Cancel Student Debt

[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?

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.

Anyone who voluntarily paid $100,000 for a two-year degree in computer science unquestionably not qualified for anything more than a clerks job at a 7-11.

Navient services the loans and collections.

 

[Markle]

There are many dollars from many people in the system. The dollar you pay off is eliminated from the system.

These two sentences render your entire post unworthy of being read or even skimmed. You make no sense whatsoever.