Student Loan Forgiveness Rant
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@dustinb3403 said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@dustinb3403 said in Student Loan Forgiveness Rant:
@penguinwrangler said in Student Loan Forgiveness Rant:
@dustinb3403 said in Student Loan Forgiveness Rant:
I as someone who's paid every penny of my student loans haven't received a government benefit from paying my bill.
Why should you get a benefit for working for a government agency receive a benefit that isn't / wasn't available to me?
@dustinb3403 It could be available to you. You are not barred from working for a non-profit or the government. How is it any different than a company saying if you work for 'x' amount of years we will pay off your student loans or a company saying we will pay for you to go back to school?
Because the tax payers are the people are paying off your bad choices.
I chose to bust my ass and get a good paying job so I could pay my debts, because I don't want to be in debt forever.
You / me / and anyone else with college loans agreed to the terms on the loan. You can't go and change them after you get dealt a shit hand at life.
What he's asking is, if you got a job today that agreed to go back and pay for your schooling that you already paid for, how would that be different? And they are free to do so.
But no one would. Absolutely no business would say "oh hey look you have 200K in paid-off student debt, let's give you that $200K if you work for us for 7 years".
That doesn't happen. You signed up for that debt, it's your job to pay it off by getting the job that pays you enough.
It does happen actually, companies pay for employee's MBAs as one example
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@larsen161 said in Student Loan Forgiveness Rant:
@dustinb3403 said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@dustinb3403 said in Student Loan Forgiveness Rant:
@penguinwrangler said in Student Loan Forgiveness Rant:
@dustinb3403 said in Student Loan Forgiveness Rant:
I as someone who's paid every penny of my student loans haven't received a government benefit from paying my bill.
Why should you get a benefit for working for a government agency receive a benefit that isn't / wasn't available to me?
@dustinb3403 It could be available to you. You are not barred from working for a non-profit or the government. How is it any different than a company saying if you work for 'x' amount of years we will pay off your student loans or a company saying we will pay for you to go back to school?
Because the tax payers are the people are paying off your bad choices.
I chose to bust my ass and get a good paying job so I could pay my debts, because I don't want to be in debt forever.
You / me / and anyone else with college loans agreed to the terms on the loan. You can't go and change them after you get dealt a shit hand at life.
What he's asking is, if you got a job today that agreed to go back and pay for your schooling that you already paid for, how would that be different? And they are free to do so.
But no one would. Absolutely no business would say "oh hey look you have 200K in paid-off student debt, let's give you that $200K if you work for us for 7 years".
That doesn't happen. You signed up for that debt, it's your job to pay it off by getting the job that pays you enough.
It does happen actually, companies pay for employee's MBAs as one example
That's how my father got his.
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It seems that those companies will pay for your MBA only if you are currently working there and going to school.
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@DustinB3403 I calculated my savings wrong. Yes, I will have 70,000 to 75,000 forgiven. I also don't have to pay interest on that so my savings are more in the $140,000 area. Just for the record, yes I am poking the bear, and having a lot of fun while I do it.
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@penguinwrangler said in Student Loan Forgiveness Rant:
@DustinB3403 I calculated my savings wrong. Yes, I will have 70,000 to 75,000 forgiven. I also don't have to pay interest on that so my savings are more in the $140,000 area. Just for the record, yes I am poking the bear, and having a lot of fun while I do it.
$140,000, wow! I assumed UK education was a lot. I feel lucky now my total is £18,000. ($24,000)... Of course, get it paid by somebody else if you can. Good luck
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@DustinB3403 You just sound bitter. You could go and find a job in the same area, and take the pay cut, and then have your student loan paid. Its not unfair at all. You have the exact same opportunities IMO.
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@jimmy9008 said in Student Loan Forgiveness Rant:
@DustinB3403 You just sound bitter. You could go and find a job in the same area, and take the pay cut, and then have your student loan paid. Its not unfair at all. You have the exact same opportunities IMO.
Are you responding to old messages, or are messages being deleted?
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@jimmy9008 said in Student Loan Forgiveness Rant:
@penguinwrangler said in Student Loan Forgiveness Rant:
@DustinB3403 I calculated my savings wrong. Yes, I will have 70,000 to 75,000 forgiven. I also don't have to pay interest on that so my savings are more in the $140,000 area. Just for the record, yes I am poking the bear, and having a lot of fun while I do it.
$140,000, wow! I assumed UK education was a lot. I feel lucky now my total is £18,000. ($24,000)... Of course, get it paid by somebody else if you can. Good luck
US is, AFAIK, the worst in the world. Very high cost, very low quality. Not the lowest quality, but the highest cost.
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@dashrender said in Student Loan Forgiveness Rant:
@jimmy9008 said in Student Loan Forgiveness Rant:
@DustinB3403 You just sound bitter. You could go and find a job in the same area, and take the pay cut, and then have your student loan paid. Its not unfair at all. You have the exact same opportunities IMO.
Are you responding to old messages, or are messages being deleted?
Just a comment on the original post. Didn't read the whole following thread.
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@scottalanmiller said in Student Loan Forgiveness Rant:
@jimmy9008 said in Student Loan Forgiveness Rant:
@penguinwrangler said in Student Loan Forgiveness Rant:
@DustinB3403 I calculated my savings wrong. Yes, I will have 70,000 to 75,000 forgiven. I also don't have to pay interest on that so my savings are more in the $140,000 area. Just for the record, yes I am poking the bear, and having a lot of fun while I do it.
$140,000, wow! I assumed UK education was a lot. I feel lucky now my total is £18,000. ($24,000)... Of course, get it paid by somebody else if you can. Good luck
US is, AFAIK, the worst in the world. Very high cost, very low quality. Not the lowest quality, but the highest cost.
It sounds like a crazy high amount. Current courses here, at least last time I looked, had gone up to £9k per year. So £28k for the 3 year course. Plus, if you take accommodation too, its likely double. So I figure about £56k, now. That's still nowhere close to what the US is paying...
Is $140,000 at least from a top higher level institute? Or is that just a standard cost for normal college?
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@jimmy9008 said in Student Loan Forgiveness Rant:
Is $140,000 at least from a top higher level institute? Or is that just a standard cost for normal college?
That sounds like middle of the road. Top end definitely get into the $200s. Top end in 1994 was something like $120K (that's real cost.) It's hard to determine in the US because most people see the mugh higher rack rates not adjusted for grants and discounts. But $120K was the bottom price for the top school at that time. So $140K average today is .... expected.
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@jimmy9008 said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@jimmy9008 said in Student Loan Forgiveness Rant:
@penguinwrangler said in Student Loan Forgiveness Rant:
@DustinB3403 I calculated my savings wrong. Yes, I will have 70,000 to 75,000 forgiven. I also don't have to pay interest on that so my savings are more in the $140,000 area. Just for the record, yes I am poking the bear, and having a lot of fun while I do it.
$140,000, wow! I assumed UK education was a lot. I feel lucky now my total is £18,000. ($24,000)... Of course, get it paid by somebody else if you can. Good luck
US is, AFAIK, the worst in the world. Very high cost, very low quality. Not the lowest quality, but the highest cost.
It sounds like a crazy high amount. Current courses here, at least last time I looked, had gone up to £9k per year. So £28k for the 3 year course. Plus, if you take accommodation too, its likely double. So I figure about £56k, now. That's still nowhere close to what the US is paying...
Is $140,000 at least from a top higher level institute? Or is that just a standard cost for normal college?
Where are you pulling the $140K number from? was it from here
PenguinWrangler about an hour ago
@DustinB3403 I calculated my savings wrong. Yes, I will have 70,000 to 75,000 forgiven. I also don't have to pay interest on that so my savings are more in the $140,000 area. Just for the record, yes I am poking the bear, and having a lot of fun while I do it.His number of $140K includes interest (assuming he pays 100% interest over the life of the loan. So you if you are using this as the reference, it's more accurate to use the $70K number.
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@dashrender said in Student Loan Forgiveness Rant:
His number of $140K includes interest (assuming he pays 100% interest over the life of the loan. So you if you are using this as the reference, it's more accurate to use the $70K number.
Sort of, but interest is part of the overall system and cost. Because we are talking about people pre-career and pre-adult, the interest is part of their cost, not an option.
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My wife went to a private college in the mid 90's, it's was $30K a semester, but she had a yearly grant of $30K, so her walk out the door costs (not counting books) was $120K four years later.
Had she gone to public university at the time, it would have been around half that, possible less.
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@scottalanmiller said in Student Loan Forgiveness Rant:
@dashrender said in Student Loan Forgiveness Rant:
His number of $140K includes interest (assuming he pays 100% interest over the life of the loan. So you if you are using this as the reference, it's more accurate to use the $70K number.
Sort of, but interest is part of the overall system and cost. Because we are talking about people pre-career and pre-adult, the interest is part of their cost, not an option.
Sure, but then @Jimmy9008 needs to include the interest costs on his education as well, assuming he has them, currently we don't know.
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@dashrender said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@dashrender said in Student Loan Forgiveness Rant:
His number of $140K includes interest (assuming he pays 100% interest over the life of the loan. So you if you are using this as the reference, it's more accurate to use the $70K number.
Sort of, but interest is part of the overall system and cost. Because we are talking about people pre-career and pre-adult, the interest is part of their cost, not an option.
Sure, but then @Jimmy9008 needs to include the interest costs on his education as well, assuming he has them, currently we don't know.
Oh sure, needs to be apples to apples, of course.
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@dashrender said in Student Loan Forgiveness Rant:
@jimmy9008 said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@jimmy9008 said in Student Loan Forgiveness Rant:
@penguinwrangler said in Student Loan Forgiveness Rant:
@DustinB3403 I calculated my savings wrong. Yes, I will have 70,000 to 75,000 forgiven. I also don't have to pay interest on that so my savings are more in the $140,000 area. Just for the record, yes I am poking the bear, and having a lot of fun while I do it.
$140,000, wow! I assumed UK education was a lot. I feel lucky now my total is £18,000. ($24,000)... Of course, get it paid by somebody else if you can. Good luck
US is, AFAIK, the worst in the world. Very high cost, very low quality. Not the lowest quality, but the highest cost.
It sounds like a crazy high amount. Current courses here, at least last time I looked, had gone up to £9k per year. So £28k for the 3 year course. Plus, if you take accommodation too, its likely double. So I figure about £56k, now. That's still nowhere close to what the US is paying...
Is $140,000 at least from a top higher level institute? Or is that just a standard cost for normal college?
Where are you pulling the $140K number from? was it from here
PenguinWrangler about an hour ago
@DustinB3403 I calculated my savings wrong. Yes, I will have 70,000 to 75,000 forgiven. I also don't have to pay interest on that so my savings are more in the $140,000 area. Just for the record, yes I am poking the bear, and having a lot of fun while I do it.His number of $140K includes interest (assuming he pays 100% interest over the life of the loan. So you if you are using this as the reference, it's more accurate to use the $70K number.
I was using the 140k total as that includes interest. My £18k doesn't include interest, but in the UK for pre 2012 course its supposed to be small. Not sure the exact amount but think around 1.25% APR.
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@scottalanmiller said in Student Loan Forgiveness Rant:
@dashrender said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@dashrender said in Student Loan Forgiveness Rant:
His number of $140K includes interest (assuming he pays 100% interest over the life of the loan. So you if you are using this as the reference, it's more accurate to use the $70K number.
Sort of, but interest is part of the overall system and cost. Because we are talking about people pre-career and pre-adult, the interest is part of their cost, not an option.
Sure, but then @Jimmy9008 needs to include the interest costs on his education as well, assuming he has them, currently we don't know.
Oh sure, needs to be apples to apples, of course.
Indeed. I'm pretty sure its 1.25% APR. So, I believe £18k left unpaid in any way for the year would gain £225. (I think).
I am sure though that currently students in the UK have it far worse than I. The prices have rocketed upwards.
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@jimmy9008 said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@dashrender said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@dashrender said in Student Loan Forgiveness Rant:
His number of $140K includes interest (assuming he pays 100% interest over the life of the loan. So you if you are using this as the reference, it's more accurate to use the $70K number.
Sort of, but interest is part of the overall system and cost. Because we are talking about people pre-career and pre-adult, the interest is part of their cost, not an option.
Sure, but then @Jimmy9008 needs to include the interest costs on his education as well, assuming he has them, currently we don't know.
Oh sure, needs to be apples to apples, of course.
Indeed. I'm pretty sure its 1.25% APR. So, I believe £18k left unpaid in any way for the year would gain £225. (I think).
I am sure though that currently students in the UK have it far worse than I. The prices have rocketed upwards.
I have 85,315 in total loans. The interest rate is 4.875%.
30 year payment plan:
Monthly Payment: 451.49 Total Principal Paid: $85,315 Total Interest Paid: $77,222.84 Total: 162,537.84
20 year payment plan:
Monthly Payment: 557.17 Total Principal Paid: $85,315 Total Interest Paid: $48,405.01 Total: 133,720.01
10 year Payment plan:
Monthly Payment: 899.69 Total Principal Paid: $85,315 Total Interest Paid: $22,648.31 Total: 107,963.31 -
@penguinwrangler said in Student Loan Forgiveness Rant:
@jimmy9008 said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@dashrender said in Student Loan Forgiveness Rant:
@scottalanmiller said in Student Loan Forgiveness Rant:
@dashrender said in Student Loan Forgiveness Rant:
His number of $140K includes interest (assuming he pays 100% interest over the life of the loan. So you if you are using this as the reference, it's more accurate to use the $70K number.
Sort of, but interest is part of the overall system and cost. Because we are talking about people pre-career and pre-adult, the interest is part of their cost, not an option.
Sure, but then @Jimmy9008 needs to include the interest costs on his education as well, assuming he has them, currently we don't know.
Oh sure, needs to be apples to apples, of course.
Indeed. I'm pretty sure its 1.25% APR. So, I believe £18k left unpaid in any way for the year would gain £225. (I think).
I am sure though that currently students in the UK have it far worse than I. The prices have rocketed upwards.
I have 85,315 in total loans. The interest rate is 4.875%.
30 year payment plan:
Monthly Payment: 451.49 Total Principal Paid: $85,315 Total Interest Paid: $77,222.84 Total: 162,537.84
20 year payment plan:
Monthly Payment: 557.17 Total Principal Paid: $85,315 Total Interest Paid: $48,405.01 Total: 133,720.01
10 year Payment plan:
Monthly Payment: 899.69 Total Principal Paid: $85,315 Total Interest Paid: $22,648.31 Total: 107,963.31Ouch.
