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School Loan forgiveness.



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0
 09.15.2011 11:53pm
Thread Creator

Id82
Fuck Shit Stack.



I hear murmurs and whispers around the net of the idea of student loan forgiveness being brought to the government at some point. I for one would like my student loans forgiven, because honestly who the hell wants to pay back loans for 25 years?

I'm not certain of what the full consequences and benefits of forgiving student loans would be like. I can assume one argument would be if loans are forgiven it might stimulate the economy because many young people with massive debt would now be able to put money towards the economy, the opposite argument would be, its your fault for going to college so you can educate yourself so you can become a productive member of society if loans are forgiven everyone would have to pay it all back in higher taxes blah blah blah.

I would seriously like this to become an issue of debate and if you are interested here is a petition to sign to try and get this thing in front of congress http://signon.org/sign/want-a-real-economic.fb1?source=s.fb&;amp;r_by=611835

Anyway what are your guys thoughts feelings on this? I can assume it would probably be mixed.




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0
 09.16.2011 12:25am


Crono
Crono can cross dimensions too!



No sir, I don't like it.

That's a shit ton of money to just magic itself into people's pockets. And why should Jimmy who has 50k in loan debt get off of it when Billy who saved up for years to go to college and basically just screwed himself out of free money.



Currently Playing: Dark Cloud 2: 3 hours.
Also Playing: CT, FF VI, Solatorobo, Secret of Mana, Halo 4.
Just Finished: Fable II: 7 hours.




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0
 09.16.2011 2:15am


SuperSquall
Shortening His Posts



I would support the idea of more government bursaries, subsidies and scholarships instead. Let the poors (like me) apply for bursaries instead of loan forgiveness. You don't want to screw a student with decent grades out of post secondary education just because they are poor, but you also don't want to make it so that sound financial management (for those middle classers who *can* pull it off) is essentially a wasted (and stupid) effort.




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0
 09.16.2011 5:12am


Arckanghel
Pirate.



I'm down for it. It would put a lot of money back into the economy. It would hurt the feelings of those who chose not to take them, but that's the risk factor. When you choose not to take an opportunity like student loans, you're choosing not to take the detriments as well as the possible benefits. Loan forgiveness and reduced terms have always been a benefit. Not only that, it would take a pool of talented individuals and give them the opportunity to invest and innovate much sooner than with the burden.




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0
 09.16.2011 5:45am


Spidey
So Sigh Ety



<span style="font-size: 11px; color: #959595;"><a href="/forums/profile/5">Crono</a> said:</span>

No sir, I don't like it.

That's a shit ton of money to just magic itself into people's pockets. And why should Jimmy who has 50k in loan debt get off of it when Billy who saved up for years to go to college and basically just screwed himself out of free money.
SO MUCH OF THIS.


BTW, how realistic is this actually going to happen? I was just about to pay off the rest of my loans off in one payment so I'm not paying any interest on it for the next 10 years, but if this has any realistic shot at happening I will hold off on that. I would vote against this if it were up to me, btu i'd like to at least reap the rewards if it unfortunately passes.

What I would support is forgiving interest off loans for student loans and giving students extensions to paying them off. this would do what you guys are saying and put a lto of money into the economy, since these students who are in debt could ignore their loan for the next 10 years. Then once the economy is back to shape and these in-debt-just-graduated students have been working 10 years, they can finally pay their debt.

I don't see a single benefit to outright forgiving the laon versus making the interest 0% and extending the first payment deadline to ten years from now.




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0
 09.16.2011 6:01am


Free Spirit
Zetta Member



Hell no. I despise free hand outs, and I depise the people that abuse them, which is about 99% of the people that use these types of financial aids. Just having the government wave its hand and make your debts go away without penalty is ridiculous. Pay your dues like everyone else. I paid back every cent of my student loans, and I didn't even have a college degree or a better job to show for it after I was done.




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0
 09.16.2011 6:46am


Ulterior
Registered Member



<span style="font-size: 11px; color: #959595;"><a href="/forums/profile/61">Free Spirit</a> said:</span>

Hell no. I despise free hand outs, and I depise the people that abuse them, which is about 99% of the people that use these types of financial aids.
Ah yes, those assholes who use their student loans to pay for tuition and room and board! Fuck those guys.



I love you, everything burrito.




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0
 09.16.2011 7:11am


Arckanghel
Pirate.



<span style="font-size: 11px; color: #959595;"><a href="/forums/profile/61">Free Spirit</a> said:</span>

Hell no. I despise free hand outs, and I depise the people that abuse them, which is about 99% of the people that use these types of financial aids. Just having the government wave its hand and make your debts go away without penalty is ridiculous. Pay your dues like everyone else. I paid back every cent of my student loans, and I didn't even have a college degree or a better job to show for it after I was done.
Well I guess I'm some asshole who didn't get sent to University with enough money. Fuck Me. You know everyone who gets a car or a house on loan without enough money upfront to just buy it outright? They're dickbags, too.




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0
 09.16.2011 10:04am


Kal
yes



Yay for living in a country where college education is free :D




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0
 09.16.2011 10:26am


Zo
another blue ribbon



In hindsight I kinda wish I'd never gone to uni. Of course the social experience was brilliant, and I'm in a decent job now, but I spent 1.5 years basically unemployed after graduation and I'm earning under par for my age in a job that isn't even all that relevant to my degree with something like &pound;15,000 worth of debt. God help new uni students now, paying more than twice that for the same lacklustre result.




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0
 09.16.2011 12:45pm


Free Spirit
Zetta Member



Loans are fine. You pay loans back. Or you go bankrupt trying, at least.

This "forgiveness", though, is a free lunch, and it's bullshit. TINSTAFL, man.




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0
 09.16.2011 1:24pm


Arckanghel
Pirate.



<span style="font-size: 11px; color: #959595;"><a href="/forums/profile/61">Free Spirit</a> said:</span>

Loans are fine. You pay loans back. Or you go bankrupt trying, at least.
This is the exact problem. You go bankrupt trying and even then you are still stuck because not even bankruptcy discharges the debt.




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0
 09.16.2011 1:42pm


Free Spirit
Zetta Member



Don't get me wrong, if it worked like Kal's magical land of France, where everyone got education for free, I'd be all for it. But when it's only certain people who meet certain off the wall requirements that have more to do with how good you are at working the system than actual need, and the majority of those people will inevitably be the same type of people that abuse and take advantage of other "free money for a good cause" ideas like welfare and unemployment, I have to put my foot down and say enough's enough.

And bankruptcy doesn't clear student loans? In that case, I would agree that people who file for bankruptcy should be eligible for this forgiveness. I had thought bankruptcy was a total clean slate for all debts, at the cost of that ugly black mark on your record for seven years. Although, I guess I should have known that, come to think of it. My parents went bankrupt a long time ago and my dad still spent another twenty years paying off his student loans afterwards.




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0
 09.16.2011 3:09pm


Call
Firefightin' Administrator
Administrator



I'm pretty certain medical expenses and student loans are not included in bankruptcy proceedings.

Forgive student loans? Hell, no. It's a loan. You agreed to borrow money. You agreed to pay it back. Forgive my car loan. Forgive my mortgage. Forgive my credit cards. No one forced you to go to college, and no one forced you to take a loan out to do so. Lower interest rates or lengthen the time allowed to pay them back, but to simply forgive them...No. Crono has the right of it.

I paid back every cent of my loans at $300 a month. That was money I could have put toward the economy, or my first house. I took a $27,000 loss on my home when I finally sold it after paying two mortgages for three years. I was locked into a depressed neighborhood where home values crashed in 2007. No one came forward to help me out. That $300 I was putting toward my student loans could have helped me to a house in a better neighborhood when I was starting out, someplace I might have stayed and avoided selling out in a poor market.

Student loans are a burden. I know it first hand. But like with any loan, if you feel you might not be able to pay it back, it's better not to accept the money in the first place. A cheaper college, a more realistic goal, a better-paying degree...when you sign the papers, it's your responsibility, no matter what your current situation might be.







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0
 09.16.2011 3:14pm


Magicjewel
Dr. Fantabulous
Administrator



I'll go ahead and start with saying that I'm very biased because I would benefic considerably from this. I doubt it would cover my future loans, but it would help save me a lot of money by wiping the current ones.

I'm all for it and have been saying for a while that it would be the biggest economic boost this country could ever hope to concieve. It would act as stimulus times 1000. Rather than the current stimulus projects and bailouts that we have (which not everyone agrees with too, like not everyone agrees with this), this would go directly into people's pockets. And when you're suddenly lifted of a bill that costs 10-50% of your income each month, you're gonna spend like a motherfucker. Those with the highest debt burdens are in theory those with advanced degrees and who make more, and they will both spend and invest (both of which create jobs). Those with lower incomes will actually feel a REAL and lasting reprieve, and will be able to do something other than live hand to mouth and will spend theirs, creating jobs. If some people are going to get a "handout" while others do not (which ALL stimulus money and bailout money funcitoned as), I think this version of a handout rather than another would actually help people and help the economy and create jobs. But that's just me.

There is aleady public service loan forgiveness. These individuals have to get a job in public service or at a non-profit though and work there ten years in order to qualify. After ten years at a public service job, it wipes the remaining student loan debt that anyone has. For people like me, whose parents were poor as a child and had no resources going to school other than my head (and when I transferred schools, my full scholarship was taken away and I got absolutely no merit-based aid as an out-of-state student), this is a lifeline, especailly for many of us who plan to take lower-paid jobs that are a public service but are scared to death that the crushing debt will have real implications on life choices (like whether to have kids... at all).

I would say that all loan forgiveness after ten years of responsible repayment (which can be income-based too) might be a happy compromise between those that want to hand students a break but not a handout. Thoughts?



"Well, your brain seems to work a little bit." -- Rune Walsh, Phantasy Star IV.




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