Cancel Student Debt

[dblack]

Instead of simply writing off the debts, why not hold the guilty parties accountable? I see a class action lawsuit against the colleges and the banksters who conned naive kids into a lifetime of debt.

How about college professors? Aren't they guilty as well? Aren't they the primary beneficiaries of this system?

They're benefitting from it, true, but I'm not sure they're responsible for the student debt industry. The government created that.

ROFL! So that means the taxpayers should take it up the ass? Sorry, but no one forced anyone to get student loans. The idea that people who didn't borrow the money should pay off the loans is absurd.

Huh?
How did your tiny brain get that out of what I posted? Is English a second language for you?

 

[Darkwind]

No one got bailed out, all the recipients of TARP paid back their monies with interest.

TARP was a bail out.
Companies had made bad investments, such as risky mortgages, poor car designs, etc., and they were bailed out.
Whether or not it was paid back is not the point, because the home owners who were forced into foreclosure should have been bailed out with loan guarantees instead, and those who lost their jobs should have been bailed out instead, by demanding auto makers not offshore.

They were defaulting on loans and you wanted them to be bailed out with more loans?

Seriously?

Companies that made bad investments should NOT have been bailed out, regardless of their ability to pay it back. But the key here is that the DID pay it back.

How would the homeowners who took out to large a loan and couldn't make the payments manage to payback to large a loan to bail them out?

The same with the students. There is an additional problem with student loans. It isn't that they can't pay back the loans, they just don't want to pay it back.

They whine, "I'll be saddled with this debt for decades!" That is the whine of a child who wanted what they wanted and doesn't want to have to pay for it.

They KNEW that they'd be saddled with the debt for decades, still, they chose to take the loan.

Payback the money. It does not get more moral than that.

Wrong.
They were not defaulting on the payments they had always been making for years.
These were ARM (Adjustable Rate Mortgages), loans with balloon payments after 3 to 5 years.
And the reason they were defaulting is that they could not refinance to pay off the balloon and get onto a normal 15 or 30 year mortgage.
It was the refusal of the banks to refinance these honorable and consistent home buyers that forced them to suddenly default even though they had never missed a payment.

And with students you are wrong as well.
Students do not have the financial experience to know they would not be able to pay back the money being thrown at them. Interest is inherently deceptive and difficult for anyone to really understand, much less young students who have no experience with debt at all. On top of that the schools fill them full of false hopes and claims as to how much they are going to make.

The reality is the tuition is way too high.
It is unrealistic.
Tuition never used to be so high.
When I started at a state university, tuition was only $100 per semester.
And many states, like CA, had free in state tuition.

#1) That is the risk with ARMs...hence they are lower initially.

#2) Students have parents. Don't take the loan if you don't think they can pay it back. 18-year olds die overseas, they can certainly add numbers.

#3) Tuition is too freaking high and lenders give money out stupidly for stupid majors. We agree there.

1) buyers were told they would be able to cash in because the home would increase in value so much by the time the ARM ballooned. They were lied to and did not understand. They were not told the US prime was not the basis, so they did not know their payments would almost double if the economy went south.

2) Parents remember the way it used to be, when tuition was capped and reasonable. The fact 18 year old die over seas mean they CAN'T make decisions like this, because they don't have the experience. If they could make these sorts of decisions, they would NOT be dying over seas in stupid and absurd wars against countries that never harmed us.

3) but yes we agree lenders should not be handing out money so freely, and tuition is too high. And yes, some majors are stupid.

They were NOT lied to. They were told the risks and that this could happen. They still chose to take a loan with a balloon payment ponzi scheme.

 

[Polishprince]

They were NOT lied to. They were told the risks and that this could happen. They still chose to take a loan with a balloon payment ponzi scheme.

I guess libs have never done a mortgage before.

I remember when I signed mine a dozen years ago. I basically had to sign my life away.

But its all in the fine print, and if you don't understand your responsibilities you should bring a lawyer.

 

[bripat9643]

Instead of simply writing off the debts, why not hold the guilty parties accountable? I see a class action lawsuit against the colleges and the banksters who conned naive kids into a lifetime of debt.

How about college professors? Aren't they guilty as well? Aren't they the primary beneficiaries of this system?

They're benefitting from it, true, but I'm not sure they're responsible for the student debt industry. The government created that.

ROFL! So that means the taxpayers should take it up the ass? Sorry, but no one forced anyone to get student loans. The idea that people who didn't borrow the money should pay off the loans is absurd.

Huh?
How did your tiny brain get that out of what I posted? Is English a second language for you?

If you don't want the borrowers to pay what they owe, then you want the taxpayers to take it up the ass. There is no third alternative.

 

[Darkwind]

They were NOT lied to. They were told the risks and that this could happen. They still chose to take a loan with a balloon payment ponzi scheme.

I guess libs have never done a mortgage before.

I remember when I signed mine a dozen years ago. I basically had to sign my life away.

But its all in the fine print, and if you don't understand your responsibilities you should bring a lawyer.

Mortgages are so complicated, even 25 years ago, that to sign one without a lawyer is shear idiocy.

 

[WEATHER53]

They were defaulting on loans and you wanted them to be bailed out with more loans?

Seriously?

Companies that made bad investments should NOT have been bailed out, regardless of their ability to pay it back. But the key here is that the DID pay it back.

How would the homeowners who took out to large a loan and couldn't make the payments manage to payback to large a loan to bail them out?

The same with the students. There is an additional problem with student loans. It isn't that they can't pay back the loans, they just don't want to pay it back.

They whine, "I'll be saddled with this debt for decades!" That is the whine of a child who wanted what they wanted and doesn't want to have to pay for it.

They KNEW that they'd be saddled with the debt for decades, still, they chose to take the loan.

Payback the money. It does not get more moral than that.

Wrong.
They were not defaulting on the payments they had always been making for years.
These were ARM (Adjustable Rate Mortgages), loans with balloon payments after 3 to 5 years.
And the reason they were defaulting is that they could not refinance to pay off the balloon and get onto a normal 15 or 30 year mortgage.
It was the refusal of the banks to refinance these honorable and consistent home buyers that forced them to suddenly default even though they had never missed a payment.

And with students you are wrong as well.
Students do not have the financial experience to know they would not be able to pay back the money being thrown at them. Interest is inherently deceptive and difficult for anyone to really understand, much less young students who have no experience with debt at all. On top of that the schools fill them full of false hopes and claims as to how much they are going to make.

The reality is the tuition is way too high.
It is unrealistic.
Tuition never used to be so high.
When I started at a state university, tuition was only $100 per semester.
And many states, like CA, had free in state tuition.

#1) That is the risk with ARMs...hence they are lower initially.

#2) Students have parents. Don't take the loan if you don't think they can pay it back. 18-year olds die overseas, they can certainly add numbers.

#3) Tuition is too freaking high and lenders give money out stupidly for stupid majors. We agree there.

1) buyers were told they would be able to cash in because the home would increase in value so much by the time the ARM ballooned. They were lied to and did not understand. They were not told the US prime was not the basis, so they did not know their payments would almost double if the economy went south.

2) Parents remember the way it used to be, when tuition was capped and reasonable. The fact 18 year old die over seas mean they CAN'T make decisions like this, because they don't have the experience. If they could make these sorts of decisions, they would NOT be dying over seas in stupid and absurd wars against countries that never harmed us.

3) but yes we agree lenders should not be handing out money so freely, and tuition is too high. And yes, some majors are stupid.

Democrats and Republican RINO politicians forced lenders to lower lending requirements. Why? So people who could not get approved for a home loan due to their income and debt would now qualify for a mortgage. These lending standards were in place to both protect the lender and the borrower. Once removed this enabled millions to get approved for the worst types of mortgages and ultimately lead to massive home loan defaults.

Keep going...because these loans did not meet standard lending requirements none of the traditional secondary mortgage markets would buy the loans to hold long term. So all kinds of whacky 'investment' vehicles were invented to buy up the loans. Eventually these same politicians lowered the Fannie and Freddie standards so that they could buy up the bad loans. When the default wave hit this wiped them out.

So thank your politicians for sticking their nose where it didn't belong and screwing up yet something else that wasn't broken in the first place.

It is evident to some of us, that our central government has been completely captured by the billionaires and millionaires...the transnational capitalist class.

We have a government of the rich, by the rich, and for the rich.

When will all Americans realize this?

Yeah prosperity is such a bad thing. Give it a try sometime instead of wailing about it.

 

[WEATHER53]

Student debt deadbeats is the topic and not fifteen years ago home loans.

Deceptive and abusive loan techniques is the topic, and home loans showed that around 2008.

Incorrect
College loans is the topic

 

[WEATHER53]

Trumps spending certainly doesn't bother me as much as Medicare for all, Free College and the New Green Deal....dumbass.

Why do go against your self interest and for the .1%?

If we must have a huge omnipresent expensive central government, why shouldn’t it help the majority of Americans rather than a tiny extremely wealthy minority?

Lordy, are you naïve. With Medicare for all estimated at $32 Trillion and the New Green Deal averaging $70,000 per person in the first year...yea, that will help the majority of Americans, dumbass.

It’s funny how many Americans think it perfectly okay to limit government benefits to the poor and middle class, but are fine with the ultra rich receiving huge sums of government money.

Medicare For All is CHEAPER than what we have now. DUMBASS!!! Get informed for once. Stop believing propaganda from the establishment.

KOCH-BACKED THINK TANK FINDS THAT “MEDICARE FOR ALL” WOULD CUT HEALTH CARE SPENDING AND RAISE WAGES. WHOOPS.

But despite that correction, the report actually yields a wealth of good news for advocates of Sanders’s plan — a remarkable conclusion, given that Blahous is a former Bush administration economist working at a prominent conservative think tank.

Blahous’s paper, titled “The Costs of a National Single-Payer Healthcare System,” estimates total national health expenditures. Even though his cost-saving estimates are more conservative than others, he acknowledges that Sanders’s “Medicare for All” plan would yield a $482 billion reduction in health care spending, and over $1.5 trillion in administrative savings, for a total of $2 trillion less in overall health care expenditures between 2022 and 2031, compared to current spending.
Koch-Backed Think Tank Finds That “Medicare for All” Would Cut Health Care Spending and Raise Wages. Whoops.

It's a matter of fucked up priorities. The rich have their ignorant minions convinced the country will destruct into anarchy if they are not allowed to control the all the wealth.

Nothing else makes sense. We are willing to pay far more for healthcare and we get lousier results than other first world countries.
MAGAs call that winning.

Some nutters think that aliens might come to pillage our planet's natural resources. Boy are they off base! The rich have already done so, and it may be too late to fix it.

I am Happy with the life I have so how does that make me a sycophant? Please explain?

Happiness is racist. How dare you be happy when there are So Many bad decision making minorities and illegals who are unhappy(mostly with happy people)

 

[Pooh]

The cost of education had gone up exponentially. You and I are probably of a generation. Surely you can see that.

So has compensation. Kids coming out of school now make six figures in Boston. I made $42k.

Not proportionate to the debt carried. And it causes problems. For example look at doctors. Because their education carries such debt, more are going into practice in higher paying specialties or urban areas that pay better. There is an overall shortage of general practioners and doctors in rural areas.

Starting compensation is not even close to 6 figures for most college graduates.

Class of 2017’s Overall Starting Salary Shows Little Gain

It is in Boston if you went to a decent school and got a degree in a marketable field. If your degree was in History you’re not making that but then why did you just borrow $150k for that useless degree?

Bachelor’s Degree Major 2016 Average Salary
Engineering $64,891
Computer Science $61,321
Math and Sciences $55,087
Business $52,236
Agriculture/Natural Resources $48,729
Healthcare $48,712
Communications $47,047
Social Sciences $46,585
Humanities $46,065
Education $34,891

Here's What the Average Grad Makes Right Out of College

In modern times, most conservative old codgers have no idea what the real world is like today for normal kids who didn't go to Harvard on their rich parents dime.

If you can't afford it you don't go. It's just that simple.

 

[Rigby5]

They should. They aren’t doing a good job.

Why American life expectancy is declining

Life expectancy is low because we are the fattest country and we have more auto accidents. It is not because of the doctors LOL.

Wrong.

Name for me the top three causes of death in America? Let’s see if you are informed.

• Heart disease. - We are Fat
• Cancer. - We eat poorly
• Unintentional injuries. - Auto Accidents

Wrong. As I thought. Please get informed, dummy. STOP POSTING OR BE BANNED.

Medical Errors Are Third Leading Cause of Death in the U.S.
10 percent of U.S. deaths are due to preventable medical mistakes.

https://www.usnews.com/news/article...rs-are-third-leading-cause-of-death-in-the-us

I googled top three causes and posted it. Who is going to ban me? Sucker.

top 3 causes of death in the us - Google Search

Whether or not medical malpractice is # 4 or #3 cause of death is not very relevant.
Heart disease is not just being over weight, but also hereditary, which there is little we can do about it.

Cancer is not from eating poorly.
It is mainly from toxins in the air, water, and food, and there is little we can do about it.

And while you have car accidents as #3, they are necessary in order to get to work and the store, so there is little we can do about that either.

However, most other countries have much better medical care, so there is something we can do about that.

 

[K9Buck]

Start a ''go fund me'' for eliminating all student debt, make it all public and transparent, and let's see how much liberals contribute.

 

[Toddsterpatriot]

Life expectancy is low because we are the fattest country and we have more auto accidents. It is not because of the doctors LOL.

Wrong.

Name for me the top three causes of death in America? Let’s see if you are informed.

• Heart disease. - We are Fat
• Cancer. - We eat poorly
• Unintentional injuries. - Auto Accidents

Wrong. As I thought. Please get informed, dummy. STOP POSTING OR BE BANNED.

Medical Errors Are Third Leading Cause of Death in the U.S.
10 percent of U.S. deaths are due to preventable medical mistakes.

https://www.usnews.com/news/article...rs-are-third-leading-cause-of-death-in-the-us

I googled top three causes and posted it. Who is going to ban me? Sucker.

top 3 causes of death in the us - Google Search

Whether or not medical malpractice is # 4 or #3 cause of death is not very relevant.
Heart disease is not just being over weight, but also hereditary, which there is little we can do about it.

Cancer is not from eating poorly.
It is mainly from toxins in the air, water, and food, and there is little we can do about it.

And while you have car accidents as #3, they are necessary in order to get to work and the store, so there is little we can do about that either.

However, most other countries have much better medical care, so there is something we can do about that.

However, most other countries have much better medical care,

Exactly! That's why the richest people go to the UK or Norway when they need the best care...…..DURR.

Besides, rationing and long waiting lines are AWESOME!

 

[Markle]

Student debt deadbeats is the topic and not fifteen years ago home loans.

Deceptive and abusive loan techniques is the topic, and home loans showed that around 2008.

There were no deceptive or abusive loan techniques in the years leading up to the mortgage/housing/financial meltdown.

In the years leading up to the collapse, prices kept on going up and mortgages were made easier and easier to obtain. Everyone knew the risk but everyone also believed that prices would continue to skyrocket. Some of us in the trade recognized the coming collapse.

Here is what I saw leading up to the meltdown. I have been a Realtor in this area of Florida since 1974. I have followed the Case-Shiller Housing Index for many years and saw the signs.

 

[WEATHER53]

Pusses shirking their responsibilities while giving tear laden excuses about it.

 

[Markle]

Mortgages are so complicated, even 25 years ago, that to sign one without a lawyer is shear idiocy.

Mortgages are not complicated. They are and have been strictly regulated by FANNIE MAE, FREDDIE MAC, FHA, and VA for decades. Unless you are going for something exotic, if you want the loan, you sign the papers. The attorney or title company closing the loan cannot change one period.

If you have a reliable loan officer, they can and will explain everything you want to know. I'm not discouraging hiring an attorney but do make sure they are a real estate attorney.

 

[Markle]

However, most other countries have much better medical care, so there is something we can do about that.

Flat out lie. Care to try again?

 

[ThisIsMe]

Sober up and then we can discuss.

Sober as can be. I wish you could use your brain.

How is it selfish to expect responsibility. Food is not free, sneakers are not free, neither is education. You can go to a trade school or a community college relatively cheaply. You don’t cancel an obligation. You are illogical and an asshole.

Please wake up.

College tuition is a scam perpetuated on the young. Millions of young Americans are starting life deeply in debt. They are debt serfs.

Now try to analyze the situation fairly. The government prints the money at no cost to them. Then they lend it out at high rates of interest, to college students. Is that fair?

Government has even taken the extraordinary step of preventing student loan debt from being forgiven in bankruptcy proceedings.

The consequences of preventing young people from attaining the American Dream, are not good for society.

Incorrect. The government doesnt print money. The government borrows money from the federal reserve, and that money is borrowed with interest owed to the federal reserve. The government then loans that money to students, also at interest to the student.

The money, and the interest is owed back to the federal reserve. If the government does student loan debt forgiveness, the debt is still owed to the federal reserve, plus interest.

You are an idiot.

So, while the treasury actually prints the paper currency and mints the coins, the federal reserve controls the money supply. The u.s. government creates debt in the form of bonds, which the banks buy, and the federal reserve loans money on those bonds (IOU's), which has interest attached to it.

So, while my initial statement is actually incorrect, the government doesnt borrow from the fed, the premise that all created money has interest attached to it and is owed to the fed is still valid.

I could be wrong, but this is the way I understand the monetary system. Feel free to correct me if I'm not understanding correctly.

 

[Toddsterpatriot]

Sober as can be. I wish you could use your brain.

How is it selfish to expect responsibility. Food is not free, sneakers are not free, neither is education. You can go to a trade school or a community college relatively cheaply. You don’t cancel an obligation. You are illogical and an asshole.

Please wake up.

College tuition is a scam perpetuated on the young. Millions of young Americans are starting life deeply in debt. They are debt serfs.

Now try to analyze the situation fairly. The government prints the money at no cost to them. Then they lend it out at high rates of interest, to college students. Is that fair?

Government has even taken the extraordinary step of preventing student loan debt from being forgiven in bankruptcy proceedings.

The consequences of preventing young people from attaining the American Dream, are not good for society.

Incorrect. The government doesnt print money. The government borrows money from the federal reserve, and that money is borrowed with interest owed to the federal reserve. The government then loans that money to students, also at interest to the student.

The money, and the interest is owed back to the federal reserve. If the government does student loan debt forgiveness, the debt is still owed to the federal reserve, plus interest.

You are an idiot.

So, while the treasury actually prints the paper currency and mints the coins, the federal reserve controls the money supply. The u.s. government creates debt in the form of bonds, which the banks buy, and the federal reserve loans money on those bonds (IOU's), which has interest attached to it.

So, while my initial statement is actually incorrect, the government doesnt borrow from the fed, the premise that all created money has interest attached to it and is owed to the fed is still valid.

I could be wrong, but this is the way I understand the monetary system. Feel free to correct me if I'm not understanding correctly.

the federal reserve controls the money supply.

They influence, they don't control it.

debt in the form of bonds, which the banks buy, and the federal reserve loans money on those bonds (IOU's),

The Fed buys bonds from the banks (primary dealers).
They typically lend very little.

the government doesnt borrow from the fed, the premise that all created money has interest attached to it and is owed to the fed is still valid.

Still baloney. I hold FRNs, never saw any interest attached.
Most of the money supply is created by bank lending, none of which is owed to the Fed either.

 

[AzogtheDefiler]

Life expectancy is low because we are the fattest country and we have more auto accidents. It is not because of the doctors LOL.

Wrong.

Name for me the top three causes of death in America? Let’s see if you are informed.

• Heart disease. - We are Fat
• Cancer. - We eat poorly
• Unintentional injuries. - Auto Accidents

Wrong. As I thought. Please get informed, dummy. STOP POSTING OR BE BANNED.

Medical Errors Are Third Leading Cause of Death in the U.S.
10 percent of U.S. deaths are due to preventable medical mistakes.

https://www.usnews.com/news/article...rs-are-third-leading-cause-of-death-in-the-us

I googled top three causes and posted it. Who is going to ban me? Sucker.

top 3 causes of death in the us - Google Search

Whether or not medical malpractice is # 4 or #3 cause of death is not very relevant.
Heart disease is not just being over weight, but also hereditary, which there is little we can do about it.

Cancer is not from eating poorly.
It is mainly from toxins in the air, water, and food, and there is little we can do about it.

And while you have car accidents as #3, they are necessary in order to get to work and the store, so there is little we can do about that either.

However, most other countries have much better medical care, so there is something we can do about that.

I disagree. Our cancer cure rates are the best in the world and people come here from other countries when they are in need of the best doctors. The system is broken but it’s still the best medicine around.

 

[ThisIsMe]

How is it selfish to expect responsibility. Food is not free, sneakers are not free, neither is education. You can go to a trade school or a community college relatively cheaply. You don’t cancel an obligation. You are illogical and an asshole.

Please wake up.

College tuition is a scam perpetuated on the young. Millions of young Americans are starting life deeply in debt. They are debt serfs.

Now try to analyze the situation fairly. The government prints the money at no cost to them. Then they lend it out at high rates of interest, to college students. Is that fair?

Government has even taken the extraordinary step of preventing student loan debt from being forgiven in bankruptcy proceedings.

The consequences of preventing young people from attaining the American Dream, are not good for society.

Incorrect. The government doesnt print money. The government borrows money from the federal reserve, and that money is borrowed with interest owed to the federal reserve. The government then loans that money to students, also at interest to the student.

The money, and the interest is owed back to the federal reserve. If the government does student loan debt forgiveness, the debt is still owed to the federal reserve, plus interest.

You are an idiot.

So, while the treasury actually prints the paper currency and mints the coins, the federal reserve controls the money supply. The u.s. government creates debt in the form of bonds, which the banks buy, and the federal reserve loans money on those bonds (IOU's), which has interest attached to it.

So, while my initial statement is actually incorrect, the government doesnt borrow from the fed, the premise that all created money has interest attached to it and is owed to the fed is still valid.

I could be wrong, but this is the way I understand the monetary system. Feel free to correct me if I'm not understanding correctly.

the federal reserve controls the money supply.

They influence, they don't control it.

debt in the form of bonds, which the banks buy, and the federal reserve loans money on those bonds (IOU's),

The Fed buys bonds from the banks (primary dealers).
They typically lend very little.

the government doesnt borrow from the fed, the premise that all created money has interest attached to it and is owed to the fed is still valid.

Still baloney. I hold FRNs, never saw any interest attached.
Most of the money supply is created by bank lending, none of which is owed to the Fed either.

Where does all this interest from our debt go then?

Here's how I understand it:

Government issues bonds (IOUs) and the banks buy them, the fed then buys that bond from the bank in the form of a check (another iou) and then currency springs into existence. The banks then use that money to buy more bonds.

It's basically the treasury and the fed swapping ious. The government then taxes us in order to pay a portion of the interest owed to the fed.

I'm just getting all of this from that video I linked above, which is pretty in depth, and if accurate, explains the whole system pretty well.

Point is, there is always interest on every dollar created, and there is always more debt in the system than currency.

And yes, those dollars in your wallet do have interest attached. It's called taxes, both taxes on your income, as well as taxes for every single thing you buy, or service you use, and interest on any loan you take or credit issued.