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Tuition Forgiveness

PhDeac said:
LK, he's talking in board memes about how I did a short sale several years ago. Just looked it up and that home is estimated at over triple what it was worth at that time.

ITC, I explained my position and you just hand-waved it in favor of other stuff you've made up in your head to not understand.
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What does the property's value now have to do with what it was worth at the time ? Would you value a college education the same way ?
 
ImTheCaptain said:
i did not hand waive it. i challenged your assertion that interest is a nonsensical concept
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Ignoring my point in favor of something I didn’t say is hand waiving.
 
PhDeac said:
2&2/ITC's claim that interest is some immovable object rather than a fee that a lender can choose to waive is a weird tack.

Either way, the argument against the plan is that borrowers are somehow stealing from taxpayers. That's obviously not the case when people are paying back double or triple what they owe.
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Here you go.
 
barring the ignorant, people getting loans understand what loans are. i don't know if anyone here has used the word "stealing" to refer to Biden's plan here but anytime the Federal Gov is using tax money to execute something they're using taxpayer dollars.

in this case the "taxpayer" is losing out on the interest agreed to when the loan was signed for. i wouldn't use theft as the way to describe it but it's still money that could be used for another Federal purpose, yes?
 
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Then your point is wrong because, again, they are not paying back double or triple what they owe. Absent the forgiveness, they are paying back what they owe based on what they voluntarily agreed to, which was usually significantly favorable loan terms as compared to normal loans.
 
2&2 Slider To Leyritz said:
I mean, they basically already do that. In what other capacity can someone with no earning history, no current earnings, and literally zero collateral borrow hundreds of thousands of dollars at somewhere between like 3% and 8%? This isn't the case of a home lender charging 18% on top of the actual security of the house.

This is a lender giving extremely favorable, to the point of being ridiculously favorable, loan terms and then the borrower who accepted those loan terms bitching because they apparently made a stupid decision to take the loan and can't pay it back on those extremely favorable terms. I'm okay with the forgiveness if some votes need to be bought, but it is pretty clear who gets the blame here to the extent there is blame to be placed. Acting like the lending institution in this situation is predatory is asinine. It is basic math that could be calculated at any point in time before, during, or after the loan was made.
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But there is no transferable asset at the center of the loan, so it's not like someone can turn around and sell their degree to pay off the principle when they realize they signed up for terms they can no longer afford. It has to be a different type of loan with different terms than mortgage or a car loan. Personally, I don't think the student loan based system for funding education makes any sense from the get go. I think the real solution here is to return to a time when state and federal governments were subsidizing tuition by giving money to the public universities rather than running a for profit loan program directly to the students.
 
ITC, the "taxpayer" is getting maybe getting a 290% return instead of a 300% return from borrowers who would be putting that money into the economy in a different way. It's a stretch to call changing loan conditions "executing" something.
 
PhDeac said:
ITC, the "taxpayer" is getting maybe getting a 290% return instead of a 300% return from borrowers who would be putting that money into the economy in a different way. It's a stretch to call changing loan conditions "executing" something.
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so you agree that you're not done paying the loan off when you pay the original principal
 
Of course. That's how loans work. But acknowledging how loans work is not endorsing that's how loans should work. It's certainly not the same as resisting changes to the system.

It's pretty shitty of you to read my posts and not see a basic argument against ridiculously high interest rates on student loans and instead go for "LOL. He doesn't know how loans work." I'm surprised you think that little of me.
 
well that's actually the first time in like a month where you've confirmed that's how loans work.
 
Loans work the way that the parties on both sides of the loan agree they work.

Preemptive admission that you're correct that the lender may forgive all or a portion of the loan, even though that might require the approval of the borrower.
 
BiffTannen said:
Loans work the way that the parties on both sides of the loan agree they work.

Preemptive admission that you're correct that the lender may forgive all or a portion of the loan, even though that might require the approval of the borrower.
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Thank you. It’s not that difficult to comprehend.
 
Sounds like he is arguing for an accrued interest ceiling, which IMO would be fine.
 
That's one possible approach. Lower interest rates, percent of income for a specific period of time, and there's probably plenty of others.

A key thing to remember about the most common loans (credit card, car, mortgage, HELOC) is that the lender and the borrower have a pretty good idea of what their situation will be like over the life of the loan. A student loan is specifically intended to dramatically change someone's situation. So it makes perfect sense for a lender and borrower to renegotiate terms over time.
 
PhDeac said:
That's one possible approach. Lower interest rates, percent of income for a specific period of time, and there's probably plenty of others.

A key thing to remember about the most common loans (credit card, car, mortgage, HELOC) is that the lender and the borrower have a pretty good idea of what their situation will be like over the life of the loan. A student loan is specifically intended to dramatically change someone's situation. So it makes perfect sense for a lender and borrower to renegotiate terms over time.
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Perfect sense ?
 
I wonder how many more Inspector Javert motherfuckers that Wake is graduating every year. Jesus fuck this place is depressing.
 
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