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Offline fatboy

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5 facts about student loans
« on: April 13, 2022, 10:59:53 AM »
Quote
  mcar (38,427 posts)

5 facts about student loans
Last edited Tue Apr 12, 2022, 09:38 AM - Edit history (1)
I was asked to make this an OP since there is much discussion, and misinformation, about the issue.


1. SIX PERCENT OF BORROWERS OWE A THIRD OF ALL THE OUTSTANDING DEBT.
A very small fraction of all student loan borrowers have very large loans. Six percent of borrowers owe more than $100,000 in debt, with 2 percent owing more than $200,000. This 6 percent owes one-third of the outstanding $1.5 trillion of debt. At the other extreme, 18 percent of borrowers owe less than $5,000 in student loan debt. They collectively owe 1 percent of the debt outstanding... blah, 4 more facts blah, Obama screwed this up remember blah

https://www.democraticunderground.com/100216585926

And just like that the student loan crisis is no longer a crisis

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Response to mcar (Original post)
Tue Apr 12, 2022, 09:23 AM
  Johnny2X2X (12,882 posts)

12. We got all out of whack on student loans

Yeah, people in school need help living too, so they took loans out for things like rent and food.

At this point, it's a bomb about to drop on the economy when payments are reinstated. Dems should keep delaying them and make Republicans fight to reinstate them.

There are some good solutions out there. Income based repayment is being reworked and could be a huge change for people. I think waiving all interest is also a good option, so borrowers repay every penny they took, but not a cent in interest. Both these options can fix the crisis.

Question what do you not get all wacked out about?

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Response to Johnny2X2X (Reply #12)Tue Apr 12, 2022, 09:39 AM
Star Member mcar (38,427 posts)

14. Waiving interest is a good option

Lets see how waiving interest but no forgiveness flys...

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Response to mcar (Reply #14)Tue Apr 12, 2022, 09:43 AM
Star Member Johnny2X2X (12,882 posts)

15. It would really change things for people

And retroactively waive it too. If you borrowed $$50K and have made $15K in payments, but still owe $40K because of interest, your new amount you owe would be $35K.

No one should be making a penny on student loans and the administration of them should be fully funded by the government.

The PAYE, pay as you earn, option right now is 10% of adjusted income, that adjustment is 1.5 times the poverty income level, they had meetings last year to adjust this to 5% and up the adjustment to maybe 2 times poverty. This could more than halve the payments for many borrowers. Would be life changing and they'll be able to implement it without an Act of Congress

And it's a go! (And all it took was a few magic words from Jen).
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Offline SVPete

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Re: 5 facts about student loans
« Reply #1 on: April 13, 2022, 11:56:32 AM »
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... Six percent of borrowers owe more than $100,000 in debt, with 2 percent owing more than $200,000. ...

OK, and what sort of majors and universities account for this, in particular those making minimum or no payments on their debt?
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Offline FlaGator

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Re: 5 facts about student loans
« Reply #2 on: April 13, 2022, 12:52:58 PM »
Quote from: SVPete on April 13, 2022, 11:56:32 AM
OK, and what sort of majors and universities account for this, in particular those making minimum or no payments on their debt?

$100,000 and $200,000 costs would tend to be medical doctors, lawyers, and other post-graduate degrees. If the degrees are Ph.D.'s in Humanities and Women Studies then I can see why they aren't getting paid off. Working a Burger King would pay off those debts faster than trying to make money in a career supported by a worthless Ph.D.
« Last Edit: April 13, 2022, 01:33:34 PM by FlaGator »
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Offline SVPete

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Re: 5 facts about student loans
« Reply #3 on: April 13, 2022, 01:28:09 PM »
And pricey private universities charging >>$50K a year for tuition, room/board, books, and student fees.
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Offline Old n Grumpy

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Re: 5 facts about student loans
« Reply #4 on: April 13, 2022, 02:14:14 PM »
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Six percent of borrowers owe more than $100,000 in debt, with 2 percent owing more than $200,000.

I guess this goes to show no matter how much you spend on education you can't fix STUPID!!! :thatsright: :loser:
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Offline Muddling 2

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Re: 5 facts about student loans
« Reply #5 on: April 13, 2022, 08:38:21 PM »
Quote from: SVPete on April 13, 2022, 01:28:09 PM
And pricey private universities charging >>$50K a year for tuition, room/board, books, and student fees.

I remember when my oldest started college; I was shocked to see her "activity fee" was more than my tuition when I went to college.

The influx of student loans and lottery funded scholarships resulted in tuition rates exploding to absorb all of the newly available money.
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Offline DefiantSix

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Re: 5 facts about student loans
« Reply #6 on: April 14, 2022, 12:47:48 AM »
Quote from: Old n Grumpy on April 13, 2022, 02:14:14 PM
I guess this goes to show no matter how much you spend on education you can't fix STUPID!!! :thatsright: :loser:

No, but you can certainly charge it 15.5% interest every semester... :shortbus:
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Offline Rebel

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Re: 5 facts about student loans
« Reply #7 on: April 16, 2022, 12:35:56 AM »
Two more:

6: You borrowed the money.

7: Pay it back.
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Offline Wineslob

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Re: 5 facts about student loans
« Reply #8 on: April 16, 2022, 11:04:18 AM »
200k in debt and all I got was a job at McDonalds.  :loser:
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Offline BannedFromDU

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Re: 5 facts about student loans
« Reply #9 on: April 16, 2022, 11:59:23 AM »
Quote from: Rebel on April 16, 2022, 12:35:56 AM
Two:

1: You borrowed the money.

2: Pay it back.

FIFY.
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