Pretty Much Bullshit - Student Loan Forgiveness Nonsense ...

Edmundo Braverman wrote: In

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? on 3/13/12 at 5:29pm

Edmundo Braverman wrote:

In before the shitshow...

+1

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

A buddy of mine just took out

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? on 3/13/12 at 5:41pm

A buddy of mine just took out a student loan to buy a motorcycle.

I hate everyone.

In real life, I had friends

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? on 3/13/12 at 5:44pm

In real life, I had friends take their federally gauranteed 1% loan, stick it in mutual funds for 5% or whatever, and then pay it back at the end of college. They bought a car with it. I'm only pissed because I didn't think of it at the time.

I'm a lover not a fighter, but I'm also a fighter, so don't get any ideas...
-AndyLouis

Most of what that bill says

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? on 3/13/12 at 5:47pm

Most of what that bill says is already in effect. If you work in a non profit or teach, etc for 10 years you pay an adjusted rate and the rest is forgiven.

College education isn't a

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? on 3/13/12 at 7:45pm

College education isn't a right, regardless of what most people think. Sure it would be nice for everyone to magically go to any college they please, but that my friends is yet another liberal pipe dream paid for with other peoples money.

I know plenty of people from VERY modest means who went to an excellent state institution and managed their finances/debt wisely and others who spent 4.5 years as an Officer to make sure they were debt free. Student loan forgiveness encourages the wrong behavior. Just because you were born in the US of A doesn't give you the right to attend NYU Film School.

This may be worse than

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? on 3/13/12 at 6:08pm

This may be worse than welfare. So when we forgive these loans what happens for the companies that have these loans on their books? They suddenly just have to write it off? Here comes bubble burst #2....

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Wait let me get this

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? on 3/13/12 at 6:26pm

Wait let me get this straight...you guys are actually angry that student loans might become forgivable? Just like every other loan on the planet?

porsche959 wrote: Wait let me

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? on 3/13/12 at 7:45pm

porsche959 wrote:

Wait let me get this straight...you guys are actually angry that student loans might become forgivable? Just like every other loan on the planet?

Except for most other loans on the planet you have to prove your credit worthiness and/or put up collateral. It's virtually impossible to call in the analysts and profitably underwrite a student loan. So call in the taxpayers; is that the answer?

There's very little skin in the game for a debtor.

I'm opening a college and

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? on 3/13/12 at 6:38pm

I'm opening a college and charging 500k a semester in tuition for a portal to u of phenoix.

Student loans? What are

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? on 3/13/12 at 6:58pm

Student loans? What are those? Full merit ftw!

I'm pretty sure this is the federal programs...not private lenders. WD Ford, Stafford etc. I'm pretty sure Citibank isn't going to have write off after 10 years. I do like the effort to push for-profit low quality education out of the market. Its actually decent for the middle class too. A two income family of civil servants say is not going to qualify for the heavily means tested programs. So its good that we are expanding the current forgiveness programs to decrease incentives for social work and teaching. There's a lot of people that get into social work and teaching for loan forgiveness. Those are jobs where you really have to WANT to be there or everyone loses.

It also opens doors for people to pursue their talents. There's nothing wrong with NYU film school. The city of New York pays 30% of the total post production tab to shoot here. Those jobs are booming (trust me, I move my car enough to make room for them.) My best friend and college roommate has a BA and MA in Art History and makes more money than I do at an auction house. I think this has the potential to make labor markets much more efficient.

"The bill would increase

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? on 3/13/12 at 7:09pm

"The bill would increase millions of Americans? purchasing power by forgiving debt..."

damn give me a credit card with unlimited credit and no monthly statements.

I'd be so pissed off is any

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? on 3/13/12 at 7:13pm

I'd be so pissed off is any student loan debt is forgiven. If there are any signs of student loan forgiveness, I am going to sign up at the most expensive school and become a leech at NYU.

well, once i was considering

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? on 3/13/12 at 7:47pm

well, once i was considering joining military partly because of student loan forgiveness...

To be at the point where you

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? on 3/13/12 at 8:10pm

To be at the point where you need to use a program like this is a very low experience both mentally and financially. If anyone here actually thinks they would have pursued work or college differently if the feds were offering debt forgiveness is either a retard or just very, very unaware of what it feels like to drown in debt. It is the same as people saying they are going to stop working so they can collect welfare and sit at home all day. You might have gained the ability to eat doritos on the couch while watching Maury all morning (my apologies to those in a service area where it airs in the afternoon) but you aren't going to be going to Africa on vacation anytime soon, or live outside of a crime-ridden neighborhood, etc.

A college education is essentially an item that is entirely funded by the state. When this happens and there are no price caps, you end up with epic costs, much like healthcare, which is also almost entirely publically controlled. When this situation exists without a price cap, costs are destined to rise exponentially because these schools are receiving blank checks. The options are either to stop handing out so much (or all) free money or institute price controls, and if you think the real solution is price controls, you should find a very tall building and jump.

This should not surprise

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? on 3/13/12 at 9:18pm

This should not surprise anyone. This was a long time coming.

This bill is OK so far, but I think more needs to be done in order to address the cost of college tuition, which is the real problem.

Man made money, money never made the man

Jesus, forget the

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? on 3/14/12 at 4:40am

Jesus, forget the forgiveness. I'll take the 3.4% interest.

Not even sure the bill will penalize me for moving overseas. Maybe I can leave the country after taking out the loan, but before taxes are raised on everyone else to pay for it

Kudos to all the kids who

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? on 3/14/12 at 10:07am

Kudos to all the kids who took scholarships to go to lesser schools in order to be responsible and lessen their debt burdens.

Never follow your dreams. Follow your effort. It?s not about what you can dream of. That?s easy. It?s about whether or not it?s important enough to you to do the work to be ready to be successful in that business - Mark Cuban

Cash4Gold wrote: To be at the

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? on 3/14/12 at 10:41am

Cash4Gold wrote:

To be at the point where you need to use a program like this is a very low experience both mentally and financially. If anyone here actually thinks they would have pursued work or college differently if the feds were offering debt forgiveness is either a retard or just very, very unaware of what it feels like to drown in debt. It is the same as people saying they are going to stop working so they can collect welfare and sit at home all day. You might have gained the ability to eat doritos on the couch while watching Maury all morning (my apologies to those in a service area where it airs in the afternoon) but you aren't going to be going to Africa on vacation anytime soon, or live outside of a crime-ridden neighborhood, etc.

A college education is essentially an item that is entirely funded by the state. When this happens and there are no price caps, you end up with epic costs, much like healthcare, which is also almost entirely publically controlled. When this situation exists without a price cap, costs are destined to rise exponentially because these schools are receiving blank checks. The options are either to stop handing out so much (or all) free money or institute price controls, and if you think the real solution is price controls, you should find a very tall building and jump.

I disagree with the idea that you can't take advantage of this program. If you are ALREADY getting ready to attend college, and you are financially intelligent, and have any somewhat wealthy relatives, you are perfectly positioned to replace any costs that YOU personally would have paid in cash, with 3.4% debt.

Then, make sure the cash you are saving from this is invested (track the numbers with detail in excel). We're looking at a many year time horizon, so something equities related would be a smart investment.

Every month, compare your investment levels to your debt levels. Is your personal balance sheet positive equity or negative equity. Do you need to save more?

Then, if at any point you get into serious financial trouble with your debt, ask your relative if you can borrow money at a 3.4% interest rate.

You just have to be disciplined and you'll pull it off fine

apm412 wrote: Cash4Gold

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? on 3/14/12 at 10:41am

apm412 wrote:

Cash4Gold wrote:

To be at the point where you need to use a program like this is a very low experience both mentally and financially. If anyone here actually thinks they would have pursued work or college differently if the feds were offering debt forgiveness is either a retard or just very, very unaware of what it feels like to drown in debt. It is the same as people saying they are going to stop working so they can collect welfare and sit at home all day. You might have gained the ability to eat doritos on the couch while watching Maury all morning (my apologies to those in a service area where it airs in the afternoon) but you aren't going to be going to Africa on vacation anytime soon, or live outside of a crime-ridden neighborhood, etc.

A college education is essentially an item that is entirely funded by the state. When this happens and there are no price caps, you end up with epic costs, much like healthcare, which is also almost entirely publically controlled. When this situation exists without a price cap, costs are destined to rise exponentially because these schools are receiving blank checks. The options are either to stop handing out so much (or all) free money or institute price controls, and if you think the real solution is price controls, you should find a very tall building and jump.

I disagree with the idea that you can't take advantage of this program. If you are ALREADY getting ready to attend college, and you are financially intelligent, and have any somewhat wealthy relatives, you are perfectly positioned to replace any costs that YOU personally would have paid in cash, with 3.4% debt.

Then, make sure the cash you are saving from this is invested (track the numbers with detail in excel). We're looking at a many year time horizon, so something equities related would be a smart investment.

Every month, compare your investment levels to your debt levels. Is your personal balance sheet positive equity or negative equity. Do you need to save more?

Then, if at any point you get into serious financial trouble with your debt, ask your relative if you can borrow money at a 3.4% interest rate.

You just have to be disciplined and you'll pull it off fine

Oh and only pay down your debt levels at 10% of your income each year

You're all jelly that I have

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? on 3/14/12 at 11:16am

You're all jelly that I have $14k in student loans that disappear when I graduate in May.

bonks wrote: You're all jelly

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? on 3/14/12 at 11:56am

bonks wrote:

You're all jelly that I have $14k in student loans that disappear when I graduate in May.

I graduated with no debt and have a job. I don't think anyone is 'jelly' of you.

Never follow your dreams. Follow your effort. It?s not about what you can dream of. That?s easy. It?s about whether or not it?s important enough to you to do the work to be ready to be successful in that business - Mark Cuban

The 10/10 idea will never

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? on 3/14/12 at 1:30pm

The 10/10 idea will never work. How insane are these fucking people? You pay the 10% of your income for ten years, and you are forgiven? Here's a theoretical: Let's say that the average college grad will pull in an average of $60,000/yr over 10 years (I'm sure that's pretty generous too). Also, neglecting the COST of that money, that person will repay $60,000 and have their slate wiped clean. What is that? Like a year and half all-in at a private school...just put the balance on my tax bill...why the fuck not? The baby boomers dumped everything on our generation, we might as well pay for the less competent of our generation too.

That being said our government is doing exactly what it always does: offers a shitty solution to the problem that it created. Write-downs are inevitable.

I got in a huge fight with my

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? on 3/14/12 at 1:26pm

I got in a huge fight with my buddies GF who is a nurse on this exact topic.

Lets just say I am the asshole for thinking that someone who takes out student loans should pay there own loans back, that nurses should not be paid $400K a year, and that on a whole nurses are not as educated as doctors.

Yes... she believes nurses should have all loans forgiven because she 'betters society', that nurses in California should be paid $400K a year because cost of living is so high and its not fair, and that nurses are just as educated as doctors.

And this is a woman who's parents are both doctors, she doesnt have ANY student loans from undergrad (she is thinking about going to grad school with student loans), she works full time while still living off of her parents, oh and let me throw this in SHE WILL NOT MARRY HER BF UNLESS HE GETS HER A 20K RING, but thats off topic.

Basically, everyone wants shit for free and thinks that they should be fucking paid the same as everyone else because they do X Y FUCKING Z. FUCK OUR GENERATION.

Source: http://www.wallstreetoasis.com/forums/pretty-much-bullshit-student-loan-forgiveness-nonsense

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