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Student Loan Debt Forgiveness?

Johndicezx9 said:
Not sure you're getting exactly what "credit" is... :dunno

The plastic card in your wallet is credit, whether you pay it off every month or not.
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Its backed by cash in a secured account.......never negative...
Not using someone else's money..so not credit...like a check. I still have checks too..
 
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This argument is just another extension of the haves vs have nots

People that are artists are stupid for taking on a metric shit ton of debt to go to college. The general public is not going to value the standard artists’ contribution to society enough to come close to pay that debt off (I mean they should, has the arts I think enrich everybody’s life materially). They should know that just as an standard athlete is not going to make it to the NBA or NFL. To chase that dream through taking a ton of debt is just stupid, as their income will never support paying that much debt back

Don’t get me wrong I value art and and artistic pursuits, but if you are an artist (doesn’t matter what, painter, sculptor, graphic artist ect) you are not materially going o better your craft after a year or two in tech college etc.

The sad thing is that to be in certain professions that are vry necessary and advancing our society are in this class as well. Social workers, police, wildland firefighters, teachters,etc, are expected to make great sacrifices to do their job( either a masters degree, wrecking our body, or wrecking you mental health, or all of the above) to do the job.

Tldr: people should absolutely do the risk return and payback analysis before taking on any amount of dent and act according to their situation
 
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buellistic said:
Its backed by cash in a secured account.......never negative...
Not using someone else's money..so not credit...like a check. I still have checks too..
Click to expand...

Checks are "credit" too... :laughing

If you aren't there, in person, presenting the payment, in the coin of the realm, it's credit. :dunno

The funny thing is, someone, not you, is making money off that check or card transaction whether you carry a balance on it or not. That's credit.
 
Johndicezx9 said:
Checks are "credit" too... :laughing

If you aren't there, in person, presenting the payment, in the coin of the realm, it's credit. :dunno

The funny thing is, someone, not you, is making money off that check or card transaction whether you carry a balance on it or not. That's credit.
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but if you are smart enough, you pay you bill every month, and collect their "rewards" I make money off credit cards, but i also realize in the grand scheme of things, i make the money off the backs of peeps not in a position I have nor have the same knowledge or advantage. but even thou i try to get home finances in schools as part as the curriculum, i have only been able to teach a handful of classes.
 
They're still making money from you using their services no matter the scraps they toss you. That's why "credit" is an entire industry.

Doesn't matter how smart you are, it's the old "they don't build the casinos off the money they give away" axiom.
 
Johndicezx9 said:
They're still making money from you using their services no matter the scraps they toss you. That's why "credit" is an entire industry.

Doesn't matter how smart you are, it's the old "they don't build the casinos off the money they give away" axiom.
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Not to mention how spending habits change when it's a card instead of cash. As someone with like 10 different credit cards, I have no doubt in my mind I'd spend less money if I just used cash. Getting 5% back on an item you probably wouldn't have bought still has you out 95% of your money. It's possible to play the game and not lie to yourself at the same time.
 
humm

i have not paid a single fee or expense from a credit card in over 20 years. I get cash back rewards of over $2K a year. Everything i pay for i could do with cash, but put it on a card just for the kickbacks. i have two cards, the citi costco card and the amazon card, that's all i need, paid off every month. they do make money off my transactions, but is not money from me.

i say this not to gloat, but as an example that you can game the system if you are disciplined and informed

*edit, i do pay for amazon prime at $120 a year, which could be construed as a credit card fee
 
#1Freak said:
i have not paid a single fee or expense from a credit card in over 20 years. I get cash back rewards of over $2K a year. Everything i pay for i could do with cash, but put it on a card just for the kickbacks. i have two cards, the citi costco card and the amazon card, that's all i need, paid off every month. they do make money off my transactions, but is not money from me.

i say this not to gloat, but as an example that you can game the system if you are disciplined and informed

*edit, i do pay for amazon prime at $120 a year, which could be construed as a credit card fee
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I've never paid a cent of cc interest either. That doesn't change what I said or is relevant to the point I was trying to make. Ignoring the marked up item costs to cover the transaction fees, people spend more money with a card than they would if they only relied on cash. Not paying interest or direct fees with a cc does not change that.
 
Let’s take the least financially experienced group there is, children, and have them make potentially the most important financial choice of their life, with zero recourse or ability to rectify that choice later should it have been a poor choice!


We all accept debt as a totally normal tool for business and accept levels of bankruptcy, debt absolution, etc, as totally normal and acceptable tools of business. Then we tell everyone that college is a business decision (vocation), yet somehow make that debt a moral issue about personal responsibility even tho, again, debt restructuring is 100% a normal acceptable action
 
kevin 714 said:
Let’s take the least financially experienced group there is, children, and have them make potentially the most important financial choice of their life, with zero recourse or ability to rectify that choice later should it have been a poor choice!


We all accept debt as a totally normal tool for business and accept levels of bankruptcy, debt absolution, etc, as totally normal and acceptable tools of business. Then we tell everyone that college is a business decision (vocation), yet somehow make that debt a moral issue about personal responsibility even tho, again, debt restructuring is 100% a normal acceptable action
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I agree, however the problem is being addressed in the wrong order. We’re helping past victims of predatory lending practices without doing anything to address the predatory lending. It reminds me of all the money spent so people can rebuild homes in flood zones
 
So, another round of student debt relief next year?

The year after?

Forever?

Not going to happen.
 
kevin 714 said:
Let’s take the least financially experienced group there is, children, and have them make potentially the most important financial choice of their life, with zero recourse or ability to rectify that choice later should it have been a poor choice!


We all accept debt as a totally normal tool for business and accept levels of bankruptcy, debt absolution, etc, as totally normal and acceptable tools of business. Then we tell everyone that college is a business decision (vocation), yet somehow make that debt a moral issue about personal responsibility even tho, again, debt restructuring is 100% a normal acceptable action
Click to expand...

They already allowed income based repayment plans for these loans.

Meanwhile, SallieMae will auction off your first born if you’re late.

The way this is set up, if you’re a family, with both adults paying student debt, and total income is $250k, you just got $20k. Seems a bit to broad of a brush to me.
 
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GAJ said:
So, another round of student debt relief next year?

The year after?

Forever?

Not going to happen.
Click to expand...

The past ten years has taught me to never say never.
 
SM610 said:
Wasnt that the premis of that show Mr. Robot? They hacked the banking industry and cancelled all the debt? Oops

The point is that "money" (currency) is DEBT. If all the debt goes away there would be no money at all. The economy crashes...
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[YOUTUBE]mweTc7tDO3I[/YOUTUBE]
 
msethhunter said:
They already allowed income based repayment plans for these loans.

Meanwhile, SallieMae will auction off your first born if you’re late.

The way this is set up, if your a family, with both adults paying student debt, and total income is $250k, you just got $20k. Seems a bit to broad of a brush to me.
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What, 1/3 of the population gets a college degree? And they're the highest earners??

These people seem like the least needful. WTF Really :wtf
 
Johndicezx9 said:
They're still making money from you using their services no matter the scraps they toss you. That's why "credit" is an entire industry.

Doesn't matter how smart you are, it's the old "they don't build the casinos off the money they give away" axiom.
Click to expand...

Exactly. currently, merchants are being charged somewhere between 1-3+% of each transaction that uses credit in order for them to provide the service. The reason AmEx isn't accepted everywhere Visa is, is because they charge more towards the 3% range.

https://www.fool.com/the-ascent/research/average-credit-card-processing-fees-costs-america/

In turn, the merchants raise their prices accordingly to cover the fees. So in a way, we pay more if we don't use credit. If you pay with debit card or cash, you are not getting any reward for it. So essentially it is good business practice to use credit cards for as many transactions as possible, then pay off each month.

regardless, we are still participating directly or indirectly in the credit system, creating and destroying money (as debt, as stated), while enriching the credit companies. And yes, they do not want you to pay it off each month, but they are still making money off of it.
 
If they're going to cancel student debt then college should be free for everyone. I know plenty of people that didn't go because they couldn't afford it and didn't wanna take on the debt. Those people should have the opportunity now to get the college education as the people who took on debt and got useless degrees. (Also not saying everyone got useless degrees)
 
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