I was curious to what some of the more political savvy posters thought of this legislation.
What are the chances a vote happens. Chances it passes? Long term benefits vs. ramifications.
Results 1 to 10 of 78
09-27-2012, 04:32 PM #1
Student Loan Forgiveness Act of 2012“Life is tough, but it's tougher when you're stupid.” John Wayne
BeerBrunch.com for those who like to tip one back in the morning
09-28-2012, 07:50 AM #2
- Join Date
- Jan 2008
Well...they have to do something if they want their country to be educated, because at this rate, unless you're stepping off of campus making $60-80K (which is a very small percent right out of college), you can figure to be hampered with loads of debt for 15-20 years....some to the point where they'll never be able to pay it back in their working lifetime (especially those who go to the more expensive schools but end up getting degrees in fields that don't pay well).
I haven't missed a payment in 12 years, and in the first 5 years it was a struggle...I'd love to get a letter that forgives my balance. I think people like me who have shown the good faith to make payments should be given some consideration even if this is focused more towards recent graduates.
09-28-2012, 08:08 AM #3
It will be one more thing I can pay for other people who didn't make wise or appropriate decisions. Such as going to an expensive school to major in something you can't make any money doing.
09-28-2012, 08:28 AM #4
09-28-2012, 08:29 AM #5
09-28-2012, 08:33 AM #6
My wife and I have several loans from going to Xavier. Even though we owe lots of money, my initial thought is that the government should not do loan forgieness.
Our loans are all for 10 years, i.e. 120 payments each. On the loan companies' websites we've noticed that you can apply for loan forgiveness if you meet certain terms and have paid at least 120 payments toward your loan. This 2012 Act also only comes into fruition once you have made 120 loan payments. So, the criteria seems like those who set up to pay their loans off in only 10 years are not eligible while those who set it up to pay over 20, 30, etc. years would be. I don't quite understand that. I (and my wife) thought it'd be best to try to get the loans knocked out as quickly as possible but seems like those in the same boat as us who may only be paying 1/2 the amount we are each month because they're in a 20 year loan might be done in 10 years as well if they are forgiven what they owe once year 11 starts. Doesn't seem fair but then again life isn't fair I guess.Go Muskies! www.XavierBasketball.com
09-28-2012, 08:36 AM #7
09-28-2012, 08:47 AM #8
Having said that, not everyone may be in that same position where they can make sufficient payments over just 10 years. That's especially true for those who go to medical school or law school and go into work in the public or non-profit sector. These jobs are very important (also not many people want to take them), but typically don't pay as much, making paying off student loan debt a lifetime issue.
I had friends from law school who are public defenders, legal aid attorneys, etc. Very important jobs, but their law school tuition was a boatload. I think something like this would really benefit those in that position.
There are a ton of different scenarios where some may be more deserving of forgiveness than others, but it shouldn't be declared an overall bad idea. I dunno. I would be in favor of something like this, but I could understand those who wouldn't be.
09-28-2012, 08:53 AM #9
- Join Date
- Aug 2012
this is the kind of stuff that makes me sick. I worked two jobs (40-50 hours per week) while I was taking full class loads so i didn't have to take out any loans.
I absolutely worked my ass off to ensure I would graduate with 0 debt. I understand that not everyone who took out loans abused the system, but i know quite a few people who took out loans specifically so they didn't have to work and could party or better yet so they could afford nice clothes and expensive trips.
To think that those people who abused the system might now be forgiven makes me sick to my stomache.
All those Friday and Saturday nights i missed out on trying to ensure a better future for myself might have been useless.
This is the problem with making it all better for those who did it the wrong way, you end up hurting those who did it right.
Last edited by xlax; 09-28-2012 at 08:55 AM.
09-28-2012, 08:57 AM #10
Next time you'll know better then to plan ahead and be responsible and what not.
I suggest you mortgage your house and throw a huge party to make up for all of the missed good times you could have had while you were working.
Then when the mortgages are forgiven, you will be one of the lucky winners!#XIPEMUP