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Thread: Student Loan Kings

  1. #11
    Senior Member Ultralight's Avatar
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    Yppej:

    The more I think about it, the more I wonder why I am your whipping boy of "elitism."

    Knowing where and how I live. Knowing about my job and my unremarkable salary.

    Why me?

    It does not make sense. Why not go after someone who is really, really rich? Someone born into a rich family?

    Does it really come down to a few vacations I took while in the PSLF program?
    Seems... no offense... rather petty and even misdirected.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  2. #12
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    My original comment was that you won't be paying down 37% of your debt within a matter of months. This has been since confirmed. It will take you 7 more years and significant public subsidies although your income is well above the national median for a single person of $29K. It's reverse Robin Hood behavior, which wouldn't be hypocritical if you didn't espouse liberal views.

  3. #13
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Yppej View Post
    My original comment was that you won't be paying down 37% of your debt within a matter of months. This has been since confirmed. It will take you 7 more years and significant public subsidies although your income is well above the national median for a single person of $29K. It's reverse Robin Hood behavior, which wouldn't be hypocritical if you didn't espouse liberal views.
    Do you know how much my payment would be per month without the income-based repayment (which is part of PSLF)?

    It would be about $1,600 a month, perhaps more. I have not had it calculated in a long time.

    I get about $2,500 a month in take home pay.

    So if I paid the unassisted payment I would have $900 a month left.

    What do you think about that Yppej?
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  4. #14
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    This is why so many people have defaulted on their student loans because their would be no money left after paying that amount.

  5. #15
    Simpleton Alan's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    This is why so many people have defaulted on their student loans because their would be no money left after paying that amount.
    And yet, if someone buys too much house or too expensive vehicles or incurs too much credit card debt we think they over extended themselves. Why are student loans different?
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  6. #16
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    They are not different at all. I think because people often are so young when they go to college they haven’t thought out the consequences of when they graduate. I am not saying that they shouldn’t pay either but you have to live too. Those loans follow you forever and they garnish some of your SS if you still have them in retirement.

  7. #17
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    And yet, if someone buys too much house or too expensive vehicles or incurs too much credit card debt we think they over extended themselves. Why are student loans different?
    we may think whatever we want, however quite independent of what we think, they have legal access to bankruptcy if all such cases which is a way to default on their loans (with conditions).
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

  8. #18
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    Student loans can not be discharged in bankruptcy. That law was changed a while back.

  9. #19
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    Quote Originally Posted by Teacher Terry View Post
    Student loans can not be discharged in bankruptcy. That law was changed a while back.
    That is true, I heard that lawyers would go to law school and then know the laws well enough to declare bankruptcy.

    I appreciate the PSLF program. I think it is fair that we offer our work at a non-profit type rate in exchange for 10 years. 10 years is a significant investment in serving the public good.

  10. #20
    Senior Member iris lilies's Avatar
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    Can we expect those discharged from 10 years of servitude to then go out on the open market in private industry and nab well paying jobs? They would be doing a public good to open up their position to other indentured servants, and also could pay back into the tax base what they used.

    Or even better, they could start up successful companies to employ people, generating wealth for our country.

    We shall see if that happens. What do ya’ll think?

    oh this reminds me: one of our young relatives is a physician and lives in a $500,000+ house with a stay at home spouse. And grounds. And a pool. One family member was, on her behalf, complaining that she has to pay some sort of tax bill when her student loans are forgiven. I dont know what exactly is the tax issue, but I do know a whining attitude of outrage accompanied the information. To be fair, she herself was not complaining, it was a SJW on her behalf.

    privileged spendy pants + sniveling complainy pants=annoyance to Iris

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