Cancel Student Debt

[MoonPie]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

 

[Markle]

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

Who pays the interest? 4.45% interest on $90.000. is $337.50 which is a lot of money and a lot of money they borrowed in a very short period of time. The average amount borrowed is $32,700 or about 1/3 of your example.

If someone is unwilling to pay 4.45% interest, they're not going to pay the principal either.

 

[Thinker101]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

Great, so you just want the government to give you $60K and you'll promise to pay it back?

 

[MoonPie]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

Great, so you just want the government to give you $60K and you'll promise to pay it back?

Yep, that's what you do when you borrow money whether it's from the government, a bank, or a credit card. They "give" you the money and you promise to pay it back.

The only difference I proposed is a zero interest rate.

It won't be a cure-all but neither would wiping out $1.5 trillion in debt. It sounds nice for current students or those with outstanding debt but what about those of us who spent over a decade paying it back? What about current junior and high school students who haven't borrowed money for college yet? Will they get stuck paying loans? Is that fair?

 

[22lcidw]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

 

[MoonPie]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

When you get into credit card debt, the lender is willing to waive the interest and allow you to pay off the principal, either in payments (interest free) or as a lump sum. I think they know what they're doing.

My suggestion was because of all those students who haven't paid a dime toward their loans with the amount they owe ballooning to $200k or more simply because of interest. What about a 5 year interest free grace period then? Or 10 years?

I think lenders should take a closer look at majors. As in is this degree in dance theory a good investment?

 

[Toddsterpatriot]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy.

That's an interesting claim. Whenever I received principal back on money I lent, I have more money, nothing is removed from the economy.

 

[Markle]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

When you get into credit card debt, the lender is willing to waive the interest and allow you to pay off the principal, either in payments (interest free) or as a lump sum. I think they know what they're doing.

My suggestion was because of all those students who haven't paid a dime toward their loans with the amount they owe ballooning to $200k or more simply because of interest. What about a 5 year interest free grace period then? Or 10 years?

I think lenders should take a closer look at majors. As in is this degree in dance theory a good investment?

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

When you get into credit card debt, the lender is willing to waive the interest and allow you to pay off the principal, either in payments (interest free) or as a lump sum. I think they know what they're doing.

My suggestion was because of all those students who haven't paid a dime toward their loans with the amount they owe ballooning to $200k or more simply because of interest. What about a 5 year interest free grace period then? Or 10 years?

I think lenders should take a closer look at majors. As in is this degree in dance theory a good investment?

Show us all where folks have a $200,000 student loan.

As you know, President Barack Hussein Obama put all student loans under government control (Sallie Mae). We all know how well that works.

What ever happened to personal responsibility?

 

[Markle]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

To say that the money is removed from the economy when a loan is repaid is so foolish that it renders your entire post worthless.

 

[22lcidw]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy.

That's an interesting claim. Whenever I received principal back on money I lent, I have more money, nothing is removed from the economy.

This is part of the Federal Reserve Charter. If you work at a lending institution you may be closer to it then I. The dollar as a federal reserve note is negative money. A dollar paid off by interest is removed from the system.

 

[Andylusion]

But, I will wait for you to give the first $50,000.00 to that child to empower him.

It really is retarded when conservatives say things like this. You should know damn well if we dropped 1.5T on abolishing student loan debt it wouldn't impact your life.

yeah, it most certainly wood. Who do you think is going to pay that $1.5Trillion? The tooth fairy? No, the tax payers. Me. Good people that work, and earn what they have, will have to food the bill for other people who don't want to work for what they get.

I paid back my student loans, and I didn't complain about it. Grow up and pay your bills like an adult.

 

[Markle]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy.

That's an interesting claim. Whenever I received principal back on money I lent, I have more money, nothing is removed from the economy.

This is part of the Federal Reserve Charter. If you work at a lending institution you may be closer to it then I. The dollar as a federal reserve note is negative money. A dollar paid off by interest is removed from the system.

That's just wrong in so many ways.

 

[JoeB131]

If they are struggling to find a job that pays enough to warrant their debt then they made a bad decision. They should have either majored in something different or spent the 4 years learning a trade instead. They aren't bent over any barrel, but they have been brainwashed to think they are. Why go to a small private school that costs 60k per year and major in business? It is simply NOT a smart decision. Universities will never lower their prices until students wise up and stop paying the exhorbitant prices.

Yeah, I'm kind of convinced you are retarded now. It isn't the kid who goes to Harvard that has a problem.. it's the kid who goes to UIC and pays $17,000 a year. And, no, even entry level jobs require bachelor degrees now, and no one is terribly impressed that you got a degree from a diploma mill like University of Phoenix.

My suggestion is to go to a reasonably priced school, get their foot in the door at a smaller company or even a small business to gain experience, work hard and move up the ladder. That is what I did.

That's nice. When did you do this? My guess, you did this before even the small colleges got prohibitively expensive.

When I went to UIC back in the 1980's, tuition was about $1500 a year. You could pay that working a minimum wage job for 10 hours a week.

So that plan would have worked back then.

Today, UIC costs $17,000 a year. You could work a min-wage job full time and not meet that.

 

[Thinker101]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

Great, so you just want the government to give you $60K and you'll promise to pay it back?

Yep, that's what you do when you borrow money whether it's from the government, a bank, or a credit card. They "give" you the money and you promise to pay it back.

The only difference I proposed is a zero interest rate.

It won't be a cure-all but neither would wiping out $1.5 trillion in debt. It sounds nice for current students or those with outstanding debt but what about those of us who spent over a decade paying it back? What about current junior and high school students who haven't borrowed money for college yet? Will they get stuck paying loans? Is that fair?

Great, so if the analogy is "just like banks and credit cards" they should also take credit worthiness into the equation, right?

 

[Toddsterpatriot]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy.

That's an interesting claim. Whenever I received principal back on money I lent, I have more money, nothing is removed from the economy.

This is part of the Federal Reserve Charter. If you work at a lending institution you may be closer to it then I. The dollar as a federal reserve note is negative money. A dollar paid off by interest is removed from the system.

This is part of the Federal Reserve Charter.

I doubt it.

a federal reserve note is negative money

That's not a thing.

A dollar paid off by interest is removed from the system.

You're mistaken. Every dollar I receive from a CD or bond is still "in the system".

 

[MoonPie]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

When you get into credit card debt, the lender is willing to waive the interest and allow you to pay off the principal, either in payments (interest free) or as a lump sum. I think they know what they're doing.

My suggestion was because of all those students who haven't paid a dime toward their loans with the amount they owe ballooning to $200k or more simply because of interest. What about a 5 year interest free grace period then? Or 10 years?

I think lenders should take a closer look at majors. As in is this degree in dance theory a good investment?

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

When you get into credit card debt, the lender is willing to waive the interest and allow you to pay off the principal, either in payments (interest free) or as a lump sum. I think they know what they're doing.

My suggestion was because of all those students who haven't paid a dime toward their loans with the amount they owe ballooning to $200k or more simply because of interest. What about a 5 year interest free grace period then? Or 10 years?

I think lenders should take a closer look at majors. As in is this degree in dance theory a good investment?

Show us all where folks have a $200,000 student loan.

As you know, President Barack Hussein Obama put all student loans under government control (Sallie Mae). We all know how well that works.

What ever happened to personal responsibility?

I know a guy who works as a clerk at 7-11 who owes $100k for a computer science degree. He went to a local 2 year trade school.

Your student debt balance can balloon quickly: Here's how to prevent that from happening

I thought federal loans were under Navient now?

Yeah, I ask that myself. Why would I pay $30k to qualify for a job paying $40 or even $50k/yr? Or for a job that has few openings or requires a masters? I mostly blame the colleges though, not the students or the student loans program. All those professors teaching culture and gender studies or dance theory and the admin, support staff for those majors have to be paid too. Those salaries are paid by all the students.

 

[MoonPie]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

Great, so you just want the government to give you $60K and you'll promise to pay it back?

Yep, that's what you do when you borrow money whether it's from the government, a bank, or a credit card. They "give" you the money and you promise to pay it back.

The only difference I proposed is a zero interest rate.

It won't be a cure-all but neither would wiping out $1.5 trillion in debt. It sounds nice for current students or those with outstanding debt but what about those of us who spent over a decade paying it back? What about current junior and high school students who haven't borrowed money for college yet? Will they get stuck paying loans? Is that fair?

Great, so if the analogy is "just like banks and credit cards" they should also take credit worthiness into the equation, right?

When students get loans from private lenders, I do believe there is a credit check involved. Not so with federally guaranteed loans, or at least not when I borrowed money from them.
18 yr olds generally don't have any credit history.

 

[22lcidw]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy.

That's an interesting claim. Whenever I received principal back on money I lent, I have more money, nothing is removed from the economy.

This is part of the Federal Reserve Charter. If you work at a lending institution you may be closer to it then I. The dollar as a federal reserve note is negative money. A dollar paid off by interest is removed from the system.

This is part of the Federal Reserve Charter.

I doubt it.

a federal reserve note is negative money

That's not a thing.

A dollar paid off by interest is removed from the system.

You're mistaken. Every dollar I receive from a CD or bond is still "in the system".

There are many dollars from many people in the system. The dollar you pay off is eliminated from the system. The system depends on massive loans. People taking loans out and paying ridiculous interest on them. You are one person of many. If enough people stopped taking loans out, or stopped paying or refused to pay their debts, the system will collapse because the money will be removed from the system. The Federal Reserve is supposed to print about just enough fiat money to cover everything we do totally as a nation. The difference from what we do to what is printed would affect inflation. At one time until Clinton we had a calculation called M3. That was removed. I believe and there seems to be evidence that we print up massive amounts of dollars now to keep the system afloat and pay off everyone. The quantitive easings and the so called infrastructure bill a decade ago or so were head scratchers. for massive inflation would be the prescription. We can direct the inflation into different things. Housing, Stock Market, Bonds and we can ship it overseas in ways in which I do not understand. Anyway all of this money is sloshing around the world in different currencies in which most are owned by private people like the Federal reserve is owned. People get affected when wealth is wiped off the board like the Housing crash and it helps to keep the currency debt sustainable and afloat. People die in wars or in the wrong place at the wrong time overseas. Production is seen as rising because salaries and benefits are under the real inflation. And over seas we live off of slave laborers but the nations are slowly getting stronger and this can not last forever. This fiat Currency System can cascade downward very quickly. It is capable of quick rises which we had. and the best days are behind us at this point also. Gold and silver backing is slower in both directions but the real prices and inflation rarely change. One idea with this currency is to take it from the private owners who also get a cut and let the government or people own it. It would still be printed by the treasury department except instead of the Federal Reserve ordering currency notes, the government would. Lots of debt could be eliminated although I am not sure who would lose.

 

[Toddsterpatriot]

One of the biggest problems with student loans is the interest you have to pay. Loans are usually in deferment until 6 months after you graduate (or stop attending). Most students don't make interest payments during that time.

Current interest rates (google search) for an undergrad is 4.45%. It sounds low but if you borrowed $20k/year, by the time you graduate you now owe roughly $90k.

A better solution, one that wouldn't cause resentment from those of us who did the right thing and paid off their student loans after 20 years! is to eliminate interest in student debt. Even if we only eliminate interest while the student is in school and maybe a year after, then start charging interest, that would be a huge help.

Wiping out student debt sounds like a pipe dream, one of those campaign promises that no one believes (or no one should believe anyway)

Eliminating interest in student loan debt is more likely to gain the support of taxpayers who are already complaining about how unfair it is ("free college!") and how much it would cost the taxpayer.

The Federal Reserve policy and charter on loans may interfere with that. In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy. The federal reserve has to print up more to keep expanding or it runs the risk of collapse. You are proposing to eliminate all the interest. Which means that all the principal is eliminated also. That removes a lot of the so called money in our economy. The dollar tells you on it that it is debt money. It is negative money not positive money. We were warned about usary and the costs it also expands through inflation. So if you pay 10 dollars of interest to pay down 1 dollar of principal, the 1 dollar of principal is permanently removed from the economy of our nation. And someone makes 10 dollars of interest while sitting on their azzes. Ahhh...the middleman. Anyway, college education should be much cheaper to go to and much less political.

In a general sense....when you pay down debt interest a percentage of principal is eliminated and is removed from the economy.

That's an interesting claim. Whenever I received principal back on money I lent, I have more money, nothing is removed from the economy.

This is part of the Federal Reserve Charter. If you work at a lending institution you may be closer to it then I. The dollar as a federal reserve note is negative money. A dollar paid off by interest is removed from the system.

This is part of the Federal Reserve Charter.

I doubt it.

a federal reserve note is negative money

That's not a thing.

A dollar paid off by interest is removed from the system.

You're mistaken. Every dollar I receive from a CD or bond is still "in the system".

There are many dollars from many people in the system. The dollar you pay off is eliminated from the system. The system depends on massive loans. People taking loans out and paying ridiculous interest on them. You are one person of many. If enough people stopped taking loans out, or stopped paying or refused to pay their debts, the system will collapse because the money will be removed from the system. The Federal Reserve is supposed to print about just enough fiat money to cover everything we do totally as a nation. The difference from what we do to what is printed would affect inflation. At one time until Clinton we had a calculation called M3. That was removed. I believe and there seems to be evidence that we print up massive amounts of dollars now to keep the system afloat and pay off everyone. The quantitive easings and the so called infrastructure bill a decade ago or so were head scratchers. for massive inflation would be the prescription. We can direct the inflation into different things. Housing, Stock Market, Bonds and we can ship it overseas in ways in which I do not understand. Anyway all of this money is sloshing around the world in different currencies in which most are owned by private people like the Federal reserve is owned. People get affected when wealth is wiped off the board like the Housing crash and it helps to keep the currency debt sustainable and afloat. People die in wars or in the wrong place at the wrong time overseas. Production is seen as rising because salaries and benefits are under the real inflation. And over seas we live off of slave laborers but the nations are slowly getting stronger and this can not last forever. This fiat Currency System can cascade downward very quickly. It is capable of quick rises which we had. and the best days are behind us at this point also. Gold and silver backing is slower in both directions but the real prices and inflation rarely change. One idea with this currency is to take it from the private owners who also get a cut and let the government or people own it. It would still be printed by the treasury department except instead of the Federal Reserve ordering currency notes, the government would. Lots of debt could be eliminated although I am not sure who would lose.

The dollar you pay off is eliminated from the system.

You can keep saying it, it's still wrong.

The system depends on massive loans.

The system depends on massive savings.

If enough people stopped taking loans out, or stopped paying or refused to pay their debts, the system will collapse because the money will be removed from the system.

If they pay debt, money is removed, if they don't pay debt, money is removed......sounds like global warming.

At one time until Clinton we had a calculation called M3. That was removed.

You can still calculate M3. It wasn't a very useful tool. Nothing is hidden because they no longer publish it.

The quantitive easings and the so called infrastructure bill a decade ago or so were head scratchers.

Why do you feel that?

for massive inflation would be the prescription.

And yet, no massive inflation occurred.

One idea with this currency is to take it from the private owners who also get a cut and let the government or people own it.

Private owners? What are you talking about?

It would still be printed by the treasury department except instead of the Federal Reserve ordering currency notes, the government would. Lots of debt could be eliminated although I am not sure who would lose.

Why would Treasury Department notes eliminate "lots of debt"?

 

[easyt65]

Warren, the fake woowoo, thief who stole a Native American's scholarship, Satan worshipper, who inspired a mass shooting, wantS Americans to pay for the cost of the scholarship she stole from a Native Americans?!

PASS!