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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Does anyone else think Obama's student loan debt relief plan is a bad idea?
I sure do.
I don't understand how forgiving loans after X years is going to be beneficial.
Apparently the Dept of Education or whatever has enough money to back this up. But if that's the case, why not give more scholarships?
I just don't get why we're constantly bailing people out. I have student loans. It sucks, but guess what? I've been paying them back and sometimes it's hard. But life is hard, which is why I bought a helmet (see picture below).
Sorry. I'm cranky today.
Re: Does anyone else think Obama's student loan debt relief plan is a bad idea?
I need more detail.
I've been paying off my grad school loans for ten years and I have a loooong way to go. Will they be forgiven in ten years with the new program? So, that's the "me" part.
As far as the "we" (the federal budget) If Dept of Ed has money to back it up, and it's not costing tax payers anything, I don't know - are there other ways to spend that money? Yes, like restoring the arts education budget for FY12.
I don't have enough info to really form an opinion - I need to do more research.
I'm confused on this issue.
For me, yes, I have a zillion student loans, and yes, I am responsible for paying them off, even if it takes 50 years.
The reason I'm confused is because I don't fully understand the whole student loan picture. Why is there so much debt? Is it from people taking out money for schooling/training for careers that they want, but those jobs don't pay enough to pay back the loans (ie arts degrees, etc)... or is it because school costs are so outrageously overpriced (or both)? Would this help either of those situations?
I was watching "Up with Chris Hayes" on Sunday, and they mentioned how there are all these jobs out there that they claim they can't fill because people don't have the skills. But if people can't afford the schooling to get the skills, how can we cover this? If forgiving student loans would help more people go to school, is this bad? I also think scholarships would be helpful, and look less like we're bailing people out as opposed to giving them a leg up...
I don't understand the entire picture... so it's hard for me to get behind this. I'm all for forgiving debt, but I want it to be for the right reasons.
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I don't get it either.
Also - I think there should be super strict deferrment rules too. So people aren't just deferring so they end up not paying as much, ykwim?
Also, I think forgiving loans for people who are good at paying them on time/paying more than the minimum balance would be a nice treat. But, I just don't know if forgiving everyones loans after 20 or 25 years is a good idea.
But then again, i'm just a wee layperson.
We make the rockin' world go 'round.
I think it is a bunch of crap. I have educational debt because I chose to get an education. I pay my loans every month, like you, and it sucks. If they forgive them after 10 years, that's great, it'll save me tons of money.
BUT I don't want to be "bailed out" at the expense of the current educational programming. I think it is much more important for kids to have art and music classes than it is for me not to pay my loans in 10 years (well, 8 years from now). If the choice is between that or Pell Grants or other educational things that really help people who need it, I'd rather the money goes to them.
Stand up for something you believe in.
This. Especially for grad programs. I want to go back to grad school to become a school librarian, and school librarians are in high demand right now because so many are retiring. But there are almost no scholarships that I can get to help me. I don't know how much I'll qualify for in the way of DOE grants, and there are very few scholarships for library science floating around out there. I'd so much rather pay less in the first place than have to pay it off for 10 years and then get it forgiven.
I completely agree.
We make the rockin' world go 'round.
It's income-based.
So if, say, you make pretty much anything - it won't forgive anything for you. It will help people choosing particularly low salary positions. From everyone I have chatted with in the DC area, it's not any sort of relief.
I do think they could be reformed to not have the rates they have now (many at 8%+) and balance that out quite a bit. The rates were dropped at one point to 1.5% and then they climbed up. There was also a window where the federal rates were dropped for those loans, but students had to first prove they couldn't get the PLUS loans (with their parents signatures) that had very high rates. I think most students want to pay on their student loans and have a chance to pay them off. But how can you not be frustrated to see some at 1.5%, some at .5%, some at 6.8%, some at 3.5% and some at 8.25% (none in private lending yet btw - those have even come in at 10.25%!).
The original program was passed as part of education reforms a few years ago - he just increased the start date and the % rate.
This link claims to have answers: http://www.consumerfinance.gov/students/repay/