Student Loan Forgiveness is Set to Expire: This is Going to be Painful for Many!

[fskimospy]

Most trade-schools are shorter duration and far lower cost than traditional Universities plus PAID apprenticeship accounts for the bulk of the training and can often be expected in many trades.

And many of them are not, and the ones that aren't tend to be aggressive in both recruitment and advertising.

 

[Captante]

And many of them are not, and the ones that aren't tend to be aggressive in both recruitment and advertising.

"Scam" trade-schools are all too common no doubt.... in fact I NEARLY signed up for a class at that garbage "ITT Tech" place that turned out to be a rip-off myself many years ago.

ITT Tech. Settles $330M ‘Deceptive’ Student Loan Lawsuit
(topclassactions.com)

 

[GoPackGo]

"Scam" trade-schools are all too common no doubt.... in fact I NEARLY signed up for a class at that garbage "ITT Tech" place that turned out to be a rip-off myself many years ago.

ITT Tech. Settles $330M ‘Deceptive’ Student Loan Lawsuit
(topclassactions.com)

I think many in IT considered ITT at one point or another.

 

[Captante]

I think many in IT considered ITT at one point or another.

Thank goodness I read reviews prior to giving them money..... although I'd be collecting a nice payday now if I had wouldn't I?

 

[brycejones]

Quite a few people with ruinous student loans got them by trying to pick up a trade.

This is true as well, from predatory “colleges” or “trade schools”

 

[cytg111]

The US has a money problem… So even when you manage to pony up for your education…. there is a good chance you’re getting screwed? I cant even.

 

[Greenman]

Clearly we need people in those trades but your post is just the same old bull shit talking points that shits on people who don't learn what you think they should. Just fuck off with that shit. Fix how we pay for college not shit on people for what they learn.

Perfect response. Anger, blame, profanity. You must change a lot of minds with that scathing rhetoric.
Grow up, learn how to to speak to adults, and we can have a discussion. Act like an angry child and I'll treat you like one.

 

[TheVrolok]

Ending the student loan program is a no brainer. Clearly a large number of the borrowers don't understand the implications of amassing huge debt for a degree that has little market value. If those kids had learned carpentry, plumbing, or electrical they'd have been paid to learn it and made a good living after four years.

Boomer gonna Boom, I guess.

 

[brycejones]

Perfect response. Anger, blame, profanity. You must change a lot of minds with that scathing rhetoric.
Grow up, learn how to to speak to adults, and we can have a discussion. Act like an angry child and I'll treat you like one.

Ok boomer. Look your post showed despite many threads here talking about education you have learned nothing and resorted to tired talking points. So don’t pretend you have any interest or intent to have your mind changed.

You want to post simple minded shit I will treat your posts with the respect they deserve.

 

[hal2kilo]

This is true as well, from predatory “colleges” or “trade schools”

Heck, I went to Devry. They accepted way too many people that had no business being there. They had it all set up for low income people who qualified to get Fed money. They stringed them along for 2 maybe 3 quarters before the failed them out. Otherwise, like all school, you get out what you put into it. It cleaned up it's act as far as I know.

 

[MrSquished]

There's plenty of room to critique the current cost of education and what education some people get, and I fully support investing in the trades. However to say that's what everybody should do is just stupid. College educated people bring a lot to society and a good education is required for a lot of jobs that aren't necessarily strictly focus on the major..

It's amazing how out of touch and far right Greenman can be while thinking he is a moderate.

But of course he's totally beholden to a document created in a far different universe than we are in now 250 years later, with no thinking ability to think outside that box at all. People just don't evolve.

 

[Sunburn74]

Student Loan Forviveness is set to expire soon. Many people have not been paying on their student loans since the start of Covid. About 2 years now. Can you imagine? 2 years without a payment, and now people are going to have to start repayment on their student loans. IMO, this is going to be a HUGE disaster. Thousands, if not tens of thousands of ex-students are going to ignore their payments, or they will out right refuse to make their payments because they don't have the money. I don't know what the answer will be. A $10k reductaion in student loans promised by Biden won't amount to much relief. A $50k reduction in personal student debt, or the govenrment wiping student debt clean would be better. But, I don't see that happening. And, it doesn't solve the problem. College is still super expensive.



https://finance.yahoo.com/news/theres-going-real-trauma-days-211700121.html

I don't understand why people can't pay back their loans or why this is a disaster... this has been coming for months and has been well announced...BTW I'm not some callous nitwit either. I have 6 figures of federal student loans myself that were paused during the pandemic. I mean I get that there's inflation but unemployment is super low and inflation is good for loan repayment (because you're paying back a fixed amount of money using money that's technically less valuable than what you got to begin with). Heck theres a burger place down the street from me thats paying 20 bucks an hour to work there with no experience needed.

 

[Zorba]

Yea, but will $10k be enough?

Lets also not forget that inflation is at its highest it has been for decades. This will cause harm for many people who will have another bill to worry about.

White House leaning toward canceling $10,000 in student loan debt for borrowers who make less than $125,000

White House officials have been weighing -- and leaning toward -- the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold, CNN has learned.

www.cnn.com

Inflation will help people with student loan (or any other type of debt) because it makes the real value of their debt decrease, while their salary will (hopefully) roughly keep pace with inflation.

 

[Zorba]

"Scam" trade-schools are all too common no doubt.... in fact I NEARLY signed up for a class at that garbage "ITT Tech" place that turned out to be a rip-off myself many years ago.

ITT Tech. Settles $330M ‘Deceptive’ Student Loan Lawsuit
(topclassactions.com)

Yeah, I worked with a guy that spent like 45K to get an associates in drafting from ITT Tech. He was the worst drafter I ever worked with, but he was able to get a new, much better job after getting the degree. But $45K on a drafter's salary is a lot.

 

[fskimospy]

Here’s a fun fact. Really want to make those student loans? Go into philosophy.

https://twitter.com/x/status/1562212590364700672

 

[MrSquished]

Expect Biden to announce Wednesday that 10k will be forgiven and the pause on loan repayments will still be paused.

Considering a majority of student debt carriers owe an average of 30K, this will help a lot of people.

 

[K1052]

Repayment pause to last through the end of the year.

https://twitter.com/x/status/1562442912381947910

 

[Roger Wilco]

Still crossing my fingers for $10K cancellation.

 

[Mai72]

Repayment pause to last through the end of the year.

https://twitter.com/x/status/1562442912381947910

And then, what will happen? Will Biden extend the repayment pause for another 6-months? Until next year?

Many of the people who have student loans aren't magically going to be in a better final spot at the end of the year. IMO, Biden is kicking the can another few months. It does nothing. Meaningful action needs to take place, or else we are going to have the same situation. Many people with student loans aren't going to be able to pay the high monthly fees. There will still be more protest for stuident loan cancellation come Jan01. It does nothing but buy more time for Biden. I don't have much convidence that anything else will happen. The same with the $10k forgiveness. Its just a small drop in the bucket for many who owe a ton in student loans.

 

[Greenman]

Nancy claims that Joe can't forgive student loans. That aligns with the way I thought things worked, that congress owned the checkbook.

https://twitter.com/x/status/1562435162683518977

 

[fskimospy]

And then, what will happen? Will Biden extend the repayment pause for another 6-months? Until next year?

Many of the people who have student loans aren't magically going to be in a better final spot at the end of the year. IMO, Biden is kicking the can another few months. It does nothing. Meaningful action needs to take place, or else we are going to have the same situation. Many people with student loans aren't going to be able to pay the high monthly fees. There will still be more protest for stuident loan cancellation come Jan01. It does nothing but buy more time for Biden. I don't have much convidence that anything else will happen. The same with the $10k forgiveness. Its just a small drop in the bucket for many who owe a ton in student loans.

The median person with student loans has $20k so for half of people with loans this cancellation comprises between 50% and 100% of what they owe eliminated. That's huge!

There are those people who have somehow ended up with like $100k in loans and no good job to show for it so this won't help them much, but that percentage of people is small.

 

[K1052]

And then, what will happen? Will Biden extend the repayment pause for another 6-months? Until next year?

This is the final pause.

Many of the people who have student loans aren't magically going to be in a better final spot at the end of the year. IMO, Biden is kicking the can another few months. It does nothing. Meaningful action needs to take place, or else we are going to have the same situation. Many people with student loans aren't going to be able to pay the high monthly fees. There will still be more protest for stuident loan cancellation come Jan01. It does nothing but buy more time for Biden. I don't have much convidence that anything else will happen. The same with the $10k forgiveness. Its just a small drop in the bucket for many who owe a ton in student loans.

Here is the likely plan to be announced today:

https://twitter.com/x/status/1562444217103704066

 

[K1052]

that congress owned the checkbook.

Lots of conservatives said this didn't matter when Trump reprogrammed billions in defense appropriations to his border wall without congressional consent.

 

[Pens1566]

Politically speaking, this will be a huge windfall.

 

[fskimospy]

Politically speaking, this will be a huge windfall.

I'm not so sure of that. I'm fine with Biden doing it but the median American doesn't have any student loans and those who do probably disproportionately vote for Democrats.

I think this shores up his base somewhat but I think Biden's move here is primarily to fulfill his campaign promise and get people to leave him alone about it.