Senate pushes to forgive up to $50K in Student Loans

Bobfather

Athletic Director
Gold Member
Oct 6, 2002
14,623
7,512
113
50

ZWINK

Newbie
Gold Member
Oct 2, 2020
26
65
13
Not a fan.

Totally ignoring the real problem. The f*cking cost of college.
THANK YOU. Everyone always throws a fit, mainly the "I worked hard and paid it off" group. I get the frustration with that but come on lets think of the future. Sorry you got screwed, but instead of taking it out on kids who just want a decent career without crippling debt, start pressing the Universities on why the cost of college has increased literally 3,000% the last 50 years.
 

tman_87

Head Coach
Gold Member
Sep 1, 2010
11,883
14,699
113
I would consider being OK with maybe 10K wiped out at most. Even that, I am still not a fan of though. Lower the interest rates to near zero on the loans seems fair enough. Wiping out debt, just can't get down with that.
 

lolwat

Senior
Gold Member
Sep 8, 2016
2,718
4,801
113
I think if they wanted to help in this area - make the interest rates really low. I have 2 sets of loans, undergrad and graduate. The interest rate for the graduate degree could be more competitive to where the market is on rates. So if they could make that something like 1.9% that would help getting it paid for faster. That would be good enough for me.

I believe the cost of school went through the roof because government rubber stamped all these loans regardless of amount. When I was a part time instructor for about 5 years, people were getting loans with no regard to how much it was and they were getting above and beyond the tuition so they could buy a computer or other misc things.

Maybe they could also encourage pay back with some tax relief - like for every $1000 you pay back you get $50 in tax credit. Something along those lines.
 
Last edited:

nelsonj22

Nebraska Football Hall of Fame
Gold Member
Sep 27, 2014
19,368
20,357
113
I would consider being OK with maybe 10K wiped out at most. Even that, I am still not a fan of though. Lower the interest rates to near zero on the loans seems fair enough. Wiping out debt, just can't get down with that.
Yep zero interest, or atleast what major corps are borrowing money at, and actually make state schools government funded like they were intended to be.
 

nelsonj22

Nebraska Football Hall of Fame
Gold Member
Sep 27, 2014
19,368
20,357
113
I think if they wanted to help in this area - make the interest rates really low. I have 2 sets of loans, undergrad and graduate. The interest rate for the graduate degree degree could be more competitive to where the market is on rates. So if they could make that something like 1.9% that would help getting it paid for faster. That would be good enough for me.

I believe the cost of school went through the roof because government rubber stamped all these loans regardless of amount. When I was a part time instructor for about 5 years, people were getting loans with no regard to how much it was and they were getting above and beyond the tuition so they could buy a computer or other misc things.

Maybe they could also encourage pay back with some tax relief - like for every $1000 you pay back you get $50 in tax credit. Something along those lines.
I don't know how old you are but universities had to make up the 25% drop in funding from state/fed somewhere.
 

Huskermatt23

Graduate Assistant
Gold Member
Jan 11, 2017
5,518
11,337
113
Seattle
THANK YOU. Everyone always throws a fit, mainly the "I worked hard and paid it off" group. I get the frustration with that but come on lets think of the future. Sorry you got screwed, but instead of taking it out on kids who just want a decent career without crippling debt, start pressing the Universities on why the cost of college has increased literally 3,000% the last 50 years.
How else are schools going to pay for the new football facilities to recruit the best players to win the TV revenue game? Similarly, if they want to recruit the best students they have to have great facilities, no one wants to go to a school that is rundown.
 
  • Like
  • Haha
Reactions: Hyattea and ZWINK

ScarletNCream

Athletic Director
Gold Member
Jan 4, 2007
13,611
24,457
113
I sell to colleges quite a bit and it always cracks me up when they tell me, “I can’t believe how much your prices have gone up” over a small 5-10% increase over what we were 10 years ago. I love asking “Has your school ever had to increase tuition? How do you go about communicating that to your customers?”
 

whiteshoes97

Head Coach
Gold Member
Dec 30, 2004
12,933
10,800
113
Meh... if you’re dumb enough to give a 150k unsecured loan to some dufus to go study sociology, there is clearly a high chance of default.

Might as well at least secure their vote by bribing them with loan forgiveness since you weren’t going to see the money anyway.
 

lolwat

Senior
Gold Member
Sep 8, 2016
2,718
4,801
113
Meh... if you’re dumb enough to give a 150k unsecured loan to some dufus to go study sociology, there is clearly a high chance of default.

Might as well at least secure their vote by bribing them with loan forgiveness since you weren’t going to see the money anyway.

Thing about the fed is that it's not exactly the same as your typical lender. Unless you decide to not file taxes, or move out of the country and never come back... never thought of that though tbh.
 

DRay827

Senior
Gold Member
Aug 28, 2016
2,211
4,563
113
Lincoln, NE
Not a fan.

Totally ignoring the real problem. The f*cking cost of college.

This. What I want to understand is where all the money from the massive tuition increases have gone? Yes, faculty and tenure pay is a lot, but growth in those budget categories isn't out of line with any other professions.

There has to be an explanation for such a dramatic increase in cost of attendance compared to what student's are getting out of their degree. Especially since university foundations have raised massive amounts of money the last two decades to fund new buildings and scholarships. If anyone knows of any legit research or studies on this topic, please post.
 

steinek11

All-American
Gold Member
Dec 1, 2014
4,114
7,671
113
I would consider being OK with maybe 10K wiped out at most. Even that, I am still not a fan of though. Lower the interest rates to near zero on the loans seems fair enough. Wiping out debt, just can't get down with that.
Unless it’s corporate debt? Which happens daily. That’s a a huge boom to the economy.
 
  • Like
Reactions: philosophusker

Huskermatt23

Graduate Assistant
Gold Member
Jan 11, 2017
5,518
11,337
113
Seattle
This. What I want to understand is where all the money from the massive tuition increases have gone? Yes, faculty and tenure pay is a lot, but growth in those budget categories isn't out of line with any other professions.

There has to be an explanation for such a dramatic increase in cost of attendance compared to what student's are getting out of their degree. Especially since university foundations have raised massive amounts of money the last two decades to fund new buildings and scholarships. If anyone knows of any legit research or studies on this topic, please post.
Its gone to upgrade facilities to attract students. Every university is trying to one up each other and we as Husker fans encourage it.
 

EriktheRed

Offensive Coordinator
Gold Member
Jul 1, 2001
8,316
7,101
113
I guess this will be really unpopular with the 68% of the US population that has student loans.


68% of the population does NOT currently have student loans. 227 million people do not have student loans and people that used to have student loans have paid them off like normal people.
 

tman_87

Head Coach
Gold Member
Sep 1, 2010
11,883
14,699
113
Unless it’s corporate debt? Which happens daily. That’s a a huge boom to the economy.

Are you asking or suggesting I am OK with corporate debt being wiped out? If so, of course I am not.
 

kiteman2

Newbie
Jun 4, 2004
99
304
53
Omaha
I think this is one time the government is doing something right. To all of those who are saying pay back loans, where was all this talk when the Banks were bailed out and did not have to repay all of the loans, Airlines get help all the time and don't have to have to payback the loans, the auto industry got loans and did not have to pay off of them back. Trumps socialism for the rich economic policy was to give the rich money and was going to create massive increase taxes on the middle class with the massive debit. It is about time middle class family get something verse the GOP economics plan of socialism for the rich. Yes, this is going to create a huge economic booms with all of the disposable income for the middle class.
 

nelsonj22

Nebraska Football Hall of Fame
Gold Member
Sep 27, 2014
19,368
20,357
113
When did that happen?
I believe during the late 80s early 90s

Went from 75% to 50% of state university funding.

In 1988, students — through tuition — provided about a quarter of public colleges and universities’ revenue, while state and local governments provided the remaining three-quarters. Today, that split is much closer to 50-50.
 
  • Like
Reactions: sklarbodds

Cosmoc

Defensive Coordinator
Gold Member
Jun 26, 2004
7,238
10,107
113
Corpus Christi, TX
I like the ideas in this thread regarding low or zero interest loans. 👍

If they absolutely want to forgive debt, make them work it off. Clean up garbage on highways or mentor kids or something. You get loan forgiveness based on amount of volunteer work.

I agree, and I think the same standard should apply for able-bodied, mentally competent welfare recipients.
 

ZWINK

Newbie
Gold Member
Oct 2, 2020
26
65
13
How else are schools going to pay for the new football facilities to recruit the best players to win the TV revenue game? Similarly, if they want to recruit the best students they have to have great facilities, no one wants to go to a school that is rundown.
I get your point to an extent, however, places like DONU, OSU, OU, pay for most of those facilities with donations and the revenue the Athletic Department brings in. From my understanding, not a penny of tuition is used for any of our athletic facilities, our AD is self sufficient, actually profitable. Having to spend $500+ on single book for a single class, then having to turn around and pay an additional $200 just to have access to the online program that has the homework for said class, is absolutely outrageous IMO.
 

mikecanale

Sophomore
Gold Member
Dec 24, 2010
1,482
1,761
113
I guess this will be really unpopular with the 68% of the US population that has student loans.

If I'm a kid who went a community college my first two years, and then went to a state school to keep my tuition cost down, how would I feel about somebody who went to an expensive school instead, incurred a lot of debt, and now has it forgiven. Seems quite unfair. I can see eliminating the interest on school debt, but not forgiving it. Is this an unchristian attitude?
 
  • Like
Reactions: 94husker

DRay827

Senior
Gold Member
Aug 28, 2016
2,211
4,563
113
Lincoln, NE
In all seriousness, this proposal to eliminate 50k in debt won't go anywhere unless the $1.9T recovery bill goes down in flames.

And given that Senator's like Manchin and Tester have said "we'll do what it takes" regarding the price tag, I don't see that happening.
 
  • Like
Reactions: 94husker

Huskermatt23

Graduate Assistant
Gold Member
Jan 11, 2017
5,518
11,337
113
Seattle
If I'm a kid who went a community college my first two years, and then went to a state school to keep my tuition cost down, how would I feel about somebody who went to an expensive school instead, incurred a lot of debt, and now has it forgiven. Seems quite unfair. I can see eliminating the interest on school debt, but not forgiving it. Is this an unchristian attitude?
Fortunate that you are not going to have a massive tax bill. Writing off debt is taxable income.. Pretty much money that people were not going to pay will get ushered into their next tax bill. People will be required to pay 10-34% tax on that money next year depending on their tax bracket. If I was in the top tax bracket and had $50K in student loan debt wiped out, I would have a $17K tax bill, probably more than what someone is paying in student loan payments for the next couple years.
 

dsmalls3

Junior
Gold Member
Feb 8, 2017
1,706
2,264
113
I graduated in 2009 and still have $20,000 in student debt. Just paid off private and now into federal.

Selfishly, I’m all for this $50,000 help and I’m not going to stand on a moral high ground about it. That $20,000 is $20,000 closer to down payment on my vacation property I’d like to buy this year.

Student debt is a big problem. With education continuing to increase I can’t even imagine what it would have been like starting out with more than the $45k that I did. You pay double that after interest. Talk to a nurse who comes out $75k-$100k in debt and is making a measly $75,000-$85,000/year. You simply can’t build wealth with this type of a start and are being pushed back 10-15 years.

This is a massive economic stimulus, and this time it’s not going to corporations,
it’s going to the younger middle class who earned it by earning a degree.
 

dsmalls3

Junior
Gold Member
Feb 8, 2017
1,706
2,264
113
If I'm a kid who went a community college my first two years, and then went to a state school to keep my tuition cost down, how would I feel about somebody who went to an expensive school instead, incurred a lot of debt, and now has it forgiven. Seems quite unfair. I can see eliminating the interest on school debt, but not forgiving it. Is this an unchristian attitude?

Hopefully you’d chalk it up to most other things in life and agree it’s unfair. And then you’d move on, and try and catch a break at a later point in your life. Maybe you should have gotten better grades in high school so you could have enrolled in the higher priced education which is now being paid for by the socialist?

Life isn’t fair. You either work to take advantage of that fact or you bitch about it.
 
  • Like
Reactions: nelsonj22

whiteshoes97

Head Coach
Gold Member
Dec 30, 2004
12,933
10,800
113
I graduated in 2009 and still have $20,000 in student debt. Just paid off private and now into federal.

Selfishly, I’m all for this $50,000 help and I’m not going to stand on a moral high ground about it. That $20,000 is $20,000 closer to down payment on my vacation property I’d like to buy this year.

Student debt is a big problem. With education continuing to increase I can’t even imagine what it would have been like starting out with more than the $45k that I did. You pay double that after interest. Talk to a nurse who comes out $75k-$100k in debt and is making a measly $75,000-$85,000/year. You simply can’t build wealth with this type of a start and are being pushed back 10-15 years.

This is a massive economic stimulus, and this time it’s not going to corporations,
it’s going to the younger middle class who earned it by earning a degree.
Doubt it.
 

brnred1989

All-American
Gold Member
Sep 3, 2011
4,438
3,718
113
I graduated in may 2015, currently have $70,000 in loans (took 6 years as part time student to get my BS degree). Luckily I qualify for PSLF, so I pay $200-300 a month for 10 years and the rest is forgiven completely tax free. In the end I’ll pay about $30-35K out of the 70K I owe, and the rest goes away.

More people need to look at PSLF.

I’ll be following what they do closely with this.