Would you refinance federal student loans?

Car&Lando

Nebraska Football Hall of Fame
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Nov 27, 2012
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Right now I am sitting ta 5.75% interest rate on my federal loans. Can get that lowered in range of 3.0-3.5 if I was to refinance through private lender. Would you refinance or keep it in federal playing the gamble that the libs will at some point wipe out student loan debt?
 

Huskermatt23

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Jan 11, 2017
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You lose a lot of protection if you refinance with a private loan, and subject to missing out on Dems eliminating some or all debt. If you lost your job during COVID and had a private loan you wouldn’t have got the pause on student loans and interest that Trump and Biden implemented and would have been trying to figure out how to pay the loans.
 

nelsonj22

Nebraska Football Hall of Fame
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Sep 27, 2014
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You borrowed the money pay it back. Period
So that's the fault of dumb fvcking kids but yet we have ALL kinds of ways rich people can skate on debts and still keep all their lavish shit.

Fvck Trump wrote off over a billion in "borrowed and never paid back money" 🤷‍♂️
 
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Jim14510

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So that's the Walworth dumb fvcking kids but yet we have ALL kinflds of ways rich people can skate on debts and still keep all their lavish shit.

Fvck Trump wrote off over a billion in "borrowed and never paid back money" 🤷‍♂️
Lets set aside your animosity and misconceptions towards rich people first.

There's an argument here where the Universities fail the student by giving them educations that are worthless or close to worthless and don't provide them with any improvement in job opportunities. The student/parents are to blame as well but a college education can open up jobs that have nothing to do with your major. Things like retail management, general business jobs, teaching, etc. Regardless there are times when public universities have some of the blame.

Vast vast majority of the time individuals are making more money and/or have job opportunities they want provided by the education.

Banks lend money to business. Businesses fail. Money doesn't get paid back. Bank has blame. Individual(s) that run the business have blame. Only way this is different between rich people and anyone else is the bank will take more of a risk with a rich person because even if they lose money on this loan they're already making money on other loans from the same people or they see an opportunity to make money from them in the future.

Bottom line bank made the choice to lend the money at the risk outlined in the loan. How much have those banks that lost a billion made in fees and interest from Trump in that time they lost a billion (assuming your billion is correct)? Last I checked banks are doing fine. If they aren't they made poor choices and also failed. No different than the businesses that failed to pay the loans.

Student goes to college agreeing to pay after education gets them a job. Again vast majority of the time the education serves it's purpose by providing a job. Why shouldn't it be paid?

When the education doesn't provide what it was supposed to provide the loan can be deferred, individual can claim bankruptcy, etc. There are avenues for it to go away. The same avenues businesses have.
 

nelsonj22

Nebraska Football Hall of Fame
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Lets set aside your animosity and misconceptions towards rich people first.

There's an argument here where the Universities fail the student by giving them educations that are worthless or close to worthless and don't provide them with any improvement in job opportunities. The student/parents are to blame as well but a college education can open up jobs that have nothing to do with your major. Things like retail management, general business jobs, teaching, etc. Regardless there are times when public universities have some of the blame.

Vast vast majority of the time individuals are making more money and/or have job opportunities they want provided by the education.

Banks lend money to business. Businesses fail. Money doesn't get paid back. Bank has blame. Individual(s) that run the business have blame. Only way this is different between rich people and anyone else is the bank will take more of a risk with a rich person because even if they lose money on this loan they're already making money on other loans from the same people or they see an opportunity to make money from them in the future.

Bottom line bank made the choice to lend the money at the risk outlined in the loan. How much have those banks that lost a billion made in fees and interest from Trump in that time they lost a billion (assuming your billion is correct)? Last I checked banks are doing fine. If they aren't they made poor choices and also failed. No different than the businesses that failed to pay the loans.

Student goes to college agreeing to pay after education gets them a job. Again vast majority of the time the education serves it's purpose by providing a job. Why shouldn't it be paid?

When the education doesn't provide what it was supposed to provide the loan can be deferred, individual can claim bankruptcy, etc. There are avenues for it to go away. The same avenues businesses have.
So kids skating on loans is worse than a multi millionaire skating on his debts?

While still maintaining multimillions in assets.
 

sklarbodds

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I think there's zero chance in the near future that student loan forgiveness happens on a meaningful scale
 
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Jim14510

Nebraska Football Hall of Fame
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So multimillionaires skating on debt is less bad than kids skating on student loans. Pretty cut and dry, yes or no 🤷‍♂️
There is no "less bad" in this conversation. How would you go about differentiating corporations owned by a billionaire or someone with $100 in their checking account and no work?
 
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Husker Hank

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Right now I am sitting ta 5.75% interest rate on my federal loans. Can get that lowered in range of 3.0-3.5 if I was to refinance through private lender. Would you refinance or keep it in federal playing the gamble that the libs will at some point wipe out student loan debt?
So, if the libs said you could be a low life, dishonest, deceitful, mendacious, guileful pos, you would choose to do that, by not abiding by the financial contract you agreed to?

That is about as liberal and lowlife as you can get.
 

Car&Lando

Nebraska Football Hall of Fame
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So, if the libs said you could be a low life, dishonest, deceitful, mendacious, guileful pos, you would choose to do that, by not abiding by the financial contract you agreed to?

That is about as liberal and lowlife as you can get.
I take it you have never taken a government handout in your life?

If a law gets passed that benefits me financially I am not going to refuse it. That would be dumb. I will and continue to pay off all of my loans.
 

EriktheRed

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I did.

Now cancel all remaining student loans. They are predatory. We let the banks off the hook, we let the auto industry off the hook, now let the people off the hook
If you think student loans today are predatory what do you think of student loans that were double the rates 25 years ago?
 

steinek11

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If you think student loans today are predatory what do you think of student loans that were double the rates 25 years ago?
Also predatory. Which was when I got mine. We shouldn’t charge to make people smarter. Allowing people to be dumb is how we end up with a President trump
 
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EriktheRed

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Also predatory. Which was when I got mine. We shouldn’t charge to make people smarter. Allowing people to be dumb is how we end up with a President trump
What about a douche I know who just keeps taking classes forever and is just racking up bills and wants to avoid ever going into the workforce? I think his long game is likely to just try to default.
 

nelsonj22

Nebraska Football Hall of Fame
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There is no "less bad" in this conversation. How would you go about differentiating corporations owned by a billionaire or someone with $100 in their checking account and no work?
All controlled assets
 

Jim14510

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All controlled assets
You don't like small business? You want to widen the wage gap? That's what you get because business startup goes to a fraction of what it is now. Any small business remotely in trouble is going to sell.
 
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