What are the chances student loans get wiped out?

[juan917]

Have been trying to pay them off asap but have been told I'm wasting my time b/c the government will step in and bail people out. Likely scenario?

 

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[thinkandgrowrich]

I'm sorry, but people like you suck.

You made a CHOICE to go to college, and when you made that decision you knew what the consequences would be going into it (opportunity cost, student loans, etc), or at least you should've known.

And now you want the government to step in and pay off your debts, with taxpayer money too cause where else would that money come from?

 

[ZF Lee]

You had a bad day?
Sad news in the papers? Sad Slowlane friends?

Tsk. No biggie.
It could be worse.
My country's government is having RETRAINING COURSES to train graduates to become 'more employable'. And before I joined TFF, I assumed that a good degree would land you the job you need.
Talk about education loans getting wasted and discredited in their faces, not to mention the lost time.
Of course there was a lot of blaming the government for the woes in tertiary education....

but @MJ DeMarco made it clear enough that education never ends at graduation...

But the harsh reality that so many young graduates still live with their parents, work at sad menial jobs that provide low value and satisfaction,let alone the money, with bad debt upon their shoulders haunts me now and then. But I suppose we Fastlaners have to be stronger and bear those fears...for the sake of value-giving...

Back to work now...I shouldn't be long here.

 

[fhs8]

I don't understand. After graduating weren't you supposed to get a high paying job, buy a big house, nice car, and live the American dream? Why are people even asking such a question?

The worst thing that can happen is free college. College costs will continue to go up, students will be more likely to pick useless majors, and wages will go down due to an oversupply of college graduates. Fortunately it seems that it won't happen anytime soon.

 

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[ZF Lee]

Fuh, you could have sent your queries or insights here. This issue is a common here.
https://www.thefastlaneforum.com/co...et-a-good-job-live-in-basement-forever.46255/

 

[TonyStark]

None. Now get back to work.

 

[Raoul Duke]

Have been trying to pay them off asap but have been told I'm wasting my time b/c the government will step in and bail people out. Likely scenario?

I'm sorry, but people like you suck.

You made a CHOICE to go to college, and when you made that decision you knew what the consequences would be going into it (opportunity cost, student loans, etc), or at least you should've known.

And now you want the government to step in and pay off your debts, with taxpayer money too cause where else would that money come from?

 

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[Waspy]

How's the sidewalk this time of year?

 

[Raoul Duke]

How's the sidewalk this time of year?

 

[douevenshift]

Have been trying to pay them off asap but have been told I'm wasting my time b/c the government will step in and bail people out. Likely scenario?

Sorry, Bernie lost this year. Try again in 2020 for "free college".

 

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[MJ DeMarco]

Read my avatar.

And after you're done doing that, read it again.

 

[MJ DeMarco]

Thread moved.

 

[MidwestLandlord]

Anyone else wonder what the total combined tax bill is for the heavy hitters on this forum?

"Free" college...

"You see these quotations I'm making with my claw hands? That means I DON'T believe you" - Bad Cop; The Lego Movie

 

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[juan917]

Lots of misinterpretation. I DONT want a bailout because then i will have WASTED my time trying to pay off my loans asap which I have been doing instead of putting a down payment on a property.

 

[juan917]

Sorry, Bernie lost this year. Try again in 2020 for "free college".

I dont want free college I never asked for it. The thread title is what are the chances that it happens

 

[juan917]

I'm sorry, but people like you suck.

You made a CHOICE to go to college, and when you made that decision you knew what the consequences would be going into it (opportunity cost, student loans, etc), or at least you should've known.

And now you want the government to step in and pay off your debts, with taxpayer money too cause where else would that money come from?

I never said i want the government to pay off my debts.

 

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[juan917]

Fuh, you could have sent your queries or insights here. This issue is a common here.
https://www.thefastlaneforum.com/co...et-a-good-job-live-in-basement-forever.46255/

Thanks I will refer to this thread

 

[MJ DeMarco]

I never said i want the government to pay off my debts.

Your question implies you want the government to forgive your loans... the government makes no revenue, they only take money (taxes) from producers.

IOW, you wanted me (taxpayers) to pay off your student loans.

There is no misinterpretation.

but have been told

Question is, who told you that? Your Sidewalk friends? Vox? Bernie's campaign page?

I'd be more worried about the fairy tales your friends are whispering into your ears.

 

[G-Man]

I never said i want the government to pay off my debts.

True. You replaced "pay off" with "forgive".

When can I come to your place so you can "forgive" me your flat screen?

 

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[Mac]

Lots of misinterpretation. I DONT want a bailout because then i will have WASTED my time trying to pay off my loans asap which I have been doing instead of putting a down payment on a property.

"Empty pockets never held anyone back. Only empty hearts and empty heads can do that." Instead of paying off your loans, I'd focus on producing more money by buying a property. Use a hard money lender, they won't check your credit. You will be able to pay off your loans much faster if you focus on growing a money tree rather than sinking your money into paying off debt.

 

[Pilot35]

You chose to get a useless degree you can't afford. Why should everyone else bail you out for your poor choices?

 

[juan917]

You chose to get a useless degree you can't afford. Why should everyone else bail you out for your poor choices?

If you read through the comments you will see that I have not complained about high prices nor have i asked to be bailed out.

Your question implies you want the government to forgive your loans... the government makes no revenue, they only take money (taxes) from producers.

Sorry for the confusion. I do not want the government to forgive my loans.

 

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[Carnage]

I don't think it will happen. Who does a bailout benefit? No one of importance.
If student loan forgiveness happened, universities and government will have to stop their money making scheme. They are basically in business together.
College tution is so expensive because the government guarantees loans, which means anyone can go to college to study anything ( ______ studies). So, people are paying top dollar for useless degrees. Government makes money from interest, universities make money from increased tuition. Win win. Why stop the train?

 

[ZF Lee]

True. You replaced "pay off" with "forgive".

When can I come to your place so you can "forgive" me your flat screen?

Religion aside, forgiveness is heavily misused.

Forgiveness is an INVESTMENT OF TRUST.

I would rather forgive a person who has a good track record of achievements who just slipped up, rather than some recalcitrant sidewalkers who deserve to be tossed into the abyss of mediocrity.

LOVE, RELATIONSHIPS AND TRUST are INVESTMENTS. Investments that should result in VALUE to others.

People don't realise that and make a mockery about of them. That is why we have shitty investors, let alone Fastlaners.

 

[fhs8]

Government makes money from interest, universities make money from increased tuition. Win win. Why stop the train?

http://money.cnn.com/2016/08/04/pf/college/federal-student-loan-profit/

...So while the official estimate goes in the federal budget, the agency publishes both projections.
By that measure, the loan program would result in a loss for Uncle Sam -- and not an insignificant amount. It shows the government would lose about $20.6 billion this year, and would continue to lose money over the next decade.

Losing 20 billion from loaning out 100 billion is pretty bad if you ask me. Too many people are taking up useless studies such as art history or theater. Maybe if the private sector was totally involved they would tell the students,"No this is a bad investment. We won't lend you money for this." The free market would help students out a lot. A bank wouldn't lend you money to open a ski shop in the middle of Iowa. I don't see why college should be any different.

A fastlaner makes plans for the future. A sidewalker thinks very short term things such as what the weather is like at this college or what the teachers will be like. Students spend more time on one assignment than they do on thinking how valuable their skills would be after college.

 

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[458]

Have been trying to pay them off asap but have been told I'm wasting my time b/c the government will step in and bail people out. Likely scenario?

You should just wait for the next election when Bernie will be elected and start depositing checks directly into your bank account.

 

[MidwestLandlord]

http://money.cnn.com/2016/08/04/pf/college/federal-student-loan-profit/


Losing 20 billion from loaning out 100 billion is pretty bad if you ask me. Too many people are taking up useless studies such as art history or theater. Maybe if the private sector was totally involved they would tell the students,"No this is a bad investment. We won't lend you money for this." The free market would help students out a lot. A bank wouldn't lend you money to open a ski shop in the middle of Iowa. I don't see why college should be any different.

A fastlaner makes plans for the future. A sidewalker thinks very short term things such as what the weather is like at this college or what the teachers will be like. Students spend more time on one assignment than they do on thinking how valuable their skills would be after college.

Good post.

The education system we have now is just mass producing sidewalkers, which I think is bad for not only business, but a huge disservice to people that are capable of so much more.

At what point do we get it so wrong in teaching our youth, that the little kid with such big dreams ends up as a young adult with a useless journalism degree?

Heart-breaking.

 

[jpanarra]

Good post.

The education system we have now is just mass producing sidewalkers, which I think is bad for not only business, but a huge disservice to people that are capable of so much more.

At what point do we get it so wrong in teaching our youth, that the little kid with such big dreams ends up as a young adult with a useless journalism degree?

Heart-breaking.

Yeah, this goes back the mess how our education system is currently set up. The way we set up the classroom was because teachers and mentors were not as accessible and had to cram a number of kids in one room and teach them all something their parents couldn't. It was revolutionary at the time because masses of people got educated, but we kind of lost the apprenticeship/master relationships that built itself through the Renaissance era to the revolutionary era which allowed a lot of individual growth.

Now the education industry from textbook companies to universities have been telling people if you come here you will be successful for over 50+ years. They throw out statistics and stuff to pull people in their institutions and tell them they can be anything they want, but the reality is universities don't care because they get the $ in their wallet. Now after 30 years of public conditioning, we have parents, schools, teachers, employers all different types of people telling our children... you need to go to college then you'll be better off than I ever was. I refuse to let my kids go down the same path; I'll have them working for me/starting their own business before they get out of high school. Then they can decide if they pay for a degree that can help their business grow, as opposed to "follow your dreams" and get a psychology degree in social work that pays pennies for a degree that takes 30 years to pay off.

 

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[MidwestLandlord]

I refuse to let my kids go down the same path; I'll have them working for me/starting their own business before they get out of high school. Then they can decide if they pay for a degree that can help their business grow, as opposed to "follow your dreams" and get a psychology degree in social work that pays pennies for a degree that takes 30 years to pay off.

Same with my kids. No way they are going to fall into that trap. Both my kids are very young yet, but they've already been introduced to the "make money without trading your time for it"

Specifically I talk about how I "make money even when I poop", and not only when I "go to work" lol

The potty humor makes the lesson stick in their brains I think.

It all starts at home.

 

[Carnage]

http://money.cnn.com/2016/08/04/pf/college/federal-student-loan-profit/


Losing 20 billion from loaning out 100 billion is pretty bad if you ask me. Too many people are taking up useless studies such as art history or theater. Maybe if the private sector was totally involved they would tell the students,"No this is a bad investment. We won't lend you money for this." The free market would help students out a lot. A bank wouldn't lend you money to open a ski shop in the middle of Iowa. I don't see why college should be any different.

A fastlaner makes plans for the future. A sidewalker thinks very short term things such as what the weather is like at this college or what the teachers will be like. Students spend more time on one assignment than they do on thinking how valuable their skills would be after college.

Good job reading only parts of the article that you want to read.

"By one estimate, the federal student loan program could turn a profit of $1.6 billion in 2016, according to the Congressional Budget Office.

That's not a huge profit when you consider that the program lends out about $100 billion a year. But the CBO also projects that it would keep making money each year over the next decade.

That's the official calculation that government budget analysts are required -- by law -- to use when estimating the cost of the federal loan program.

But the CBO itself says there is a better way to calculate the money coming in and out of the loan program, which accounts for the risk that more students will fall behind or default on their loans than originally thought. So while the official estimate goes in the federal budget, the agency publishes both projections.

By that measure, the loan program would result in a loss for Uncle Sam -- and not an insignificant amount. It shows the government would lose about $20.6 billion this year, and would continue to lose money over the next decade.

The two estimates are so widely different because there's no way to know the exact cost of loans given out in one year until it's fully paid off -- and that could take 40 years, according to a report from the Government Accountability Office."