General Discussion

Yo_Mama

(8,303 posts)

45. Well, this WOULD stop the loans.

Sat Mar 14, 2015, 09:18 PM

Mar 2015

This is all federal government money now, and if no one repays, there's no new pool of money for current students.

The current programs are going to cost the taxpayers quite a bit, because many loans will be partially written off under the IBR.
https://www.insidehighered.com/news/2015/02/06/obama-administration-pay-you-earn-expansion-will-cost-9-billion

But you can't get blood from a stone, so these loans will be written off to some extent.

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Petition to cancel all student debt [View all] AngryDem001 Mar 2015 OP

Why? I could see a petition to lower the interest rates to something reasonable, but why should a still_one Mar 2015 #1

I vote for zero interest rate as long as the debt is being hornored and kept current Brother Buzz Mar 2015 #2

That seems workable still_one Mar 2015 #4

I'd say payment required to be current be capped at 8% of after tax income HereSince1628 Mar 2015 #10

Its already capped at 15% of discretionary income on IBR. Travis_0004 Mar 2015 #40

And also consider a reasonable statute of limitations Matariki Mar 2015 #55

Agree with Travis - your proposal would raise loan repayments for many Yo_Mama Mar 2015 #42

Whatever, it should be low enough to allow debtors to live HereSince1628 Mar 2015 #43

Go to the link and use the calculator - it most certainly is low enough!! Yo_Mama Mar 2015 #46

I said I am not set on a number, whatever it is, and it could go to zero, it should HereSince1628 Mar 2015 #47

If a person's income is not above the poverty threshold, it is ZERO. Yo_Mama Mar 2015 #48

I disagree. nt Logical Mar 2015 #23

That is what the bankers said to the politician ... pbmus Mar 2015 #3

You do realize the banks are obligated to pay back the bail out don't you? still_one Mar 2015 #6

Money for nothing and your MTV ... pbmus Mar 2015 #14

I can think of far better uses for that kind of gigantic wealth transfer. geek tragedy Mar 2015 #5

Sorry, I don't see canceling all student debt as a good thing. The cost has to be paid by someone. Shrike47 Mar 2015 #7

It bothers me to see the specifc debt that people want to forgive gollygee Mar 2015 #8

Because it affects the poor most, and the rich least demwing Mar 2015 #13

It say cancelling all student debt gollygee Mar 2015 #25

to recieve Student Loans you must fill out FAFSA aspirant Mar 2015 #26

There are different kinds of student loans gollygee Mar 2015 #27

This message was self-deleted by its author aspirant Mar 2015 #30

Federal unsubsidized loans are not based on financial need. tammywammy Mar 2015 #33

Message auto-removed Name removed Mar 2015 #34

Subsidized loans are based on financial need, unsubsidized are not. n/t tammywammy Mar 2015 #28

Yes it did demwing Mar 2015 #38

Plenty of wealthy take out stafford and grad loans taught_me_patience Mar 2015 #50

Were you wealthy before your education? /nt demwing Mar 2015 #51

Because the "Affordable Care Act" was supposed to fix the medical debt problem davidn3600 Mar 2015 #35

If corporations are people, aspirant Mar 2015 #9

Sorry, but no. It's a bit of a slap in the face lynne Mar 2015 #11

What about all those that worked hard aspirant Mar 2015 #12

^^ This. ^^ intheflow Mar 2015 #52

Because, some of us are just getting screwed by life circumstances and smirkymonkey Mar 2015 #16

Try getting into IBR aspirant Mar 2015 #24

While I'm sorry for your situation - lynne Mar 2015 #59

+1000, proposing crap like this makes liberals look like idiots. nt Logical Mar 2015 #19

Message auto-removed Name removed Mar 2015 #29

Why not? Geithner had the homeowners 'foam the runway' so banks could make a soft landing. Octafish Mar 2015 #15

K&R - Please sign this, everyone! MrMickeysMom Mar 2015 #17

I don't agree we should cancel it. Maybe lower interest. If we cancel it then someone needs..... Logical Mar 2015 #18

Do you demand stores pay the difference when they have a sale on something you bought a month ago? Scootaloo Mar 2015 #31

Then you may want to cancel out all other debt. Drunken Irishman Mar 2015 #20

As someone with student loans, I don't agree with this. tammywammy Mar 2015 #21

+1000 nt Logical Mar 2015 #22

Can't refinance without income and good credit. davidn3600 Mar 2015 #37

As opposed to borrowing with zero interests rates? MrMickeysMom Mar 2015 #54

On what legal basis would this occur? brooklynite Mar 2015 #32

Signed. LuvNewcastle Mar 2015 #36

I am a bit on the fence about this but... Beearewhyain Mar 2015 #39

+1000 snot Mar 2015 #49

first things first... stop the loans....nt quadrature Mar 2015 #41

Well, this WOULD stop the loans. Yo_Mama Mar 2015 #45

Signed & shared Omaha Steve Mar 2015 #44

1% wallstreeters who spent tons of $$$ on their MBAs looking for another bailout? n/t PoliticAverse Mar 2015 #53

Why single out those people as recipients of largesse? Donald Ian Rankin Mar 2015 #56

Community college debt ? Sure. Uni ? Nah. karadax Mar 2015 #57

Leave the student loan debt intact Orrex Mar 2015 #58

I would be happy paying back what I borrowed. smirkymonkey Mar 2015 #62

Not on board with this at all Ruby the Liberal Mar 2015 #60

What Ruby said. BlueJazz Mar 2015 #61