Cancelling student loans and how it affects you

Contempt said:
Yeah, you know who also pays taxes? The people without degrees or the ones that have actually done the right thing and paid their debts off. Both of those groups get nothing.

Imagine telling all the MANY low paid workers out there that they were using their tax dollars to pay off the debts of what are statistically the highest earning group of people in the country.

Seems you think that it's fair that a welder or McDonald's employee should be forced to pay off debts you freely signed up to huh?
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You need to stop hovering over this thread, stay off Facebook and go outside. Or take a nap.
 
aldeniro78 said:
You need to stop hovering over this thread, stay off Facebook and go outside. Or take a nap.
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I don't "need" to do anything. I am not on any form of social media. I am listening to podcasts while washing some clothes and this is just open in a tab.

it's 08:33 so little early for a nap.
 
Po said:
What's the implications if the government does not bail out the big banks and if they didn't give businesses covid relief?
Certainly it would be horrible for the economy and the banking system as well as for small businesses.

This tuition relief thing irritates me because myself and all hard working college grads I know paid off or are currently paying student loans. That's the rule.

Now they changing the goal posts thanks to woke culture.
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I missed this comment

the most educated people in our society having financial burden is going to hinder this nation in a myriad of ways… especially long term. Yes big banks and business being bailed out is important… but just as important long term is helping the most educated people in our country be able to live without the burden of debt causing them social and economic misery
 
AldoStillGoat said:
Whatever you say uncle

You're a little slow and your thinking a bit crude but .... you're still a cool guy in my book

thanks for the conversation
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giphy.webp
 
Contempt said:
Ok, now add in philosophy degrees, most of the humanities like fucking gender studies, art history degrees, interpretive dance etc, etc

It's a giant long list of bullshit degrees with no real job prospects. As I said earlier, a two minute search on google would have told people that there was no real job prospects for this shit.

This is something that anyone who wasn't a complete imbecile should have done before signing up to a massive loan right?
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Yeah. Add in psychology degrees. The number of people with psych degrees that never work in that field is super high.

I think they need to lend out money based on your degree.

If you're going to med school, ok, fine, you can borrow 100k.

But if you're getting an art history degree, you're only approved to borrow 20 bucks.

That would prevent these people from getting in over their heads.

I think too many young people think that once they get any degree, the money just starts rolling in.

I used to have this employee that would bitch about her pay and constantly ask for a raise. She would say "I have my bachelor's degree, it's ridiculous that I'm making minimum wage." And I used tell her, "yes, it is ridiculous. Why are you doing it?"
 
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It indirectly has a negative impact on me. Inflation gets worse in the US is my first thought. What this does is it prolongs a period of time where interest rates are higher. Since Canada’s governor of the BoC is going to do whatever the US does because if they aren’t providing at least the same RoR on their bonds then the CAD will depreciate vs the USD and other currencies.

This higher rate will negatively impact many banks ling term as many of them eased up on their loan/loss provisions when in four years time a lot of people are going to be refinancing and not able to afford their home.

The lack of cash flow from an increase in foreclosures could hurt my employer’s ability to pay out larger bonuses and dividends to me despite our inforce annuity and insurance business doing better due to credit expansion.
 
DrDune said:
How did this solve the underlying problem? That's my response.

Did the "predatory interest rates" change? No. Did the price of outrageous tuitions change? No. Are future generations of college students going to benefit from this cancellation? No. Did the institutions face any ramifications for their part in the problem? No. Are there incentives for these institutions to change their practices that led to rampant student debt? No. Did the debtors learn any fiscal responsibility aside from 'thanks for bailing me out taxpayers'? No.

It's lipstick on a pig. Everyone go out and thank their waitress at Denny's whose tax dollars are now subsidizing the higher educations of people more fortunate than her. Cheers!
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Why aren't they bringing in college regents and/or presidents to discuss the skyrocketing costs of tuition?

That's the bigger issue here in my opinion.
 
Fedorgasm said:
No but if your debt is wiped out and you don't need to make payments anymore, you suddenly have more cash every month.
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Hopefully they'll learn how to save some of it . . .
 
Fluffernutter said:
It won't effect me until my kids go off to university. I want to know how this will impact tuition costs 5, 10, 15 years from now.
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The costs will likely be higher unless someone steps in and addresses it as part the problem.
 
Contempt said:
I don't "need" to do anything. I am not on any form of social media. I am listening to podcasts while washing some clothes and this is just open in a tab.

it's 08:33 so little early for a nap.
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So you don't even live in America. God damn.
 
As a household we are just over the 400k threshold and my wife is in sales so we already pay more in taxes than most since commission checks are taxed like bonuses. So i'm sure we will have a nice pay cut because people didn't do shit with their degrees.
 
AldoStillGoat said:
Lol bunch of crybaby ass bitches in here

they didn’t say shit when we bailed out big banks or gave away free money to businesses during Corona but now they wanna cry cause some kids paid to get fed a mirage and are now being helped because they got scammed. The system is broke … yes this doesn’t fix it but it helps the people who are supposed to be the future and brains of this country be able to afford things like mortgage down payments
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Folks comparing the PPP loans to this $10k of student loan forgiveness are dumber than a box a rocks.
 
If you want help with school loans then I say the government should set up a program where you work for the government I'm some form one weekend a month and two week in the summer and they pay off some. Like being in the guard.

If you want it paid off sooner then you work for the government and they pay at a military scale and they pay off in relation to years to dollars.

But you have to have some type of degree that can actually be used.
 
Fedorgasm said:
Yeah. Add in psychology degrees. The number of people with psych degrees that never work in that field is super high.

I think they need to lend out money based on your degree.

If you're going to med school, ok, fine, you can borrow 100k.

But if you're getting an art history degree, you're only approved to borrow 20 bucks.

That would prevent these people from getting in over their heads.

I think too many young people think that once they get any degree, the money just starts rolling in.

I used to have this employee that would bitch about her pay and constantly ask for a raise. She would say "I have my bachelor's degree, it's ridiculous that I'm making minimum wage." And I used tell her, "yes, it is ridiculous. Why are you doing it?"
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Yeah, my closest friend has a psych degree and doesn't work in that area at all. Seems like such a waste of time and money to do a degree that isn't even related to your job. It took her till her early 30's to pay off the student debt too.

It's funny that here in Australia, the conservatives made changes to the university funding system that made certain degrees (nursing, teaching, engineering, tech etc) much cheaper and other degrees (bullshit humanities, waste of time degrees mostly plus lawyers) more expensive which was a common sense approach to encourage young people to do the degrees that actually benefit the country and stop them wasting their time and money on complete bullshit degrees... predictably enough, the left lost it's shit over these changes :rolleyes:

OK she had a bachelors degree... but in what exactly? It's funny really - you know what they used to call bachelors degrees? The degree in unemployment.
 
I prefer my gov't not try to help people that are struggling.
 
aldeniro78 said:
But you have to have no life to talk this much about something that has no effect on you.
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As I said before, I am washing clothes for the coming week and listening to podcasts.

In your opinion... what is it that I should be talking about instead?
 
This is amazing. Finally hard working people getting a bit of a break instead of the rich and billionaires. People are going to have a little more money to put into the economy or enjoy life with.

colleges have been getting away with scamming people for way too long, college loans are a huge crush on the economy.. The rich can make bad business decisions, lay millions off while getting bailouts or going bankrupt yet people who wanted an education and signed a BS loan agreement that wasn’t explained to them when they were 17 or 18 can’t even claim bankruptcy and have to carry a huge debt for 20-30 years…

10,000 wasn’t enough but it will help
 
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