Loans Forgiven - Page 3

Philip Brewer · 12-10-2008, 03:02 PM

Quote:

Originally Posted by starshard0

Can the government really afford to be shelling out even more money for education though? Our deficit is bad enough as it is.

I'm not suggesting that we just spend more on everything, but rather that we should make education a higher priority than it has been.

We've spent about $600 billion on the war in Iraq. Federal spending on higher education runs about $50 billion a year. So (just as an example), we could have tripled federal spending for education without any increase in the deficit, by spending the money that way, instead of on the war.

purplefdu · 12-15-2008, 03:54 PM

The government can't really "afford" alot of things they do but continue to make bailout plans anyway. Its one of the great stupidities of the US. The government continues to spend without the funds being there, just like the average American citizen continues to buy new phones, cars, clothes, etc without job stability and available funds.

Going to college to get an education is supposed to be the answer to getting the life you want, but instead locks you into debt. I've started suggesting to friends with kids going into college to fund the education with credit cards or other funds. Its an awful thing to say but I'd rather know they can go into bankruptcy on the 50k credit card debt and get it wiped clean than have to pay for the next 50yrs for their kid's education in English lit they may never use.

x_coderchick_x · 12-17-2008, 11:46 AM

My SO got one of his smaller student loans semi-forgiven by paying all but $500 of it in one lump sum (it was a $1200 loan I believe). They were only offering the forgiveness plan if you pay the balance all at once, and you had to do it within a month after your first payment was due. He ended up putting it on his credit card, which had a slightly higher interest rate than the loan (9% versus 7%), but in the time he would be able to pay it off, he was still coming out about $300 ahead. It was a smaller loan provider, so my guess is that they were hurting for money and were willing to take a loss to make some quick cash back.

What stinks is I finished paying off my loans in April and I was never offered such a deal. :P

12-15-2008, 03:54 PM	#22
purplefdu Senior Member Join Date: Jan 2008 Location: York Beach, ME Posts: 628 Thanks: 0 Thanked 1 Time in 1 Post Reputation: (29)	The government can't really "afford" alot of things they do but continue to make bailout plans anyway. Its one of the great stupidities of the US. The government continues to spend without the funds being there, just like the average American citizen continues to buy new phones, cars, clothes, etc without job stability and available funds. Going to college to get an education is supposed to be the answer to getting the life you want, but instead locks you into debt. I've started suggesting to friends with kids going into college to fund the education with credit cards or other funds. Its an awful thing to say but I'd rather know they can go into bankruptcy on the 50k credit card debt and get it wiped clean than have to pay for the next 50yrs for their kid's education in English lit they may never use. __________________ Homeward Bound Puppy Blog&Personal Blog best general coupon site & organic grocery coupon help

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12-17-2008, 11:46 AM	#23
x_coderchick_x Junior Member Join Date: Jun 2008 Location: Austin, TX Posts: 9 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (10)	My SO got one of his smaller student loans semi-forgiven by paying all but $500 of it in one lump sum (it was a $1200 loan I believe). They were only offering the forgiveness plan if you pay the balance all at once, and you had to do it within a month after your first payment was due. He ended up putting it on his credit card, which had a slightly higher interest rate than the loan (9% versus 7%), but in the time he would be able to pay it off, he was still coming out about $300 ahead. It was a smaller loan provider, so my guess is that they were hurting for money and were willing to take a loss to make some quick cash back. What stinks is I finished paying off my loans in April and I was never offered such a deal. :P