WTF So I just dick'd my butt

august said:
most people I know with student debt, myself included, have paid well over the initial loan amount, but ridiculous interest means a balance remains. in some cases, even with regular payments over decade(s), the current loan balance is still higher than the initial loan amount.
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I know people for which this is the case.

Predatory lending is banned in a helluva lot of places, but this isn't a situation where that happens for some reason
 
Mean Mr. Mustard said:
Thats the real problem, predatory loaning to kids that have no idea what theyre getting into
So maybe instead of "cancelling" the debts, just adjust the interest rates to a reasonable level that a working person could pay off.
Or is that too sensible of a thing to consider?
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Damage has already been done for a lot of people though. You'd have to either wipe a significant portion of the debt for the high interest rates, or go through and do individual changes.

I dunno.
 
Mean Mr. Mustard said:
Thats the real problem, predatory loaning to kids that have no idea what theyre getting into
So maybe instead of "cancelling" the debts, just adjust the interest rates to a reasonable level that a working person could pay off.
Or is that too sensible of a thing to consider?
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Like Dory said though, most of them have already long since paid off the principal
 
ZRH said:
I didn't borrow money to do it
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and you subsequently haven't spent the last 20 years in constant debt despite continuously paying into it.

like this isn't going to go back in time and erase all past debt and repay for money essentially lost, it's not going to fix the money thrown away on needing to make the more expensive choices because the better options were above what you could pay because of whack ass interest payments and/or your credit score was shredded from missed or delayed payments, it's not going to pay back the thousands lost over the years to interest. it's disingenuous to view it as anybody getting something for free, and it's real crabs-in-a-bucket energy to bitch about it because it doesn't benefit you (and again, it's less of a benefit and more of an un-detriment-ing that is baaaaaarely retroactive)
 
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august said:
and you subsequently haven't spent the last 20 years in constant debt despite continuously paying into it.

like this isn't going to go back in time and erase all past debt and repay for money essentially lost, it's not going to fix the money thrown away on needing to make the more expensive choices because the better options were above what you could pay because of whack ass interest payments and/or your credit score was shredded from missed or delayed payments, it's not going to pay back the thousands lost over the years to interest. it's disingenuous to view it as anybody getting something for free, and it's real crabs-in-a-bucket energy to bitch about it because it doesn't benefit you (and again, it's less of a benefit and more of an un-detriment-ing that is baaaaaarely retroactive)
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No, I've been through a lot worse for a lot less and don't get a bailout.
 
Mr. Argumentor said:
No, but shouldn't they?
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Even if we decided (stupidly) to spend all the money to retroactively give people high interest money back, that's still not going to solve the problem. Neither will 0% interest loans. The whole problem is the loan system itself. Anywhere cheap/free money exists, a system will build around it to profit off of it. You wanna fix it? Get rid of loans altogether but have fun with that.
 
fly said:
Even if we decided (stupidly) to spend all the money to retroactively give people high interest money back, that's still not going to solve the problem. Neither will 0% interest loans. The whole problem is the loan system itself. Anywhere cheap/free money exists, a system will build around it to profit off of it. You wanna fix it? Get rid of loans altogether but have fun with that.
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Thats what I was saying. It's just like medical billing. $187 for two aspirin because they expect insurance to pay on it
 
fly said:
Even if we decided (stupidly) to spend all the money to retroactively give people high interest money back, that's still not going to solve the problem. Neither will 0% interest loans. The whole problem is the loan system itself. Anywhere cheap/free money exists, a system will build around it to profit off of it. You wanna fix it? Get rid of loans altogether but have fun with that.
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I'm not saying to give money back, but if you haven't missed a payment and you owe more than you started, that shit needs to be rectified.
No one should make money from this, that's why you got a degree, but wrongs should be fixed.
 
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