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Biden administration cancels $1.2 billion in student loans six months ahead of schedule

I went back to school in Jan 2020, got finished in the spring of 2022.

Mohela can rot in hell. I have had to call them every month since i have been making payments, usually waiting on hold for an hour each time because they never apply my payments I make online correctly, or towards the amount due that month.
Yes, every time my wife tried to make a second payment to pay down the principle the loan company (loans were sold several times) would just apply it as the next payment, and not the principle. She'd have to call and argue every time and still they'd eff it up. It was intentional.
 
Or perhaps cut down on the amount of schooling a person needs for a bachelors degree. Why do you basically need 2 years of gen ed classes that are just a waste of time and money.
Go to school for what you want to do and get out with less debt.
And do you really even need to go to college for about half of the degrees that are offered at universities?
Most college degrees are greatly over rated.
I’ve worked with people that have degrees and I’m not even sure they know how to count.
Because the gen ed stuff is as important as the core classes. College is not a trade school.
 
Or perhaps cut down on the amount of schooling a person needs for a bachelors degree. Why do you basically need 2 years of gen ed classes that are just a waste of time and money.
Go to school for what you want to do and get out with less debt.
And do you really even need to go to college for about half of the degrees that are offered at universities?
How will employers make employees ask “how high” when they yell “jump”

I agree with this. Its been years since i recieved a community college degree, but even when i went back, i could have elimated 1-2 handfuls of classes that had nothing to do with my major, and were just busy work that were “required”
 
Give me the sob story of crushing loan debt from somebody that went to junior college and followed it up with two years at their local state school.

Fill out that FAsfa and if you’re truly hurting financially you can do pretty well in free money. You can easily pay for JUCO while working part time also.
That is certainly a cheaper route, but our local state school is $20k a year (just tuition/fees). Add another $15-20k for room and board.

That’s $35-40k a year for one student.
 
Yes, every time my wife tried to make a second payment to pay down the principle the loan company (loans were sold several times) would just apply it as the next payment, and not the principle. She'd have to call and argue every time and still they'd eff it up. It was intentional.
Mohela cant even apply my payments to the current months balance.

Then they always try to get me to sign up for auto pay to save an estimated $5 a month. Im like “bitch, why you think ima do that when you have yet to get my account correct?”
 
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Love it. Why do people get mad when something is done that helps working class/middle class people? That is whom typically has these loans. There are few complaints about corporate welfare, wealthy tax cuts, and handouts to farmers with millions of dollars of resources.
Great post. The whining and caterwauling from the self-styled "fiscal conservatives" is virtually always about any government assistance that goes to the poor/destitute or regular working people. They don't say a got damn thing about the much much much higher amounts in cash, subsidies, tax breaks etc that go to the wealthy and corporations.

In the main, fed, state and local governments in this country are machines that maintain and further enrich the already rich and powerful.
 
Or perhaps cut down on the amount of schooling a person needs for a bachelors degree. Why do you basically need 2 years of gen ed classes that are just a waste of time and money.
Go to school for what you want to do and get out with less debt.
And do you really even need to go to college for about half of the degrees that are offered at universities?
Most college degrees are greatly over rated.
I’ve worked with people that have degrees and I’m not even sure they know how to count.

Most of the people I've encountered with the degrees who can't count are marketing students and athletes. I'm not talking about public college/university just as a means to a competitive edge on the job market. It's not really that if it's available to everyone who wants it and can manage it. If someone just wants to get a basic business education, I'm all for letting them skip the gen eds even though I believe it's a mistake to make that choice personally. Or a trades education, we could probably do better job recruiting people to that stuff. Nobody was recruiting people to trades when I was in high school but we had the military in there monthly. I also think the humanities, sciences, fake sciences like economics and psychology, are pretty important to develop and preserve as society and people shouldn't avoid these if they're interested in them just because the exact job isn't apparent. There's a lot of people with all kinds of different irrelevant degrees at my place of business that do good work, work hard, play team ball when it's time because a lot that stuff is just learned on the job and that's easier to do when you've already had experience studying a specific subject more rigorously than at any point K-12.

I obviously don't think we can pay for Van Wilder for everyone but there is a lot of valuable education that just can't happen K-12.
 
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How was the $12k and under borrowed and 10 years of repayment determined as an eligibility cutoff?

How many poor and middle class people were able to attend college while taking out less than $12k in debt? I’d guess not many. How many college educated people are struggling to make ends meet because the monthly payment on the $12k (or less) they borrowed 10 years ago is too much of a burden? I’d guess not many.

Overall, this seems pretty meaningless and certainly isn’t lifting anyone out of poverty. Not sure I understand the chest thumping by the Biden backers.
 
Because the gen ed stuff is as important as the core classes. College is not a trade school.
Is it though? Do you really need to know about the history of walking or western music and art. How about tree climbing.
Maybe it should be more like a trade school. Get straight to the point, get in and get out.
 
Most of the people I've encountered with the degrees who can't count are marketing students and athletes. I'm not talking about public college/university just as a means to a competitive edge on the job market. It's not really that if it's available to everyone who wants it and can manage it. If someone just wants to get a basic business education, I'm all for letting them skip the gen eds even though I believe it's a mistake to make that choice personally. Or a trades education, we could probably do better job recruiting people to that stuff. Nobody was recruiting people to trades when I was in high school but we had the military in there monthly. I also think the humanities, sciences, fake sciences like economics and psychology, are pretty important to develop and preserve as society and people shouldn't avoid these if they're interested in them just because the exact job isn't apparent. There's a lot of people with all kinds of different irrelevant degrees at my place of business that do good work, work hard, play team ball when it's time because a lot that stuff is just learned on the job and that's easier to do when you've already had experience studying a specific subject more rigorously than at any point K-12.

I obviously don't think we can pay for Van Wilder for everyone but there is a lot of valuable education that just can't happen K-12.
You just said it, a lot of the work is learned on the job. Why put young adults thousands of dollars in debt for a worthless degree when they learn what they need to know on the job.
 
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Love it. Why do people get mad when something is done that helps working class/middle class people? That is whom typically has these loans. There are few complaints about corporate welfare, wealthy tax cuts, and handouts to farmers with millions of dollars of resources.
No complaints by abby and northern about those. That’s good socialism.
 
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Is it though? Do you really need to know about the history of walking or western music and art. How about tree climbing.
Maybe it should be more like a trade school. Get straight to the point, get in and get out.
Well, it's been considered such for the past 1000 years. People didn't go to university to learn to build things, they went to learn how to learn and expand their horizons. Help you become a more well rounded person.
If you want to learn how to do a specific task go to a trade school, they're great for that.
 
You just said it, a lot of the work is learned on the job. Why put young adults thousands of dollars in debt for a worthless degree when they learn what they need to know on the job.

You're gonna have a harder time learning what you need on the job at a lot of places if you've never done any rigorous study before. Which you don't really prior to focusing on something in college. All you do are the dreaded "gen eds" before college. But education has an intrinsic value far beyond employment. I know for some people that's the only shit that matters because they're kinda lame people.
 
Well, it's been considered such for the past 1000 years. People didn't go to university to learn to build things, they went to learn how to learn and expand their horizons. Help you become a more well rounded person.
If you want to learn how to do a specific task go to a trade school, they're great for that.
Ok if you want to learn and expand your horizons then pay your student loans

Bryan Cranston Mic Drop GIF
 
How's the financials of this handled? I don't assume the loan companies get a check to clear the debt; rather the loan companies just mark it as paid?
 
Borrowers were eligible for student loan relief if they had enrolled in the new SAVE plan, if they originally borrowed $12,000 or less to attend college, and if they have made at least 10 years of payments.

It's been 25 years since I was in college, costs went up, whatever, but can someone please explain to me how you still owe money if you borrowed less than $12k and have been paying for 10 years? Sounds like wasted education, or they should have thrown in a personal finance class or two.


Income driven repayment lowers many borrowers' payment to next to nothing (or, in some cases, nothing).

With forgiveness programs (if eligible; PSLF, for example), it's often financially wise to only make the minimum payments and await forgiveness.

These programs allow young borrowers entering the workforce to afford the things needed to keep this economy afloat.
 
How did it work in the aftermath of the housing crisis?
The banks were bailed out and nobody in charge of the institutions whose irresponsibility caused the crisis suffered any consequences and somehow got the public to blame it on people taking subprime loans rather than lenders making risky loans. People who lost their jobs either lost their homes and ruined their credit or ruined their credit saving their homes. Others just lost a ton of equity in their homes. Low interest rates meant people who were already doing well and not severely impacted by recession could turn house flipping into a whole reality TV genre. Wages really never recovered for a large chunk of the population. Banks doing aight, still got licenses to print money.
 
The banks were bailed out and nobody in charge of the institutions whose irresponsibility caused the crisis suffered any consequences and somehow got the public to blame it on people taking subprime loans rather than lenders making risky loans. People who lost their jobs either lost their homes and ruined their credit or ruined their credit saving their homes. Others just lost a ton of equity in their homes. Low interest rates meant people who were already doing well and not severely impacted by recession could turn house flipping into a whole reality TV genre. Wages really never recovered for a large chunk of the population. Banks doing aight, still got licenses to print money.
$5 a day, bro.
 
Borrowers were eligible for student loan relief if they had enrolled in the new SAVE plan, if they originally borrowed $12,000 or less to attend college, and if they have made at least 10 years of payments.

It's been 25 years since I was in college, costs went up, whatever, but can someone please explain to me how you still owe money if you borrowed less than $12k and have been paying for 10 years? Sounds like wasted education, or they should have thrown in a personal finance class or two.
No they can't bc there's zero logic in it. It's a vote buy off, period. It's what they do.
 
My wife borrowed 10k a year for a total of 40k. It took us 20 years to pay it off. The loan companies are a blight on this country.
You BORROWED THE MONEY! But it's the loan companies that are to blame for you taking 20 years to pay back 40k. How many cars have you bought and paid off over the last 20 years? The pure fiscal idiocy of the average American is astounding. It's a disease.
 
The banks were bailed out and nobody in charge of the institutions whose irresponsibility caused the crisis suffered any consequences and somehow got the public to blame it on people taking subprime loans rather than lenders making risky loans. People who lost their jobs either lost their homes and ruined their credit or ruined their credit saving their homes. Others just lost a ton of equity in their homes. Low interest rates meant people who were already doing well and not severely impacted by recession could turn house flipping into a whole reality TV genre. Wages really never recovered for a large chunk of the population. Banks doing aight, still got licenses to print money.

Sounds like maybe the world won't end by forgiving some loans.
 
Every American should be able to go to private school for four years, jack off in Europe for another semester and have the tax payers pay for it all.

Nobody is deep in debt that went to junior college for two years and a state school they reside in for the final two years.

I would stop giving government loans out for more than what junior college costs the first two years and for what state school costs the final two years. If private companies want to loan more that’s fine but allow bankruptcy to wipe them clean. See how many jump into that pool.

Maybe we need a cashless society so everything can be regulated. Sorry, you took out a student loan, no spring break airline tickets for you, sorry you can’t go into this bar because they charge a cover charge and you took out a loan, sorry no beer for you.
Hey!! I'm a real American! I was jacking off in the good 'ol US of A mister!!
 
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How was the $12k and under borrowed and 10 years of repayment determined as an eligibility cutoff?

How many poor and middle class people were able to attend college while taking out less than $12k in debt? I’d guess not many. How many college educated people are struggling to make ends meet because the monthly payment on the $12k (or less) they borrowed 10 years ago is too much of a burden? I’d guess not many.

Overall, this seems pretty meaningless and certainly isn’t lifting anyone out of poverty. Not sure I understand the chest thumping by the Biden backers.
It’s a volume play…buying votes.
 
You BORROWED THE MONEY! But it's the loan companies that are to blame for you taking 20 years to pay back 40k. How many cars have you bought and paid off over the last 20 years? The pure fiscal idiocy of the average American is astounding. It's a disease.
Reading comprehension is an important skill.

I didn't borrow any money, my wife did.
She didn't buy any vehicles. I did.

The companies are responsible for making it as difficult as possible to pay the loans back early. Because they have a financial incentive to do that.
 
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