(07-17-2023 10:37 AM)Todor Wrote:  I suspect a lot of these loans would not be possible to collect on, since they are forgiven upon death anyway in many cases. Sometimes it depends on how much money they want to waste hounding people who have nothing to give.

If people are on an income based repayment plan, the rest is cancelled after a certain number of years—something like 25.

I am not sure if anything being talked about in this thread is connected with what I’m talking about, but there are many, many ways loans can be forgiven.

I’m definitely not an expert, merely one guy who is navigating the student loan repayment process who actually reads most of what they send me.

It's exactly what's being talked about. The income based repayment plans allow you to have the loans forgiven after 240-300 months (20-25 years of payments), but previously, months where payments were late, partial or deferred didn’t count toward that 240-300 months. The change is counting those months for people towards the time period of forgiveness. So this particular forgiveness plan isn't forgiving loans for anyone other than people who have had their loans for at least 20 years. I didn't know there were more than 800k borrowers in this situation, that's sad considering how much less expensive college was 20 years ago compared to now.

(07-17-2023 10:00 AM)b0ndsj0ns Wrote:  

(07-17-2023 09:22 AM)rath v2.0 Wrote:  

(07-17-2023 09:18 AM)b0ndsj0ns Wrote:  

(07-17-2023 08:57 AM)rath v2.0 Wrote:  There needs to be a Terry Tate Office Of Student Aid Linebacker for people who cry about the loans they willingly took on.

Actually there should probably be someone who explains federal student loans to the children can apply and sign up for them without parental signature. My wife started at UNCC at the age of 17, and she was filling out FAFSA on her own with no help or assistance from her parents at the age of 16, and there's nothing against the law regarding that. I can certainly speak to my wife's understanding about the loans we were taking out for her for the NP program, but as a 16 year old Nigerian immigrant I can guess she had no idea what she was signing up for and no other contract would be valid for a 16 year old to sign on their own.

https://finaid.org/questions/faq/#:~:tex...be%20void.

"You do not need to get your parents to cosign your federal student loans, even if you are under age 18, as the ‘defense of infancy’ does not apply to federal student loans. (The defense of infancy presumes that a minor is not able to enter into contracts, and considers any such contract to be void."

Quit whining.

Or should your wife start apologizing for the wage she earns due to those loans she took out of her own free will?

No? Didn't think so. Idiot socialists.

LOL. You are probably one of the same people who lament that millennials and Gen Z aren't having kids at nearly the same rate as previous generations. Of course they don't want to have kids until they have some sort of stability, maybe owning a house. I would never consider having kids if I were still renting an apartment, the idea of my living situation with kids being beholden to whatever my landlord decided they wanted to attempt to up my rent to every time a lease expired would terrify me to death. Having to up and move every year or every other year by myself sucked when I was renting, I would never have gone through that hell with children and potentially having to switch school districts and everything else that would go along with that. Some of the same people that are like "you should have known better when you took out those loans at the age of 16 or 17" are also suggesting "just have kids and worry about the money later." That's honestly insane.

Birth rates are down because less people are wanting to settle down in their 20s and get married. It’s not all about the financial aspect, it’s also cultural. People are less fertile and have a shorter timeframe to reproduce.


Sent from my iPhone using Tapatalk

(07-17-2023 11:02 AM)b0ndsj0ns Wrote:  

(07-17-2023 10:37 AM)Todor Wrote:  I suspect a lot of these loans would not be possible to collect on, since they are forgiven upon death anyway in many cases. Sometimes it depends on how much money they want to waste hounding people who have nothing to give.

If people are on an income based repayment plan, the rest is cancelled after a certain number of years—something like 25.

I am not sure if anything being talked about in this thread is connected with what I’m talking about, but there are many, many ways loans can be forgiven.

I’m definitely not an expert, merely one guy who is navigating the student loan repayment process who actually reads most of what they send me.

It's exactly what's being talked about. The income based repayment plans allow you to have the loans forgiven after 240-300 months (20-25 years of payments), but previously, months where payments were late, partial or deferred didn’t count toward that 240-300 months. The change is counting those months for people towards the time period of forgiveness. So this particular forgiveness plan isn't forgiving loans for anyone other than people who have had their loans for at least 20 years. I didn't know there were more than 800k borrowers in this situation, that's sad considering how much less expensive college was 20 years ago compared to now.

Thanks for clarifying for me and making up for my apparent lack of reading.

I see this forgiveness as student loan bankruptcy of sorts. When people get so far over their heads, they are just insolvent and won’t ever get out from under it.

But I believe this procedure is very old and has been around a long time. I get people get riled up that “Biden did this” but I’m not sure that’s true in this case. I think it’s been happening for years.

(07-17-2023 11:04 AM)WalkThePlank Wrote:  

(07-17-2023 10:00 AM)b0ndsj0ns Wrote:  

(07-17-2023 09:22 AM)rath v2.0 Wrote:  

(07-17-2023 09:18 AM)b0ndsj0ns Wrote:  

(07-17-2023 08:57 AM)rath v2.0 Wrote:  There needs to be a Terry Tate Office Of Student Aid Linebacker for people who cry about the loans they willingly took on.

Actually there should probably be someone who explains federal student loans to the children can apply and sign up for them without parental signature. My wife started at UNCC at the age of 17, and she was filling out FAFSA on her own with no help or assistance from her parents at the age of 16, and there's nothing against the law regarding that. I can certainly speak to my wife's understanding about the loans we were taking out for her for the NP program, but as a 16 year old Nigerian immigrant I can guess she had no idea what she was signing up for and no other contract would be valid for a 16 year old to sign on their own.

https://finaid.org/questions/faq/#:~:tex...be%20void.

"You do not need to get your parents to cosign your federal student loans, even if you are under age 18, as the ‘defense of infancy’ does not apply to federal student loans. (The defense of infancy presumes that a minor is not able to enter into contracts, and considers any such contract to be void."

Quit whining.

Or should your wife start apologizing for the wage she earns due to those loans she took out of her own free will?

No? Didn't think so. Idiot socialists.

LOL. You are probably one of the same people who lament that millennials and Gen Z aren't having kids at nearly the same rate as previous generations. Of course they don't want to have kids until they have some sort of stability, maybe owning a house. I would never consider having kids if I were still renting an apartment, the idea of my living situation with kids being beholden to whatever my landlord decided they wanted to attempt to up my rent to every time a lease expired would terrify me to death. Having to up and move every year or every other year by myself sucked when I was renting, I would never have gone through that hell with children and potentially having to switch school districts and everything else that would go along with that. Some of the same people that are like "you should have known better when you took out those loans at the age of 16 or 17" are also suggesting "just have kids and worry about the money later." That's honestly insane.

Birth rates are down because less people are wanting to settle down in their 20s and get married. It’s not all about the financial aspect, it’s also cultural. People are less fertile and have a shorter timeframe to reproduce.


Sent from my iPhone using Tapatalk

Birth rates being down are a huge problem. Poll after poll of Millennials and Gen Z show finances are one of if not the top reason. They don't show it's the only reason, but they show it's probably the biggest reason. For my own personal situation I didn't have a partner despite looking for one, but even if I had finances would have delayed having a child until probably around my current age anyway.

https://money.com/child-care-costs-decli...irth-rate/

https://pro.morningconsult.com/trend-set...ldren-poll

(07-17-2023 11:20 AM)Todor Wrote:  

(07-17-2023 11:02 AM)b0ndsj0ns Wrote:  

(07-17-2023 10:37 AM)Todor Wrote:  I suspect a lot of these loans would not be possible to collect on, since they are forgiven upon death anyway in many cases. Sometimes it depends on how much money they want to waste hounding people who have nothing to give.

If people are on an income based repayment plan, the rest is cancelled after a certain number of years—something like 25.

I am not sure if anything being talked about in this thread is connected with what I’m talking about, but there are many, many ways loans can be forgiven.

I’m definitely not an expert, merely one guy who is navigating the student loan repayment process who actually reads most of what they send me.

It's exactly what's being talked about. The income based repayment plans allow you to have the loans forgiven after 240-300 months (20-25 years of payments), but previously, months where payments were late, partial or deferred didn’t count toward that 240-300 months. The change is counting those months for people towards the time period of forgiveness. So this particular forgiveness plan isn't forgiving loans for anyone other than people who have had their loans for at least 20 years. I didn't know there were more than 800k borrowers in this situation, that's sad considering how much less expensive college was 20 years ago compared to now.

Thanks for clarifying for me and making up for my apparent lack of reading.

I see this forgiveness as student loan bankruptcy of sorts. When people get so far over their heads, they are just insolvent and won’t ever get out from under it.

But I believe this procedure is very old and has been around a long time. I get people get riled up that “Biden did this” but I’m not sure that’s true in this case. I think it’s been happening for years.

It's not your fault, I had to look up a different article to find out the actual details of who this would impact. This isn't a new program or procedure at all as you said. Those income based repayment plans with forgiveness at the end have existed for quite a while, this just increases the number of months that count towards the 240-300 months.

(07-17-2023 10:34 AM)b0ndsj0ns Wrote:  

(07-17-2023 10:27 AM)b2b Wrote:  

(07-17-2023 09:18 AM)b0ndsj0ns Wrote:  

(07-17-2023 08:57 AM)rath v2.0 Wrote:  There needs to be a Terry Tate Office Of Student Aid Linebacker for people who cry about the loans they willingly took on.

Actually there should probably be someone who explains federal student loans to the children can apply and sign up for them without parental signature. My wife started at UNCC at the age of 17, and she was filling out FAFSA on her own with no help or assistance from her parents at the age of 16, and there's nothing against the law regarding that. I can certainly speak to my wife's understanding about the loans we were taking out for her for the NP program, but as a 16 year old Nigerian immigrant I can guess she had no idea what she was signing up for and no other contract would be valid for a 16 year old to sign on their own.

https://finaid.org/questions/faq/#:~:tex...be%20void.

"You do not need to get your parents to cosign your federal student loans, even if you are under age 18, as the ‘defense of infancy’ does not apply to federal student loans. (The defense of infancy presumes that a minor is not able to enter into contracts, and considers any such contract to be void."

Your wife should probably just be thankful that the feds loaned that much money to a Nigerian female.

Well since she didn't list herself as a Nigerian princess that probably helped.

What’s your email address? I just got an offer from a Nigerian guy who needs to move 6,000,000 USD out of the country and is looking for someone to help him pay the taxes on it. I’m happy to forward it on. Sounds pretty legit. Could be a great deal!?

And I’m sorry, but I couldn’t resist. You, her, and probably all Nigerians are sick of scammer jokes, but at least for me, it’s all in good spirits.

Oh, and she ever leaves you because of one too many Nigeria jokes, I happen to know on good authority where you can find “Hundreds of local girls who are waiting to meet you TONIGHT!” I can you give the email of where to contact them. Just let me know.

Looks like the Biden admin is now in the game of picking favorites. Biden admin to cancel another $4.9 billion in student debt for 74,000 borrowers.

The borrowers included are people that have worked for the government or certain nonprofits for at least 10 years.

What happens when these low budget losers default on home and/ or auto loans? They gonna demand Biden* and his other useless lib cronies forgive those loans as well?

(01-19-2024 09:06 AM)MemTigers1998 Wrote:  What happens when these low budget losers default on home and/ or auto loans? They gonna demand Biden* and his other useless lib cronies forgive those loans as well?

Last time I checked those loans at least do have a mechanism for you to "default" on them and to make them go away. You can file for bankruptcy, they'll take your home and car and you'll have zero credit for like 7 years or so, but the loan goes away. Can't discharge student loans in bankruptcy except in the most narrow of circumstances. I know exactly who is to blame for that, the Senator from MBNA himself Slow Biden.

(01-19-2024 09:52 AM)b0ndsj0ns Wrote:  

(01-19-2024 09:06 AM)MemTigers1998 Wrote:  What happens when these low budget losers default on home and/ or auto loans? They gonna demand Biden* and his other useless lib cronies forgive those loans as well?

Last time I checked those loans at least do have a mechanism for you to "default" on them and to make them go away. You can file for bankruptcy, they'll take your home and car and you'll have zero credit for like 7 years or so, but the loan goes away. Can't discharge student loans in bankruptcy except in the most narrow of circumstances. I know exactly who is to blame for that, the Senator from MBNA himself Slow Biden.

Thats a chapter 7 bankruptcy, and many states have changed the parameters for getting chapter 7. ie: if you are young and able to work, you arent going to be successful at getting chapter 7. You will have to file a different bankruptcy that will require you to pay off your debts.

(01-19-2024 10:05 AM)UofMstateU Wrote:  

(01-19-2024 09:52 AM)b0ndsj0ns Wrote:  

(01-19-2024 09:06 AM)MemTigers1998 Wrote:  What happens when these low budget losers default on home and/ or auto loans? They gonna demand Biden* and his other useless lib cronies forgive those loans as well?

Last time I checked those loans at least do have a mechanism for you to "default" on them and to make them go away. You can file for bankruptcy, they'll take your home and car and you'll have zero credit for like 7 years or so, but the loan goes away. Can't discharge student loans in bankruptcy except in the most narrow of circumstances. I know exactly who is to blame for that, the Senator from MBNA himself Slow Biden.

Thats a chapter 7 bankruptcy, and many states have changed the parameters for getting chapter 7. ie: if you are young and able to work, you arent going to be successful at getting chapter 7. You will have to file a different bankruptcy that will require you to pay off your debts.

Pretty sure you can still keep things like your home and cars in most bankruptcy filings.

(01-19-2024 10:12 AM)Redwingtom Wrote:  

(01-19-2024 10:05 AM)UofMstateU Wrote:  

(01-19-2024 09:52 AM)b0ndsj0ns Wrote:  

(01-19-2024 09:06 AM)MemTigers1998 Wrote:  What happens when these low budget losers default on home and/ or auto loans? They gonna demand Biden* and his other useless lib cronies forgive those loans as well?

Last time I checked those loans at least do have a mechanism for you to "default" on them and to make them go away. You can file for bankruptcy, they'll take your home and car and you'll have zero credit for like 7 years or so, but the loan goes away. Can't discharge student loans in bankruptcy except in the most narrow of circumstances. I know exactly who is to blame for that, the Senator from MBNA himself Slow Biden.

Thats a chapter 7 bankruptcy, and many states have changed the parameters for getting chapter 7. ie: if you are young and able to work, you arent going to be successful at getting chapter 7. You will have to file a different bankruptcy that will require you to pay off your debts.

Pretty sure you can still keep things like your home and cars in most bankruptcy filings.

Very much depends on which one you file for. Chapter 7 involved liquidation and you basically will end up losing all your assets. Chapter 13 gives you the opportunity to stop foreclosure proceedings and come up with a payment plan for secured and unsecured creditors.

Home is exempt if value of home plus homestead exemption is not greater than what is owed on mortgage. If you have equity it can be more complicated dealing with the bankruptcy trustee.

(07-17-2023 08:11 AM)b0ndsj0ns Wrote:  

(07-17-2023 08:02 AM)Eagleaidaholic Wrote:  

(07-17-2023 07:03 AM)b0ndsj0ns Wrote:  So just to be clear the bi*ching in this thread applies only to loans that are at least 20 years old.

"If the number reaches a minimum of 240 or 300 months depending on the type of program borrowers are in, they’ll be eligible for student loan forgiveness."

https://www.forbes.com/sites/willskipwor...24348f2027

They already have in these income based repayment plans written in them that they can be forgiven after either 20-25 years and all this did was just change this, "but previously, months where payments were late, partial or deferred didn’t count toward that."

Who is still paying on a student loan 20 years later?

Tell me you have no idea how bad the student loan situation is without telling me.

Tell me you have no idea of how stupid an individual has to be to have a student loan still unpaid after 20 years without telling me.

(07-17-2023 08:24 AM)b0ndsj0ns Wrote:  

(07-17-2023 08:06 AM)WalkThePlank Wrote:  

(07-17-2023 08:02 AM)Eagleaidaholic Wrote:  

(07-17-2023 07:03 AM)b0ndsj0ns Wrote:  So just to be clear the bi*ching in this thread applies only to loans that are at least 20 years old.

"If the number reaches a minimum of 240 or 300 months depending on the type of program borrowers are in, they’ll be eligible for student loan forgiveness."

https://www.forbes.com/sites/willskipwor...24348f2027

They already have in these income based repayment plans written in them that they can be forgiven after either 20-25 years and all this did was just change this, "but previously, months where payments were late, partial or deferred didn’t count toward that."

Who is still paying on a student loan 20 years later?

Leftists.

My wife from her undergrad at UNC Charlotte staying on campus for 4 years and going to an accelerated 30 month BSN and MSN of nursing at Emory in Atlanta has an astronomical amount of student debt. I honestly don't know the exact amount, but I believe it's over 250k. Now to be fair she got a job right out of school making over 6 figures, but we just started paying on the roughly 70k of her debt that's in private student loans. That has a 10 year payoff of a little over 750 a month. We are going to do our best to pay that part off in 5 years because it's got a 7% interest rate, but that nearly 200k in federal honestly we are going to do whatever plan gets us the lowest payment for 20 years and then have the balance forgiven. To pay that off in 10 or less years we'd have to be paying probably 3k a month in student loan payments, and even with both of us making very good money that's insane.

So someone held a gun to your heads and told you to take out a loan? Wahhhhhhh. STFU, sit down and stop your mewling.

(07-17-2023 08:35 AM)VA49er Wrote:  

(07-14-2023 09:39 PM)Owl 69/70/75 Wrote:  If you rob from Peter to pay Paul, you can buy Paul's vote.

Yep, this is all geared towards the 2024 election.

As for me, I would never even consider asking someone else to pay MY tuition bill as I made the choice to accept the debt in the first place.

That's the difference between accountable persons and those who seek to game every system they become involved in.

(07-17-2023 08:53 AM)b0ndsj0ns Wrote:  

(07-17-2023 08:38 AM)rath v2.0 Wrote:  

(07-17-2023 08:24 AM)b0ndsj0ns Wrote:  

(07-17-2023 08:06 AM)WalkThePlank Wrote:  

(07-17-2023 08:02 AM)Eagleaidaholic Wrote:  Who is still paying on a student loan 20 years later?

Leftists.

My wife from her undergrad at UNC Charlotte staying on campus for 4 years and going to an accelerated 30 month BSN and MSN of nursing at Emory in Atlanta has an astronomical amount of student debt. I honestly don't know the exact amount, but I believe it's over 250k. Now to be fair she got a job right out of school making over 6 figures, but we just started paying on the roughly 70k of her debt that's in private student loans. That has a 10 year payoff of a little over 750 a month. We are going to do our best to pay that part off in 5 years because it's got a 7% interest rate, but that nearly 200k in federal honestly we are going to do whatever plan gets us the lowest payment for 20 years and then have the balance forgiven. To pay that off in 10 or less years we'd have to be paying probably 3k a month in student loan payments, and even with both of us making very good money that's insane.

She took on that debt for the payoff she wanted to receive from the education. You saying she was too dumb to understand her actions? No?

Quit whining.

Where did I say she or we were too dumb to understand the actions or the choices that were made. The question I was responding to was very simple.

"Who is still paying on a student loan 20 years later?"

The answer to that is plenty of people, and no not all of them got degrees in "gender studies" some of them got an undergrad in STEM and then a grad degree to be something extremely needed, a Nurse Practitioner, and we are going to be making the only rational decision possible to be able to afford to have a family, to stretch the Federal portion of her loans out for 2 decades.

So we should all pay for your wife's lack of foresight?

(07-17-2023 08:57 AM)rath v2.0 Wrote:  There needs to be a Terry Tate Office Of Student Aid Linebacker for people who cry about the loans they willingly took on.

LOL, I'd watch that...

You take the jack, you pay it back! You know that, fool!

This is the freebie this administration used as a carrot to “buy” the over educated idiots votes. Looks like the loans for the least deserving are the majority being forgiven. Least deserving = higher income. Higher income recipients donate more to the DNC. I’m sure that’s just a coincidence.

“Rather, people who pursued expensive, and often lucrative graduate degrees will receive over 80% of the dollar value of loan forgiveness, totaling $167 billion over the next ten years. Undergraduates, on the other hand, will get just $40 billion forgiven.”

https://www.forbes.com/sites/prestoncoop...6881341e4b