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How much college debt does the Stafford Loan and other federally subsidized Student Loan programs hold?

I had a thought... spending stimulus money on forgiving Federal college loans could work wonders. If something has to be done this makes considerable sense.

It would improve countless Americans debt to income ratio making them able to buy more, refinance, OR invest in more education.

Thoughts?

Post your ideas... critique mine...
 

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I like it, mostly because I still have a few $$$ left to pay :D

In all seriousness, I think the stimulus should go to the people. Giving bailouts to companies doesnt do anything for the economy, especially when they keep telling US to spend in order to stimulate said economy.
 

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I like it, mostly because I still have a few $$$ left to pay :D

In all seriousness, I think the stimulus should go to the people. Giving bailouts to companies doesnt do anything for the economy, especially when they keep telling US to spend in order to stimulate said economy.
That's my point though... Regardless of MY self interest... we give the money to the banks and the banks can't loan money based upon tighter (and rational) rules. People have high debt to income ratios. Freeing up massive amounts of cash, monthly for the people who are most likely to spend it would have a real impact on the economy.
 

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In all seriousness, I think the stimulus should go to the people. Giving bailouts to companies doesnt do anything for the economy, especially when they keep telling US to spend in order to stimulate said economy.
i am with you!:thumbup:
 

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Spend money on things that actually make jobs I say.

Instead of an auto bailout: Over the next 3 years we will replace every government owned passenger vehicle with a hybrid built by one the big 3. Contracts will be divided base on how well you sell the same cars to the US public. (i.e. the larger your US market share is, the more you sell, this helps avoid the we're making them for the government so we can still make shit cars no one will buy).
 

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i think college debt would be a great idea, my loans are big but it would make buying a house a lot easier if i didnt have my college loan to pay off as well, its one of the things holding me back right now.
 

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x2

I forget the actual numbers, but it would be WAY cheaper for the government to just buy out all the bad mortgages that started the whole mess. I imagine if you theoretically added student loan debt into that it would still be well under the nearly 1 trillion figure we are approaching.
 

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Problem with forgiving student loans is that it only goes to one segment of the population, and it pisses off those of us who paid off our loans long ago. :D And really, you guys are more likely to pay off your loans than the idiots that got the funny mortgages.

Seriously, I agree with giving money back to the people. Use it to pay on your student loan, buy a house, whatever. Even if a student uses it to pay off a loan (instead of driving it right back into the economy), that student will be debt-free and able to spend money, AND have a good credit rating.
 

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When I think of a government stimulus package I am reminded of one 4 letter word..................
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PORK!
 

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How much college debt does the Stafford Loan and other federally subsidized Student Loan programs hold?

I had a thought... spending stimulus money on forgiving Federal college loans could work wonders. If something has to be done this makes considerable sense.

It would improve countless Americans debt to income ratio making them able to buy more, refinance, OR invest in more education.

Thoughts?

Post your ideas... critique mine...
Not a fan of consumerism or borrowing, so no.

How about we just not spend the money and take some burden of the american taxpayer.
Then we have to decide what industries get it. Alternative energy and infrastructure I have no problem with.



Problem with forgiving student loans is that it only goes to one segment of the population, and it pisses off those of us who paid off our loans long ago. :D And really, you guys are more likely to pay off your loans than the idiots that got the funny mortgages.

Seriously, I agree with giving money back to the people. Use it to pay on your student loan, buy a house, whatever. Even if a student uses it to pay off a loan (instead of driving it right back into the economy), that student will be debt-free and able to spend money, AND have a good credit rating.

x2, cut taxes and let it trickle up. Forgiving student loans is just as lopsided and unfair as forgiving bad morgages imo.
 

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Don't know if I agree with this. Kind of like saying drop my Mortgage debt, well I'm the one that signed for it.....I feel that I should pay it.

What I THINK would work better is....

-Lower college cost - let's face it, it is too expensive, most leave college with MORTGAGE type of debt (many these days don't think it's even worth going to college PERIOD, especially with this economy). Forgiving = free ride

- Lower loan interest

- Lower cost of living at colleges

- Lower CEO/management salaries

- get rid of mis management and all the useless CRAP

x2, cut taxes and let it trickle up. Forgiving student loans is just as lopsided and unfair as forgiving bad morgages imo.
Agree 100%

IMO OUR GOVERNMENT SHOULDN"T SPEND MONEY THEY DON'T HAVE. THIS IS GOING TO COME BACK TO HAUNT US ONE DAY.

Save/spend what you have. How can THEY tell us not to live beyond our means and be responsible when THEY are the worst offenders on BOTH ends. I'm sorry.

I would LOVE to go to college, fact is, I can't afford it (money and time wise) and no I'm not going to take a loan out for something that I'm not sure I will be able to pay for when I get out. Most folks I know that are fresh out of college can't even find a job.



Government needs to go through ALL of it's departments and get rid of overspending and useless costs that are INFESTED into almost EVERY state/federal department

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Want to help the auto industry? Don't give them any money. Allow the taxpayer to write of the interest loans (like a home loan)pn autos. I would say to only make it apply to the American auto industry, but my free trade mentality has a problem with that.
 

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Don't know if I agree with this. Kind of like saying drop my Mortgage debt, well I'm the one that signed for it.....I feel that I should pay it.
I 100% agree with this statement. HOWEVER; the level of personal responsibility in this country has taken a steep dive. People have been relying on Big Government to take care of them for too long (started WAAAAAY before the Bush Administration). The consequences are no longer a) dire for fucking up and b) frowned upon by others. I can remember back in the day when a person filing for bankruptcy was frowned upon by EVERYONE and was very difficult to recover from in that 7 years it was on your credit report. I now hear a commercial every break on ESPN radio dedicated to bankruptcy.
 

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My kids would love it, but it is only a small portion of their student debt. While I love the idea of them owing less, you still have to pay sometime.

The US economy is paying now for the last 7 years. I prefer we not add to the deficit.
 

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My kids would love it, but it is only a small portion of their student debt. While I love the idea of them owing less, you still have to pay sometime.

The US economy is paying now for the last 7 years. I prefer we not add to the deficit.
No, it is paying for the last 30+.
 

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I 100% agree with this statement. HOWEVER; the level of personal responsibility in this country has taken a steep dive. People have been relying on Big Government to take care of them for too long (started WAAAAAY before the Bush Administration). The consequences are no longer a) dire for fucking up and b) frowned upon by others. I can remember back in the day when a person filing for bankruptcy was frowned upon by EVERYONE and was very difficult to recover from in that 7 years it was on your credit report. I now hear a commercial every break on ESPN radio dedicated to bankruptcy.
I would agree with this statement IF everything was written so that a normal human being could understand it. But I've been on the wrong end of a few transactions where the 6 point type didn't explain in any English I ever studied in school that I was fucking myself. Fortunately you can usually find an escape clause before you're in too deep.

If every contract was required to state in 8th grade English (you know, the same thing they print in the newspaper) what was actually going on, and reveal to the consumer in obvious terms what his or her responsibility was and the results, then I would agree with you 100%. Unfortunately, it's not that way.

In fact, I daresay there's too much TRUST in this country. Consumers actually trust that the nice man at the bank is being helpful. You know, customer service. Isn't it customer service what keeps customers coming back?
 

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I would agree with this statement IF everything was written so that a normal human being could understand it. But I've been on the wrong end of a few transactions where the 6 point type didn't explain in any English I ever studied in school that I was fucking myself. Fortunately you can usually find an escape clause before you're in too deep.

If every contract was required to state in 8th grade English (you know, the same thing they print in the newspaper) what was actually going on, and reveal to the consumer in obvious terms what his or her responsibility was and the results, then I would agree with you 100%. Unfortunately, it's not that way.

In fact, I daresay there's too much TRUST in this country. Consumers actually trust that the nice man at the bank is being helpful. You know, customer service. Isn't it customer service what keeps customers coming back?

AND when you ask certain questions or request certain info.....as a knowledgable consumer, MOST (not all) start too look at you as the BAD guy and don't want to do business with you.

I'm researching refinancing right now, and let me tell you, they are happy and all until you pop certain questions. All of the sudden they don't want to talk to you, answer questions....no more nice guy.

Again, I've been saying this for YEARS. America's economy THRIVES on stupid/ignorant consumer, if there isn't one this country is going to hell.

:(

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I would agree with this statement IF everything was written so that a normal human being could understand it. But I've been on the wrong end of a few transactions where the 6 point type didn't explain in any English I ever studied in school that I was fucking myself. Fortunately you can usually find an escape clause before you're in too deep.

If every contract was required to state in 8th grade English (you know, the same thing they print in the newspaper) what was actually going on, and reveal to the consumer in obvious terms what his or her responsibility was and the results, then I would agree with you 100%. Unfortunately, it's not that way.

In fact, I daresay there's too much TRUST in this country. Consumers actually trust that the nice man at the bank is being helpful. You know, customer service. Isn't it customer service what keeps customers coming back?
Ahh yes, the coveted 'lawyer-speak' that I love so much. I do feel that people get told what the deal is and still dont care. Example: I was working at a hotel here in town when I first went back to school and there was a young guy working there who was about to buy a house with his wife. He came into work one night and thought he was getting a 'sweet deal' and the realtor was 'hooking him up.' The loan terms? 0% for the first 6 months then after that a progessive rate hike that would top out at 11.5% in less than 2 years. Thats one hell of a salesman right there.


Again, I've been saying this for YEARS. America's economy THRIVES on stupid/ignorant consumer, if there isn't one this country is going to hell.
Those stupid/ignorant consumers are now the reason the housing bubble has burst. Hopefully corporate America smartens up and realizes that the only ones going to make it thru this are the informed consumers and dont try to keep BS'ing them. Doubt it though.
 
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