The U.S. Will Forgive at Least $108 Billion in Student Debt

[edjr 6,927]

http://fortune.com/2016/11/30/student-loans-debt/

 

 

 

 

Students will see more of their debts forgiven than previously thought.

An estimated $108 billion or more in student loans will be forgiven over the next 10 to 20 years, thanks to federal programs that help ease the financial burden for those attending higher education institutions. That figure is roughly one-third of the $352 billion in estimated loan volume U.S. students are expected to take out between 1995 to 2017, according to a Wednesday report from the Government Accountability Office.

The report, which criticized the Education Department for understating the cost of government debt relief programs, noted that another $29 billion in loans would be discharged.

Congress approved the plans to relieve students’ debt burden by lowering the monthly payments by borrowers, and forgiving any unpaid loans after 10 to 20 years. In 2010, President Barack Obama extended the program with some changes for federal loan borrowers. The amount of debt forgiven could also continue to grow as more and more students enroll in the program

But with the incoming Donald Trump administration and the Republican-majority Congress, parts of the program could be dismantled, according to Reuters. Specifically, the incoming administration may choose to end rules that make it easier for students who were defrauded by for-profit colleges to have their loans forgiven.

 

 

[Hardcore troubadour 15,912]

If they stopped giving out loans as easy as they do the cost of college would decrease. Fact. Cap the amount you can borrow. There's only so many rich kids who can pay full boat out of pocket.

[Strike 6,030]

There are plenty of cost effective ways to get a good college education. If you want to have the high priced education be prepared to pay for it. Seems simple to me.

 

[vuduchile 1,947]

I'm hopeful that the new administration will blow this program to smithereens.

[Hardcore troubadour 15,912]

I'm hopeful that the new administration will blow this program to smithereens.

And they will call him anti education. But all these scholars can't, or should I say won't, admit it's the loans that inflate the price. Lots of people making bank on the absurd, artificially engineered cost of college. It's far outpaced the cost of most everything in our economy. Just like the housing bubble did.

[BLS 315]

A PERFECT example of how many politicians want to help and create legislation to do just that.

 

Instead you get blowback and have to create another policy to deal with the damage they caused.

 

Just get the hell out of the way!!

 

Less government is the answer, not more. Not always, and you have to have some government, but there needs to be limits.

[KSB2424 3,174]

So the people who already paid are S.O.L. ?

[drobeski 3,061]

Most are useless educations ...I'm sure those on the left who occasionally like to pretend they care about government wasting $ will be up in arms over this

[jerryskids 7,125]

So based on the math, basically 1/3 of the college degrees are worthless? That's amazing.

[Hardcore troubadour 15,912]

When they say "forgive" that means someone paid for it. FYI. The forgiveness is a one way street. Are the banks that made these loans still getting paid, or were the payments straight from Uncle Sam?

[edjr 6,927]

So based on the math, basically 1/3 of the college degrees are worthless? That's amazing.

 

it's far more than that. Especially when in the hands of millennial nitwits.

[TimmySmith 2,783]

Student Loan Companies are required by law to lend tens of thousands to kids with no credit so they can get bogus degrees. Colleges should be required to find jobs to those who they give degrees or pay the loan back.

[Hardcore troubadour 15,912]

So the colleges still got paid. Nice. It's like they have lobbyists almost.

[BLS 315]

So based on the math, basically 1/3 of the college degrees are worthless? That's amazing.

 

Great. And now most of them have been indoctrinated to the ways of the liberals.

First conservative life-lesson? You gotta pay off your debt!

 

Oh wait....nevermind.

[RLLD 4,275]

Hold on, aren't colleges just asking market value for their product?

[giraldi02 476]

Meanwhile I've never missed a payment for my student loans and I'll never get any reduction in interest or a reduced timeline to pay my remaining balance back.

 

Fock em. If they can't pay it, take away their brand new iPhone, make them drive a used beater, make them live on Ramen and toast.

 

Programs like these should reward the ones doing what they're supposed to and not the idiots that made piss poor life decisions

[bandrus1 413]

Meanwhile I've never missed a payment for my student loans and I'll never get any reduction in interest or a reduced timeline to pay my remaining balance back.

 

Fock em. If they can't pay it, take away their brand new iPhone, make them drive a used beater, make them live on Ramen and toast.

 

Programs like these should reward the ones doing what they're supposed to and not the idiots that made piss poor life decisions

 

 

do you even understand how the plan works?

[Hardcore troubadour 15,912]

 

 

do you even understand how the plan works?

I don't think I do. Can you explain? Are these govt backed loans or loans directly from the government?

[vuduchile 1,947]

Meanwhile I've never missed a payment for my student loans and I'll never get any reduction in interest or a reduced timeline to pay my remaining balance back.

 

Fock em. If they can't pay it, take away their brand new iPhone, make them drive a used beater, make them live on Ramen and toast.

 

Programs like these should reward the ones doing what they're supposed to and not the idiots that made piss poor life decisions

Yep

[bandrus1 413]

I don't think I do. Can you explain? Are these govt backed loans or loans directly from the government?

 

I dont know that aspect but as for the poster above, these are loans forgiven for people who work in public or not for profit organizations for 10 years, and you needed to register for the program and be in it for 10 years. During that time you are making your full payments plus interest

 

 

 

It isnt like people are just defaulting on their loans and the whole slate is washed clean,

[Hardcore troubadour 15,912]

 

I dont know that aspect but as for the poster above, these are loans forgiven for people who work in public or not for profit organizations for 10 years, and you needed to register for the program and be in it for 10 years. During that time you are making your full payments plus interst

 

it isnt like people are just defaulting on their loans and the whole slate is washed clean

I'm fine with the public sector workers being forgiven, but the whole non-profit thing is a scam now, for the most part.

[bandrus1 413]

I'm fine with the public sector workers being forgiven, but the whole non-profit thing is a scam now, for the most part.

 

 

A lot are I agree... but it is a decent program in general.. I have a friend who is having her 's forgiven in 2 years and it is the only reason she stays at her job.. She could be making 25-50% more in the private sector.

 

So it does keep good people in the lower paying public sector..

 

And yeas over that 10 years she will have paid about 65k in loans

[jerryskids 7,125]

 

I dont know that aspect but as for the poster above, these are loans forgiven for people who work in public or not for profit organizations for 10 years, and you needed to register for the program and be in it for 10 years. During that time you are making your full payments plus interest

 

 

 

It isnt like people are just defaulting on their loans and the whole slate is washed clean,

 

 

An estimated $108 billion or more in student loans will be forgiven over the next 10 to 20 years, thanks to federal programs that help ease the financial burden for those attending higher education institutions. That figure is roughly one-third of the $352 billion in estimated loan volume U.S. students are expected to take out between 1995 to 2017, according to a Wednesday report from the Government Accountability Office.

 

 

1/3 of college loan recipients fit your description?

[DankNuggs 305]

So the people who already paid are S.O.L. ?

thats the way it works... Those who make huge personal sacrifices to accelerate student loan debt payoff as worse off than the people paying the minimum payment and dragging their feet until the gov bails them out...

[Hardcore troubadour 15,912]

thats the way it works... Those who make huge personal sacrifices to accelerate student loan debt payoff as worse off than the people paying the minimum payment and dragging their feet until the gov bails them out...

You mean until Obama bails them out. He's good like that.

[Filthy Fernadez 2,696]

Great.........I didn't pay for my kids to go to college but I'll end up paying for someone else's kid to have attended.

 

 

[bandrus1 413]

 

 

1/3 of college loan recipients fit your description?

Apparently

[Saint Elistan 106]

Wont be an issue when it's free.

[RLLD 4,275]

Great.........I didn't pay for my kids to go to college but I'll end up paying for someone else's kid to have attended.

 

 

 

I would rather have tax money funneled to this than to people who don't/won't work......

[Baker Boy 1,710]

I would rather have tax money funneled to this than to people who don't/won't work......

Most of these people aren't working.

[vuduchile 1,947]

 

I would rather have tax money funneled to this than to people who don't/won't work......

Ugh. What a sh!tty choice to have to make.

 

Can't we just make them all work doing something?

[bandrus1 413]

Most of these people aren't working.

 

 

can you prove that

[Filthy Fernadez 2,696]

 

I would rather have tax money funneled to this than to people who don't/won't work......

 

I have some ideas that some people would call 'radical'.

 

Speaking of those that won't/don't work. Your W-2 is now your Voter registration along of course with a photo ID. You didn't contribute to the tax base therefore you don't get to decide how it's dispersed. Don't work, don't vote.

 

Sticking with those that don't work. No more EBT cards. You want groceries, go to the store to the expiring meat, bread, dented can section and get a daily provision. You'll only get enough for 1 day and each day you have to come back to get more. It will make it a temporary hand up as they'll get inconvenienced to have to do this daily.

 

You only get assistance for 2 kids. Anything more than that and you're S.O.L. i.e. it doesn't increase just because you're incapable of making a guy wear a condom.

 

ALL FELONS regardless of state location cannot vote in National elections.

 

ALL Polling stations require picture i.d. and take the people out of the equation. FFS, 100% participation? Yeah, right.

[vuduchile 1,947]

 

I have some ideas that some people would call 'radical'.

 

Speaking of those that won't/don't work. Your W-2 is now your Voter registration along of course with a photo ID. You didn't contribute to the tax base therefore you don't get to decide how it's dispersed. Don't work, don't vote.

 

Sticking with those that don't work. No more EBT cards. You want groceries, go to the store to the expiring meat, bread, dented can section and get a daily provision. You'll only get enough for 1 day and each day you have to come back to get more. It will make it a temporary hand up as they'll get inconvenienced to have to do this daily.

 

You only get assistance for 2 kids. Anything more than that and you're S.O.L. i.e. it doesn't increase just because you're incapable of making a guy wear a condom.

 

ALL FELONS regardless of state location cannot vote in National elections.

 

ALL Polling stations require picture i.d. and take the people out of the equation. FFS, 100% participation? Yeah, right.

I like the overall concept, but the w-2 only works for some people.

 

What about self employed people? I haven't been issued a w-2 in over 5 years.

 

Also, what about retired or independently wealthy people?

[5-Points 3,798]

Wont be an issue when it's free.

All we need is a volunteer faculty. Good luck with that.

[Filthy Fernadez 2,696]

I like the overall concept, but the w-2 only works for some people.

 

What about self employed people? I haven't been issued a w-2 in over 5 years.

 

Also, what about retired or independently wealthy people?

 

Good points; you can be my Minister of Finance in My Filthy Nation.

[Saint Elistan 106]

All we need is a volunteer faculty. Good luck with that.

 

Right. Cause Free Education doesn't exist, or even flourish, anywhere in the world already.

[5-Points 3,798]

 

Right. Cause Free Education doesn't exist, or even flourish, anywhere in the world already.

There's no such thing as a "free education". It's paid for by somebody.

 

Are we going to give those who went to work, instead of school, a tax deduction to match your "free" education?

 

If not, kindly fock off.

[drobeski 3,061]

 

Right. Cause Free Education doesn't exist, or even flourish, anywhere in the world already.

nothing is free

[Hardcore troubadour 15,912]

 

Right. Cause Free Education doesn't exist, or even flourish, anywhere in the world already.

Are their educations better than the ones here?