Student Loan Debt Relief

Gern Blansten

https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info

Don't forget....easy as hell

Vitalogensia

Yeah, I think their "takes about 5 minutes" was overestimated by about four minutes. 

mfc2006

Vitalogensia said:

Yeah, I think their "takes about 5 minutes" was overestimated by about four minutes. 

Yup. Very fast process.

Gern Blansten

Yep....I'm paranoid that my daughter's won't go through easily. Several years ago I input an incorrect date of birth for her into FAFSA and every year I had to re-enter that same incorrect DOB in order to get the app submitted. I can't remember if I ever got it corrected or not so I hope they can just go off of her SSN.

tempo_n_groove

It's for 10k though?  My GF has 100K in debt...

Gern Blansten

tempo_n_groove said:

It's for 10k though?  My GF has 100K in debt...

yikes....still $10K > $0

mfc2006

Gern Blansten said:

tempo_n_groove said:

It's for 10k though?  My GF has 100K in debt...

yikes....still $10K > $0

Exactly

tempo_n_groove

Gern Blansten said:

tempo_n_groove said:

It's for 10k though?  My GF has 100K in debt...

yikes....still $10K > $0

mfc2006 said:

Gern Blansten said:

tempo_n_groove said:

It's for 10k though?  My GF has 100K in debt...

yikes....still $10K > $0

Exactly

We actually talked about trying to get that money and invest it.  We would probably do better in the long run.

My GF is one of those that had zero help from anyone, no guidance and was told by her guidance counselors to go to a good school and it will pay off.  All those people should be hanged.

brianlux

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

Gern Blansten

tempo_n_groove said:

Gern Blansten said:

tempo_n_groove said:

It's for 10k though?  My GF has 100K in debt...

yikes....still $10K > $0

mfc2006 said:

Gern Blansten said:

tempo_n_groove said:

It's for 10k though?  My GF has 100K in debt...

yikes....still $10K > $0

Exactly

We actually talked about trying to get that money and invest it.  We would probably do better in the long run.

My GF is one of those that had zero help from anyone, no guidance and was told by her guidance counselors to go to a good school and it will pay off.  All those people should be hanged.

It's a tough one...I get why they can't let you include student loan debt in a bankruptcy filing (because 99.98% of students are bankrupt/insolvent upon graduation) but it seems like after a certain period of time it should be fair game.

Gern Blansten

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

Driven by demand...which is supported by private lender student loan institutions willing to rape and pillage

I think the maximum federal loans cap out around $30K. In my opinion the private lenders should have to fend for themselves.

brianlux

Gern Blansten said:

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

Driven by demand...which is supported by private lender student loan institutions willing to rape and pillage

I think the maximum federal loans cap out around $30K. In my opinion the private lenders should have to fend for themselves.

Rape and pillage it is.  But the universities need to be held responsible as well as lenders. 

Indifference71

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

This.  While this will definitely help a lot of people out, it doesn't address the problem of the obscene costs for college these days.  I have 3 kids under 6 and I can't even fathom what the cost of college will be when their time comes.  

Spiritual_Chaos

socialism?

Spiritual_Chaos

nvm

mace1229

tempo_n_groove said:

Gern Blansten said:

tempo_n_groove said:

It's for 10k though?  My GF has 100K in debt...

yikes....still $10K > $0

mfc2006 said:

Gern Blansten said:

tempo_n_groove said:

It's for 10k though?  My GF has 100K in debt...

yikes....still $10K > $0

Exactly

We actually talked about trying to get that money and invest it.  We would probably do better in the long run.

My GF is one of those that had zero help from anyone, no guidance and was told by her guidance counselors to go to a good school and it will pay off.  All those people should be hanged.

I've been told by admin to not encourage 2 year schools. They want as many kids applying for, being accepted and going to a 4 year school as possible. It looks better for the school (and them) to have high numbers going to a 4 year school. I think its wrong, and still encouraged a 2 year anyway.

tempo_n_groove

Spiritual_Chaos said:

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

In Sweden it doesn’t cost a thing. 

Any VAT country is like this.

brianlux

Spiritual_Chaos said:

socialism?

LOL, no doubt some of our right leaning members here would call it that.

I would say it had more to do with some of the better attributes of those times.  It's not that America was not without it faults then- we were involved in a brutal, unjust war, racism was more blatant, homophobia more widespread.  But on the plus side, education was much more affordable, we had a better sense of a reasonable cost of living, had stronger production and manufacturing with a greater tendency toward making durable products.  We were generally more courteous and respectful as a society. There were still places with clean water and air.  The world population was less than 4 billion, not the nearly 8 billion (soon!) that it is now. 
Yeah, Bob, the times they are a'changin'.

mace1229

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

What seems crazy is it was that cheap in 1969. $400 for college tuition is practically free college. Thats the cost of 2 textbooks. 

When you think about it, the cost of college isn't that much. Considering the government spends an average of $12,000 per year for students to go to school, $20,000 for a year of college seems about on par. The difference is college is becoming more expected and less of just furthering your education. I also assume with a lot more kids going to college now than 50 years ago, the subsidized taxes are water down to cover more students. 

Just looked it up out of curiosity, average in state is about 9k and out of state is about 26k.
https://educationdata.org/average-in-state-vs-out-of-state-tuition

Still seams high. But you can manage the costs with 2 years of community college and staying in state. 

tempo_n_groove

mace1229 said:

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

What seems crazy is it was that cheap in 1969. $400 for college tuition is practically free college. Thats the cost of 2 textbooks. 

When you think about it, the cost of college isn't that much. Considering the government spends an average of $12,000 per year for students to go to school, $20,000 for a year of college seems about on par. The difference is college is becoming more expected and less of just furthering your education. I also assume with a lot more kids going to college now than 50 years ago, the subsidized taxes are water down to cover more students. 

Just looked it up out of curiosity, average in state is about 9k and out of state is about 26k.
https://educationdata.org/average-in-state-vs-out-of-state-tuition

Still seams high. But you can manage the costs with 2 years of community college and staying in state. 

What else is crazy was you could have the mrs stay home and you could work as a soda jerk and buy a house and a car.

I would love to be able to pull shifts at Mickey D's and live comfortably.

Gern Blansten

The best way to go to college is to do it from home. Tuition might only be about $9K/year. It's the room and board that doubles the cost.

static111

tempo_n_groove said:

mace1229 said:

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

What seems crazy is it was that cheap in 1969. $400 for college tuition is practically free college. Thats the cost of 2 textbooks. 

When you think about it, the cost of college isn't that much. Considering the government spends an average of $12,000 per year for students to go to school, $20,000 for a year of college seems about on par. The difference is college is becoming more expected and less of just furthering your education. I also assume with a lot more kids going to college now than 50 years ago, the subsidized taxes are water down to cover more students. 

Just looked it up out of curiosity, average in state is about 9k and out of state is about 26k.
https://educationdata.org/average-in-state-vs-out-of-state-tuition

Still seams high. But you can manage the costs with 2 years of community college and staying in state. 

What else is crazy was you could have the mrs stay home and you could work as a soda jerk and buy a house and a car.

I would love to be able to pull shifts at Mickey D's and live comfortably.

Wouldn't we all

tempo_n_groove

static111 said:

tempo_n_groove said:

mace1229 said:

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

What seems crazy is it was that cheap in 1969. $400 for college tuition is practically free college. Thats the cost of 2 textbooks. 

When you think about it, the cost of college isn't that much. Considering the government spends an average of $12,000 per year for students to go to school, $20,000 for a year of college seems about on par. The difference is college is becoming more expected and less of just furthering your education. I also assume with a lot more kids going to college now than 50 years ago, the subsidized taxes are water down to cover more students. 

Just looked it up out of curiosity, average in state is about 9k and out of state is about 26k.
https://educationdata.org/average-in-state-vs-out-of-state-tuition

Still seams high. But you can manage the costs with 2 years of community college and staying in state. 

What else is crazy was you could have the mrs stay home and you could work as a soda jerk and buy a house and a car.

I would love to be able to pull shifts at Mickey D's and live comfortably.

Wouldn't we all

If I hit lotto that is my plan, lol!

mace1229

Gern Blansten said:

The best way to go to college is to do it from home. Tuition might only be about $9K/year. It's the room and board that doubles the cost.

Yes, but I dont see why that’s a factor. You need room and board whether you’re at school or working at McDonald’s.
An extra 12k for housing and food for the better part of a year isn’t really that bad. You’d spend that living off campus in most major cities. Only difference is you’d probably get a little more space doing it off campus.

brianlux

tempo_n_groove said:

mace1229 said:

brianlux said:

A big part of the problem with student debt is the cost of higher education in the first place.  It seems odd to me that this is seldom addressed.  Let me give an example:

The total tuition costs for 15 semester units for my first semester in 1969 was $50.00
Tuition costs at the same university today for 7 units and up is $7,304

Using an inflation calculator, $50 in 1969 dollars is $404.37.

Thus:

Cost of tuition in 1969: $404,37
Cost of tuition in 2022: $7,304.00

Is that insane or what?

What seems crazy is it was that cheap in 1969. $400 for college tuition is practically free college. Thats the cost of 2 textbooks. 

When you think about it, the cost of college isn't that much. Considering the government spends an average of $12,000 per year for students to go to school, $20,000 for a year of college seems about on par. The difference is college is becoming more expected and less of just furthering your education. I also assume with a lot more kids going to college now than 50 years ago, the subsidized taxes are water down to cover more students. 

Just looked it up out of curiosity, average in state is about 9k and out of state is about 26k.
https://educationdata.org/average-in-state-vs-out-of-state-tuition

Still seams high. But you can manage the costs with 2 years of community college and staying in state. 

What else is crazy was you could have the mrs stay home and you could work as a soda jerk and buy a house and a car.

I would love to be able to pull shifts at Mickey D's and live comfortably.

Yeah good point.  At that time (1972 to 1973) I shared a 3 bedroom upstairs flat with two roommates in the upper Haight in S.F. with a terrific view.  $200 per month.  Included use of the roof as a deck, a single car garage, and shared use of a small back yard.  Three guys working minimum wage jobs in this beautiful flat that was (in today's money) about $1,340 per month.  Amazing.  Same place today would go for 3 or 4 times that much. 

Other things that were inexpensive that almost anyone could afford: 
Pack of Bull Durham tobacco with pack of 20 rolling papers:  10 cents. (71 cents in 2022 dollars)
Streetcar fare (including transfer that would take you anywhere in the city:  25 cents ($1.78 in 2022 dollars.  Cost today is $2.50)
Cup of coffee in a diner:  10 cents. (71 cents in 2022 dollars)
Average cost of gallon of gas in California:  36 cents ($2.44 in 2022 dollars.  Currently, in S.F., gas is from $5.55 to $6.00)

We're being taken for a ride.

bootlegger10

During the pandemic we were able to figure out how to work from our kitchen tables, but for some reason universities feel the need to spend millions on over the top school buildings.  And then professors get paid a lot to do very little.

brianlux

bootlegger10 said:

During the pandemic we were able to figure out how to work from our kitchen tables, but for some reason universities feel the need to spend millions on over the top school buildings.  And then professors get paid a lot to do very little.

I had a very different experience working at out local community college as department assistant in the Human Services program.  It always seemed to me that the profs worked hard (I know the one I worked with sure did!), but it was the admin people who had it relatively easy.  I once over heard one of the profs in the building I worked in say to another instructor, "These admin people really get to me.  It's as though they hate students.  I think their motto must be 'If it wasn't for these damn students, we could get some work done around here'".

oftenreading

The majority of people doing the teaching get paid very little and work pretty hard. Maybe that changes for some when they get tenure, but before then it’s a dogfight and those who don’t end up getting tenure are often out of a job with few prospects. 

Zod

I feel pretty lucky here in Canada that our universities are partially subsidized.  Between student loans, summer employment, and the odd part time job during the school year, I graduated with $27k in student loans.   I could of been more prudent (ie less concerts).  My biggest struggle was finding gainful employment after university.  Took me about 1.5 years until I moved to get a job, then I knocked that fucker out in 3 years.

I can't imagine what it's like now, especially in the US with the huge costs.  I think the biggest challenge here is living.  If your parents don't live where you want to go to university it gets really expensive really quick.

brianlux

oftenreading said:

The majority of people doing the teaching get paid very little and work pretty hard. Maybe that changes for some when they get tenure, but before then it’s a dogfight and those who don’t end up getting tenure are often out of a job with few prospects. 

Exactly. 
And kudos to those who can stick it out.  I didn't, but I did the time I was in it as best I could.

Spiritual_Chaos

In Sweden the advice has always been to pay the least amount possible on the student loans because the interest is so low, and instead put the money into the stick market where you get more for your money.