Politics

[Jiggafini19Deux]

At this point it's a personal spat between two former politicians, and Cheney is on the Democrats dime now so...why should I care what she says?

The Monday morning laugh I desperately needed but likely do not deserve.

 

[TorontoGold]

There is no real population of medical doctors who can't pay off their loans, and if they do exist, $10-20k isn't going to help them. Frankly, I'm curious how many even qualify. Even low end doctors make a good living.

Lawyers, probably plenty struggle. The median attorney really doesn't make much relative to the cost of school.

Saw this for becoming a CPA in California ~$137K How Much Does it Cost to Become a CPA in 2022?. Entry level CPA's make like 50-60K https://www.ziprecruiter.com/Salaries/Entry-Level-CPA-Salary-in-Los-Angeles,CA

Assuming that 30% of the salary goes towards paying for living, typically a benchmark used to assess affordability of rent, that leaves $42K to be spent on living + loan costs. A person should save 10% of their yearly BT income, using that as the amount paid towards loan costs that is $6K per year spent on paying down the loans instead of saving that income. So even the most prudent CPA kids in Cali, it's a tough slag for them and they'll likely be paying off loans for 8-10 years.

Is being a CPA a poor decision? Should I have become something else? (FTR - I never had student loans and am very grateful for the support I got).

 

[irishtrooper]

What if all the borrowers use the relief to buy a reliable used car and pay for insurance? Do they get the bootstrap responsibility merit badge then?

Is this supposed to be clever? I’m illustrating a point. Trying to be honest and thorough, yet I’m mocked. It’s not about my approval, it’s about people taking care of their responsibilities. I’m sorry you have so much trouble understanding that

 

[Irish#1]

The disingenuous argument about student loan debt relief is what really irks me. The broad stroke generalizations that all these people in debt graduated from a private liberal arts school that costs $60K a year with a degree in Gender Studies, Basket Weaving, and Philosophy is bad faith. It doesn't get to the core of the issue, and is an attempt to just scream louder than the other side. If you don't like student loan forgiveness for other, justifiable reasons then you come off as someone who doesn't REALLY have an argument. I went to be a teacher, and went to a state school. My parents made too much money for me to get financial aid, but they never had enough to pay my education. I had to take loans. I knew I wouldn't make a lot of money, but we need teachers. I didn't make a bad decision, but I'm painted as someone who did?

Then the argument shifts to, "well you knew you were taking loans out, you should have known what you were getting into." Yeah, that's partially true. However, we millennials spent the entire 90s and 00s being told we MUST go to college. You can't work in the factories anymore, they're closing. If they aren't closing, they don't have pensions or great insurance anymore. Anecdotally, my parents said this REGULARLY as my dad worked his ass off in a factory swing shift and didn't want me doing the same. So we were conditioned since 1st grade to get to college to live a better life. We do this, now we have people saying, "HA you idiot, you wasted time and money at school," and "NO ONE WANTS TO WORK IN THE TRADES ANYMORE!!! WHYYYYY?!?!" So yeah, paying loans back is tough, we can't declare bankruptcy, private and government loan servicers are raking in the interest with how they calculate it, and again we are left with "should have known before going."

That last part is also a lead to the next. Cost of education now compared to annual inflation. The old boomer quote of, "I worked my way through school." Yeah, because if we adjust for inflation that school tuition now well outpaces the inflation rate from the 60s ad 70s. It's also no wonder that when the government got its hands on loans tuition increased. The schools are bad guys too here. They saw that guaranteed money from the government and upped costs, paying more and more admin, while pay for professors stagnated.

All of this to say, stop the generalizations. You just are the person screaming loudest. Loan holders didn't make bad decisions. They made career decisions. Doctors and lawyers unable to afford to pay loans off. Yeah, they made bad decisions.

You have some good points. For the record, my position is that the loan relief is a bad idea period. Regardless of some opinions $400M is a sizeable chunk of money and we can't keep printing money. Not sure where it got off the tracks that everyone is a dead beat, but it wasn't me. I've said numerous times that the schools need to be held accountable as do the lenders. I worked at Sallie Mae for 13 years. I saw how they operated and made it easy for anyone to get a loan when they should have been stricter. Want a deferment? Sure no problem. The clock keeps ticking on the interest and the borrower is shocked when they see the amount they owe has grown. If they would have just paid the interest their debt would be considerably less. For the record, the worst offenders at repaying student loans are doctors. They are heads and tails above the rest.

I make no apologies for being a boomer. I will say I never realized how good I had it until some pointed that out to me. All this time I thought I was working, raising a family, paying a mortgage, medical bills, etc., just trying to make ends meet, I was actually on a gravy train. Damn!

The generalizations about boomers is the same as the generalizations that all student loan holders are dead beats.

 

[Armyirish47]

Is this supposed to be clever? I’m illustrating a point. Trying to be honest and thorough, yet I’m mocked. It’s not about my approval, it’s about people taking care of their responsibilities. I’m sorry you have so much trouble understanding that

I have no trouble understanding you can't see your own bias within your own anecdotal examples. Insurance and vehicles costs thousands of dollars (possibly even more than the $10K non grant folks are getting relieved from!) and yet you chalk up not having debt as your child's personal responsibility, work ethic and clearly jaded view of other's making poor decisions and being "bailed out" as you put it. It's almost like other people could use the same relatively small level of assistance to set them up for their own future success and taking care of their own responsibilities.....

 

[irishtrooper]

My daughter would have paid for her own vehicle, however we made a deal with her if she could-
Stay out of trouble
Have grades indicative of her academic ability
Participate in athletics
Work hard every summer/off season
Apply for every scholarship available to her
Provide community service

”Free”education amounts to not valuing it. Perhaps a plan to slow exploding costs would be a better use of resources than bailing out lenders? I don’t expect you to understand this, but this is what I believe. Keep coming at me though

 

[IrishLax]

Student loan forgiveness can kiss my ass. Nobody forced you to take out a loan. Lots of people are born into shitty situations where a "bailout" would help a lot more than subsidizing upwardly mobile people with college degrees. Student loans are probably the single worst thing to throw money at... ESPECIALLY without capping/reforming education cost or making predatory institutions of higher education pay for it.

 

[NDMatt91]

Someone needs to ask if people who aren't from wealthy families and worked hard to pay back their loans will get reimbursed.

 

[Armyirish47]

My daughter would have paid for her own vehicle, however we made a deal with her if she could-
Stay out of trouble
Have grades indicative of her academic ability
Participate in athletics
Work hard every summer/off season
Apply for every scholarship available to her
Provide community service

”Free”education amounts to not valuing it. Perhaps a plan to slow exploding costs would be a better use of resources than bailing out lenders? I don’t expect you to understand this, but this is what I believe. Keep coming at me though

And the people receiving this assistance would have paid it off as well presumably, but now they are having a deal made with them that will help them on their path as well right?

I think a plan to slow exploding costs would be super, but you weren't talking about that. You were using your own circumstance to make your broad points. I'm not sure how else the discussion could go without mentioning how YOU framed it <insert weird fixation on your ability to understand things>.

 

[irishtrooper]

And the people receiving this assistance would have paid it off as well presumably, but now they are having a deal made with them that will help them on their path as well right?

I think a plan to slow exploding costs would be super, but you weren't talking about that. You were using your own circumstance to make your broad points. I'm not sure how else the discussion could go without mentioning how YOU framed it <insert weird fixation on your ability to understand things>.

Ok guy. I disagree with you and your opinion

 

[Irish#1]

Wonder how much he donated?

Dem. Mega-Donor Detained Amid Allegations of Embezzlement, Money-Laundering | Headline USA

(Molly Bruns, Headline USA) Leftist mega-donor Sam Bankman–Fried was detained in the Bahamas following reports that his now-bankrupt cryptocurrency company, FTX, may have laundered Ukrainian relief money from U.S. taxpayers and redirected it back to Democrat campaigns. Bankman–Fried, FTX...

headlineusa.com

 

[Armyirish47]

Ok guy. I disagree with you and your opinion

Works for me buddy!

 

[GATTACA!]

Wonder how much he donated?

Dem. Mega-Donor Detained Amid Allegations of Embezzlement, Money-Laundering | Headline USA

(Molly Bruns, Headline USA) Leftist mega-donor Sam Bankman–Fried was detained in the Bahamas following reports that his now-bankrupt cryptocurrency company, FTX, may have laundered Ukrainian relief money from U.S. taxpayers and redirected it back to Democrat campaigns. Bankman–Fried, FTX...

headlineusa.com

Dude was playing League of Legends during a meeting with GameStop about a $200 million dollar deal lol. He was living the life. What a scumbag.

 

[jprue24]

Wonder how much he donated?

Dem. Mega-Donor Detained Amid Allegations of Embezzlement, Money-Laundering | Headline USA

(Molly Bruns, Headline USA) Leftist mega-donor Sam Bankman–Fried was detained in the Bahamas following reports that his now-bankrupt cryptocurrency company, FTX, may have laundered Ukrainian relief money from U.S. taxpayers and redirected it back to Democrat campaigns. Bankman–Fried, FTX...

headlineusa.com

Number I've seen is $40M.

The amount of mon...excuse me, "speech" in politics is obscene.

 

[Irish#1]

Number I've seen is $40M.

The amount of mon...excuse me, "speech" in politics is obscene.

Ouch! That is insane.

Dude was playing League of Legends during a meeting with GameStop about a $200 million dollar deal lol. He was living the life. What a scumbag.

That's why I've never jumped in on the crypto world except for a couple hundred. So unstable and easily effected by too many outside influences. Guess he'll go back to living in his parents basement if he wasn't smart enough to convert a lot to real currency and hide it somewhere.

 

[NorthDakota]

Saw this for becoming a CPA in California ~$137K How Much Does it Cost to Become a CPA in 2022?. Entry level CPA's make like 50-60K https://www.ziprecruiter.com/Salaries/Entry-Level-CPA-Salary-in-Los-Angeles,CA

Assuming that 30% of the salary goes towards paying for living, typically a benchmark used to assess affordability of rent, that leaves $42K to be spent on living + loan costs. A person should save 10% of their yearly BT income, using that as the amount paid towards loan costs that is $6K per year spent on paying down the loans instead of saving that income. So even the most prudent CPA kids in Cali, it's a tough slag for them and they'll likely be paying off loans for 8-10 years.

Is being a CPA a poor decision? Should I have become something else? (FTR - I never had student loans and am very grateful for the support I got).

8-10 years is a pretty good deal IMO for a good career field with very good job prospects. FWIW, those entry level CPA's in LA should go elsewhere if all they can make is $50-60K starting. They could make that here.

 

[Jiggafini19Deux]

Someone needs to ask if people who aren't from wealthy families and worked hard to pay back their loans will get reimbursed.

I paid my loans back right before the housing crash and Great Recession. I'm not asking for shit.

 

[Jiggafini19Deux]

 

[TorontoGold]

8-10 years is a pretty good deal IMO for a good career field with very good job prospects. FWIW, those entry level CPA's in LA should go elsewhere if all they can make is $50-60K starting. They could make that here.

Those entry salaries are before they receive their designation not actually real CPA's.

 

[NorthDakota]

Today's Opinions | Eighth Circuit | United States Court of Appeals

8th Circuit grants injunction against student loan cancellation.

we conclude Missouri has shown a likely injury in fact that is concrete and particularized, and which is actual or imminent, traceable to the challenged action of the Secretary, and redressable by a favorable decision. Missouri, therefore, likely has legal standing to bring its claim. And since at least one party likely has standing, we need not address the standing of the other States.

Its only 6 pages, but Missouri funds universities in part through a couple of programs. They don't go into major detail. If the money that funds these programs (federal student loan accounts) is forgiven by the federal government, Missouri will suddenly have a big shortfall in higher ed funding.

 

[NorthDakota]

Those entry salaries are before they receive their designation not actually real CPA's.

I figured as much. The jobs I looked up around here had something like "Accounting degree and on course to earn a CPA" or whatever jargon their HR department put there.

 

[ab2cmiller]

Those entry salaries are before they receive their designation not actually real CPA's.

Daughter graduates in May. First job out of Indy is > 60k in Acctg Consulting

 

[ab2cmiller]

I believe 50-60 is generally accurate for new accounting grads in Indy

 

[jprue24]

Ouch! That is insane.

His business partner gave $20M to the GOP, which is more inline with what big GOP donors give.

 

[Cackalacky2.0]

You mean other than math?

Maybe $1.50

 

[sixstar]

Question, should kids who purchased a car in college or spent money on a frat/sorority get full student loan repayment? Or should their repayment baseline subtract money spent on convenience/leisure, which could have been spent on tuition?

And would all car purchases be considered leisure? What if the car was required to transport to a place of employment? What if the car wasn't necessary for employment?

How might one codify what is allowable and unallowable?

 

[Cackalacky2.0]

It's a shame we've entered the realm where $400M is considered miniscule by some. That's how our government debt got to this point. Want to stimulate the economy? There's about 300M people in the U.S. Take that $400M and give everyone a million. Nothing wrong with that right?

As an engineer this math makes me sick.

 

[Cackalacky2.0]

Question, should kids who purchased a car in college or spent money on a frat/sorority get full student loan repayment? Or should their repayment baseline subtract money spent on convenience/leisure, which could have been spent on tuition?

Should the loser suing the goverment over student loan forgiveness give his PPP loan that was forgiven back?

 

[Cackalacky2.0]

The Monday morning laugh I desperately needed but likely do not deserve.

I spit out my coffee

 

[Cackalacky2.0]

Someone needs to ask if people who aren't from wealthy families and worked hard to pay back their loans will get reimbursed.

You can ask me….. i fit this anecdotal category.