Home Forums Hunting & Shooting Hunter's Campfire What Impact Will President Biden's Student Loan Forgiveness Have on Your Investments

The only thing college teaches these kids about money is how to borrow it.

Kind of ironic that the place you go to learn advanced math phuqqs you with math that doesn’t work.

This was the plan from the beginning. Four-year colleges and the universities were hungry for more $$ so they could "expand and improve", most state legislatures could not and would not support that greed for state funded institutions. Ostensible "leaders" in higher ed, in league with politicians, devised this scam to balance the whole thing on the backs of students and (unknowing at the time) taxpayers. They knew it would take decades - possibly even longer - for the scam to reveal its full self and, meanwhile, they have retired after having built up undeserved exorbitant salaries. And, the overall actual quality of their "product" - deep/usable/applicable knowledge and skills - has declined during the same period. Pay me more, I deliver less - you still pay the final bill - and you deal with the diminished product. Academic integrity.

I'll be pissed. Did almost 10 years of college, and worked hard enough that I came out debt free.

I'd for sure be pissed too if my institution had made those loans.

Bet a mortgage company and especially underwriter wouldn't acknowledge that down payment since its tied to a loan. You have to show where it came from these days and there is no debt tied to it.

Your first point is correct. The rest is mostly nonsense. Anyone smart enough to go to college is smart enough to count the cost, or should be. Leaning a trade is as good as college, and better when compared to the pointless degrees many end up with. My sons are perfect illustrations of how well one can do with minimal formal education. Blaming government for stupid decisions is a copout; nobody forced anyone to take all that money, and it was clear from the get-go that not paying it back wasn’t an option, until now maybe.

Once it is forgiven it is no longer a debt is it? I’m sure you’d have to sit on it a bit first. He could buy a truck with it.

A year ago I would have ripped you a new one for suggesting such a thing..... now, hell it doesn't matter anymore in clown world .... get what you can, burn this bitch down.....
Oh and it's still wrong...

I was only trying to illustrate the absurdity of such a proposal. I would never do such a thing, but how many would?

I'd bet what I've got in my wallet right now there will be plenty of antifa and blm punks that spent their "summer break" burning schit down who will be profiting smartly..

the expectation part is what caught my eye. Gotta be forgiven first, I'm sure they'll find a way to tie it to our taxes as income, etc...sort of like they are doing with the covid "loans"

Watch the idiots put that 50k towards the interest on the loans first to take care of their credit buddies, instead of all towards principals. May need to keep an eye on that if this goes through.

I agree with keeping the interest on student loans at 0 or close. (Congress sets the rates on student loans - even before Covid). I do not think that paying off the loans by the government is a good idea. The entire education system from K-12 and higher education needs to be completely overhauled. The whole thing is a giant money pit with little oversight.

I"m all for 0% student loans, and I'm all for loan forgiveness if someone is a say a teacher and takes a job for 5 years at an inner city school or a doctor sets up a general practice in a remote area.

If your education is serving a greater good to humanity then I can make the argument society should give you something back

But as a nation we shouldn't be giving kids who major in a non STEM curriculum loans that will take more than a decade to pay of *IF* they manage to get a decent job.

A bank wouldn't make take on that risk with a double digit interest loan, why should the federal government?

You want a loan to go to school? Then earn a degree that gives you the greatest opportunity to pay it back, otherwise, go to community college or get a scholarship.

LET THE BORROWERS PAY BACK THE LOANS WITH PRE-TAX MONEY!!

Why the hell is this so hard? Someone please explain how a person can set aside pretax funds to pay for a phuqqin parking space, but can’t set aside pretax funds to repay a phuqqin student loan.

Let repayment be in terms that are a percentage of their salary, sure fine. But you’re paying the schit back.

Brilliant. So phuqqin simple. Or why not a reverse GI Bill? You’ve got a degree, serve in the military. There couldn’t be an easier way to repay a loan. Room, board, clothing all taken care of.

I have a 4 year college degree in History and English literature. I worked my way through school, never borrowed a dime. Did construction work in the summers, and worked in restaurants and the school library during school months.

So now, a kid who never has worked a day in his life, gets a $50 K loan forgiven? Not fair.

Uncle Joe, please make this right. Write me a check for $50,000.

Thank you.
Simon.

Originally Posted by shinbone
"It is the cheap, easy-to-get money, that is backed by the government, that can't be discharged in bankruptcy, that has driven up the cost of education. Saddling a fresh graduate with $100,000 in debt is inhumane and bad for the economy. In our modern economy, you're screwed without a college degree, but your also screwed with the massive debt load it comes with. It is a disaster perpetuated by the government on our young people."

It is not "inhumane" to "saddle a fresh graduate with a $100K debt." The student took it upon himself to run up this debt.
Your assertion that you are screwed without a college degree is not true. You can go to the Votech school and line up a fine career, as I have done as a truck driver and as a paramedic. Real cheap to get that degree from Votech and I was making $65K as a truck driver.
If you want a really good career, get the electrician's license or the heat and a/c license, those are great careers. Now, you have to work 8 to 10 hours a day, and you will get your hands dirty. Most young kids today do not want to get their hands dirty.

Furthermore, many students buy into your lie that a 4 year degree is essential. They run up $45K in loans to get a degree in Anthropology. That degree on the open market is useless. I have a 4 year degree and I know that the Anthropology Boy spent half his time smoking pot and trying to bang coeds, and usually succeeding.
If he didn't know that a 4 year Anthropology degree was useless in the financial sense, prior to enrolling in college, then he is really stupid.

On the other hand, some students run up $65K in student loans and get the RN degree. These students are smart! They will start off at $70K annual pay, and can pay off the student debt in 3 years.

shinbone you post is full of fallacies and lies and, sadly, most Americans believe the BS you are writing. Obviously Biden and the Dems believe this BS.

Don't know about impact on the economy, but "We'll have those whiggers voting Democrat for the next 100 years."

As opposed to.....?

Sorry dude, he never said that. It was 200 years. (I think 🤔)

F-THAT.

Society shouldn’t pay any of it. The kids need to pay for their own choices. It’s just freaking theft to make society pay for the choices the kids made.

I sacrificed A LOT to get through with minimal debt. Others should do the same and learn how to be grown ups and pay their own bills.