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Student Loan Fairness Act (HR 1330)

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glenn1

Lifer
Sep 6, 2000
25,388
1,013
126
I am all for it. Lowers Public Loan Forgiveness to 5 years.

However, its not going to get out of committee, let alone come close to passing.

Certain things in it should be considered and eventually passed.

Interest rates should be lowered.
Student Loan forgiveness shouldn't be included in gross income.
Interest free deferment for period of unemployment.
Even government (hopefully) isn't stupid enough to loan students money on terms that ensure it will intentionally never be repaid. If you want to increase subsidies for higher education even more than the absurdly high current level, then provide grants directly to the colleges in return for lowered tuition rates across the board. The financing system for higher education in the U.S. is idiotic, but there's no need to increase that idiocy further.
 

nehalem256

Lifer
Apr 13, 2012
15,670
6
0
Bull

Example: tuition at UF/FSU which have a decent athletic program is higher than USF, UCF, FAU, etc which have no strong athletics.

Why?
Supply and demand?

Maybe schools with strong athletic departments attract more students and so other universities have to lower prices to attract students?
 

pauldun170

Diamond Member
Sep 26, 2011
7,149
2,330
136
If its easy to get money to pay for school
Its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
 

werepossum

Elite Member
Jul 10, 2006
29,876
460
126
Once again, liberals and conservatives clearly have a different view of what constitutes "fair".
No joke.
Left: I think it's fair that you should pay for my education if I find out that the $100,000 I spent getting stoned and laid my degree in seventeenth century French art was not a wise investment.
Right: WTF?
 

werepossum

Elite Member
Jul 10, 2006
29,876
460
126
If its easy to get money to pay for school
Its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
Which is ok because its easy to get money to pay for school
Which is ok because its easy to raise tuition and fees
:D Exactly.
 

brandonb

Diamond Member
Oct 17, 2006
3,731
1
0
Ok so the tax payers are paying for college, the schools profit.

Someone things this is fair and a good idea? Who the people or the school?

Seriously, anybody left with a brain in this country?

Sad thing... It will pass.
 

Wreckem

Diamond Member
Sep 23, 2006
9,058
435
126
Ok so the tax payers are paying for college, the schools profit.

Someone things this is fair and a good idea? Who the people or the school?

Seriously, anybody left with a brain in this country?

Sad thing... It will pass.
This bill won't get out of committee. It has zero republican sponsors. 10-10 will never happen for anyone but people under the current public service loan forgiveness program. Really they should just stick with the original 25-15 program but change it to where the loan forgiveness isn't included as gross income in the 25th year.

Personally I think they should lower the interest rates as well.

Eventually something will have to happen because student loans are bound to crash.
 
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Midwayman

Diamond Member
Jan 28, 2000
5,637
270
126
Sounds like a bad idea. Encourage people with no real plans to get degrees at expensive schools and not have to repay most of it.

I'd rather see legislation crack down on for profit schools.
I'd rather see trade or vocation school promoted for many students rather than college.

Its not like we don't have an excess of college grads with no specific plans already.
 

Genx87

Lifer
Apr 8, 2002
41,083
490
126
Here's the summary for the proposed bill.

This legislation would establish a new “10-10” standard for student loan repayment as the new standard repayment plan. In the “10-10” plan, an individual would be required to make ten years of payments at 10% of their discretionary income, after which, their remaining federal student loan debt would be forgiven.
Wonderful. Now all those english majors getting 100K degrees from overpriced schools need not worry about repaying any significant portion of their student debt.

The Student Loan Fairness Act would also combat crushing interest rates of public and private loans by capping federal interest rates at 3.4% and allowing existing borrowers whose educational loan debt exceeds their income to convert their private loan debt into federal Direct Loans, then enrolling their new federal loans into the 10/10 program.
So now the banks can make poor loans and have it pawned off onto the tax payer to make the payments. Sounds like another wonderfully stupid idea.

This bill works to jumpstart the economy and adds to the public service workforce by rewarding students who enter public service professions and work in underserved communities with a reduced period for loan forgiveness.
More enticement of creating a public working class?

The final component of the legislation promotes financial responsibility in higher education and incentivizes students to be mindful of educational costs and for colleges and universities to control tuition increases.
This is an absolute laugh. After making sure the university get paid, the banks get paid, and the person taking out the loan doesnt have to pay. They come back and claim this promotes financial responsibility lmao. I mean that is really grand. Nothing says be mindful of costs like saying you dont have to repay those costs in full.
 
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smackababy

Lifer
Oct 30, 2008
27,028
75
86
First we need to cap loan amounts to 10% of a person's earning potential over a 10 year period. That way doctors can take big fat loans and so could lawyers while people doing basket weaving or social work can only take smaller loans and go to more affordable schools. Going to an Ivy League school to be a social worker isn't required.

Capping the loan amounts would also force schools to lower tuition prices if they want to keep kids at the school.

It's just like the rental places around military bases, they are all usually set to the amount of the BAH service members receive each month to pay rent. Right now schools are setting their tuition rates through the roof because the faucet on loans is never ending.
From my experience in the military, the house on base is whatever someone of your rank with dependent BAH is. So it varies vastly by family. For families, this is usually a good deal, but for single people it usually isn't worth it. But then again, a single person has no need for a 3 bedroom house.
 

nageov3t

Lifer
Feb 18, 2004
42,826
82
91
you borrowed the money, pay it back.

not prepared to pay it back? don't fucking borrow it.

vote with your feet and reject colleges charging exorbitant tuition for degrees that will never earn that money back.
 

ivwshane

Lifer
May 15, 2000
28,182
7,997
136
Since these are government backed loans that means when they aren't paid for the government, ie the tax payers are responsible for its payment.

Exactly why wouldn't universities then start charging more for their services? Sounds a whole lot like privatized profits and socialized losses to me.

I don't see it fixing a problem but instead making the problem worse.


How am I wrong?
 

TheVrolok

Lifer
Dec 11, 2000
23,253
2,517
136
I am all for it. Lowers Public Loan Forgiveness to 5 years.

However, its not going to get out of committee, let alone come close to passing.

Certain things in it should be considered and eventually passed.

Interest rates should be lowered.
Student Loan forgiveness shouldn't be included in gross income.
Interest free deferment for period of unemployment.
Agree completely.
 

Nintendesert

Diamond Member
Mar 28, 2010
7,761
5
0
Since these are government backed loans that means when they aren't paid for the government, ie the tax payers are responsible for its payment.

Exactly why wouldn't universities then start charging more for their services? Sounds a whole lot like privatized profits and socialized losses to me.

I don't see it fixing a problem but instead making the problem worse.


How am I wrong?


I don't see how you are, if I'm reading you right. The government is providing a very low risk and high reward scenario for colleges and lenders to keep raising tuition, increasing borrowing and being absolutely guaranteed the kid has to pay it back during their lifetime. Removing responsibility to pay it back won't fix it but make it worse, we need to make it harder for college kids to borrow and in my opinion we need to cap the amount able to be borrowed based on major.
 

Fenixgoon

Lifer
Jun 30, 2003
27,109
1,884
126
so you want me to subsidize your loan repayments, after i busted my ass to do well in school, get a good job, take out minimal loans,and pay them off early because i understood the significance of interest rates?

that's a hell of a tough sell.
 

michal1980

Diamond Member
Mar 7, 2003
8,019
43
91
so this is a great way for college costs to explode even more.

1/2off (if that) a college education, what could go wrong.
 

SunnyD

Belgian Waffler
Jan 2, 2001
32,565
9
81
www.neftastic.com
This legislation would establish a new “10-10” standard for student loan repayment as the new standard repayment plan. In the “10-10” plan, an individual would be required to make ten years of payments at 10% of their discretionary income, after which, their remaining federal student loan debt would be forgiven.
How about NO.
 

chucky2

Lifer
Dec 9, 1999
10,038
36
86
Student vote must either not have had a good turnout and/or must have not voted quite so much for Dems last round...need to sweeten the pot for the young people vote for the next go around.
 

TallBill

Lifer
Apr 29, 2001
46,057
61
91
Fuck that. China isn't going to just forgive the trillions that we owe them either.
 

max347

Platinum Member
Oct 16, 2007
2,330
1
81
I will have nearly $150k in student debt when I graduate (grad school) in a few weeks


....and I am not going to sign this.

You want an education? Great, pick a useful area of study that will pay you for it. No one wants to pay you for your degree in circle j****g.
 

monovillage

Diamond Member
Jul 3, 2008
8,445
0
0
I will have nearly $150k in student debt when I graduate (grad school) in a few weeks


....and I am not going to sign this.

You want an education? Great, pick a useful area of study that will pay you for it. No one wants to pay you for your degree in circle j****g.
Thank you. You have the respect of everyone that worked hard to put themselves through school and paid off their debts with pride and honor.
 

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