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  #1  
Old 07-20-2019
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Default Student loans are screwing the taxpayers

Id like to take a moment to talk about Income Based Repayment (IBR),

Income based repayment means lets say you took out a student loan and it ended in $500,000

You can sign up for an IBR plan which basically means if you make 150% over the federal poverty line, you pay 10% of your income a year. In 20-25 years the rest of your loan is "forgiven" i.e. the taxpayers pay for it.

Then You just owe the IRS 30% of the final balance. If your lucky you can claim insolvency and have it completely forgiven i.e. the taxpayers pay for it.

I personally hope the government stops issuing loans to new borrowers and makes both public and private student loans illegal in the usa. Of course, since its an unpopular opinion it will never happen but it will put an end to the ridiculous college prices in my honest opinion.
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  #2  
Old 07-20-2019
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Default Re: Student loans are screwing the taxpayers

how did you figure you owe IRS 30%?
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Old 07-20-2019
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Default Re: Student loans are screwing the taxpayers

Some of the first 2 years undergraduate courses can be/should be covered in high school.
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Old 07-20-2019
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Default Re: Student loans are screwing the taxpayers

how can anything add up to 500k??
over here you get tuition loan 9k per year
then you can get maintenance and accomodation loans, which are normally bit less, and maintenance one s only if you are eliglible.
You might owe at the most 60k by the end of 3 years
they then compound the interest and right now, you only start to pay it off if you earn over a certain amount. If you never earn over that amount, it gets wiped, when you are around 50 I think.
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  #5  
Old 07-20-2019
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Default Re: Student loans are screwing the taxpayers

The US dept of education will lend the student or his parent a sum each year ,undergrad is 5-12k per year and graduate can go as much as 20k per year.
There are also loan from private companies,the rates are higher.
you have to stay in accredited school more than 50% of your time .
You start paying back the loan 9 months after graduation whether you have a job or not or you can ask for deferment,but interest accrued continue.
As college tuition and expenses keep climbing,more and more parents opt for their children to apply ,you would be surprised how many students from upper middle class family have some form of student loan.
Students dont think much of it until they get out of school ,most have 5 figures loan,some have 6 figures if they attend medical school or law school.
Veterans can apply for veteran loans .
With private loan,parents would co sign the loan,after 2008 financial meltdown,many students cant find jobs and default on their loans putting their parents credit in jeopardy.
When they cant find job,they apply to go back to school as graduate student adding more burden once they graduate,some just go back to school so they can eat and have a roof over their head,thats how bad it was after 2008.
If you default on your govt student loan,it can seize the $$ from your Federal income tax return if you are due a refund,I dont think they can garnish your paycheck.
Medical students can pay back their 6 figure student loan but not all law students can ,law school is expensive and good jobs are not easy to find,many end up as ambulance chaser or work as contractors making 30-40K a year.
It is not difficult to get credit in this country,whether it is student loan,credit card,home improvement loan,second mortgage on your home,car loan.
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Old 07-20-2019
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Default Re: Student loans are screwing the taxpayers

Some may not realise when they go see a doctor,they have to fill out a form and sign it,in fine prints said if you dont pay in full,then the doctor will turn this over to some finance company,basically sold this loan at 10-20% discount and the company is now your creditor and will come after you with interest.
If you have health insurance,they will ask to see your insurance card and call the insurance company to make sure you are covered.
If you do not have insurance,they could ask you to pay first before you get to see the doctor.
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Old 07-20-2019
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Default Re: Student loans are screwing the taxpayers

Agree. And schools are waste of time for most people. It provides no value outside of specialized fields such as maybe doctors or engineers.
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  #8  
Old 08-03-2019
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Default Re: Student loans are screwing the taxpayers

student loan is more than tuition and books,it covers room and board ,and hash and spring break to Florida,Carribean. and bar bills.
Whether you are a student or not,you still need to eat and a roof over your head,this should not be forgiven.
I used to live close to a university campus,on Thursday,they have a bus to bring you back from popular bars so you can get home safetly,they dont take you to your bar,you have to find a way to get there yourself.
Once a student drove back to campus in his car and ran over a campus security guard kiling him,he went into hiding
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Old 08-04-2019
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Default Re: Student loans are screwing the taxpayers

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Old 08-04-2019
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Default Re: Student loans are screwing the taxpayers

Quote:
Originally Posted by agent006140 View Post
student loan is more than tuition and books,it covers room and board ,and hash and spring break to Florida,Carribean. and bar bills.
Whether you are a student or not,you still need to eat and a roof over your head,this should not be forgiven.
I used to live close to a university campus,on Thursday,they have a bus to bring you back from popular bars so you can get home safetly,they dont take you to your bar,you have to find a way to get there yourself.
Once a student drove back to campus in his car and ran over a campus security guard kiling him,he went into hiding
Sad story to hear about the death
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  #11  
Old 08-04-2019
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Default Re: Student loans are screwing the taxpayers

Quote:
Originally Posted by Canadianleaf View Post
Agree. And schools are waste of time for most people. It provides no value outside of specialized fields such as maybe doctors or engineers.
there is a difference between a high school grad and a college grad,it is the ability to conceptualise,I guess it comes from both-nature and nurture.
so those 4 years do give you something but getting to be awfully expensive and the employers still have to give you on the job training.
it could be cut down to 2 years ,some of the basic courses are already covered in high school.
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  #12  
Old 08-04-2019
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Default Re: Student loans are screwing the taxpayers

Quote:
Originally Posted by agent006140 View Post
there is a difference between a high school grad and a college grad,it is the ability to conceptualise,I guess it comes from both-nature and nurture.
so those 4 years do give you something but getting to be awfully expensive and the employers still have to give you on the job training.
it could be cut down to 2 years ,some of the basic courses are already covered in high school.
There you go
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Old 08-06-2019
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Default Re: Student loans are screwing the taxpayers

I heard it's similar in pro sports. Those that come out of high school, a lot of them don't develop to be good players like those that went through all of college.
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  #14  
Old 08-07-2019
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Default Re: Student loans are screwing the taxpayers

Tell me about it. $78,000
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  #15  
Old 08-08-2019
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Default Re: Student loans are screwing the taxpayers

Did Tom BRADY goes to Harvard MBA shcool?
He just signed contract worth 78 million dollars!
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  #16  
Old 08-11-2019
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Default Re: Student loans are screwing the taxpayers

Is there school load debt in Canada as well? America sucks mate
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  #17  
Old 08-11-2019
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Default Re: Student loans are screwing the taxpayers

dont know,never ask how they pay for their college?
I know in USA,medical students and law students pile up the most debt.
The reason why less people are buying houses have to do with young workers paying off their student loan
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Old 08-11-2019
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Default Re: Student loans are screwing the taxpayers

Quote:
Originally Posted by mediainspiron View Post
Is there school load debt in Canada as well? America sucks mate
There is school loans and such but provinces allow for subsidized university education so the debt is much less.
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  #19  
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Default Re: Student loans are screwing the taxpayers

Canada doesn't have school loans. a lot of countries are broke
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Old 3 Weeks Ago
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Default Re: Student loans are screwing the taxpayers

Just heard Trump wants or has approved forgiving disabled veteran's student loan
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  #21  
Old 2 Weeks Ago
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Default Re: Student loans are screwing the taxpayers

Well that's one of the reasons I didn't take any student loans. I've paid for my collage by myself, and I'm gonna tell you, that wasn't an easy thing to do, that was a one big messy ride, but I feel like it made me such a strong and independent person
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  #22  
Old 2 Weeks Ago
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Default Re: Student loans are screwing the taxpayers

Unless you have a scholarship,else it would be hard .
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