobs to try and make a dent in what I knew was coming. I made payments on my loans all through school so that I wouldn't have as much interest sitting there. In fact I'm already paying off the principle on my private loans. FI and I are very seriously considering moving after the wedding do that I can find work. I only just finished school in December so it's not like it's been years. I'm not saying that I should default and it should go away. I'm just saying a little help to make ends meet would be nice.

divinemsbee

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:6de46bef-6a34-4340-984d-91f4e2c6dee5">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]A To the whole "college is a choice, not a right" argument. I agree it's not a right. But I also agree in this day and age, it's also not much of a choice. We all know the economy is changing. In Detroit, it used to be you could get a high school diploma and get a great job on the line at one of the Big 3, support your family, have a summer home, blah blah. Those days are gone and at minimum you need a bachelor's to get any sort of decent paying work. And I know Detroit isn't the only area like this. 
Posted by Meegles4[/QUOTE]

<div>
</div><div>I know it's been said, but ring-a-motherfuckin'-ding. This, along with the incredibly high price of education is one of the major problems. </div><div>
</div><div>I've been having this conversation with friends of mine that the college diploma has become what the high school diploma was to our parents. Companies don't care what it's in, as long as you have that sheepskin (i.e. degree in English working in finance, or degree in Art working in insurance). And, if you don't, for the most part, you're SOL.  You need a degree just to get your foot in the door.My dad got the job he's had for almost 40 years (he works for the state as a printman by trade but has moved up the ladder) with one year of community college. There's no way he'd have been even considered for it now. And that's a vocational job (printing, at least when they use the machines and not computers).</div><div>
</div><div>You don't feel like you're given the "choice" to have one or not. It's the choice to remain un- or underemployed and rarely be able to move up. I used to work for Starbucks and did some hiring. You definitely wanted someone who either had a degree or was working on one. I see it in a lot of coffeehouses and nicer restaurants. That's insane, and 30 years ago you wouldn't even have to have graduated high school to be counter help. I'm not saying you "have" to now, but it helps tremendously if you want a job that isn't completely dead end. </div><div>
</div><div>For every person that says they know someone who could make more money without a college education ,there's also someone saying that their parents got married at 19 so it's a wonderful idea. The plural of anecdote is not data. </div><div>
</div><div>I'm not saying we must forgive it, heck, I have $20,000 in debt and I will pay it back because I took it out, but I'm saying that it's easy for people to scoff or call "entitlement." I had scholarships, worked 2 jobs, and went to a state school. I have a ridiculous degree that I would have been better off learning in a vocational or internship setting. However, college was not presented as something I could not do. And, now, I'm glad I have that BA so I can temp. </div>

rsanna

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:484d7bc7-d6a3-4a9d-8317-18505f416fd3">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : Whatwhat?
Posted by AllAboutTheBenjamin[/QUOTE]

<div>I can't explain it.  When I type on my phone on the mobile site I used dollar signs and hyphens and they just don't show up when I post.  I haven't posted from the mobile site in awhile (from my phone) and it always takes those out.  It doesn't make any sense to me.</div><div>
</div><div>But yes, my point.  The housing at my school is 8-9k a year, but it is going up about $420 every year evenly.  Which means it isn't inflatation or higher costs, it is a steady $420 every year.  Incoming freshman this year (who are required to live on campus) will pay at least $9000 for housing, for 9 months for about a 162sq. ft. room, including food.  I will spend less than that in a year on my apartment.</div>

HappinessByTheKilowatt

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_student-loan-forgiveness-act-of-2012?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:48877555-724b-434d-af30-714514611108Post:d308e3c7-8b9a-4750-83ba-177dfe5fe94d">Re: Student Loan Forgiveness Act of 2012</a>:
[QUOTE]In Response to Re: Student Loan Forgiveness Act of 2012 : I can't explain it.  When I type on my phone on the mobile site I used dollar signs and hyphens and they just don't show up when I post.  I haven't posted from the mobile site in awhile (from my phone) and it always takes those out.  It doesn't make any sense to me. But yes, my point.  The housing at my school is 8-9k a year, but it is going up about $420 every year evenly.  Which means it isn't inflatation or higher costs, it is a steady $420 every year.  Incoming freshman this year (who are required to live on campus) will pay at least $9000 for housing, for 9 months for about a 162sq. ft. room, including food.  I will spend less than that in a year on my apartment.
Posted by rsanna[/QUOTE]

Will you spend less than that in a year on your apartment and three meals a day? Doubtful.