$10K in student loans forgiven by Biden; Fine but its NOT ENOUGH

[Lesh]

650 a month is not the average and how many people are paying 650 a month

To have a 650 a month payment you have to have an income of 100K a year since the average individual income is about 45K
that 650 a month is not being paid by many people

Your math is pretty fucking bad jerk off. Payments can be as much as 15% of income.

For a $650/mon payment that’s $52k

 

[Lesh]

The diabolical plan was opening the door for something just like this, an eventual federal takeover of collage funding. 10K this time, 30K the next time, 60K the time after that...... Anybody on the left that thinks this is a one time deal is kidding themselves unless there is a strong public resentment like there was with defunding the police.

When on our lifetime was the Federal government NOT funding college ed?

 

[Blues Man]

Your math is pretty fucking bad jerk off. Payments can be as much as 15% of income.

For a $650/mon payment that’s $52k

15% of DISCRETIONARY income not total income.

You really do like to make shit up don't you?

 

[Ray From Cleveland]

When on our lifetime was the Federal government NOT funding college ed?

They never were outside of perhaps community colleges. Over the last ten years or so the Democrats have wanted total government control over colleges. It's just one more item on their list of government dependencies. The more government dependents, the more likely Democrat voters. And if they can eventually have government paid colleges, they can also control the curriculum like they do in public schools.

 

[Lesh]

15% of DISCRETIONARY income not total income.

You really do like to make shit up don't you?

You are correct. When I'm wrong I admit it. You can first deduct rent/mortgage, car loans, credit card debt, and taxes.
They can take 15% of whatever is left. That's still a sizable chunk of your money to pay a loan for 20 or more years that should NEVER have been issued at market rate.

And as your income increases so does the amount of payback.

And HALF of all loans are for masters degrees etc. at much higher cost.

 

[Blues Man]

You are correct. When I'm wrong I admit it. You can first deduct rent/mortgage, car loans, credit card debt, and taxes.
They can take 15% of whatever is left. That's still a sizable chunk of your money to pay a loan for 20 or more years that should NEVER have been issued at market rate.

And as your income increases so does the amount of payback.

And HALF of all loans are for masters degrees etc. at much higher cost.

And people with post graduate degrees make more money.

Look no one forced these people to take out loans to go to college so the rest of us should not be forced to pay their debt

 

[Toddsterpatriot]

pay a loan for 20 or more years that should NEVER have been issued at market rate.

Issued below market rates.

And HALF of all loans are for masters degrees etc. at much higher cost.

It's sad when highly educated, high income people have to pay their debts.
Oh, wait, no it isn't. DURR

 

[Lesh]

Issued below market rates.

And HALF of all loans are for masters degrees etc. at much higher cost.

It's sad when highly educated, high income people have to pay their debts.
Oh, wait, no it isn't. DURR

Let me say this slowly

They are paying at or near BANK rate.. to the government

The taxpayer is making money off them

My son’s loan from 2008 (that he will continue to pay for another 7 years) is at 5.4%. That was market rate!

 

[Lesh]

And people with post graduate degrees make more money.

Look no one forced these people to take out loans to go to college so the rest of us should not be forced to pay their debt

I am being told that the interest does not go to the servicers.

It goes to someone! If not the servicers then it goes to the government.

“The rest of us” are not paying… we’re making money on these loans

 

[Toddsterpatriot]

Let me say this slowly

They are paying at or near BANK rate.. to the government

The taxpayer is making money off them

My son’s loan from 2008 (that he will continue to pay for another 7 years) is at 5.4%. That was market rate!

They are paying at or near BANK rate.. to the government

You're paying lower than the free market rate.

The taxpayer is making money off them

Boo fuckin' whoo.
Stop being such a whiney deadbeat.

My son’s loan from 2008 (that he will continue to pay for another 7 years) is at 5.4%. That was market rate!

Good, pay it off.

 

[M14 Shooter]

Here's what I know. My kid graduated in 2008 and has been paying on his loan since then. He's probably going to be paying on it for another 7 years. That loan was granted by Sallie Mae and guaranteed by the Federal government at 5.4%. That was market rate at the time .
And between my son and his wife they pay almost $700 month and will be for a very long time.

Let me say this slowly
Their choice. Sluffing that debt off to someone else should embarrass them.

 

[Ray From Cleveland]

Let me say this slowly
Their choice. Sluffing that debt off to someone else should embarrass them.

You make that statement as if leftists have any dignity or pride. That left the party long ago when they became the liberal party.

 

[M14 Shooter]

You make that statement as if leftists have any dignity or pride. That left the party long ago when they became the liberal party.

I make that statement knowing they will demonstrate their lack of dignity and pride.

 

[Lesh]

Let me say this slowly
Their choice. Sluffing that debt off to someone else should embarrass them.

Sluffing that debt off? In real dollars that loan plus interest and inflation HAS BEEN PAID OFF.

But there’s still years left because of the interest the GOVERNMENT is charging.

You want to MAKE money off college education loans

 

[M14 Shooter]

Sluffing that debt off? In real dollars that loan plus interest and inflation HAS BEEN PAID OFF.

Why then are they still paying?
Oh wait...
"Real dollars" doesn't matter. "Loan balance" matters.
But, you know that.
Sluffing that debt off to someone else should embarrass them.

 

[Toddsterpatriot]

You want to MAKE money off college education loans

Don't you?

 

[Markle]

Here's what I know. My kid graduated in 2008 and has been paying on his loan since then. He's probably going to be paying on it for another 7 years. That loan was granted by Sallie Mae and guaranteed by the Federal government at 5.4%. That was market rate at the time .

and
In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010, which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP), under which banks and companies like Sallie Mae made loans to college students backed by a federal guarantee. As a result, effective July 1, 2010, all federal loans were originated directly by the U.S. Department of Education. Currently, there is no existing government-sponsored entities that provide securitization of student loans.[7]

So as far as who is collecting that interest NOW? I don't know other than Navient (a spinoff of the privately owned Sallie Mae) is "servicing" that loan.

A guaranteed loan at market rate (especially one made by the government) is a rip off.. Having the remainder of that loan paid off at least in part is only reasonable.

And between my son and his wife they pay almost $700 month and will be for a very long time.

The only question that matters is, did they or did they not borrow the money?

If they borrowed the money, then they owe the repayment of the loan plus interest. Where are you confused?

 

[Markle]

Sluffing that debt off? In real dollars that loan plus interest and inflation HAS BEEN PAID OFF.

But there’s still years left because of the interest the GOVERNMENT is charging.

You want to MAKE money off college education loans

Why should anyone get to borrow and use someone else's money without paying for that use?

Why should someone borrow money to go to college and not pay for the use of that money?

 

[Markle]

My son’s loan from 2008 (that he will continue to pay for another 7 years) is at 5.4%. That was market rate!

Too bad your kid didn't have someone to give him better financial advice. He'd have been free and clear many years ago.

Why should his misfortune be my problem?

 

[Ray From Cleveland]

Sluffing that debt off? In real dollars that loan plus interest and inflation HAS BEEN PAID OFF.

Good point. Maybe you should explain that to my banks and they will cancel the remainder of my mortgages. Do you think they will do that? Is that also okay with you?