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

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  1. dblplay1212

    dblplay1212 Well-Known Member
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    I did an app this morning for a lady with $322,009 with Fed Loan Servicing that's in deferment. Obviously went Freddie for .5% but that was a cool $1620.04 added into her budget. She makes $123k a year. Lives in NJ so taxes are insane. $400k house has a $3k payment bc her taxes are $1k a month. Long story short, even with minimal cc's and only a $400 car payment, she just barely qualifies even on Freddie at .5% bc of that $1600 nut for student loans in her DTI.

    A quick fix in lieu of fully writing all student debt off would be to lean on Fannie/Freddie/FHA/VA to update guidelines to not include student loans in DTI. That solves the not being able to buy a house part pretty quick.
     
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  2. Seavie

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    Would be shocked if they ever decided to not include in DTI unless of course they were actually forgiven.
    Even if the agencies did that I think a lot of investors would be hesitant to follow suit and have overlays. Which wouldn't matter if you sold directly to agencies but I know some places don't do that. Then I imagine some mortgage companies would still want to have an overlay regarding it until there was enough data out there that supported people not going into default while still having the student loan debt.
    But would for sure be nice.
     
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  3. Truman

    Truman Well-Known Member
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    Decades of propaganda spouting proven to be false ideology is really difficult to break through
     
  4. dblplay1212

    dblplay1212 Well-Known Member
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    Yea all of that is done way above my paygrade. Probably sounds easier than it really is.
     
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  5. Oranjello

    Oranjello Well-Known Member
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    There's actually no cap on the amount of federal student loans that the president can forgive. The $50k cap is coming from the non-binding Schumer/Warren resolution (link) asking the president to use existing law--largely relying on 20 U.S.C. 1082(a)(6) (link)--to wipe out up to $50k in federal student loan debt. It appears Warren had some of her Harvard Law friends write a memo on existing legal authority to cancel debt, and there's no mention of any cap (it actually says "any" amount) in the memo: link.
     
  6. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    this is why i pay tmb law a retainer

    of nothing
     
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  7. Oranjello

    Oranjello Well-Known Member
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    Since everyone is sharing their anecdotes, I was fortunate to finish undergrad with no debt, then took out a little for law school, then took out a lot of debt to study more laws in NYC and used student loans to pay for my 295sqft apartment for $2,600/month. Currently sitting right around 6 figures of debt outstanding. I am fortunate to be able to afford my monthly payments that I refinanced with SoFi (so ineligible for forgiveness) and hope to be done paying by ~2025 or earlier. Just because I am paying mine off doesn't mean I wouldn't hesitate to wipe out everyone else's loans. For one thing my debt was (fortunately) totally worth it, but for another paying $1k in student loans each month has 100% factored into major financial decisions like buying a house and minor decisions like should I go to Vegas for a night/weekend.

    Cancellation of student debt would be an economic stimulus that does not require a cash outlay by Congress PLUS it doesn't have to be factored into any budget appropriations. Win/win
     
  8. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
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    So it's down to $10k before the Dems take office right? Amazing. By January it'll be a tax write-off for Amazon spending or something.
     
  9. CoastalOrange

    CoastalOrange Well-Known Member
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    I'm reading through this thread and your point can be valid, though I don't agree with it. But I think another valid point is that the government gives all kinds of free hand-outs to large corporations and the top 0.01%. Why is it ok to give them bail-outs and what not but not students who made decisions when they couldn't even legally buy beer?


    Personally, I have a ton of student debt from law school and grad school. I am paying $800 per month and I'm not even touching the principal. So my plan is to just pay the minimum I have to for 25 yrs and then get royally crushed by (or maybe default on) the final tax bill. It sucks but that's the system as it is. I don't have rich parents and don't have any rich relatives waiting to give me money upon their death.

    To the point that others have made about stimulating the economy, since I have not had to pay anything back these months, I would say around 80% of that $800 per month has been put directly back into the economy one way or the other.
     
    #409 CoastalOrange, Nov 18, 2020
    Last edited: Nov 18, 2020
  10. FadeMe

    FadeMe Well-Known Member
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    You make a valid point. I don't think it's ok for those people or corporations to skate.
     
  11. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
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    Wall St: knowingly gambles and crashes the economy, rewarded with $7t in public money

    Bob: borrows $60k to get the blue chip education that will give him a comfortable life forever but doesn’t, needs to suck it up
     
  12. Bo Pelinis

    Bo Pelinis I've seen shit that'll turn you white!
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    GM and Chrysler, makes bad cars for decades and fails to keep up with foreign automakers - great take this taxpayer money!

    James: Is the first in the family to attempt to go to college. Borrows 15k to get an education but can't get through his first 2 years because he has to take care of his single mother with health issues. He is now working at the local chain restaurant as a server but still has his loan payments. Too bad James. Should have been a better person.
     
  13. Marbles

    Marbles Trudging the road to happy destiny
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    These past stories are the actually stories of student debt. Not bad actors in bad faith. It’s the reality of the student loan crisis and what is truly crippling livelihoods.
     
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  14. —

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    Many pages behind but I want to come in to state that I fully support loan forgiveness for everyone, including people who took 8% loans to spend spring break in Cabo.

    i don’t understand having the opinion that someone should be punished for doing something enjoyable.

    It’s hard to be hardline “actions have consequences!” while we live in a society where the financially elite do pretty much whatever they want without repercussions. Only the poor and middle class should have to be burdened by their actions, it’s the American way!
     
  15. Lip

    Lip Well-Known Member
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    My loan payments are $1400/month and I barely touch principal. Not great bob.
     
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  16. Redav

    Redav One big ocean
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    Maybe he should have taken a class on being responsible while he was in college
     
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  17. CoastalOrange

    CoastalOrange Well-Known Member
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    It's actually the poor people's fault for not wanting it enough. As Jared Kushner so eloquently explained, "...he can’t want them to be successful more than they want to be successful."
     
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  18. —

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    Why do you think you deserved it?
     
  19. Bruce Bowen

    Bruce Bowen Well-Known Member
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    On a similar very uncontroversial note high schools need to have a required personal finance class. At least try to get kids versed on credit cards, interest rates, mortgages, DEBT period. But fuck all that we'll keep ceramics around instead.
     
  20. Mr. Bean

    Mr. Bean Well-Known Member

    Many states have this as a required course
     
  21. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
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    ceramics is important

    but personal finance is too. The subtext of course is that finance is intentionally complex and kids aren’t the only people who have no idea how it works. When we have high priests of Economy, no one can ask questions.
     
  22. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    finance education isn't the magic bullet a lot of folks think either

    sure lets do it

    but when the system is rigged we're just letting you know you're fucked
     
  23. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
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    I’d also rather have a nation that can throw pots than a nation that can regurgitate ideological justification for complex derivative securities.
     
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  24. —

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    I for one think more people should devote more hours of their life to learning the ins and outs of our ridiculous financial system. Excellent use of everyone’s time on earth.

    Also love when people think “learning to balance a check book” will shed light into the workings of our financial system, the economy, etc.
     
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  25. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    oh i agree, but you're going to get in weird water if the teacher is supposed to tell the truth

    vs just sell boot strap financial propaganda
     
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  26. Bo Pelinis

    Bo Pelinis I've seen shit that'll turn you white!
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    Idk it would have been super nice to understand insurance before having to buy it or credit cards before being inundated by card reps on campus. Or like, how to even build credit.
     
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  27. Bo Pelinis

    Bo Pelinis I've seen shit that'll turn you white!
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    Like, there's a huge difference between teaching credit default swaps or options trading and teaching people about taking out car or home loans.
     
  28. Marbles

    Marbles Trudging the road to happy destiny
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    Eh. Understanding it won’t do much good. The system sucks. I just got into the industry and my company I work with basically won’t insure me because I struggled with addiction in the past and sought treatment. If I hadn’t sought treatment but still drank all the time I’d be a better risk for insurers.
    I also tried to help a woman get insurance that lives in an inner city but because her house has been broken into twice and all of her belongings are gone insurance carries won’t cover her or are making her pay more for insurnace than her mortgage thereby keeping her in the crippling cycle of inner city poverty. The entire economic does nothing to help people that need it most.
     
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  29. Bo Pelinis

    Bo Pelinis I've seen shit that'll turn you white!
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    I know quite a few people that got bilked by stupid kinds of insurance because they didn't know any better, like super expensive whole life at a very young age. Same goes for credit cards when kids were never taught anything about them by their parents and wanted a free hat or shirt or $25 gift card to go buy beer because they didn't know any better.
     
  30. Bruce Bowen

    Bruce Bowen Well-Known Member
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    Tight
    I never did take ceramics. I do remember my hs having a basketball class for those who exhausted all their weight training and PE credits so that could take its' place.
    It isn't but damn if it wouldn't help some kids at some point. Would it have stopped me from taking out the student loans I did take out? Probably not. Would I have maybe tried a little harder to graduate on time instead of picking up a minor just to stay in school another year, who knows but I like to think it maybe would have changed some poor decisions I made.
     
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  31. —

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    Teach about both, neither, one or the other, I don’t really care as long as people realize they are a part of a system of indentured servitude where the individual chooses their toil and lenders are the bosses.
     
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  32. Bo Pelinis

    Bo Pelinis I've seen shit that'll turn you white!
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    ^ sounding like millennial Dave Ramsey up in here.
     
  33. Jax Teller

    Jax Teller Well-Known Member
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    I had like 30k when I graduated in 06 and and I didn't make over 50k/
    Why the fuck would degrees get rescinded? The schools have already been paid.
    And the federal government to my knowledge can't force private companies to erase debt so why are you talking about credit card debt?
     
  34. —

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    Idk anything about him but we are the richest nation in the world, yet most people are in debt. Cool system, let the kids learn to love it if ya ask me.
     
  35. HowdyHorns

    HowdyHorns Well-Known Member
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    The world works on the same system. It has nothing to do with loving it. Understanding it gives people the ability to make informed decisions. This country is made up by people that are financially illiterate. This leads to the problems we have currently. And had in 2008 and in 2000 and so on. Basic personal finance should be taught in middle school and high school as a requirement.

    On topic...

    I think that student loan debt is a problem but not at anywhere near the top of the list. Paying it off to ‘stimulate the economy” is just a version of trickle down. Granted the trickle starts a little further down the hill, it is still much closer to the top than the bottom. If you really want to help the people that need it most give 1.7 trillion in stimulus to the bottom 25% in this country. That would stimulate the economy a great deal more and help people in real need more than those paying off student loans.

    Everyone does not need to go to college. Many are not capable. We are all different with different abilities. More paths should be available to meet the skill sets of a diverse community.

    If we are paying off student loan debt it should be for all not just fed loans. If someone was financially prudent and went and got a lower rate at SoFi they should not be punished.

    The entire system needs to be reworked as it pertains to higher education. One time payoff of student loan debt is a simple answer to a complex problem. Too often this is what we hear. Simple answers to complex problems. If we want to see real change we have to come up with complex answers and do the work. Otherwise we can continue to treat symptoms and not solve anything.
     
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  36. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    please refer to "what is possible under our current political constraints" portion of the thread

    but also the US basically set the table for becoming a super power by becoming the first nation to make education available to all their citizens for free, progressing to doing that for college education without the crippling debt is how to set the stage to not cede that ground going forward
     
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  37. —

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    I think you are missing the part where I say I don't care, educate people on this system, I just hope its more than teaching people how to be cogs in this gross machine...the more people that better understand it the more closer we are to tearing it down or at least making changes that.... gulp.... make sense.
     
  38. HowdyHorns

    HowdyHorns Well-Known Member
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    Simple versus complex. I read the what is possible portion.

    Partially agree with the first part. Our geography is what really set the table for being a super power. Agree higher education should not come with crippling debt.
     
  39. HowdyHorns

    HowdyHorns Well-Known Member
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    I did not miss it. The system really is not the problem. Ironically education is the problem. Education keeps you from being a cog. Do you ever wonder why people aren’t taught basic finance?
     
  40. —

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    Disagree, a system that ensures most people don't actually own their most valuable assets due to a price structure built to create billion dollar industries for middle men is a bad system. Of course people can succeed in this system, especially people who understand and uphold the rules, but that doesn't mean its just or fair or really makes any sort of sense to participate in outside of the fact we don't have a choice.
     
  41. HowdyHorns

    HowdyHorns Well-Known Member
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    This is the correct answer.
     
  42. —

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    Not for a free spirit like me, babe
     
  43. momux

    momux AFAM Scholar
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    Source?
     
  44. Degausser

    Degausser Well-Known Member
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    I have no student loans due to being uneducated.
     
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  45. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    theres a whole section of iirc peoples history of the world that talks about it, the "all citizens" part is over stating it for obvious reasons but european politicians and educators visited the US in the late 1800's and were stunned by the baseline education levels and how quickly it was expanding across the country due to the establishment of the Department of Ed and just long history of public schooling here
     
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  46. Funshot Residue

    Funshot Residue Ol' goopy eye, they called him
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    Had. Paid. Sucked. Forgiveness is fine, coupled with regulation on college costs, and sponsorships for kids that couldn't/can't afford higher education.
     
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  47. HowdyHorns

    HowdyHorns Well-Known Member
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    should have learned to code
     
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  48. momux

    momux AFAM Scholar
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    FYI I was bored and did some digging on this. Prussia mandated compulsory education before the United States was a country.
     
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  49. GoodForAnother

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    Got an offer to refi the wife’s from citizens bank. Gets her down to 3.35%, saves $5k, takes 2 years off the loan, and we get a $500 Amazon gift card. She was already private so she’s not getting forgiveness from diamond joe anyway

    second time I have refinanced them in six months, what a time to be alive

    citizensbank.com/offer if anyone is interested
     
  50. pearl

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