Do/Did You Have Student Loans?

Discussion in 'The Mainboard' started by Truman, Nov 17, 2020.

?

Student Loans?

  1. No

  2. Yes - 100% Paid off

  3. Yes - I'll be able to pay them off in 2-4 years

  4. Yes - I doubt I will be able to pay them off before Texas is actually back

Results are only viewable after voting.
  1. The Hebrew Husker

    Donor
    Nebraska CornhuskersSeattle MarinersColorado AvalanceWWENebraska Cornhuskers alt

    Wasted the first few years paying the minimum (more so due to minimum income at my first job). Then finally revised the payment plan which helped.

    About a year ago, I refinanced them at SoFi because I got a lower rate and have been paying about 750 a month to try to get everything paid off by the end of 2021 and just be done with them.
     
  2. Truman

    Truman Well-Known Member
    Donor
    Missouri TigersSt. Louis CardinalsChicago BullsSt. Louis BluesEvertonBook Club

    What if the debt wasnt repaid by tax payers, and by another mode of action? Would that shift your concern about debt cancellation?
     
    electronic and Iron Mickey like this.
  3. soulfly

    soulfly Well-Known Member
    Donor
    Seattle MarinersSeattle SeahawksBarcelonaSeattle SupersonicsSeattle SoundersSeattle Kraken

    I’m an only child and my parents paid for my schooling :welpseeyalater:
     
  4. Daniel Ocean

    Daniel Ocean I only lied about being a thief
    Staff Donor TMB OG
    UCLA BruinsDenver BroncosLos Angeles KingsSneakersBook Club

    Biden can do one with an EO but not the give funds with one. We need to do both. Forgive my student debt and I promise I’ll stimulate the economy.
     
  5. CUAngler

    CUAngler Royale with Cheese
    Donor TMB OG
    Clemson TigersAtlanta Braves

    Had about 120k and my wife had 60k or so.

    I technically paid mine down to about 60k and then had a rural health type grant pay off the rest. Technically I have a few thousand left on my tab that will get paid up in a year and a half, but I haven’t had to send in 1k/mo for a while, so that’s been nice. Wife has about 30k left I think.

    all for any type of forgiveness. I would be happy for everyone.
     
  6. Tro lo lo

    Tro lo lo You kids must be from the suburbs.
    Donor
    Syracuse Orange

    This. I was raised by two high school educated parents to believe that A) college was a necessity and B) you go to the best school you get into. There was no guidance from, ironically, guidance counselors, relating to the astronomical differences in cost between state school and private school in NY, and I really could have used it, given my major was education. Then, after four years of private school loans, you are told "Oh, you need a Masters to teach in NY."
     
    chuckles and FadeMe like this.
  7. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
    Donor TMB OG
    Arkansas RazorbacksSouth Carolina GamecocksLos Angeles DodgersDetroit LionsChelseaReal Salt Lake

    it's amazing. absolutely amazing. that coupled with the hair pulling about who will pay for it as if dumb neoliberal talking points from the 90s are real. spoiler alert: public service programs at the federal level aren't fucking funded by taxes, that isn't how anything works.
     
  8. Todd Bonzales

    Todd Bonzales Sex with old ladies for money aaaand bear traps.
    Donor
    Ohio State BuckeyesCleveland BrownsUSA RugbyTiger WoodsOhio BobcatsCleveland CavaliersCleveland IndiansOlympics

    Did you ever go to French Polynesia or not, Jesus Christ you left me hanging for years.
     
    wes tegg likes this.
  9. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
    Donor
    Auburn TigersAtlanta BravesWashington Football TeamAtlanta United

    It's been explained to him a few times, even with statistics regarding not all are college graduates with debt and most are on payment reduced plans because of lower income thresholds. He doesn't want to hear it b/c he "feels" a certain way and admittedly hasn't done any research.
     
    Daniel Ocean likes this.
  10. Bo Pelinis

    Donor TMB OG
    Nebraska CornhuskersKansas City RoyalsKansas City ChiefsBig 8 Conference

    I'm going to pioneer an economic theory called "piss up" which is the opposite of trickle down and focuses solely on freeing up capital for the bottom 80-90% of incomes. Piss up will not only free up capital to improve the lives of the bottom income earners, it will also put more money back into rich peoples' pockets through increased monetary velocity without having nearly as many dystopian novel situations as we currently have.

    #Pissup
     
  11. buy_dont_lease

    buy_dont_lease Ha ha ha. What a story, Mark.
    Donor
    Texas AandM Aggies altTexas RangersDallas CowboysTottenham HotspurDallas Mavericks alt

    Had a low-ish six-figure sum between my wife and I. From day one we paid our loans on the 10-year payment plan which was painful early on but has kept us on track. Here and there we have paid off smaller loans when we could and applied the monthly savings to the remaining loans. We just paid off a big piece last month and now only have one left, in the low five figures. I'll have it paid off in a year at best, two years if I make no additional payments. We'll end up taking 8-9 years to pay off everything. Only downside is the remaining amount was refi-ed into a private loan about three years ago, so that won't be forgiven.

    Obviously I have no issue with forgiving people's loans, I think it could have a huge economic impact in the aggregate and changes people's lives on the personal level. But it does not address the underlying problem of our broken higher education system and how education is financed, and we'll be right back at square one with another generation in 15-20 years. But it's better than nothing.
     
  12. SmoochieWallace

    SmoochieWallace Ipse dixit
    Donor
    Florida GatorsTampa Bay RaysTampa Bay BuccaneersTampa Bay LightningArsenal

    I just finished paying off ~$120k in law school loans this year. I was on the 10-year plan but knocked it out in 6 by refinancing and dumping bonuses into it.
    :dennard:
     
  13. Bo Pelinis

    Donor TMB OG
    Nebraska CornhuskersKansas City RoyalsKansas City ChiefsBig 8 Conference

    Pissup Platform

    1. Free public education 3-23
    2. Free healthcare
    3. Wholesale drug decriminalization and Portugal style programs for addiction treatment instead of prison. Legal mj recreationally nationwide with all related charges expunged and all that sweet sweet tax revenue.
    4. Reparations
    5. No more standard time. DL savings time 4L.
    6. Iowa doesn't get to caucus anymore and doesn't get to go first sorry not sorry.
    7. Down with the electoral college
    8. GND
    9. UBI
    10. $15 min wage.
    11. TBD
    12....
    13. Profit
     
  14. Rusty Shackleford

    Rusty Shackleford Dale 1 - Rats 0
    Donor
    Auburn TigersSan Antonio Spurs

    Started with about 300K and now down to about 173K. It will absolutely be worth it but can be psychologically daunting at times. I have a cartoonish amount of debt between a mortgage, student loans and business loans.

    I think I have read the term predatory about 20 times in the last 3 pages. Pumping more money into the predatory system is only going to cause more problems. Unless there is some meaningful reform to the system that caps the amount that borrowers can take out we are going to continue to have problems. Just providing blanket forgiveness is not a good solution.

    If they want to stimulate the economy just write people checks. If they want to help out people with a crippling amount of student debt they need to include reforming the system with any forgiveness.
     
  15. Truman

    Truman Well-Known Member
    Donor
    Missouri TigersSt. Louis CardinalsChicago BullsSt. Louis BluesEvertonBook Club

    Rank choice voting and a federal jobs program instead of UBI
     
    chuckles, $P1 and Bo Pelinis like this.
  16. Bo Pelinis

    Donor TMB OG
    Nebraska CornhuskersKansas City RoyalsKansas City ChiefsBig 8 Conference

    I'd be fine with that. We can finally do #infrastructureweek
     
    Truman likes this.
  17. Jake Scott

    Jake Scott Well-Known Member
    Staff Donor
    Jacksonville Jaguars

    but in all seriousness, student loans won't be forgiven right?
     
  18. FadeMe

    FadeMe Well-Known Member
    Donor
    Auburn TigersAtlanta BravesAtlanta United

    Go on.
     
  19. electronic

    electronic It’s satire!
    Donor
    Georgia BulldogsSeattle MarinersCharlotte FC

    This is such a weird take.

    The guy next to you is about to grab a gun on the table next to you and shoot somebody, but instead of just taking the gun off the table, you’re arguing that we should pass common sense gun laws before you grab the gun.

    Yes common sense gun laws are good, and yes they should be passed, and yes, grabbing the gun won’t solve the structural problems, but grabbing the gun is really fucking easy, does a whole shitload of good, and has probably literally zero downside.
     
    #169 electronic, Nov 17, 2020
    Last edited: Jan 22, 2023
    Blu Tang Clan, and steamengine like this.
  20. bbb

    bbb Well-Known Member
    Donor

    Biden's original plan was $10k off all federal loans right away. I know there was the viral tweet saying he could knock off $50k with an EO if he wanted but I have no idea if there is any traction there or if something happened/was said to sprout this discussion.
     
    Jake Scott likes this.
  21. Jake Scott

    Jake Scott Well-Known Member
    Staff Donor
    Jacksonville Jaguars

    What's Biden's plan now?
     
  22. Truman

    Truman Well-Known Member
    Donor
    Missouri TigersSt. Louis CardinalsChicago BullsSt. Louis BluesEvertonBook Club

    We kinda had this discussion in the Presidential Election thread which is what spawned this one.

    Despite what we’ve been taught growing up and how our politician act, our federal government isn’t reliant on tax revenue to fund expenditures. Our government hasn’t worked that way since we moved off the gold standard.

    The national debt isn’t crippling to the government at all, and certainly not the same way personal debt is crippling to you or me or a small business.

    The fact of the matter is all it takes to fund government expenditures is congress passing an appropriations bill and the federal reserve releasing the corresponding dollars. The government as already paid the colleges. It’s just a matter of changing the college debt on a balance sheet to zero. No tax payer money needs to be used to replace it on the balance sheet

    It’s as simple as that, as counter intuitive as it sounds.
     
    #172 Truman, Nov 17, 2020
    Last edited: Nov 17, 2020
  23. Bo Pelinis

    Donor TMB OG
    Nebraska CornhuskersKansas City RoyalsKansas City ChiefsBig 8 Conference

    Money in and out doesn't mean anything when you print the money and it's the world's reserve currency.
     
  24. wes tegg

    wes tegg I'm a Guy's guy, guys.
    Staff Donor
    Atlanta BravesDenver BroncosChicago BlackhawksBirmingham LegionMississippi Rebels

    Ha! No, we went to Bali instead.
     
    Kirk Fogg and marcus like this.
  25. Rusty Shackleford

    Rusty Shackleford Dale 1 - Rats 0
    Donor
    Auburn TigersSan Antonio Spurs

    I don't think you are taking the gun off the table. You are taking the person away from the table. There is a benefit to doing that but it isn't without downside.

    You make it more likely for people to sit at the table in the future because they think there is a chance that someone will come remove them later. The people that put the gun there are also not facing any consequences of putting the gun there. They are being incentivized to put more guns there.
     
  26. bbb

    bbb Well-Known Member
    Donor

    I would assume his original as he hasn't said otherwise but it seems like progressives in Congress are pushing hard for all forgiveness.
     
    Jake Scott likes this.
  27. wes tegg

    wes tegg I'm a Guy's guy, guys.
    Staff Donor
    Atlanta BravesDenver BroncosChicago BlackhawksBirmingham LegionMississippi Rebels

    I think we should forgive student debt and fix the system, including punishing colleges for price gouging.
     
  28. RSK

    RSK Well-Known Member
    Donor TMB OG
    Rutgers Scarlet KnightsBrooklyn NetsBaltimore RavensNew Jersey DevilsManchester United

    It blows my mind that you support something like this then vote Republican
     
    ashy larry likes this.
  29. killerwvu

    killerwvu Restoring WVU's E-Rep 1 Post At A Time
    Donor TMB OG
    West Virginia MountaineersBrooklyn NetsDallas CowboysNational LeaguePittsburgh Pirates

    He said yesterday at his PC, 10k.
     
    Bruce Bowen and Jake Scott like this.
  30. electronic

    electronic It’s satire!
    Donor
    Georgia BulldogsSeattle MarinersCharlotte FC

    Great point. Doing nothing is the better option.
     
  31. bbb

    bbb Well-Known Member
    Donor

    I stand corrected. I just had seen the following in the nyt:
    He then offered an overview of plans he introduced during his campaign, including ensuring that anyone whose families made less than $125,000 would have access to free education.

    But in his answer, Mr. Biden did not explicitly say whether he supported canceling all student-loan debt. Nor did he say if he would cancel student-loan debt through executive action — animating progressives, who have been seeking to push him further left on the issue for months.

    Social media soon lit up with calls on the left for Mr. Biden to cancel all student debt, a signature policy issue championed by progressive leaders including Senators Bernie Sanders and Elizabeth Warren.
     
  32. Homo Erectus

    Homo Erectus The important thing is, you think I'm attractive
    Donor

    The GOP selling him as this crazy socialist is bullshit. I hate how everyone just let's them frame every subject. Hopefully he does the right thing.
     
  33. 49ers169

    49ers169 Administrator
    Staff Donor TMB OG
    Boston BruinsMichigan State SpartansBoston Red SoxSan Francisco 49'ers

    I personally didn’t but wife had about $60k. Should be done in the next two years having paid them off in 6ish years.
     
  34. Homo Erectus

    Homo Erectus The important thing is, you think I'm attractive
    Donor

    My best friend has been out of law school about 6 years and is doing the same thing. He's been living on the cheap & dumping 90% of his sizable yearly bonus. He owed about $160k and is down to about $20k. He will pay them off next year.
     
    SmoochieWallace likes this.
  35. FadeMe

    FadeMe Well-Known Member
    Donor
    Auburn TigersAtlanta BravesAtlanta United

    Honestly, I don't know why I feel that way. Blame it on my podunk, country ass, small town ignorance raising. I completely agree that this scam is fucking me and a whole generation of people. I'm just skeptical of the trillion dollar debt number being replaced with a zero and everyone just moving on and acting like it never happened.
     
  36. FadeMe

    FadeMe Well-Known Member
    Donor
    Auburn TigersAtlanta BravesAtlanta United

    That makes sense. Is that how Biden would pursue it?
     
  37. Rusty Shackleford

    Rusty Shackleford Dale 1 - Rats 0
    Donor
    Auburn TigersSan Antonio Spurs

    That’s what I said. You don’t do one without the other. I am opposed to forgiveness alone.

    If you want to stimulate the economy just cut checks to people. Don’t exacerbate the student loan crisis.
     
  38. wes tegg

    wes tegg I'm a Guy's guy, guys.
    Staff Donor
    Atlanta BravesDenver BroncosChicago BlackhawksBirmingham LegionMississippi Rebels

    I get an argument that it doesn't fix the student loan crisis, but how would forgiveness exacerbate it?
     
    electronic likes this.
  39. Truman

    Truman Well-Known Member
    Donor
    Missouri TigersSt. Louis CardinalsChicago BullsSt. Louis BluesEvertonBook Club

    Idk the specifics but the way the Dems are talking, they can do it via executive action.
     
    FadeMe likes this.
  40. Lawnole23

    Lawnole23 FSU Seminoles 2020 National Champions
    Donor TMB OG
    Florida State SeminolesTampa Bay RaysTampa Bay BuccaneersTampa Bay Lightning

    I had about $250,000 combined with my wife. Most of mine was at 8.5%. I had my Dad pay off my 8.5% loans for me and I paid him back with 4.0% interest. Luckily bought two homes at the bottom of the market and sold at the top. Used the profits to pay off everything.
     
  41. Gallant Knight

    Donor
    Arkansas RazorbacksHouston AstrosRice OwlsAston Villa

    ...i don't vote republican?
     
    likes this.
  42. Rusty Shackleford

    Rusty Shackleford Dale 1 - Rats 0
    Donor
    Auburn TigersSan Antonio Spurs

    The problem with student loan system isn’t the fact that we are providing money to education. The problem is we are providing uncapped federally guaranteed money to objectively uneducated people without an limits.

    What they are proposing is to indirectly pump more money into the same system. It will effect the decision making of the borrowers and the people charging for the education.
    Timmy is going to say fuck it let’s take out an extra 10% because future me will pay it off or the government will.
     
  43. momux

    momux AFAM Scholar
    Donor
    North Carolina TarheelsCarolina PanthersChelseaFormula 1

    I suppose the argument here is that if you don't change the underlying system that led to the current student loan crisis you've now set the expectation that the federal government will bail people out when things get bad, which may encourage more reckless/risky loan taking behavior.

    Not saying I agree with that, but that's an argument that could be made.
     
  44. wes tegg

    wes tegg I'm a Guy's guy, guys.
    Staff Donor
    Atlanta BravesDenver BroncosChicago BlackhawksBirmingham LegionMississippi Rebels

    Federal student loans are capped to the borrower, though. They're tied to tuition.
     
  45. Gallant Knight

    Donor
    Arkansas RazorbacksHouston AstrosRice OwlsAston Villa

    sort of feel like an old dude opining on a woman's right to choose here as i didnt have any student loans thanks to scholarships, dad's help and working through school but...

    why should any debt be forgiven for folks who went to overpriced private schools and/or grad school?

    the solution isn't to just give people a break on loans it's to fundamentally change the system. make community college tuition free so people who are having to pay full sticker will get a break there. and make tuition at state schools free for in state students.

    there is a way to make higher education affordable but it isn't by paying for people's out of state tuition, grad school or trips to cabo at 8% interest
     
    War Grundle, Houndster and THF like this.
  46. wes tegg

    wes tegg I'm a Guy's guy, guys.
    Staff Donor
    Atlanta BravesDenver BroncosChicago BlackhawksBirmingham LegionMississippi Rebels

    Shot, chaser.
     
  47. Jesse Palmer

    Jesse Palmer Hair Product & Roses
    Donor

    Medical school loans are a bitch. 45 grand a year (one of the cheaper schools in the country) to teach yourself and take years off your life. Not to mention living expenses and flying out to interview at different residencies and shit. Gonna be paying off these motherfuckers for 25 years. Just got mad anxiety even typing this.
     
    #197 Jesse Palmer, Nov 17, 2020
    Last edited: Nov 18, 2020
    ARCO, Hatfield and Gallant Knight like this.
  48. Rusty Shackleford

    Rusty Shackleford Dale 1 - Rats 0
    Donor
    Auburn TigersSan Antonio Spurs

    Raise your hand if you spent your student loan money on things other than the necessities of school. I know I did.

    Forgiveness negatively effects the decision making process that go into deciding to take these loans, how much money to take and what type of degrees to persue doe that cost. How much the universities think they can charge for their product is also affected.

    If you want to stimulate the economy give people a check. Unless there is some benefit to the student loan system don’t further break the system.
     
    War Grundle and Gallant Knight like this.
  49. Gallant Knight

    Donor
    Arkansas RazorbacksHouston AstrosRice OwlsAston Villa

    going to be really fun when you start fucking a nurse and have to pay off those loans + child support + spousal support + $1,800 s class car lease
     
    wes tegg likes this.
  50. Lyrtch

    Lyrtch My second favorite meat is hamburger
    Staff Donor

    all the discussions of other fixes are all fine and dandy

    but the reason this is a current topic of discussion is because biden can unilaterally do this while the rest require legislation that won't happen with an obstructionist gop entering it's second decade

    so sure we need to fix all those other things, but if we can't do that we should do the things we can