The Stock Market Is Not The Economy Thread II

[archibaldcrane]

have exactly 10,500 in student debt lesgo

The dream

[Guitarman]

This is only Federal loans, right? Not private? Can't recall if the Parent Plus loans fall under that because it could effectively be 20k I get forgiven since that one is under my mom's name.

Yeah federal only.

[Fondue]

I'm sure there will be an income cap that will barely shaft me out of free money

[Salodin]

I'm sure there will be an income cap that will barely shaft me out of free money

You make over 125k a year while going to school?

Dafuk you even going to school for then?

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[Fondue]

diversifying my prospects

[archibaldcrane]

I'm sure there will be an income cap that will barely shaft me out of free money

Quickly find a trad wife who would never even consider wage labor

[thetruepandagod]

Quickly find a trad wife who would never even consider wage labor

im a 0 income earner, how do i claim my biden loan. i have crypto i want to buy

[Fondue]

Quickly find a trad wife who would never even consider wage labor

Even with the nonworking trad wife i miss some breaks already
Suffering from success smh

[Botosi]

Is the $150k based on your salary, your total income, or what? And is it based on 2021 or 2022?

[archibaldcrane]

Is the $150k based on your salary, your total income, or what? And is it based on 2021 or 2022?

Details as of yet unknown

[Salodin]

It'd probably be higher if you're married, if it's based on your taxes hopefully

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[archibaldcrane]

https://twitter.com/bencasselman/sta...7T-us5I7Q&s=19

[Buffy]

So I’ve been pretty opposed to cancelling student debt in general. I waited till my 30s to go to college because I didn’t want crippling student debt. I felt like if a person borrows and makes a commitment to paying it back they have an adult responsibility (even if taken at 18) to pay that debt back as it’s a consequence of their actions and decisions.

Having said THAT, I found this article both interesting and compelling: https://fivethirtyeight.com/features...ack-americans/

[Penthesilea]

I'd have no problem paying it back if they weren't crushing you with the interest rates.

[kuronosan]

So I’ve been pretty opposed to cancelling student debt in general. I waited till my 30s to go to college because I didn’t want crippling student debt. I felt like if a person borrows and makes a commitment to paying it back they have an adult responsibility (even if taken at 18) to pay that debt back as it’s a consequence of their actions and decisions.

When someone is only able to afford the minimum payment and makes 20 years of payments with twice the balance they borrowed remaining because of interest there's a giant problem with your logic.

It wasn't until interest was taken away that some were able to catch up at all.

[thetruepandagod]

what happens after loan forgiveness? what of future students, is there any current talks of the actual bloated loan aspect?

[kuronosan]

what happens after loan forgiveness? what of future students, is there any current talks of the actual bloated loan aspect?

That's the better question, honestly. What I see happening is $10k gets canceled, inflation rises again, payments resume, and no difference was ultimately made in debt.

Making interest zero is a better option but would likely result in the same outcome because, much like gas prices, companies raise prices for whatever reason and then say "inflation".

Gas went up $1 in the Midwest for no real reason despite no proportionate increase in pay. I have no confidence canceling debt will have a meaningful impact for most in the long run unless they have less than $20k in debt.

[Day]

i too would like to borrow money with zero interest

[thetruepandagod]

That's the better question, honestly. What I see happening is $10k gets canceled, inflation rises again, payments resume, and no difference was ultimately made in debt.

debt forgiveness in lieu of any loan changes just enlarges the 'fuck you i got mine' group it seems. so wholly unsustainable and changes nothing except for those small minority of 10k/under debtors. sweet

loans really need to be taken apart and restructured from the ground up but a friendlier cap or erasure of interest or an interest rate that merely keeps with inflation would be nice

[Buffy]

When someone is only able to afford the minimum payment and makes 20 years of payments with twice the balance they borrowed remaining because of interest there's a giant problem with your logic.

It wasn't until interest was taken away that some were able to catch up at all.

I disagree. A borrower shouldn’t take out a loan they don’t have a way to pay back. Why did they take a loan that allowed that repayment schedule? They are not financially sound and don’t understand the terms of he loan. They are allowing themselves to be taken advantage of. Be financially literate. Again, personal responsibility for the commitments you make.

I waited until my early 30s and then I went to college and worked full time. I did 126 credits in 3 years and had 5k in debt when I graduated with my bachelors cause I saved and paid as I went. Then I did my masters in the next two years.

If you can’t afford to go to college out of high school then work. Go to trade school. And save to put your kids through college (like I’m doing with my 2 year old daughters 529 account so they can go right away if they want.

Don’t take out a loan you can’t afford. Why is this controversial? School, car, house, credit card….it’s all the same thing. We gonna cancel credit card debt next cause people made poor decisions? A school loan is just a different credit card.