Joe Biden 2022: Enter Dark Brandon

[Covri 6249]

[Anastasis 23469]

If I have a FAN that indicates Pell Grant award is that sufficient to prove it up or are they going to set up a system to verify eligibility? 

[DalTxHornFan 3101]

5 minutes ago, Anastasis said:

If I have a FAN that indicates Pell Grant award is that sufficient to prove it up or are they going to set up a system to verify eligibility? 

All that really happened today is that the POTUS directed the Department of Education to establish a process for discharging certain student loan obligations.  This is a government project, so no doubt that there will be lots of forms to be filled out to establish eligibility for any forgiveness.

Edited August 24, 2022 by DalTxHornFan

[Anastasis 23469]

2 minutes ago, DalTxHornFan said:

All that really happened today is that the POTUS directed the Department of Education to establish a process for discharging certain student loan obligations.  This is a government project, so no doubt that there will be lots of forms to be filled out to establish eligibility for any forgiveness.

Well, while they work out the logistics I am calling HESC tomorrow to halt the payments on my remaining19k loan. 

 

Maybe that's why they needed the additional 80k IRS employees. 

[Sawbonz 27562]

I hope the folks that take advantage of the program are in a publicly identifiable database like the PPP loans. You know a whole bunch of those online MAGAts who have been making minimum payments on their student loans over the years are going to be first in line for this free money, while they bitch about it

[Homercles 10205]

1 hour ago, Bozo_Casanova said:

This please. I’d like to see High School adequately prepare about 75% of the workforce. That’s the most equitable and cost effective way to lower the cost of higher education.

[fattyflattie 4639]

28 minutes ago, Sawbonz said:

I hope the folks that take advantage of the program are in a publicly identifiable database like the PPP loans. You know a whole bunch of those online MAGAts who have been making minimum payments on their student loans over the years are going to be first in line for this free money, while they bitch about it

Agree 100%. Quick and easy database for integrity checks. 

[mchookem 16336]

3 hours ago, SydneyCarton said:

Reading into your username, I'm guessing you were about, oh, 5 years too short to experience the explosion of the cost of tuition and, the proliferation of predatory for-profit colleges, and are just generally ignorant to the climate that currently exists in America surrounding education. Because your college loans were accrued in the last Halcyon days of college tuition. 

I too enjoyed the tail end of those days, graduating from UT in 2002. I still had 20k in debt. The problem is if I graduated just 10 years later, that 20k would be closer to about 75k, maybe more. I paid off my loans over the course of 5 years in a job that started at 33k a year, and finished at 42k a year. And you know what, none of what is happening here upsets me. I wish that we could eliminate predatory loans and colleges entirely. They're a big reason college loans these days l are like a fucking pay-day lending rate. 

Also, for the record, lots of people believe "personal responsibility" when used in a political context is a fucking dog whistle. 
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3579128
https://www.politics-prose.com/staff-pick/dog-whistle-politics-how-coded-racial-appeals-have-reinvented-racism-and-wrecked-middle-c

so right. 96 here🤘...the cost of my four years at UT were a small fraction of what my niece would pay at UNT now!

luckily i locked in 2001 tuition prices for her TTF, they are throwing academic scholarship money at her, and she also works. she's gonna manage to get thru undergrad debt-free bc of all that... but if she didn't have all that, or a family that could do all that? she'd probably not even be going. 

[StassneyHorn 6575]

Edited August 25, 2022 by StassneyHorn

[StassneyHorn 6575]

Joey B fixed Game of Thrones.

 

[troph 24798]

 not eligible, still paying 20 years later.  $60k undergrad and law school after scholarships, self paid and some ill advised personal expenses. 2.9% fixed for half a lifetime. Don’t care I’m excluded this is a good thing. Student loans on today’s terms are a noose around the necks of all but the most fortunate of us. 

Edited August 25, 2022 by troph

[Covri 6249]

6 minutes ago, troph said:

 not eligible, still paying 20 years later.  $60k undergrad and law school after scholarships, self paid and some ill advised personal expenses. 2.9% fixed for half a lifetime. Don’t care I’m excluded this is a good thing. Student loans on today’s terms are a noose around the necks of all but the most fortunate of us. 

How? How have you managed to  stretch 60k out that long with a law degree? Curious how much you've paid in interest up until now to have debt still from those loans?

 

edit: I'm not trying to be rude or question if it is real or not, I'm always curious how school loans stretch that long regardless of amount.

Edited August 25, 2022 by Covri

[Celery Man 20949]

41 minutes ago, fattyflattie said:

Agree 100%. Quick and easy database for integrity checks. 

It’ll need to work for republicans as well.

[Anastasis 23469]

2 minutes ago, Covri said:

How? How have you managed to  stretch 60k out that long with a law degree? Curious how much you've paid in interest up until now to have debt still from those loans?

I was all in around 50k with disbursements between 2002 and 2006. Pretty easy to stretch that out. Still sitting on 19k, but I consolidated at pretty much the perfect time @ 1.625. Paid off the higher interest stuff and the wife's loans. Have been slow playing the payoff to see if there was going to be a package, and here it is. 

[Js1 85337]

7 minutes ago, Celery Man said:

It’ll need to work for republicans as well.

So like a federal registry. Wait a minute….

[Covri 6249]

7 minutes ago, Anastasis said:

I was all in around 50k with disbursements between 2002 and 2006. Pretty easy to stretch that out. Still sitting on 19k, but I consolidated at pretty much the perfect time @ 1.625. Paid off the higher interest stuff and the wife's loans. Have been slow playing the payoff to see if there was going to be a package, and here it is. 

I can see riding a low interest loan as long as possible if you're using the extra money to add to your 401k or other higher interest earning investments. But if not it's still just paying more money to delay the inevitable.

[troph 24798]

18 minutes ago, Covri said:

How? How have you managed to  stretch 60k out that long with a law degree? Curious how much you've paid in interest up until now to have debt still from those loans?

 

edit: I'm not trying to be rude or question if it is real or not, I'm always curious how school loans stretch that long regardless of amount.

I think it was a 25 year repayment plan. Fixed at 2.9% interest, payment has been $298 for the whole time. Might have been $58k. I actually worked through undergrad at UT and paid cash for some of school and all my books etc. I paid cash for ACC classes probably 18-24 hours. I had at least a 1/3 of law school paid for with scholarships. I paid cash for books. Interest was subsidized during school. Early on it was the cheapest money I borrowed and I didn’t have cash to pay it off and it was right about at a car payment. I needed cars, a house, diaper money etc. So paying it off early made no sense. By 2009-2015 the financial crisis had my ass in a vice-grip so I had no spare cash. By the time I was making indecent proposal money it was 2012-now and it was still the cheapest money I could borrow (except the last few years) but is again now. What I’ve been able to do with my spare income since 2015 has me happy and looking forward to the next 20 years. So it’s not like I spent it on hookers and blow. Today I could pay off the $8-9k or so remaining but who cares. Interest is stupid low on it and it doesn’t move the needle. Honestly, that’s how student loans were supposed to work. A no brainer loan, never to be a source of financial strain, easy to repay, easier to forget about while you repay them. 

Edited August 25, 2022 by troph

[Covri 6249]

1 minute ago, troph said:

I think it was a 25 year repayment plan. Fixed at 2.9% interest, payment has been $298 for the whole time. Might have been $58k. I actually worked through undergrad at UT and paid cash for some of school and all my books etc. I paid cash for ACC classes probably 18-24 hours. I had at least a 1/3 of law school paid for with scholarships. I paid cash for books. Early on it was the cheapest money I borrowed and I didn’t have cash to pay it off and it was right about at a car payment. I needed cars, a house, diaper money etc. So paying it off early made no sense. By 2009-2015 the financial crisis had my ass in a vice-grip so I had no spare cash. By the time I was making indecent proposal money it was 2012-now and it was still the cheapest money I could borrow (except the last few years) but is again now. Today I could pay off the $8-9k or so remaining but who cares. Interest is stupid low on it and it doesn’t move the needle. Honestly, that’s how student loans were supposed to work. A no brainer loan, never to be a source of financial strain, easy to repay, easier to forget about while you repay them. 

That all makes reasonable sense. I might have just paid the remaining balance in the last 5-10 years once stability set in, but low enough interest is low good if that money goes to better use. 

My early 2000s loans were low enough interest wise, but by the time my wife was in pharmacy school and I went back and finished a decade later loans were in the 6% range so it wasn't feasible to ride them out. Our house loan interest rate was half of our school loan interest rate a decade ago so made sense to pay the minimum on the house and as much on the loans as possible. 

[troph 24798]

5 minutes ago, Covri said:

That all makes reasonable sense. I might have just paid the remaining balance in the last 5-10 years once stability set in, but low enough interest is low good if that money goes to better use. 

My early 2000s loans were low enough interest wise, but by the time my wife was in pharmacy school and I went back and finished a decade later loans were in the 6% range so it wasn't feasible to ride them out. Our house loan interest rate was half of our school loan interest rate a decade ago so made sense to pay the minimum on the house and as much on the loans as possible. 

I get that. I take a lot of risks and like to invest so the opportunity cost for paying off the loans was a price I wasn’t really willing to pay. I’ve probably invested in 15-20 or more alt investments / private companies or deals including some real estate that took my cash flow. Win some, lose some, lost my ass on one in 2009 back to zero and hit at least one home run since then coming back from the dead. So while a wild ride I don’t regret the high risk approach. Today - mostly because of what I went though 2009-2010 and the 5 years it took to dig out of that hole - fuck that was so awful - I want to hoard cash a bit so it’s more valuable for me to keep $10k more in the bank than to pay it off and lenders agree, they like a strong cash position and don’t give a second thought to a 2.9% interest student loan balance at the end of its term. 
 

but back to the topic - Student loans should not be an albatross to anyone. This move is great. I fully support it.

Edited August 25, 2022 by troph

[Pancho 44803]

My loans came from my Masters and PhD,  and my parents offered to fully fund my Masters and doctorate and I told them no.  I still don’t know how they paid my way through UT in 03-05. I thought it was expensive then, but nope!

And it’s popular to blame administrative bloat on why college tuition has increased so much.  That’s just part of it.  Other reasons include:

- need to build bigger, better buildings (partially to attract students and partially because, well college buildings were old and out of date).  Something to also think about—more buildings means more use so something so simple as the fucking light bill and more toilet paper means the need for more money. 

- increase top notch faculty to make your university worthwhile (and hope those faculty bring in money with their research)

- TECHNOLOGY.  College did not spend as much as they are spending now on technology and all that entails in the 80s and 90s.  Think about what technology looks like today on college campuses and how much that costs. (At my community college in Houston, the IT folks were some of the highest paid employees)

- Declining $$$ coming from state funds (especially those states with constant legislatures that are R/hard R) If I remember correctly from my doctoral program, it used to be the state would fund nearly 65% of a colleges budget and tuition would pick up the rest.  Now it’s reversed. 

 

These are just a few things to think about when saying your tuition cost XYZ in 1994 or 1978 and you were able to pay off your loans.  The price of tuition and the loans given from the 90s aren’t the same today. 

[StassneyHorn 6575]

Turbo Tax next April gonna ask “Did you participate in taking Government assistance for school loans from Blue Bell Biden?”  Are you a taker?
 

[fattyflattie 4639]

44 minutes ago, Celery Man said:

It’ll need to work for republicans as well.

Good. 

[cactusflinthead 27598]

 

[troph 24798]

5 minutes ago, cactusflinthead said:

 

100% across the board not one thing he said was off. Nailed it.

[Anastasis 23469]

Just now, troph said:

100% across the board not one thing he said was off. Nailed it.

I remember the credit card sign up tables set up along the east side of the drag. 

[troph 24798]

14 minutes ago, Anastasis said:

I remember the credit card sign up tables set up along the east side of the drag. 

I fucked around and found out for free food too. 

[henrygandorf 29191]

sifting through twitter once again provides the healthy reminder - if you have to look to see whose idea it was before you decide how you feel about it, your opinion is trash and you should shut the fuck up.

[Anastasis 23469]

Just now, troph said:

I fucked around and found out for free food too. 

How fucking stupid was it that an asshole with a pulse was able to get 5k line of credit for walking down the drag? 

[troph 24798]

9 minutes ago, Anastasis said:

How fucking stupid was it that an asshole with a pulse was able to get 5k line of credit for walking down the drag? 

Dude I don’t regret for one minute the eat now pay later approach at mr gattis buffet, texasadelphia, double Dave’s, union shitholes of Wendy’s and Taco Bell, Cain and Abel’s, posse east, players, the list goes on and on. I for one remember my free credit, I mean 25% interest surcharge per month, fast food habit fondly. Hell I gained not a pound then and here I sit rationing tuna fish out of a can (todays lunch) and gaining 2 pounds a day it seems like where the fuck did I eat that weight I sweatergod I ate 3/4 of a pound in actual food weight and here I am 2+ on the fucking scale today what in the actual fuck I even worked out too motherfucker. So much good paying responsibly for healthy food is doing me.  Like I said I remember those days fondly. 

Edited August 25, 2022 by troph

[Anastasis 23469]

1 minute ago, troph said:

Dude the eat now pay later approach at mr gattis buffet, texasadelphia, double Dave’s, union shitholes of Wendy’s and Taco Bell, Cain and Abel’s,  the list goes on and on. I for one remember my free credit, I mean 25% interest surcharge per month, fast food habit fondly. Hell I gained not a pound then and here I sit rationing tuna fish out of a can (todays lunch) and gaining 2 pounds a day it seems like where the fuck did I eat that weight I sweatergod I ate 3/4 of a pound in actual food weight and here I am 2+ on the fucking scale today what in the actual fuck I even worked out too motherfucker. So much good paying responsibly for healthy food is doing me.  Like I said I remember those days fondly. 

I don't even remember what hook I fell for, but it was probably like a $5 value gift certificate or something to give a 20 year old a piece of plastic that they could run up. 

[troph 24798]

I graduated law school with $100k in credit card debt forgot that. My ex won’t remember but we went into law school with $20k (mr gattis face stuffing moments, an engagement ring and a honeymoon mostly), she lost 3 jobs in law school and we took a cash advance to to buy a business (sold for 3x was our first good deal). Another reason I floated student loan debt for the first 5 years I had CC debt to retire. Anyway, credit card debt is Satanic. Todays student loans are a close second. 1990s student loans not so much. 

Edited August 25, 2022 by troph

[Covri 6249]

1 minute ago, Anastasis said:

I don't even remember what hook I fell for, but it was probably like a $5 value gift certificate or something to give a 20 year old a piece of plastic that they could run up. 

I got a collapsible 1 liter water jug that probably cost a dime to make the first time. Later I got a TEXAS t shirt even though the info I gave them was false and  i claimed I didn't have my drivers license to confirm, but they didn't give a shit and gave me the t shirt anyways lol.

9 minutes ago, troph said:

Dude I don’t regret for one minute the eat now pay later approach at mr gattis buffet, texasadelphia, double Dave’s, union shitholes of Wendy’s and Taco Bell, Cain and Abel’s, posse east, the list goes on and on. I for one remember my free credit, I mean 25% interest surcharge per month, fast food habit fondly. Hell I gained not a pound then and here I sit rationing tuna fish out of a can (todays lunch) and gaining 2 pounds a day it seems like where the fuck did I eat that weight I sweatergod I ate 3/4 of a pound in actual food weight and here I am 2+ on the fucking scale today what in the actual fuck I even worked out too motherfucker. So much good paying responsibly for healthy food is doing me.  Like I said I remember those days fondly. 

Players deserved more lol

[troph 24798]

2 minutes ago, Covri said:

I got a collapsible 1 liter water jug that probably cost a dime to make the first time. Later I got a TEXAS t shirt even though the info I gave them was false and  i claimed I didn't have my drivers license to confirm, but they didn't give a shit and gave me the t shirt anyways lol.

Players deserved more lol

On my list players was the last I remembered, had to edit to add it, but it’s the only one on that list I would revisit after I grew up. Watched a ton of CWS games there in my early adult life. 

[F250 28775]

4 minutes ago, Anastasis said:

I don't even remember what hook I fell for, but it was probably like a $5 value gift certificate or something to give a 20 year old a piece of plastic that they could run up. 

Free tee-shirt I think and Troph pretty much nailed my spending habits except I had a fondness for 2 AM Dennys while being stoned.

[Anastasis 23469]

12 minutes ago, troph said:

On my list players was the last I remembered, had to edit to add it, but it’s the only one on that list I would revisit after I grew up. Watched a ton of CWS games there in my early adult life. 

Still have fond memories of the brunette I picked up in the order line halloween ca 2002-2003 wearing the postal service uniform. 

Edited August 25, 2022 by Anastasis

[henrygandorf 29191]

34 minutes ago, troph said:

Dude I don’t regret for one minute the eat now pay later approach at mr gattis buffet, texasadelphia, double Dave’s, union shitholes of Wendy’s and Taco Bell, Cain and Abel’s, posse east, players, the list goes on and on. I for one remember my free credit, I mean 25% interest surcharge per month, fast food habit fondly. Hell I gained not a pound then and here I sit rationing tuna fish out of a can (todays lunch) and gaining 2 pounds a day it seems like where the fuck did I eat that weight I sweatergod I ate 3/4 of a pound in actual food weight and here I am 2+ on the fucking scale today what in the actual fuck I even worked out too motherfucker. So much good paying responsibly for healthy food is doing me.  Like I said I remember those days fondly. 

if i just start thinking about double daves i put on 3 lbs.

[Horn Dog 9855]

19 minutes ago, Anastasis said:

Still have fond memories of the brunette I picked up in the order line halloween ca 2002-2003 wearing the postal service uniform. 

Dad?

[Eastwood 4394]

2 hours ago, mchookem said:

luckily i locked in 2001 tuition prices for her TTF, they are throwing academic scholarship money at her, and she also works. she's gonna manage to get thru undergrad debt-free bc of all that... but if she didn't have all that, or a family that could do all that? she'd probably not even be going. 

Speaking of the Texas Tomorrow Fund, they had to cancel that program because the cost of tuition exploded well outside of their model they used to create the program. For those unfamiliar, the Texas Tomorrow Fund was a program in which you paid the cost of 4 years of college that calendar year for a child and that child will have their tuition for a state college paid by the state when they finally go to college. My grandparents paid the cost of 4 years of college when I was 12. It was $10,000 in 1997. By the time of my last semester in 2010, the state had to shell out $5,200 in tuition alone. The cost of tuition became so out of control that the TTF became a huge money loser for the state and the scrapped it.

[Goofyboy 3293]

It’s now the Texas Promise Fund. You buy credits at todays prices, which increase every year.

[Anastasis 23469]

35 minutes ago, Horn Dog said:

Dad?

I looked good in that. 

[Voldemort86 2259]

6 hours ago, immamac said:

How is this even controversial, I second blacklabs opinion wish this wasn't just a one time bonanza and was aimed more towards curbing the issue with relief instead of solving it with policy. 

I'm glad whoever gets 10k gets it. Just like I was happy with whoever getting stimulus checks getting them. I received no benefit at all, but I know it helps tons of people out. 

PPP was a fucking shameful injection to the bottom line of already profitable companies. I was disgusted when the company I was working for took it even though business was BOOMING when we took the loan, which was eventually forgiven. Essentially giving us a cash infusion we didn't need for no equity at all. Straight up wild shit. 

The hand wringing over the stimulus checks PISSED ME THE FUCK OFF. The corona virus was wreaking havoc all over the world. Unemployment and furloughs were extremely common. Unemployment rate extremely high. 
 

what did we hear from the folks who were fortunate enough to keep their jobs, keep working, and keep earning checks from the safety of their own homes?  THIS ISN’T FAIR! I’m working my ass off while other people are watching game of thrones. If given the choice, 99% of the people cashing unemployment checks would rather be working with job security. This countries population is so spoiled, selfish, and downright cruel at times. 

[troph 24798]

I can’t imagine not working that would put me in a death spiral.  No way I would want to sit around on unemployment, that’s the stuff nightmares are made of.

Edited August 25, 2022 by troph

[henrygandorf 29191]

1 hour ago, Eastwood said:

Speaking of the Texas Tomorrow Fund, they had to cancel that program because the cost of tuition exploded well outside of their model they used to create the program. For those unfamiliar, the Texas Tomorrow Fund was a program in which you paid the cost of 4 years of college that calendar year for a child and that child will have their tuition for a state college paid by the state when they finally go to college. My grandparents paid the cost of 4 years of college when I was 12. It was $10,000 in 1997. By the time of my last semester in 2010, the state had to shell out $5,200 in tuition alone. The cost of tuition became so out of control that the TTF became a huge money loser for the state and the scrapped it.

[Vegas64 675]

The question is now, will it stop here? Or can it be extended or built upon (higher threshold of income, more forgiveness, etc.) like how the student loan deferment has been.

Like most have said, a one time jubilee is great but it's not going to change anything fundamentally and we will need to do this again since nothing chnages.

I disagree with those who think this will be an inflationary event though-- the people getting this and make under $125k were not servicing that debt anyways as they haven't been legally obligated since the early days of COVID-19. That money earmarked for servicing the $10k in debt was already circulating in the economy.

[Dutchrudder 11139]

[MonkeyDoughnut 10235]

I mean undergrad at UT now at $130k estimated cost of attendance and it's considered a lower cost school 🙄

[Captainant 27668]

33 minutes ago, MonkeyDoughnut said:

I mean undergrad at UT now at $130k estimated cost of attendance and it's considered a lower cost school 🙄

Isn't more than half of that cost of living in Austin? It's been a minute since Ive had to look at the official student cost card. But yeah. Tuition alone is increasing at a rate far higher than inflation, not to mention the rest of Austin's affordability problems

[Bozo_Casanova 26460]

 

[Bozo_Casanova 26460]

 

[MonkeyDoughnut 10235]

20 minutes ago, Captainant said:

Isn't more than half of that cost of living in Austin? It's been a minute since Ive had to look at the official student cost card. But yeah. Tuition alone is increasing at a rate far higher than inflation, not to mention the rest of Austin's affordability problems

Schools are aware of the focus on tuition for awhile now, so they have been piling the increase on room/board/extras. Tuition isn't the biggest problem now.