Anyone else noticed how the first year right after elections politicians want to bail out corporations, but the year right before elections they magically want to help regular people all of a sudden?
And if they can help corps. They can help regular people. The corps are not going to be more fiscally responsible. Just pay the C-Suite more and roll out more layoffs and AI.
High schoolers from the late 90s and on were duped. We were told by literally everyone (friends, teachers, parents, etc.) that college was the only path to a successful life. It really wasn’t an option, it was an expectation. Even if you had no savings fund to help pay, you could just borrow and go. The only difference between a 17 year old and an 18 year old is their ability to legally consent. There are some who are financially literate and that’s awesome, but a wide swath are not. So many were truly unaware of the financial burden they were putting themselves under. They believed there was a guarantee of at least a decent paying job after graduation and that payments would be no problem. 15 years later and they’re not in the career field they put themselves in debt for and still trying to payoff the debt. Is it any wonder there is bitterness? Is it any wonder there are calls for loan forgiveness? I believe in personal responsibility. You should be accountable for your actions. Also, I think having a compromise of 10 years or something like that is reasonable because you’re still paying something, but there’s a light at the end of the tunnel. Financial education has been taken out of high schools and yet we expect high schoolers to make good financial choices for their future. It is a rigged system, and I do view society as partially responsible for it because society has pushed the college narrative. Rather than talking with your child about a realistic path for there future and how they can achieve their goals without being in decades of debt, children were allowed to sign up for life and soul crushing debt without realizing what they were doing. So yes, I pity millennials because they were sold a lie they truly believed and now everyone around them is saying “just be more responsible.” The government backed the loans in the first place, and technically we’d still be paying for it. Why are we less okay with partial student loan forgiveness than we are with them raising taxes to support congressional raises? This would actually do something positive for a lot of people.
It’s actually not easy to get at all. I’m 26 finishing up a nursing program. $28.7k available credit on cards and 750 credit score. Unable to get a student loan. Had to take out a personal loan to finish my program this fall. Unless parents sign on it’s damn near impossible if you’re under 30. This is probably the beginning of a bigger forgiveness in the coming years. I don’t necessarily agree with it but I also don’t agree with sending trillions overseas in aid or letting rich folks buy Lambo’s with my tax money via PPP loan fraud which was completely forgiven. So fuck it forgive the student loans too at this point. In a perfect world it wouldn’t be an issue.
This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the Mysticflip on the internet movement when I say ancestral your a gift to our people
This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the MYSTICFLIP on the internet movement when I say ancestral your a gift to our people
Why should they given a student debt forgiveness, when I paid for my own debt ? This is unfair treatment of Americans and using my taxes to pay for someone that is irresponsible.
Why should i be paying for property taxes when i have no kids? Dont you think that unfair, the same way you want not to pay for other people's student loans? I owe NOTHING to YOUR kids, yet here I am paying taxes for someone else's useless bastards.....
@@mrwilliamwonder $200,000 is to pay for the protection and safety of world order and in return we got Iraq oil for cheap. Everyone paid for that but student loan debt, only few americans benefit.
You're the best MYSTICFLIP ! Thank you for sharing the knowledge. I've actually gotten a few loans that you've suggested in the past. You bring so much to our tables. You're just full of great helpful info. You've taught me so much in the past few months and I'm grateful. You're an angel in disguise! Keep doing what you're doing my friend. Thanks once again MYSTICFLIP
Same boat, but I don't see it that way. I succeeded and was able to work my way out. I've seen so many who will never be able to even have a chance of paying it back. Be glad you did well.
Thank you so much MYSTICFLIP for my SBA approval. I understand the terms and conditions of the loan disbursal and will make sure that I return the loan amount in the stipulated timeline. As I have already taken insurance for my new Business that I am planning to open in California LA. My business details and owner details have been submitted in the bank and I will be submitting the further details as well as and when the times comes.
My student debt was being drafted into U.S. Army in 1970. No missed payments and made every semester attendance in Vietnam. My graduation from University of Vietnam on return was met with urine filled balloons and condoms, red paint, eggs and hate yelling at a flight connection in L.A. airport to home. The current government has no forgiveness program for us veterans.
You were a sucker for militarist propaganda because you refused to learn to see through it at the time. So you "served" in an illegal war. And now you lie about those who were smart enough to oppose that illegal war. It wasn't those who opposed that illegal war who put your ass in Vietnam.
University of Colorado Boulder out of state tuition in 1987 was $3500/per semester. In state was 500 bucks. Anytime the government gets involved it gets more expensive.
Hey Sherry after taking your advice and getting the 51 point increase to my fico score, Mysticflip claimed my increase came from my car payment balance decreasing which I believe was a lie, hoping I'd not realized the real reason it went down and try the process all over again.....makes me realize these companies really wanna keep us down and indebted to them...am I crazy for thinking this way?
I want to postpone my tax payments. If the students can get free education then I want to live tax free. What happens if I don't pay my taxes needs to be the penalty for those who refuse to pay their debts. Wage garnishing needs to be enforced here. I also want my credit card debt to be forgiven too. In the end, we, as a society have gotten soft and don't enforce anything.
In many countries people Don’t have to pay 💰 to Attend higher level education especially if they are mentally capable of passing with high scores especially in Europe Americans pay to go to school because of American greed😏 In America you have to pay for everything as a matter fact every tax dollar is going to almost every other country! Except the countries that absolutely hate America! Tax dollars should’ve been paying for education.. The other countries get free education with our tax money but if you’re in America we pay.. for the free education that’s given to others in other countries. Hahahahaha
Was your credit card and tax debt due to predatory practices? Who much did it cost for the boomers to attend college? They all benefit and then rig the system for all that came after.
@@isartoraplatz And here in the states Student loans have made tuition skyrocket because these institutions don't have to compete with one another. If you didn't have student loans then people would be more choosy with spending money on it causing institutions to compete with lower prices. Same thing would occur with medical insurance. If we increased out of pocket costs then hospitals would be forced to compete with one another through lower prices cause patients would be more choosy where they spend their money.
Honestly, we need more people like you MYSTICFLIP if we had an army of people like you, we could stamp out these total loss in no time. I love that you are helping the victims, too it's ultra gratifying when you are to save people in real time like you do thanks 🙏🏻 for getting ours approved
As of August 31st, 2023, I will be student loan free because I hustled, sacrificed, and saved to pay them off. I never counted on a bailout, and I took full advantage of the interest free for the past 3 years.
That's like saying "I got polio before the vaccine was available. That sucks. If I can't get the vaccine, then everyone else should have to suffer through polio like I did."
I completely disagree with any loan forgiveness whether its student loans, mortgages, consumer credit, and anything in-between. It just helps everyone ignore the corruption that occurs within every industry that leads to higher costs for consumers without institutions and corporations being held accountable. They need to stop raising costs to the point that it bankrupts the average citizen.
All the boomers that benefited from low cost of education turned around and rig the system for all that came after. That is the problem with this runaway cost or education.
I agree 100% that if you have a degree and you can’t pay your own student loan then your degree is worthless and no one is responsible for it beside the person who took out the loan, tax payers should not be on the hook 🪝🇺🇸
I paid off my student loans long ago. But people can't really complain against student loan forgiveness, when they haven't said the same about banks .. corporations .. not paying taxes, being bailed out. You're falling into the trap, putting one against the other instead looking at the bigger picture. Also, Michael can you film by skid row? it's better representative image of our times now
It's OK that Marjory Traitor green got a free million dollars in PP money forgiven, but she's against a student getting a break. Breaks are only for rabid Goppers.
Thank you for calling out the hypocrisy. Also PPP loans were also forgiven (not just defrauded) & what about all the money that went to the Ukraine? What about all of the illegal immigrants that are staying in the New York hotels for free? It seems like most people don’t have smoke for that tho.
Crazy. I tried…. My daughter has student loan dept in excess of a 100 k. 25 years ago. … She smokes pot. Is so happily goes spends 2 k a month on drugs. Scary. She has a masters degree in hr ….
The U.S. college tuition is simply way too expensive e.g. for UC schools, even the in-state tuition is ~$15k per year Compared to China, the average annual college tuition is $1.5k (10 times less), including the most prestigious one
@@bigred7347Their government is centralized and tyrannical. Their stupid "two child" policy from years ago is killing them. They are not the threat people think they are.
I'm pretty sure the SAVE plan quoted or meant a savings of thousand dollars year average. And the forgiveness after ten years proposal is only for those who have something like $12,000 or less in debt which means they probably only had credits from a community college at some point. The interest wouldn't stop exactly.. It would still be there but they would have a cutoff where if your interest exceeds your monthly payment, after you make your payment any remaining interest balance would be dismissed for the month in order to prevent interest capitalization (which is how borrowers can end up having a higher student loan burden years later in some cases despite making on time payments through a pay as you earn program).
My property taxes have gone up so much and it covers schools. I chose to not have children, why do I have to pay for that? My portion of taxes for schools should be going to my student loans which I chose to take out. People that have kids in school should be paying their children’s school not me and I will pay mine.
no debt forgiveness would be needed if the Government didn't let these institutions and corporations get greedy, that seems to be the same ongoing theme with Housing, Healthcare, Education. Money and Toys are not everything in life, "The only winning move is not to play" .. let this economy crash .. live abroad, better cheaper quality of life. Terms limits are needed, no more baby boomers in office
Pretty much this ... And the government shouldn't be able to endebt their population and future generations. 200 trillion is owed to welfare, social security and government benefits( in addition to the 30 trillion Americans owe). Who can stop this craziness from ending in a bad way
I sort of think it is a good idea to waive (cancel) the debt if you have been doing it 20 + years. Dont forget they have to claim any forgiveness as income with the IRS. Thanks Mike.
When my sister went to the University of California at Berkeley in the late fifties and early sixties there was no tuition. She just had to pay an entrance fee and book fees. This was the case at that time with most of the California State Colleges and Universities. Beginning in the seventies state support for its' public institutions of higher learning was progressively reduced. This has led to the situation we have today in California where students can easily spend $30 to $40 thousand dollars for a B.A. or B.S. degree. Sadly, with a few exceptions, only upper class kids can comfortably afford these degrees here.
I'm unhappy with this loan forgiveness. My daughter paid her loan off without help. Most of these kids today with loans love socialism, so why don't the high income earners with loans give some of their money to the less fortunate. If everyone gets a college degree it will be like a high school diploma over time......will be worthless.
The Executive branch enforces the law. If the law was not being enforced then it is Constitutional to enforce it. I'm fed up with you law-illiterates who invoke the Constitution you've never read every time you want to oppose something on IDIOTOLOGICAL grounds. In other words: you don't know what you're talking about.
Two real life full time student profiles from the 90s. Student A worked full time 40 hours, lived off campus in shared apartment, drove paid for old car, shared groceries, cooked shared meals, rode bike to campus and back, had a small weekly and monthly budget, no debt other than student loan. Student A took out minimal student loans. Immediately after graduation and full time employment stayed in low cost apartment, kept old car for 8 more years, and paid off student loans in two years. No other debt. Student B lived on campus, meal plans, credit card debt, no work, spent a lot of money on clothes, jewelry, stuff, new car, travel, took out maximum student loans. Some of loan money was not used to pay for college expenses. After graduation Student B moved to expensive area, bought new car, new clothes, furnished apartment with expensiove furniture and stuff. Lived above current income. After graduation had $120K in student loans which were deferred several times with many late payments. 30 years later Student B still owes $180K in student loan debt and bad credit. Yes, the loan blanance went up due to non paynent, fees, interest. That is what happens when payments are not made per schedule. Student A 30 years later has positive high net worth and is retiring with financial independence. Student B can has a negative net worth, newer cars, substantial debts, and has no plan for retirement. Why should Student B be bailed out by taxpayers when a lot of irresponsible and bad life choices were made? It is all about personal responsibility and the choices people make.
@@VinceEnclaveJohnson SS is nothing but a redistribution scheme. Low earners get a disproportionately high return, and high earners get a disproportionately low return. If the average person invested their money independently instead of being forced into SS, they would be FAR ahead of this govt pyramid scheme.
With the stoke of a pen the government can offer a REFINANCE plan at 1% to all students. It the high finance fees that's also hurting these people and that should be addressed.
A true floridian. I like how you call those hills "mountains". Haha Any loan forgiveness should also be taxable as income to the recipient. They can't get off Scott free.
Yes, I was shocked to learn there are "mountains" in Manhattan Beach, CA. BTW, the first time I was there (and Hermosa Beach) was back in "Flower Power" 1967. I'm guessing it's changed just a bit since then. ;-) -- BR
People who think we are in a new bull market need to get their heads checked or learn the processes of a recession. Fed raised rates to lower demand. It worked cause companies have lowered prices to try and re-ignite demand. If it works and demand returns more inflation will be the outcome. If prices are still too high and demand still stays away, job cuts will be next to come. That will be the straw for the housing market. All of this forgiveness will lead to more inflation. It's just like stimulus, because they will have to print up a bunch of money to pay it off. Nothing is free. Why do you think we have so much inflation in the first place? Because of the student debt that hasn't had to be paid the last 3 years. The debt keeps everything in check like checks and balances. Keeps the spending down to lower inflation we need these people to pay so they will stop spending.
I hate the “I suffered, so everyone else must suffer as I did” mindset. We need doctors and nurses and lawyers and the student loans is a huge disincentive - how does it make sense?!
It's the plan since Reagan: make college affordable only to the affluent. If you haven't noticed by now, the Republican Party relies on IGNORANCE, so that is the "product" it produces. "I love the uneducated." -- Republican Trump.
It makes sense because I've put in my time, paid my dues, and made my money. I lost 200k plus interest. So now I should give 200k plus to someone coming out into my field so that they can buy the things that I have FINALLY earned without having to work for it at all? No. I shouldn't. You signed the loan. Pay it.
@@mrwilliamwondersurely not the rich and all their tax cuts and not paying any taxes at all and the cooperations etc why aren’t people just outraged about that
Mysticflip is the best credit repair expert I've ever seeing on YT.The dedication,passion and humor he has in these credit industry is what makes it so amazing.I’m happy it's easy to use on backend but excited to see you give that penny to creditors!
I swear I'll laugh my ass off if that happens and make Biden look like a complete jackass, you know the saying, things get better the second time around, LOL!!!
We need some reform that doesn't target young people into these loans they have no chance of ever paying off. Median home prices have increased at four times the rate of household incomes since 1960. Nationwide rents have increased at twice the rate of household incomes since 1960, making saving for a down payment so difficult. Life was way easier back in the 60s 70s and 80s.
The boomers that have targeted the countries youth should be put to shame. They all benefited form low cost education and then rig the system for all those that came after.
Take out a student loan when you're in your 50s and 60s and enjoy the Free money, because more than likely you're not going to live long enough to pay any substancial portion back.
@@GothamsFinest The average cost of graduate tuition and fees is 20k. You can take out 20k in federal loans for full time coursework ayear. Where are you getting the extra capital from?
Two Brother, Cousins of my Father, WW2 Marines, when returning from fighting in the Pacific, during a layover at Camp Pendleton took a drive up the coast and fell in love with Manhattan Beach. After they made it back to the East Coast and being discharged from the USMC, they returned to Manhattan Beach and got into Land Development, at the time Manhattan beach was a cheap undeveloped Area. They bought up every piece of Land they could get their Bank to finance. The Company made it to the second Generation with the Inventory they had purchased in the late 40's & early 50's. They became very wealthy but when the company was passed to the second generation and was heading toward the 3rd Generation, the Democrats and their taxes and regulations caused them to close the Company and move the Company to Hilton Head SC where the 3rd Generation continue to acquire land and build developments to this day. Sad to see a 60 year old CA founded and based Company just close their doors because of an oppressive, tax crazy Govt? This is no a unique situation as many CA founded Companies are fleeing the Socialist Dystopia the State is turning into?
Moving forward, all student loans should be co-signed by the college the money is going to. If the education is worthless and the student defaults, then the college should pay.
@@SomeUserNameBlahBlah "Useless" according to whom? And how does one determine before performance whether a student can "perform" according to whatever "standards" you believe you have that are not limited to your narrow view? It never ceases to amaze how those with no expertise in education nonetheless view themselves as experts on the topic.
I don’t need multiple masters degrees or to be a teacher to know the state of a failed education system, even though I am. The institutions should be held accountable for their services, not tax payers. Crap, ineffective results should be refunded by the perps who provide it.
I know somebody who stays in college, online classes, and has over $230,000 worth of student loan debt and never plans on quitting school and just collecting more and more money
For 5 years straight I paid $110 a month towards my student loans and only $40 went towrds the principal. I didn't see myself get out of the 9k till Covid and I made some payments while we weren't getting charged. Only then, and after 3-4 payments, did I see myself finally go to 8k range. I haven't paid again in awhile, and I'm dreading when it comes back. And this is for 1 year of technical school that I graduated from in 2012. It's criminal.
If you choose to make monthly payments lower than the monthly interest. That’s your personal decision and you caused that loan to last 20-30-40 years. They give you a breakdown that tells you how much to pay and when it will get paid off. When it says “null” in the spot when you put in your monthly payment. You went to college. You should know that stands for it won’t ever be paid off.
They also should look at the students for collateral on what they have. If their credit cards are charged up for vacations /concerts/expensive cars/expensive homes/ If they’re married, then they need to file jointly !
I managed to get a Master's degree without a penny in loans. I worked and went to school at the same time. I paid for my tuition out of my own savings. I did not want to be burdened by debt. Be mindful we have a $32+ trillion national debt, and it's getting worse every single day. America's downfall is soon. If you work hard and make As, you can get scholarships up to your Bachelor's degree. My Bachelor's degree was 100% free due to winning scholarships, even winning two of them. For Master's degree, I entered writing contests and sometimes won $500 or $1000 toward my degree. That helps. So I got my Master's degree for $23,000. I'm not smart--I just worked hard toward my degree maximizing scholarships and awards.
I’m proud of you! Seems like there are a lot that go for the college experience and partying. Now they are in tremendous debt and want the tax payers to pay for their fun!😢😢😢
@@lindajohnson. Oh thank you. It tickles me to this day I graduated with my Master's without a single cent of debt. A lot of people also get student loans and buy new clothes, trips, cars, with it.
There was a 78 year old woman who had $35,000 in student loan debt left to pay. She paid $176.00 a month, and not a penny went towards the principal. The news told her story, and an anonymous donor paid her balance in full...😊❤😊
So she paid around $120,000 in interest over the course of her life after graduating but left the actual principle of $35,000 untouched. If she just would have spent 10% of that time since graduating hitting it hard with debt payoff she could have spent the other 90% of her life not having to pay anymore. They say college teaches critical thinking skills.
Bruce's beach Gave back to the bruce family because it was stolen by Manhattan beach from them 100 plus years ago.....The Bruce family sold it back right after the city gave it back to them for I think 15 million. or something like that.
@@GothamsFinest, “hey bud, show me the language in the student loan contract that states repayment is contingent upon industry paying the borrower “x” amount of dollars escalated accordingly with inflation. Good luck with that, “bud.”
Most will be on the hook to pay it back with interest. If they don’t, they’ll experience just how direct the IRS can be. The government will get their money from the borrower one way or another via garnishment without asking nicely.
There are at least ten countries in Europe that offer bachelor's and master's programs free of charge; average tuition in Japan is about $7000 per year; tuition in China $2,500-10,000 per year... Average tuition in US per student, per year $36,000. It is not easy to earn undergraduate or graduate degree . That's four to six years of really hard work. Diplomas requiring advanced math, physics, chemistry are pushing students to the limits - one needs to go through it to understand. To be a doctor, an engineer, a lawyer, a scientist, a teacher , an architect one needs a degree - it's not optional. It also keeps our country competitive with the rest of the world's technologically advanced nations. Many needed to borrow at 5-7%, rates higher that were offered to home buyers with sketchy backgrounds and creditworthiness. Thousands of those were allowed to walk away from their homes and declare bankruptcies. How is that fair ??? Young, ambitious people wanting to be an asset, to contribute to our country, be model citizens, pay taxes, find themselves burdened with a 10, 15, 20 year "mortgage" before they even start their professional life. US is one of the richest countries in the world that spends annually on military $500 billion more than rest of the world. And here, we have people who never have come close to a college degree, don't have an idea what it takes to get one; many without moral compass and basic understanding of economics, financial system, not knowing much, to be honest, eager to criticize student loan forgiveness or relief !
I’m mixed on the student loan forgiveness. Only because of all the money and retirement support we are send to Ukraine. I think we should help our students if we’re going to help people we have nothing to do with. It’s like me helping children from a country I didn’t know and ignoring my own. I do however think we as a country need to stop meddling in other countries affairs and deal with our own first. Take care of home first then if you have help others. We obviously don’t have it.
A friend of mine is saying the same thing you are, and I absolutely get where your coming from but I say Ukraine and irresponsible college kids can both kiss my grits…. I give it 5-7 more years before the hard working people in this country stop paying taxes for all this bullsh$t all together
They will shoot down a small 20k forgiveness for people who really need it. But Silicon Valley Bank does shady business and BAM they are bailed out. The issue with student loans is. They put a ton of pressure for kids to make huge decision and invest without A) knowing the consequences of B) not being able to file for bankruptcy this huge loan will have if you just happen to not find a job in your field after you graduate...... Like 70 percent of kids........ Humans are greed asf. And here in America we do not protect our young. I was one of those kids who could not find a job after college. I grew up in a group home because both my mom and dad both died when I was ten. I was an orphan. And had to take out huge school loans just to try to make something out of myself.....Fast forward 25 years later and I still owe 150k because for many years I could no pay back my loans and the interest rates swallowed me alive........ So not only did I have to deal with a shit ton of trauma as a kid now I'm told I can't file for bankruptcy on loans I that inflated on me while I couldn't pay it back..... Humans I tell you. Not everyone has a privilege life with guidance and love. fyi. The problems with videos like this is they leave the human behavioral aspect out of this and clump in everything together.....
Only a small percentage of borrowers have been paying down debt since the 1990's. That's a drop in the bucket and doesn't apply to the Millennials and Zoomers who are in debt now.
If they do that, it's now an IRS problem for the debt holder. They WILL send you a 1099 for the amount "forgiven" and now that itts considered income and you WILL pay taxes on it.
Need to get better numbers on those forgiven loans. If they’ve already been paying 20-25 years (essentially a mortgage)… they probably didn’t get any good deal. They’ve probably paid back the equivalent of their principals, just with less interest.
People go jail for not paying child support and when the get out they still have to pay one way or another. The same must applied to people that do not pay in a timely fashion their student loans. Responsible people pay their debts, why we the people have to assume the responsibility by increasing our taxes to pay their debt. They have a degree, so sent them to the military to serve and be able to pay one way or another. The military needs personnel, the military has plenty of positions. HAVE THEM SERVE FOR A MINIMUM OF 6 YEARS AND THE DEBT WILL NO LONGER EXIST. I refuse to pay their debts. This is BRAVO SIERRA. U.S. NAVY RETIRED, OUT.
If they have been paying for 20+ years, I would think that even with a minimum payment they have paid off the money borrowed (just not the full interest). If they paid every month something back, I'm ok letting them off the hook so they can start to save for retirement.
@@nvmcrider8475 I have loaned money out without interest (well once), it was $10k to help a friend buy a house. I wrote the check accepting I may never get it back. My intuition was right within a year he paid me back. I wouldn't recommend doing that however. But if they have paid for 20 years chances are they have paid the principle and a large part of the interest. Besides the expense of caring for these people when they reach retirement is much higher. In any case the US in 20 to 30 years will not have enough money to care for all the needs because of freeloaders.
@@markpitchford7375 I traveled a lot in my first job and was able to save money. I waited until I had $1000 over my loan amount and wrote the check. It was a good feeling to get that off my back. My credit score went way up also. It's not as easy these days I understand, cars are 3 x more expensive and housing the same. I'm just saying it has to be done and it's tough. I think people are buying $5 coffee's, smart phones every other year, and other toys they can do without. I didn't start saving until I was in my late 40's but once you start it gets addictive. I meet many young people that are saving and planning ahead, many drive old cars and pack lunches etc.
Just because a person took out a student loan, it doesn't mean they graduated or even went to college for long. Those loans were easy to get. It was cash so it could have been used to go on a vacation. You only had to be registered in one class at the time you applied for the loan. Many people registered for a class, got the 6 grand, then dropped the class.
Damn, I thought you were going to talk about Bruce's Beach, and that is definitely worth your time talking about. That beach is an example of black weather stolen.
To keep track and monitor the income of people who hold debt and who needs to pay their loans back and at what amount will require more government workers. The government complicates the situation and then hires more people to monitor the complicated situation it created. Doesn’t seem efficient.
No there are options to handle this situation which no one is talking about. It involves holding these colleges responsible. These colleges are flush with cash in various trusts and endowments. That's where the money should come from. In addition, student loans should no longer have the backing of the Federal government and can be discharged in bankruptcy. I guarantee these colleges will shape up overnight with their outrageous tuition and their lack of providing proper guidance to students in ensuring the degree they get is worth something on the job market. I also paid off every cent of my student loans. I utilized various rules to get me through the period where I couldn't afford to pay on the loans. If the rules haven't changed, this is an option. I enrolled part time at a local community college to pick up various programming classes. As long as I was taking 6 credit hours before my 6 months grace period was up, I didn't have to make payments on my loans nor any interest payments. So I had the semester plus 6 months after before I was required to make payments. I re-enrolled before the grace period was up again with 6 credit hours of classes to reset the clock. I did this until I was able to get situated with my career. I also picked up extra programming skills along the way. There are options if people stop looking for a handout and take responsibility for an obligation they signed up for.
@@jnagarya519 You need to work on your reading comprehension. None of what I did was playing the system. It was in the rules. And none of the debt I had was forgiven. I paid back every cent of it. Get a clue.
I think it’s a good compromise, no flat out debt forgiveness but waive the predatory interest rates if you pay back the principle. I think it’s a great idea.
@@SevenRiderAirForce talking about the ppl who already have outstanding loans. Going forward we need a complete overhaul of the way higher education is funded in the country. It shouldn’t be completely “free” but it shouldn’t be a for-profit industry either.
@@bruh_hahaha Right. Forgiveness means that the core mission of the program has failed - i.e. that the government was NOT able to more efficiently finance higher education than the market. I'm saying you cannot both say that the loans should be forgiven and that we need to keep giving out the loans. If the government were capable of sustainably providing loans we wouldn't be having this conversation. The complete overhaul you suggest would just be the end of the federal government's trillion+ dollar failure.
Students use to be able to get their student loans through banks and the interest rates were competitive. I had loans that were 1-2%. Then the government took over student loans in 2010 and interest rates went to 5-6%. They basically put a monopoly on student loans. The government initially estimated that they would profit $114 billion off of student loans. Instead the student loan programs actually cost the government $197 billion. So the government isn’t doing anything to be nice. They are trying to basically default on the debt they owe. You the taxpayer are already paying for the $197 billion that the government is in debt for with student loans.
This was perfect! Just what I needed. I been running my trucking company for going on 4 years. I started out grossing 6 figures out the gate, but didn’t have no structure with allocations and the pandemic really shut down my business. Thanks MYSTICFLIP for getting me approved for a grants after several denials and with what you just taught me this is a true game changer that’s fixing to take my trucking company to next level. Thank you!
Bought a Florida prepaid tuition plan for my son. When he used the plan every year a tax statement would come to me expecting him to pay tax on the value of the prepaid tuition he received. I paid for the plan with after tax money. Say I paid $100 per credit hour and by the time he went to college tuition was $200 per credit hour. They wanted taxes to be paid on the increase in value.
