2012-04-18T21:02:19Z opencongress.org tag:opencongress.org,2007:/bill/comments/74614 2012-04-18T21:02:19Z tag:opencongress.org,2012-04-18:/comment/259339 only1ranger Forgiveness is a terrible idea. People will never learn from their poor decisions. Putting a cap on interest rates or capping deferment penalties may help but the loan provider needs to get their investment back plus interest for taking the risk. I have some friends who missed loan payments and had to differ a number of times. They blame the loan provide and in each case it was my friend who made terrible decisions on how to spend their money. Buying new cars, spending hundreds going out partying every month, vacations, etc. Fools. 2012-03-21T16:55:21Z tag:opencongress.org,2012-03-21:/comment/258621 franhinkle As a democratic woman who works in the programming field and having wracked up approx. $47k in student loan debt, I have to say that I do not fully support this bill. Sure, it would be wonderful for my loan debt to be dismissed or "forgiven" as it's worded in this bill. But I knew full well what I was getting into when I signed those loan forms. There was a part of me that felt as though I had little choice given that scholarships only pay for so much, but I wanted an education and I was willing to accept the responsibility to pay for it (mostly private loans). I do, however, support the concept of capping interest rates and more refinancing options for federal student loans -- rates got pretty crazy there for awhile and have risen again in recent times. I was fortunate enough to take advantage of a consolidation program a few years back. It locked the interest rate of my federal loans and helped substantially with our monthly payments. For that, I am grateful. 2012-04-25T12:48:15Z tag:opencongress.org,2012-04-25:/comment/259482 nokonwod The taxpayer is currently involved in all of this debt. Look at the numbers - the debt keeps climbing and none of it is being given back. people get crushed by it and can't move forward. I agree there are lots of underlying issues that should also be dealt with, but this is a great way to get things back on track for millions of Americans. This is not the problem of a few, this is the problem of many. 2012-04-25T12:51:21Z tag:opencongress.org,2012-04-25:/comment/259483 nokonwod AGREED ! and well stated - it is unfortunate that we are in this position, but the solution is NOT to avoid solution. History shows, people cannot repay and feed their kids. Settling SOME of the debt is way better than none - why do you suppose so many creditors offer discounts on old debt ? It would be a huge step in boosting our economy. 2012-04-26T19:19:13Z tag:opencongress.org,2012-04-26:/comment/259501 tsroberson12 I knew that I was going to pay back the amount I borrowed. When I made the biggest mistake in taking out private loans. By the time I graduated with my masters degree, the interest was more than the principal. I am truly blessed to have a job where my degree is actually used, however, I make NO money. I've never missed a payment, never been in deferment and nor have I ever or will ever put my loans in forbearance. But, I do not have money to pay my rent so I had to move back in with my parents. At first I felt horrible but I have great parents that do not charge me rent. I want to own my own home one day and this bill will allow that for me. Myself and other want to pay the loan off but we should pay what we borrowed. I borrowed 35k, no 50k. 2012-04-26T19:23:56Z tag:opencongress.org,2012-04-26:/comment/259502 tsroberson12 I knew that I was going to pay back the amount I borrowed. I made the biggest mistake in taking out private loans. By the time I graduated with my masters degree, the interest was nearly more than the principal. I am truly blessed to have a job where my degree is actually used, however, I make NO money. I've never missed a payment, never been in deferment and nor have I ever or will ever put my loans in forbearance. I was always told that student loan debt is "good debt". That is such a lie. My credit is PERFECT but due to the amount I make and how much "good debt" I am in, I can not get my own home, own car or even a small loan. Getting a degree was to help me get a home and my own car. I do not have money to pay my rent so I had to move back in with my parents. At first I felt horrible but I have great parents that do not charge me rent. I want to own my own home one day and this bill will allow that for me. 2012-03-31T11:30:38Z tag:opencongress.org,2012-03-31:/comment/258911 AndyFiorello I agree with you, BacktoBasics, the increase in tuition is quite a problem and the government should step in to better regulate the schools. Another problem I see though, is also the rise of many schools encouraging students to go with private lenders like Sallie Mae. I currently have most of my loans through them because they were supported by DeVry. I was told I could consolidate my loans after I graduate, and there would be a number of repayment options so that I wouldn't need to worry. However, those options went away not long before my graduation date. Sallie Mae no longer offers consolidation, and they don't have many refinancing options either. Since they aren't backed by the government, they don't have to offer IBR repayment or forgiveness. However they will give me a forbearance, with a $150 fee, so that the interest can capitalize and increase my balance. Also they have the same protections from bankruptcy that the fed loans have, so I'm stuck with them. 2012-04-24T14:37:47Z tag:opencongress.org,2012-04-24:/comment/259460 nwilson7871 Four Years*, typo. Not for years. LOL! I know*, typo. Not "DI know". Sorry for all the typo's, guess I need to double check what I send so I don't look like a dummy! 2012-04-29T12:57:35Z tag:opencongress.org,2012-04-29:/comment/259571 randywandarusell Please include students with JOINTLY CONSOLIDATED FFEL LOANS in this relief program! My husband and I are in this situation, and while we individually qualify for every program to assist with student loans currently available, because we jointly consolidated at the recommendation of our lender before it was decided it was a horrible idea, we do not qualify for anything! I would at the very least like the opportunity to refinance these loans at a lower interest rate so that we could actually make some progress on this mountain of debt! 2012-05-01T11:31:59Z tag:opencongress.org,2012-05-01:/comment/259610 evans69 I feel that this will give a boost to the economy, I really do not want a handout, bailout as with the car companies, but the economic situation as brought it on, as many graduates are underemployed or unemployed, 50% of graduates are, there is a need to be a way to give the economy a boost and this is a way. 10% of the income going towards loans gives more income for graduates to invest into the economy helping the communities, businesses and all Americans. It is similar to the bailout of the auto industry; it helped the car companies to realign to be more competitive, how a graduate is loaded down with debt able to obtain a position with a company that looks at your credit for employment. There has to be a solution, and I feel this is a good one. 2012-11-14T11:08:00Z tag:opencongress.org,2012-11-14:/comment/260847 briannak After reading many of the comments about the Student Loan Forgiveness Act, I would like to add a few things. Like so many of you, I am a student burdened by over $130k in student loan debt. Although I was awarded scholarships every year, I needed to borrow money. My middle-class parents were unable to support college costs, but they stressed the importance of a college education. I do not blame my parents at all – they were doing what our society told them to do. That a higher education leads to overall success in life. I also want to stress that I take responsibility for my loans. Since my repayments exceed my full-time income by $300/mo, I would like to see things change. I would like to have the lenders change their own out-dated conditions and access repayments based on income. The reason that they don’t is simple – they believe that they would make less money. ... 2012-11-14T11:08:28Z tag:opencongress.org,2012-11-14:/comment/260848 briannak However, if 1 in 5 people default on their loans and are unable to contribute to our capitalist economy, what will happen then? Unfortunately, it will be worse than the housing crisis. So before the levee breaks and burdens taxpayers at some point in the future, why not address the problem and pass the bill? Everyone in our society can benefit from the bill – from the student suffering from debt, to the parent who co-signed, to the business owner who needs people to pay for their items. It is a broad problem and HR 4170 addresses the problem in a practical way. 2012-11-14T11:10:45Z tag:opencongress.org,2012-11-14:/comment/260849 briannak By the way, I graduated in May and earned my Bachelor of Science degree in Biology. 2012-03-23T12:35:56Z tag:opencongress.org,2012-03-23:/comment/258681 BacktoBasics One thing that really concerns me about this bill is that it seems as though Universities are being mismanaged - why else is tuition spiraling out of control? Tuition is increasing much faster than wages...but why? These are the questions that need to be answered. By coming up with a bill to forgive student debt it seems as though we are giving Universities a green light to overprice education without consequences. These institutions already seem to be spending black holes. What will happen once they know they can increase tuition as much as they want without scaring off potential students because students no longer need to worry about the cost because in the end they can stick it to the government. In the end, the problem that needs to be addressed is tuition cost and ironically, since our Universities are not government run, this needs to be pushed by alumni, current students, parents and future students - ie. the people and not the government. 2012-03-11T03:50:09Z tag:opencongress.org,2012-03-11:/comment/258382 libbypw What a load of socialist dreck and legal double talk intended to obfuscate readers. Why in the world would the Overseas Contingency Operations be responsible for students loans? Restore fairness? WTH? What fairness is he refering to? The socialist notion that the government 'owes' higher education to the masses? "Higher education should be viewed as a public good benefitting our country rather than as a commodity solely benefitting individual students." This premise is socialistic and unamerican. If the unions and socialists weren't involved, then a person wouldn't need a master to teach a kindergartener and the expenses would have spiraled across the board. All that and the bimbo with a masters that my son had in second grade did not smarts to understand how to figure out the perimeter of a square nor the sense to see she was wrong when it was gently pointed out to her. 2012-04-26T20:26:22Z tag:opencongress.org,2012-04-26:/comment/259504 spingus Negative amortization. Can't pay the full amount due? Pay what you can right? Then fees, then interest capitalization and the principal balance goes up putting the person deeper into debt. Example: Undergrad+grad school in Biology =$132000 borrowed for one student. A couple layoffs, months of unemployment, debt goes into hardship forbearance at 7.5% interest and now equals $220000. A person going into Biotech was told in the early 2000's they could figure on making70-80k with their degree, but ended up with 38k. The loans go into extended payment that is negatively amortizing but gets 'forgiven' after 25 YEARS. The balance now is about 500k. THEN the former student owes a tax bill on the forgiven portion of the loan, likely has no retirement or other savings and is well into middle age. All those years spent paying student loans and NOT building future security, patronizing business in their community or giving charitable donations and now what? Welfare. Welfare til they die. 2012-03-31T18:53:01Z tag:opencongress.org,2012-03-31:/comment/258913 Cathy855 Agree, at least this bill has people paying on the loans based on a percentage of their income for 10 years and at least still be able to have a family and a life and to contribute to the economy. Is it the fault of these students that the government went into a recession and no jobs are out there that allow you to pay back the loans and also food, rent, GAS for your car? Those that "paid back your loans" GREAT FOR YOU! I bet your college cost were not as high and you obviously were able to get a job in order to do so! 2012-04-26T19:13:52Z tag:opencongress.org,2012-04-26:/comment/259500 tsroberson12 My degree is in Criminal Justice. There will always be crime but there will not always be job. I'm working my butt off to pay my loans. No, I don't want my loans to be wiped clean but repayment options would help. I make 32K a year and I work 2 part time jobs. You must bring in 6 figures to pay off your debt in the amount of time. That is great and I am happy for you but not everyone has it like you. 2012-04-25T10:37:19Z tag:opencongress.org,2012-04-25:/comment/259479 xpumasx Very proud of all the folks who were able to pay their loans back. Congrats. Some of us were taken advantage of and misled by the lenders and financial aid offices of our schools. Not many 19 year olds truly understand what they are getting themselves into when they take out student loans. I was told, "everyone does this" and "they have a cap of how much they can ask you to pay". BS. I have over $140k in private and federal loans going into a profession that does not support that kind of education debt. The laws passed in 2005 that protected the private student loans in the same fashion as federal loans are unconstitutional. No other lender in the world gets such protections. Imagine if every credit card company could go after you the same way Sallie Mae can, wage garnishment, insurmountable collection fees, taking away professional licenses, etc. The blame is partly my own but I cannot and will not take all of it. I was misled and deceived by a corrupt industry and I demand change. 2012-04-26T18:29:07Z tag:opencongress.org,2012-04-26:/comment/259499 djjustice24 I worked 2 jobs during school and that was to pay for my own housing gas and food. the basic necessities of life. i didnt have money for cars or anything. i went to college to get educated and find a decent job. i started school in 2005 and when i was done in 2010 with 2 degrees i had 23 thousand in debt. im so sick of seeing people blame us students or say we dont deserve any forgiveness. we dont want the debt to disapear i support this bill because i know how hard it is trying to pay ur loans back and this bill would give me the oppurtunity to do that. we took the loans because college is supposed to help u get a good paying job. but somewhere in the mix all the good jobs are now in other countries. college graduates cant get work service men lost their homes while they were oversees and all Republicans can say is "well those college kids shouldnt have gone to school if they couldnt afford it and those army men shouldnt have bought houses before they got shipped out"