• Please be sure to read the rules and adhere to them. Some banned members have complained that they are not spammers. But they spammed us. Some even tried to redirect our members to other forums. Duh. Be smart. Read the rules and adhere to them and we will all get along just fine. Cheers. :beer: Link to the rules: https://www.forumsforums.com/threads/forum-rules-info.2974/

Biden wants to Pay Off Student Loans.

My son paid his loan off. Isn't that how loans work? What did I miss?

Actually, this is a bribe. Something Biden knows a lot about. He has been doing it, and getting away with it, during most of his political career. Most likely he thinks it is an acceptable method of getting government done.
 
I am a financial idiot.

Please quote me on that at will.

Melen was born in January of 1995. In February of 1995 I started a direct deposit savings account for her college fund. Started at $50 per paycheck. Increased that over time. Invested the money. When she was a high school senior I had roughly $250,000 in cash to pay for her schooling.

She attended Wake Forest University in North Carolina. The school required that we fill out the FAFSA paperwork for financial aid. I suspect that, seeing the savings account balance, they simply laughed. WF only gives "need" based scholarships. They do not give "merit" scholarships, so all her brainpower didn't get her any discount.

I paid cash for tuition, housing, food, books, etc.

My Godson's family makes a solid 6 figure income, top 5% earners in the US. Spends money in crazy ways. Filed bankruptcy. His older sister got all sorts of guaranteed loans, grants, etc. But she screwed around her senior year and f'd her grade point average, lost some serious scholarship money. Still, from the financial standpoint, she will pay pennies on the dollar versus what it cost me, simply because I was responsible and saved up so that I would not go into debt.

Dasha has a nearly full ride at Notre Dame, she costs me almost nothing. She got multiple scholarships, all tied to academics for merit. I did furnish her off campus apartment and I do buy her bunches of flowers from the supermarket every time we visit (which is frequently).

Someone getting a student loan paid off by Biden is, to me, stealing from tax payers. Biden is culpable in that theft.
 
Melensdad said:
I am a financial idiot.

Please quote me on that at will.

Melen was born in January of 1995. In February of 1995 I started a direct deposit savings account for her college fund. Started at $50 per paycheck. Increased that over time. Invested the money. When she was a high school senior I had roughly $250,000 in cash to pay for her schooling.

She attended Wake Forest University in North Carolina. The school required that we fill out the FAFSA paperwork for financial aid. I suspect that, seeing the savings account balance, they simply laughed. WF only gives "need" based scholarships. They do not give "merit" scholarships, so all her brainpower didn't get her any discount.

I paid cash for tuition, housing, food, books, etc.

My Godson's family makes a solid 6 figure income, top 5% earners in the US. Spends money in crazy ways. Filed bankruptcy. His older sister got all sorts of guaranteed loans, grants, etc. But she screwed around her senior year and f'd her grade point average, lost some serious scholarship money. Still, from the financial standpoint, she will pay pennies on the dollar versus what it cost me, simply because I was responsible and saved up so that I would not go into debt.

Dasha has a nearly full ride at Notre Dame, she costs me almost nothing. She got multiple scholarships, all tied to academics for merit. I did furnish her off campus apartment and I do buy her bunches of flowers from the supermarket every time we visit (which is frequently).

Someone getting a student loan paid off by Biden is, to me, stealing from tax payers. Biden is culpable in that theft.
Click to expand...
I agree, it is stealing. It is also a deceit incentivizing conning our government to support laziness and poor planning. Such "entitlement" programs are anti work ethic.

America was built by hard working people and financiers who were smart with their money. A proud heritage now replaced by cons and deceit that enriches those who are connected to a government run by con artists. The working stiffs are still carrying their share of the load, and then some.
 
our oldest went to Wake Forest - she got two (I think...) separate scholarships and our out of pocket was seriously minimized.
later also was a dorm RA - more $$ credits. spent her junior year at Freiburg/Germany. finished with a bunch of honors.
which harkens me back to my own "college" tours - they all said, don't worry about the money, if you're accepted we'll find a way of grants/scholarships/work credits - to pay for it.
worked for us - but methinks most of that resided on her accomplishments.
....
got a law degree from Pittsburgh . . . currently a full partner in a DC law firm. so . . . she's no slouch.
but I braggingly digress . . .

oh. I've got two kids more if you need to be yet more impressed . . .
 
One of the worst things about this is that the $4.9 billion that Biden plans to forgive does not require our consent, not even via our representatives in congress, and the cost ultimately falls on the rest of us. That's because Biden is accomplishing it by "fixes" to the Public Service Loan Forgiveness Program and the Income Driven Repayment Plan, which both allow borrowers' loans to be forgiven after a certain period of time, regardless of how much they still haven't paid off.

In other words, if you got your degree, but didn't make enough money, or didn't manage your money well enough, to pay off your loan in a timely manner, well, then that's okay. Don't worry about the rest of it. What a great lesson for our young people!

The root of the problem here is not just the mostly useless and terrible degrees being passed out by the universities, but the increasing cost of tuition. Maybe we should focus on ways to reduce the tuition in the first place, instead of teaching people that they can take loans and later get out of repaying them, which contributes to an ever increasing entitlement culture. This will only lead to more people in the future taking even bigger loans for even more worthless degree programs, and even higher tuition rates because the universities have another tool (possible future loan forgiveness) to convince gullible students to pay it.

If we think college tuition rates are high now, and there are too many unproductive young people, just wait. This will make it a lot worse.
 
if your want to reduce tuition/costs - just stop the government from providing loans in any and all amounts.
do the graphs - when the government decided anyone could borrow unlimited amounts for any reason related to "education" - the "costs" charged by "higher education" went up in lock-step.

just like areas supporting the military. when your housing allowance went up by $5/ month, your rent went up $10/month next cycle.
only the stupid believe . . . .
 
You must log in or register to reply here.
Top