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Forgiving Student Loans

Tinker Dan

Tinker Dan

Heisman
Jan 31, 2006
3,622
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As mentioned before, the military is a great option. The electronics schools are top notch, well the Navy schools are :) and a great deal of them counted towards college.

Obviously a good number of the classified schools are not eligible for credit.

The G.I. Bill is awesome.
 
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krazykats

Heisman
Nov 6, 2006
23,768
14,723
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drxman1 said:
While we're forgiving student loans, why don't we forgive mortgage payments too then.
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You may not be aware of this, but this does exist. Obama created a program to relieve a homeowner for up to 18 months of payments or 30K. All you have to do is prove like 10% decrease in income, and that 10% doesn't matter if it's 100K to 90K or 20K to 18K, it's 10% at any pay rate!

So as you can see even if a person can afford the payment if they know about the program they get their mortgage paid.

:100points:
 
A

anon1763419335

All-American
Feb 10, 2006
23,231
5,077
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college is stupid, just dont go. waste of money. if you are white...you are entitled to a great paying job so just sit around and wait. and in the meantime you get to hate on millennials, minorities and the government.
 
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domino79

Senior
Feb 2, 2008
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The debt not paid in full via programs like IBR counted as taxable income tho. Plus on the hook for 25 years? No way, Jose.
 
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BankerCat12

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Sep 21, 2012
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Jason...I hope you are kidding and the extra payments are going towards principal. I used to work at a finance company and unless the borrower asked for it to go towards principal, we always just paid it ahead.
 
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Big_Blue79

All-Conference
Apr 2, 2004
52,487
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BankerCat12 said:
Jason...I hope you are kidding and the extra payments are going towards principal. I used to work at a finance company and unless the borrower asked for it to go towards principal, we always just paid it ahead.
Click to expand...

It's absurd that companies can do this. Going towards principal should be the default and should not require any input (which is hard enough when getting a person on the phone is such a chore).
 
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d2atTech

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Apr 15, 2009
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i think this comes to a more underlying issue: why are people going to college in first place? if you don't need it for your career of choice, why the **** would you pay that kind of money? if you want life experiences, get a job and party as much as you want with money you earn. as an additional point, why the hell would you choose to go to a school you can't afford? granted, i was very lucky, but i went to the best school i could afford and graduated with no debt. #endrant
 
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d2atTech

All-Conference
Apr 15, 2009
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Willy4UK said:
That's a long term investment
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the worst part is that they increase in costs after you marry them. i'm including the wedding in this estimate, but my wife now costs about 40k/year...hopefully next year will be a leaner spending year in our marriage... someone ought to do a cost benefit analysis on getting laid thrice a week with a tute versus either college or a girlfriend.
 
ukalum01

ukalum01

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Apr 29, 2002
18,080
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Going away to college straight out of high school just wasn’t financially possible for me (and the only 4-year schools nearby were private and REALLY not financially possible). Community college was my only option and to be honest at times I didn’t think that was feasible. Did that for 2 years while working/saving to be able to go off to UK. Not everything transferred perfectly but it was my foot in the door to a 4-year school. Worked in retail/banking 35-40 hours/week during school and more in the summer and was able to graduate with much less student loan debt than some of those around me. With that said, poverty sucks. It really, really sucks. It forces you to make decisions on things the vast majority take for granted. If you don’t have the tools necessary to make solid financial decisions (going from having nothing to suddenly having loan money readily available without those tools), I do have empathy for those who see a bad choice (loans) as their only really option for escape.

My wife had a full ride to a small private school and went to professional school at UK. We got married with her having 2 years left at UK. I was working so we only took out the minimum in loans to cover her tuition over the last 2 years but her 4 years of grad school loans and my undergrad loans were nothing to sneeze at. After her graduation we buckled down, cut our lifestyle and paid off the loans more quickly than we had even planned. It stunk but was worth it. As an aside, we both chose fields of study that were actually, ya know, marketable and allowed us to have enough income to pay the loans back.

All of that said is with this in mind…. Without student loans I had no shot of having the type of career I saw for myself. It just wasn’t possible. They absolutely are potentially financially disastrous but, managed correctly, they also give some people a chance.
 
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bradyjames_rivals

Heisman
Feb 4, 2004
17,306
30,146
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ukalum01 said:
Going away to college straight out of high school just wasn’t financially possible for me (and the only 4-year schools nearby were private and REALLY not financially possible). Community college was my only option and to be honest at times I didn’t think that was feasible. Did that for 2 years while working/saving to be able to go off to UK. Not everything transferred perfectly but it was my foot in the door to a 4-year school. Worked in retail/banking 35-40 hours/week during school and more in the summer and was able to graduate with much less student loan debt than some of those around me. With that said, poverty sucks. It really, really sucks. It forces you to make decisions on things the vast majority take for granted. If you don’t have the tools necessary to make solid financial decisions (going from having nothing to suddenly having loan money readily available without those tools), I do have empathy for those who see a bad choice (loans) as their only really option for escape.

My wife had a full ride to a small private school and went to professional school at UK. We got married with her having 2 years left at UK. I was working so we only took out the minimum in loans to cover her tuition over the last 2 years but her 4 years of grad school loans and my undergrad loans were nothing to sneeze at. After her graduation we buckled down, cut our lifestyle and paid off the loans more quickly than we had even planned. It stunk but was worth it. As an aside, we both chose fields of study that were actually, ya know, marketable and allowed us to have enough income to pay the loans back.

All of that said is with this in mind…. Without student loans I had no shot of having the type of career I saw for myself. It just wasn’t possible. They absolutely are potentially financially disastrous but, managed correctly, they also give some people a chance.
Click to expand...


I respect the hell out of people like you.
 
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d2atTech

All-Conference
Apr 15, 2009
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ukalum01 said:
Going away to college straight out of high school just wasn’t financially possible for me (and the only 4-year schools nearby were private and REALLY not financially possible). Community college was my only option and to be honest at times I didn’t think that was feasible. Did that for 2 years while working/saving to be able to go off to UK. Not everything transferred perfectly but it was my foot in the door to a 4-year school. Worked in retail/banking 35-40 hours/week during school and more in the summer and was able to graduate with much less student loan debt than some of those around me. With that said, poverty sucks. It really, really sucks. It forces you to make decisions on things the vast majority take for granted. If you don’t have the tools necessary to make solid financial decisions (going from having nothing to suddenly having loan money readily available without those tools), I do have empathy for those who see a bad choice (loans) as their only really option for escape.

My wife had a full ride to a small private school and went to professional school at UK. We got married with her having 2 years left at UK. I was working so we only took out the minimum in loans to cover her tuition over the last 2 years but her 4 years of grad school loans and my undergrad loans were nothing to sneeze at. After her graduation we buckled down, cut our lifestyle and paid off the loans more quickly than we had even planned. It stunk but was worth it. As an aside, we both chose fields of study that were actually, ya know, marketable and allowed us to have enough income to pay the loans back.

All of that said is with this in mind…. Without student loans I had no shot of having the type of career I saw for myself. It just wasn’t possible. They absolutely are potentially financially disastrous but, managed correctly, they also give some people a chance.
Click to expand...

i'm completely with you man. I chose my school based on what i could reasonably afford/get loans for. this required lifestyle changes many of what precluded the perception of the "college experience". when people take personal responsibility, good decisions get made. the problem is that many folks expect someone else to take responsibility of their decisions. that's where there is a disconnect.

also congrats on the hard work despite the difficulties. mad respect for you.
 
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crazyqx83_rivals88013

All-Conference
May 2, 2004
167,872
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ukalum01 said:
Going away to college straight out of high school just wasn’t financially possible for me (and the only 4-year schools nearby were private and REALLY not financially possible). Community college was my only option and to be honest at times I didn’t think that was feasible. Did that for 2 years while working/saving to be able to go off to UK. Not everything transferred perfectly but it was my foot in the door to a 4-year school. Worked in retail/banking 35-40 hours/week during school and more in the summer and was able to graduate with much less student loan debt than some of those around me. With that said, poverty sucks. It really, really sucks. It forces you to make decisions on things the vast majority take for granted. If you don’t have the tools necessary to make solid financial decisions (going from having nothing to suddenly having loan money readily available without those tools), I do have empathy for those who see a bad choice (loans) as their only really option for escape.

My wife had a full ride to a small private school and went to professional school at UK. We got married with her having 2 years left at UK. I was working so we only took out the minimum in loans to cover her tuition over the last 2 years but her 4 years of grad school loans and my undergrad loans were nothing to sneeze at. After her graduation we buckled down, cut our lifestyle and paid off the loans more quickly than we had even planned. It stunk but was worth it. As an aside, we both chose fields of study that were actually, ya know, marketable and allowed us to have enough income to pay the loans back.

All of that said is with this in mind…. Without student loans I had no shot of having the type of career I saw for myself. It just wasn’t possible. They absolutely are potentially financially disastrous but, managed correctly, they also give some people a chance.
Click to expand...
Nobody cares
 
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LineSkiCat14

LineSkiCat14

Heisman
Aug 5, 2015
38,149
59,555
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BankerCat12 said:
I am lucky that my parents were able to pay for my college education. My wifes parents were able to pay for hers as well. Being in banking, I know even more now how lucky I am b/c I see a ton of student debt on these credit reports that would make anyone cringe. Some are on 30yr terms. That's insane.

With that being said, all the people on here bitching and complaining about student debt etc, if you have kids, what are you doing NOW to help your child when he/she becomes that age? Are you going to have them take out student debt or are you saving now to help them eliminate or at least cut some of their needs down? I am hoping you are saving now so your child does not have the same issues like the ones complaining in this thread.
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I'm atleast 5 years away from having kids, so unless I make some mistakes, I'm about 25 years away from that.

My parents paid for my college and I'm more thankful every passing day. Not having that debt for the next 30 years has put me in such a nice position, financially, that even friends making 2x as much may never catch up to me (or atleast not for a while). I definitely want to, and plan in doing the same for my kids. What type of **** bag would I be to spend all that on myself? It's honestly pretty hypocritical.

But as far as this topic, I'm more interested to see what schools are like in 25 years. Do we go through a reform? Do they become more expensive? Is higher education going to be completely different by then? Will college even be needed?

I'm curious on the last one, because being in the tech field, so many of our jobs can be and are, self-taught. Sure, management will require BAs and MAs. But the Tech side, not neccesarily. You just have to prove you can do it, the degree is secondary. With jobs becoming phased out due to automation, and more computer skills needed.. How will higher education play a role? There are dozens of sites and applications out there that can teach you Java or MS Exchange or Project Management for free or next-to-free. And those programs get better by the day. Why spend 200k for something not only free but potentially better? Technology has given the middle finger to plenty of markets, job fields, etc. Could higher education be next?
 
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roguemocha

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Jan 30, 2007
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It will be interesting to see what higher education will be like then. I know it's unlikely I'll allow my children to get their education paid for if they aren't in a tech, medical, etc type field. No reason to pay their way through college with them having zero chmace of getting a job out of school. I would also have zero problem recommending trade school to my kids if I think it's the best route.
 
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Levibooty

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Jun 29, 2005
26,550
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80 Proof said:
Too many fools who have no business going to college are going to college. We need more people with knowledge of skilled trades in our country, from carpenters to computer techs. I've never seen a job description looking for a philosophy major.
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This is true and is a direct result of our trade unions being neutered by politicians who are bought and paid for. I'm sure there will be knee jerk responses similar to my ranting to Wendell Ford about unions then I saw things first hand.
 
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ukalum_rivals311718

Junior
May 9, 2002
2,542
310
0
Big_Blue79 said:
It's absurd that companies can do this. Going towards principal should be the default and should not require any input (which is hard enough when getting a person on the phone is such a chore).
Click to expand...

It was the default with my mortgage company. My mortgage payment was due every month until it was paid off. Any additional money in the payments went toward principal. It allowed me to pay off a thirty year mortgage in about 16 years. It effectively reduces the interest rate.
 
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