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private student loans

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That's a huge part of the problem. Students generally only get private loans when they make too much money to qualify for federal loans or they want to borrow more than the maximum of their federal loans. Private loans have interest rates on par with credit cards. I also don't think private loans are eligible for forgiveness under the program SCOTUS struck down.

Every single person I know who took out private loans used those loans for spending money during college. One friend took out $80K in private loans over 4 years at the University of Houston. She took some really nice vacations.

I took an emergency student loan for "utilities & rent" for a spring break trip I didn't tell my parents about at A&M.

My goodness, the salt is...salty.

I forgot about Reddit. Gotta be some gold over there!!!!

This will absolutely help out inflation.

Are loans still accruing interest doing the COVID payment freeze? It seems like that could be a big reason people owe more.

Agreed, and its also ridiculous that the only places to stay really now are these high rise/luxury apartments for $1500+ a month.

My first semester at A&M, I lived in a crappy apartment across from Olsen field next to Calloway House for $600/mo and split it with a roommate. There dont seem to be a lot of those offerings now, and most kids are living in the expensive ones with those ridiculous APRs.

GeorgiAg said:

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I took an emergency student loan for "utilities & rent" for a spring break trip I didn't tell my parents about at A&M.

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And I bet you paid it back like a responsible adult should, amirite?

Of course.

Tex117 said:

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This will absolutely help out inflation.

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It definitely will help inflation. That paid back money has to be loaned back out at much higher rates now and that is putting a halt to money changing hands

But Biden is not going to relent. He will continue to delay it and break the law - debt ceiling bill - and the SCOTUS decision.

AustinAg2K said:

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Are loans still accruing interest doing the COVID payment freeze? It seems like that could be a big reason people owe more.

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No.

Logos Stick said:

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Tex117 said:

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This will absolutely help out inflation.

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It definitely will help inflation. That paid back money has to be loaned back out at much higher rates now and that is putting a halt to money changing hands

But Biden is not going to relent. He will continue to delay it and break the law - debt ceiling bill - and the SCOTUS decision.

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The Supreme Court should have called the decision the Inflation Reduction decision and everyone would be thrilled.

There's an entire industry around 18-22 year old kids borrowing a huge amount of money.

Everything you see in college station was built on the backs of somebody's student loans that they are still paying for.

Things getting a little violent over there.

Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck at math.

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FIFY. There would be a more sympathy if the people who are struggling financially weren't trying to make me pay for their decisions.

Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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The universities should pay it off then, not the taxpayers.

Also, they can pay something. Perhaps they never pay it off, but they can make a lifetime monthly payment of some amount.

Pluralizes Everythings said:

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Zarathustra said:

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Student loan forgiveness needs to be framed
focusing on the Universities, instead of the students.

Everyone needs to be asking - why in the age of digital information does the price for an education at a University keep getting more expensive? We need to direct the anger of the students at the universities where it belongs.

Edit: And why are universities charging so much for a product that has very little return value?

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To pay for inflated salaries. If you have a PhD in any regular liberal arts related degree, agriculture, or any discipline that doesn't have a legitimate ROI for the people being taught, you shouldn't be making more than a radiological tech so around 60-100k. You're just not that useful, and I know about the ****ty flluff grants you look for to justify your existence.

Higher education is generally a scam, and the professors know it.

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You do realize that the median salary for a full professor is probably around $88,000, which is well in your range, right? And most professors start at well less than that. Also, the availability of good, tenure-track jobs has decreased, keeping a lot of the salaries a bit stagnant.

I'd wager that the money coming in from the student loan boom is going to improvement in amenities to attract students and to the addition of large numbers of administrators who aren't professors.

https://yaledailynews.com/blog/2021/11/10/reluctance-on-the-part-of-its-leadership-to-lead-yales-administration-increases-by-nearly-50-percent/

Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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People suck at their degree choices too. I never considered anything outside of STEM or business. And I went to law school not because I "love the law." People got problems, yo. I fix 'em, which is what all business that makes money do. Fix people's problems.

Hungry ? ------------> Food.
Roof leaks ---------> Roofing Company
Power doesn't work? ---------------> Electrician
Sick? ----------------------> doctor

[absolutely nothing] ----------------> Gender Studies
[absolutely nothing] -----------------> Sociology
etc....

Now they work at Starbucks or wait tables and can't pay their student loans.

GeorgiAg said:

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Things getting a little violent over there.

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Paris would like to have a talk with this idiot.

GeorgiAg said:

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Starts off talking about others having a lack of integrity for a post talking about not repaying a debt he voluntarily signed up for lol.

Biden promised, SCOTUS ruled and in his warped mind it's SCOTUS with a lack of integrity for not rubber stamping Biden's illegal promise. What world do these idiots live in?

JABQ04 said:

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MarathonAg12 said:

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Don't want any student debt? Do what I did.

I applied for a 4 year Army Scholarship and had a job right after college.

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Is student loan repayment still an incentive? I know it was 5-10 years ago. Had several friends enlist that had BA/BS degrees just for the student loan repayment.

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Yes, still a thing. Right now it's $30k SLRP for a 6 year term

GeorgiAg said:

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Borrowed $17,500, paid $100k and still owe $100k. What's the interest rate, 9,000%?

I borrowed $17.5k, a bad life event happened, now I have paid over $100k & owe over $100k. 3 decades I have paid almost $600 / mon. There’s millions like me & no fair mind person would say we haven’t paid our debt . Enough is enough. #CancelStudentDebt via the HEA

— 4slj (@4slj_) June 15, 2023

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Maybe the bad thing was wanting an F-250 Limited and a ski boat to pull behind it?

Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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I'm sorry, but looking at tweet after tweet about people who borrowed and have been paying for 10+ years and now claim to owe more than when they started makes it hard to have much pity. Heck, most of these loans had low interest rates to begin with.

Anyone who can earn a college degree should be smart enough to figure out that at a minimum you have to make large enough payments to cover the interest. Just because the lender gives you a low minimum payment doesn't mean you should accept that amount as your monthly payment. Anyone with a credit card has learned this lesson. Get online, figure out the largest payment your income will allow, and print up an amortization schedule that will pay off the debt in a reasonable timeframe, and get to work paying it off.

My guess is that most people that borrowed money who paid the minimum were living beyond their means and hoping the goverernment would drag it out and finally forgive some or all of the debt, and now they're losing their minds because it isn't happening.

Too bad. Get on with life, figure it out, and pay it off like every other responsible adult would do.

Logos Stick said:

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Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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The universities should pay it off then, not the taxpayers.

Also, they can pay something. Perhaps they never pay it off, but they can make a lifetime monthly payment of some amount.

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I don't understand how all these universities can have billions and billions of dollars in endowments.

When you look at the size of the endowments at some schools it's insane.

Makes so sense that these schools are allowed to sit on that amount of cash.

Biden says he's working on a new path to student loan forgiveness after Supreme Court decision

Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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You seem emotional. Why? Is it because you're having a hard time following along?

These people, who voluntarily signed their loan paperwork, expected OTHERS to pay for their lives. Now they're threatening violence because they didn't get their selfish way.

This isn't the thread to bleed on, super sport.

Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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Almost all of these could have paid these off years ago. If not, wihtin the next couple of years.

Poor choices have led to them not.

Biden wil promise to forgive student loans for a second time in 2024 and the same people will fall for it.

13% of the US population has federal student loans.

Ag87H2O said:

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Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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I'm sorry, but looking at tweet after tweet about people who borrowed and have been paying for 10+ years and now claim to owe more than when they started makes it hard to have much pity. Heck, most of these loans had low interest rates to begin with.

Anyone who can earn a college degree should be smart enough to figure out that at a minimum you have to make large enough payments to cover the interest. Just because the lender gives you a low minimum payment doesn't mean you should accept that amount as your monthly payment. Anyone with a credit card has learned this lesson. Get online, figure out the largest payment your income will allow, and print up an amortization schedule that will pay off the debt in a reasonable timeframe, and get to work paying it off.

My guess is that most people that borrowed money who paid the minimum were hoping the goverernment would drag it out and finally forgive some or all of the debt, and now they're losing their minds because it isn't happening.

Too bad. Get on with life, figure it out, and pay it off like every other responsible adult would do.

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This. I can all but guarantee you that 99% of these stories chose to go out on weekends, take vacations, work less hours, etc.

If there is truly someone out there devoting every resource they have to knocking these down, live below their means, working 60 hours a week who simply can't keep up, I feel bad for them.

But alas, the real issue is that American's in general cannot live below their means. We don't know what it is to truly struggle

18 yo high school grad -> not mature enough to understand details of a student loan and payment details.

But somehow chopping off body parts at age 9 is ok

Woah is me!!!!

I left college in 2004 with $26k in debt, $10k of which was on a credit card at 25% interest rate. I also bought a new truck that cost $32k with $500/mo payments. Yeah, I came from a family that was horrible at managing money and didn't know how, and made bad mistakes.

I wasn't making progress (and didn't even realize it) until I felt the wrath of God in guilt when Katrina hit because I had no backup plan. My eyes were opened.

In 2005 I sold my new truck, bought a used car for $5k, got a crappy 2bed/2bath apartment with my cousin, consolidated my high-interest rate debt at 10% interest, and paid it all off in 9 years. And I kept living cheap and poor until I paid it all off.

Not only that, I started a 401k and had $200k invested until covid hit, and I'm preparing to buy a house.

All their stories are garbage and lies. You make sacrifices to get out of debt. You feel the pain then do something about it.

Beast of Burden said:

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Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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Ags2013 said:

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Super cool to laugh at people who are struggling financially. I can afford to pay off my loans but a lot of people can't. People suck.

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You seem emotional. Why? Is it because you're having a hard time following along?

These people, who voluntarily signed their loan paperwork, expected OTHERS to pay for their lives. Now they're threatening violence because they didn't get their selfish way.

This isn't the thread to bleed on, super sport.

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Not emotional at all. My wife and I have a plan to pay our $85k in debt off by end of year. Would I rather have $40k forgiven? Sure, but I'll be just fine.

I just think it's better and easier in life to be kind and empathetic then bitter and judgemental.