Student Loan Corporation Navient Being Sued by Feds

Discussion in 'The Mainboard' started by miles, Jan 19, 2017.

  1. Arkadin

    Arkadin inefficiently efficent and unclearly clear
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    So is making a kid commit to that shit before they even enter college.
     
  2. Iron Mickey

    Iron Mickey face your fears, then cum on them
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    college should be 22-26 instead of 18-22. military, bullshit jobs, whatever. be destitute and on the struggle bus then go learn, fam.
     
  3. OopsPowSurprise

    OopsPowSurprise Owed one ass kicking from poweshow
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    Oh for sure
     
  4. Baseballman86

    Baseballman86 Well-Known Member

    Bo is stating exactly what I'm trying to, but doing it much better.
     
  5. Iron Mickey

    Iron Mickey face your fears, then cum on them
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    we understand what you're proposing and telling you why it's an ineffective solution, or why it creates new problems without fully solving the one at which it's aimed
     
  6. Baseballman86

    Baseballman86 Well-Known Member

    You would do both, with the priority being getting costs down. But I doubt you'll ever be able to do much to get the cost of exclusive private schools down, so I think you still need to address it from the other side.
     
  7. Bo Pelinis

    Bo Pelinis WE GO HARD ON EARTH
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    This would be fantastic actually but also would probably exacerbate the problems of the poor and at risk.
     
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  8. Baseballman86

    Baseballman86 Well-Known Member

    I'm not suggesting it as the only or even the primary solution, just as a secondary thing to help situations where any other solution may not.

    And for the record, I have no interest in forcing certain majors, restricting majors, or anybody but the student deciding that in their own time. I do have interest in federal loans not being given for $75K a year if $25K per year was an option at an equally prestigious, in-state public school, at least not without jumping through some hoops.
     
  9. Chicago Seminole

    Chicago Seminole Well-Known Member

    I think the "why go out of state instead of in state" is a bit of a strawman.

    "In total, after adjusting for inflation, funding for public two- and four-year colleges is nearly $10 billion below what it was just prior to the recession."

    States have slashed education spending, tuition has gone up, but rabble rabble you signed a contract so it's fair.

    http://www.cbpp.org/research/state-budget-and-tax/funding-down-tuition-up
     
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  10. AlternativeFactsRule

    AlternativeFactsRule Mmm ... Coconuts
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    If you stop giving "private" schools federal student loan dollars, their cost will come down.
     
  11. Iron Mickey

    Iron Mickey face your fears, then cum on them
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    some state schools might as well not be by funding

    my college is effectively private within a public school because tuition and donations now outpace government funding

    because fuck school
     
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  12. AlternativeFactsRule

    AlternativeFactsRule Mmm ... Coconuts
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    Also, when discussing having an educated populace and escaping bubbles and such, encouraging kids to go out of state for college and experience someplace new and new people is one of the best ways we have available to achieve those goals.
     
    RescueWho??? and Arkadin like this.
  13. Baseballman86

    Baseballman86 Well-Known Member

    I'm in favor of that in most cases.
     
  14. Pelican

    Pelican COOL huh
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    I was going to take my tax return and put it toward my student loan with the highest interest rate. I have several out but the Navient one is by far the highest. Should this lawsuit influence my decision as far as whether to put the money toward that loan or not?
     
  15. tjsblue

    tjsblue I was right at the time
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    No. Pay that man his money.
     
  16. Tony Wonder

    Tony Wonder Well-Known Member
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    I am not a money person, but I have a lot of debt. Someone told me to look at the interest rate AND the amount of the loan. A high interest rate rate with a small amount owed may not be the best place to pay it down compared a lower interest rate but a lot more money on the loan.

    It made sense when explained to me, but others may be a better source of information as far as interest.
     
    colonel_forbin likes this.
  17. tjsblue

    tjsblue I was right at the time
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    Don't read this. Always pay higher interest rate down first. Always. Unless there is a tax upside which you'll need to calculate the effective rate (between car loan and student loan with the same rate, you'd pay the car loan because student has a tax benefit).
     
    #367 tjsblue, Feb 21, 2017
    Last edited: Feb 21, 2017
  18. C A N E

    C A N E Well-Known Member
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    I prefer the snowball method of debt repayment. Keeps people motivated.
     
    steamengine likes this.
  19. Tony Wonder

    Tony Wonder Well-Known Member
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    In my defense I said I wasn't sure lol. But the snowball way was what was wxplained to me I just clearly did not recall the details correctly at all.
     
  20. AlternativeFactsRule

    AlternativeFactsRule Mmm ... Coconuts
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    Is this where I blow my creditor and then spit his jizz into his mouth?
     
  21. tjsblue

    tjsblue I was right at the time
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    :welpseeyalater:
     
  22. Moxin24

    Moxin24 Show me that smile
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    I would do this to get rid of my student loans.
     
  23. AlternativeFactsRule

    AlternativeFactsRule Mmm ... Coconuts
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    Yeah. I didn't even know this was an option until now.
     
  24. eHo

    eHo Fan of teams that never win shit and the Seahawks.
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    Try not to suck any dick on the way to the parking lot!
     
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  25. AlternativeFactsRule

    AlternativeFactsRule Mmm ... Coconuts
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    I was agreeing to suck 1 dick, not 37.
     
  26. eHo

    eHo Fan of teams that never win shit and the Seahawks.
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    In a row?
     
    Why?Pokes and RescueWho??? like this.
  27. tjsblue

    tjsblue I was right at the time
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    Not trying to be a dick, but it would make me feel good for you to get a personal finance book and go through it over the next month. It is my favorite subject on earth because it is simple, intuitive, and maybe the most important book you'll read to improve your long term financial outlook. The only reason I didn't go into it as a job is because I thought there wasn't enough depth and tax classes drove me crazy.

    Run a scenario where you have both loans amortized over the next five year. Doesn't matter when the loan ends. Now run scenarios paying one, more than the other and vice versa and look at the total payment on the loans. The visual of that helps drive it home. Now do it with one million dollars. Or over 25 years. Because 25 years seems like nothing until you're 25 years into your career and made 25 years of bad decisions with a million dollars of loans over that time.

    Setting it up in excel and understanding how it works the first time is hard but literally worth more to you on a future value basis than anything else you could be doing.

    Snowball is a physiological approach. Some people need that to get the feels, but the bean counter approach is just the math.
     
    #377 tjsblue, Feb 22, 2017
    Last edited: Feb 22, 2017
  28. prerecordedlive

    prerecordedlive Matthew Gertz is my real Congressman
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    Jesus, I had to explain to my fiance's entire family that the snowball method was going to lose her so much money on her loan repayment.

    Team avalanche for life. The key is to not get cozy with the idea that finishing a loan is one less payment you have to make. You won't miss that money any more than you did before.

    I think we've got her down to the 30s after starting in the high 70s 2 years ago. She's never gotten used to having expendable income since she graduated with her Master's so we'll have to refocus those efforts on simple investing the minute those loans are gone.
     
    tjsblue likes this.
  29. tjsblue

    tjsblue I was right at the time
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    Snowball is in my opinion for problem cases. Getting into the situation where you have 10 different types of loans is a bigger problem than the rate issue. If you have "big" loans you should look at the cost of the snowball. It will slow you down and you won't get the feels by knocking off accounts at a fast pace like the snowball is meant for.
     
  30. Shock Linwood

    Shock Linwood Well-Known Member
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    Don't venture into the investing thread.

    Name P. Redacted and dahldennsull are advocating the snowball method and encouraging people to pay off their home mortgage as opposed to investing the money despite my math proving otherwise:

    http://i.imgur.com/guv7GlW.jpg

    It's pretty scary the advice that is being given.
     
    tjsblue likes this.
  31. je ne suis pas ici

    je ne suis pas ici Well-Known Member
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    i refi'd to 4.15% fixed with navient

    been good to me for the last year
     
    tjsblue likes this.
  32. tjsblue

    tjsblue I was right at the time
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    If they are investing in orgin or whatever, they'd be better off paying the mortgage :wink:
     
    Shock Linwood likes this.
  33. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Shock is shook
    :dealwithit:
     
  34. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Kansas State Wildcats

    All I said is that the snowball method is effective for some because of the psychological aspect of it. Dave Ramsey has become rich as fuck by advocating this as part of his approach, so it obviously resonates with some people.

    From a pure numbers stand point, of course it isn't the best financial approach.
     
    dahldennsull likes this.
  35. Shock Linwood

    Shock Linwood Well-Known Member
    Texas AandM Aggies alt

    Trump resonates with people and became president. Doesn't make it right.
     
  36. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Kansas State Wildcats

    How dare you disparage Dear Leader like that
     
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  37. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    Dave Ramsey is quite literally Personal Finance for Dummies. My FIL won't shut up about him and I just have to smile and nod.
     
  38. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Kansas State Wildcats

    I don't disagree, but there's a lot of dummies out there.
     
    dahldennsull and Arkadin like this.
  39. Goose

    Goose Hi
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    I can't understand how people rack up thousands of dollars worth of credit card debt
     
  40. Bo Pelinis

    Bo Pelinis WE GO HARD ON EARTH
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    They buy things they can't afford or have emergencies and no cash to pay for them hth
     
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  41. tjsblue

    tjsblue I was right at the time
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    Poor parenting.
     
  42. Goose

    Goose Hi
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    Nm
     
    #392 Goose, Feb 22, 2017
    Last edited: Feb 22, 2017
  43. tjsblue

    tjsblue I was right at the time
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    I don't disagree. It turns the feels from spending and getting stuff to the feels from paying something off as an accomplishment. The weak need that.

    Sincerely,
    Tjslinwood.
     
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  44. steamengine

    steamengine I don’t want to press one for English!
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    What student loans have a tax benefit?
     
  45. tjsblue

    tjsblue I was right at the time
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    My oldest sister was always by the book with money. The middle sister had to have a credit card consolidator come and she signed up for a payment plan. Hasn't had a CC since because she spends too much. I obsess over it. I was kidding about the parenting but it amazes me how it can happen to so many people who just spend with no thought. It is a disease.
     
    Goose likes this.
  46. tjsblue

    tjsblue I was right at the time
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    You can deduct the interest on them. All of them. Below an income level that you can google.
     
  47. Bo Pelinis

    Bo Pelinis WE GO HARD ON EARTH
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    You can deduct student loan interest if you are in a certain tax bracket.
     
  48. C A N E

    C A N E Well-Known Member
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    Miami Hurricanes

    Interest paid deduction
     
  49. C A N E

    C A N E Well-Known Member
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    Miami Hurricanes

    You can deduct the interest
     
  50. steamengine

    steamengine I don’t want to press one for English!
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    Not if you make over $85k or something like that, right?