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SD20 payed off her credit cards with a student loan

LearsWife44's picture

She is hoping her student loan will be forgiven when Biden takes office! Makes me sick. NOW she is back to racking up

MORE credit card charges of MAKEUP and CLOTHES that will be forgiven! THANK GOD she is only staying for 9 days after Christmas! 


LearsWife44's picture

Yes he said that it's going to be one of the first things he focuses on. Student debt forgiveness. Even if it's just 10k or so to low income people. 

CLove's picture

Such entreprenurial spirit!!!

I would never have had the b@lls to do something like that, ever.

Well, too bad for her if that doesnt happen. And if it does, well, hopefully she wont be around to gloat.

Lynneamay44's picture

I would hope that once Biden takes office some of the loans will be forgiven. The loans that were used for the right purpose that is. 
The stupidity is mind bowing. Well she will have to pay it some how or another. It may not be now but eventually this will catch up. 

SteppedOut's picture

Really? What about those that busted their butts paying off their loans, or (gasp) waited to go and saved money to do so (or their parents/grand parents did), or what about the people that didn't go because they couldn't qualify for loans, or the people that chose professions that didn't require college? Why should all of those people have to pay for other people's loans? (It wouldn't be "Biden" paying the loans - it would be "we the people".)

Wicked stepmo.'s picture

If it happens it's not going to be what these kids are thinking. Student loan forgiveness already exists but only for people considered public employees. He is only planning on expanding the group of people who can apply for the program. It also doesn't mean it goes away. All it does is stop the interest and lower payments. Also you have to pay each month on time for 10 years and whatever owed is left will be forgiven. If you miss a payment you get kicked out of the program.

lieutenant_dad's picture

At first I thought you were just saying she basically transferred the debt of her CC to student loans, and that's not a bad financial option depending on the interest rate of the CC.

But, then I kept reading and just shook my head. I'm a pretty die-hard liberal, but I wouldn't bet on student loan forgiveness on any mass scale. The public sector employees who are enrolled in the loan forgiveness program likely won't get the benefit they were offered, and that came with several stipulations that were hard to meet.

justmakingthebest's picture

Just. Wow.

It has been a while since I was in college but I don't remember any checks coming directly to me. They all went straight to the university. Maybe she enrolled, quit and the school refunded her? I also never took any private or unsubsidized loans so maybe that is the difference. I am pretty sure that any debt forgiveness that does happen will be only for the subsidized loans. I think she is going to be in for a REALLY rude awakening, sorry to say, but I sure as hell hope she is, especially since your can't claim student loans on bankruptcy. 

CLove's picture

She wants to go to college. But with her recent not doing the work, I dont know if she is cut out for it.

Thumper's picture

CATMOM---I am so sorry---

For the LOVE of GOD--where the hell do extended family get the idea THIS is their business. ??? This is not Auntie poo's concern. INSTA BLOCK

Here I have a great idea..Auntie Poo can co-sign Princess's loan.




Thumper's picture

If this student loan forgiveness comes to fruition (doubtful), I WANT MY MONEY BACK, PLUS interest PLUS money for pain and suffering I endured while I scrambled to make full payments ON TIME.

PS. sd is an bozo...hope your dh put the hammer down and chewed her OUT.

tog redux's picture

Many of the people with these loans haven't worked for 9 months due to the pandemic, and it's not over yet. It's  not about "free money", it's about helping people who are struggling. You would have turned that down if it was offered to you when you had loans? Loan companies prey on people. It needs to stop. 

tog redux's picture

Me either, we were lucky.  People now have huge loan payments for decades. Cost of living has gone up and cost of housing, while wages lag far behind. People can't afford to live on one job, especially not when they owe 700 a month for student loans. Tuition rates have skyrocketed, making it impossible to go to college without loans. And now a pandemic. The whole situation sucks. 

I'd be happy to pay more taxes to help out.  

SteppedOut's picture

Lucky? You may have been lucky... I was a single mom (no, I did not get child support), working full time and paying for classes as I could because I didn't qualify for loans. I "made too much". But if I didn't work and "make that much", how the heck could I support myself or my child?

So, explain to me why I should think it is "fair" or "just" that I now pay for someone else's loan that they were lucky to get

tog redux's picture

Because helping others is the right thing to do. I'm sad to live in a country where no one cares what happens to others as long as they got theirs. People can't afford to pay loans during a pandemic. Like they can't pay their rent or their bills. I am lucky to have a good job and DH does too, with good income. I don't mind helping out.

SteppedOut's picture

If you have the extra, and want to help, there are lots of nonprofits you can donate to. 

But what about everyone who doesn't have extra money? What about the people who will suffer having their taxes raised to pay of someone else's loan? (More fall into this category than those who have extra.)

mommadukes2015's picture

As someone who took out a $75k loan for school, to date has paid $72,000 over the course of 10 years and owes 71,000 still-this really really frosts my cupcake. Student Loan forgiveness is the only way out for some of us and yet you have people like SD abusing the crap out of what could literally be the difference between people like me being able to afford to retire or work until we die still straddled with the same debt. What a twit. 

BethAnne's picture

Please tell me there is a typo with your numbers, if not that is insane and I would hope illegal.

mommadukes2015's picture

Oh honey I wish there was. My first few jobs out of college were for non-profits in hopes of discharging under PSLF so I was on an IBR plan and still am. But I was denied PSLF. I can't afford any more than the $713 a month payments I make now. So despite my payments, my loans go up every single month. The 4K I got paid are from a few failed attempts at throwing tax money at the beast but no dice. Federal loan forgiveness is my only hope at every buying a house or retiring. 

Wicked stepmo.'s picture

I feel your pain. I originally owed $8,000 right out of college it jumped to 12,000 Ionce the interest kicked in. Then continued to grow even though I made monthly payments. It was sold a few times to after Sallie Mae went under and my interest rate went up. After 15 years of paying on it was able to make a lump sum payment to pay it off at just over $22,000. 

mommadukes2015's picture

Yeeeeeep and people don't realize that this is very very real and has very negative economic impacts. 

tog redux's picture

Exactly. People getting preyed on by loan companies seems to be fine with some people. I don't get why. 

SteppedOut's picture

Did you not understand the terms of the loan? My son was going to take a small one (less than $5k), but after he saw the terms he said NO WAY and worked LOTS of OT over the summer to make up the amount he was short.

mommadukes2015's picture

Did I understand compounded interest and amortization schedules at 17 years old? With my only adviser being a newly divorced, stay at home mom, with a high school diploma, who was recently homeless with 2 children and had no financial experience whatsoever, who told me I'd be able to pay them back? 

no. No I did not. 

oh and I graduated during the recession. It's been smooth sailing. 

but boy am I fully aware of my missteps now. 

SteppedOut's picture

Well, I am sorry you didn't understand and it stinks you didn't have anyone to help you. But. I am assuming you have benefitted from your education - with an easier time landing positions and higher salary/benefits (or had the potential to)? 

I simply can not get on board with being responsible for someone else's college degree. I do not want, nor do I want my children to be burdened with paying your college debt. The money comes from somewhere - if someone's pocket is going to be dug into for a college degree, it should be the holder of said degree - and not siphoned from someone else. 


SteppedOut's picture

Yea, I know there is not a (good) arguement for raising my (and everyone else's) tax debt so you can (more easily) buy a house and/or retire. 

mommadukes2015's picture

Nah, I just have a no internet argument policy. You have your views, I have mine and that's fine. Debating it is only going to upset me, and you and then it's going to be weird. 

why? It's not going to change anything. It's just to make bad energy. We don't need that. 

SteppedOut's picture

Debate does not need to include "anger". Logical discussion is how things get worked out and/or how views can change. But I can respect if someone can admit they are unable to debate without anger. 

mommadukes2015's picture

No it's not that, it just knowing myself, my situation, how hard I have busted my rear end to overcome everything thrown my way, when someone replies that I have no "good" argument they are not debating. They're putting down, not open to opposing views and not in a space for listening. M

we don't fight to be right, we fight to be understood. I don't believe you're interested in understanding my position. 

And I never said anything about being angry. I'm not. 

SteppedOut's picture

Read my reponses... all over this post. I get it, it stinks. But man I would have LOVED one of those loans. I had to pay a different way... no less costly tho. After paying my own way, I have a hard time being convinced I should have to pay yours too. 

Rumplestiltskin's picture

Mommadukes, i was in the same position. When i was married and in grad school, my husband at the time (married 10 years now divorced) encouraged me to take out the max. We used it to pay on our house. When we split, i found out that since he owned the land prior to building, and never signed the proper paperwork due to his friend being the title attorney, i was liable for the mortgage but not entitled to a buyout on the house. I had no ownership due to a loophole but was on the hook for the mortgage. He ended up getting the house free and clear. After the divorce, his uncle's ex wife told me the same was done to her.

What can i say, i was 25 and not wise. The outcome is that i owed $65,000 in student loans after graduation and after divorcing, had nothing to my name. I've paid it down to $25,000. If Biden forgives loans, great. Somehow i doubt i will benefit, as my income will likely be too high to be considered low-income. I made a bad choice and this OP's SD is making a worse one. I don't know how i feel about loan forgiveness. If it happens after i pay it down to zero, too bad for me! I surely don't count on any forgiveness. It would be nice if if happens soon, though...

mommadukes2015's picture

I totally agree. If it happens great, if not we'll, we'll deal. I myself am a tax paying citizen so it's not like I'm some lazy mooch. 

but in my original reply, I admonished SD for planning to abuse a potential benefit that could save people like me who have busted their tailfeathers to try to get ahead of this thing but due to predatory lending were fighting a losing battle from the start. 

I don't even need forgiveness just re structure student debt and give a shot for Pete's sake. The way things currently are I'll have paid this loan off 3x over. That's not okay. 

Cover1W's picture

And restructuring or interest rate reductions are almost impossible to get!

I made ONE late payment in the first year of payback. Because the company was bought out and it was unclear where to send the check. I sent it to an incorrect address. They the said if I fed ex'd the replacement check they wouldn't count it as late due to the confusion. Yeah right.

So anyway, effers counted it as late. Ten YEARS later after no late payments, I was refused an interest rate reduction because of that one late payment. Not even skipped. 

Still pisses me off. I made it my goal to pay it off above anything else but it was hard! They didn't count principal payments or additional amounts toward principal.

I was able to pay off mine after my divorce and settlement. I would have likely been paying for 20 years. And I understood the terms and didn't have compound interest.

Rumplestiltskin's picture

I equate assuming student debt will be forgiven with having "win the lottery" as a retirement plan! By this SD racking up debt and assuming it will be forgiven, she is basically asking for a future of debt and bankruptcy! Good luck with yours. I wish i had never taken out a penny more than i absolutely had to. It motivated me to graduate, but it's been about 15 years and i'm only just over half done. So much wasted on interest. I had six separate loans to start with and i paid off the four smallest. Two to go!

mommadukes2015's picture

You go girl! 

My parents divorce screwed me too. Because of my dad's income, they counted both parents. The court then ordered he didn't have to pay toward my education despite them having set aside money during their marriage to do so. My mom had a terrible lawyer and I have hired my dad's attorney for skids issues. Lol My mom got a job making 20k a year but it didn't matter. How in the world we were ever allowed to take on that kind of debt blows my mind. Knowing what I know now I never would have done it and I worked very very hard to make sure my sister didn't land in the same boat I did. 

Ive got a plan though if nothing happens, it's just going to take time and some more elbow grease :) 

tog redux's picture

Exactly. Student loan interest rates are predatory. It should be illegal to make interest that high and it should have been stopped years ago.

Of course some people will abuse it, that's true of everything. With wealthy people being the biggest abosers. 

SteppedOut's picture

Some student loans may be predatory... just like there are seedy car loan companies - should those be forgiven also at tax payer expense? What about predatory ARM home loans? Fingerhut catalogue purchases? - those are high too! 

Tog, did you think it was fair your husband was forced to pay for his kid's college expenses (thank goodness it wasn't $75k worth, right?)? Nobody should forced to pay for someone else's college degree. 

mommadukes2015's picture

What I think you're missing Step is that many of us work in the public sector. I have worked for non profits though college. I took lower paying jobs to qualify for PSLF but much like another poster, my loans were sold several times. I too had a loan sold and did not receive payment forwarding information. That one instance disqualified me from the program. So for 10 years, I worked making less than I would in the private sector, for programs that had direct impact on the public, while taking a lower wage to help ensure socia programs were accessible to those in need. My federal loan bill is about 35k. I will still have the remainder in private loans (originated with citi bank-not some weird car salesman) and I was denied what was promised to me for reasons totally provable and out of my control. 

it's a good ol' bait and switch. I understand how you feel, I actually looked up articles last night better explaining your point because I am capable of holding two opposing views in my head. But I am also a tax payer, and by no means looking for a "hand out" I did my time giving back to society and will continue to regardless of whether the government holds up their end or not. It doesn't change the fact that what was done and what is still being done in higher education is not right. And the plans they've proposed don't charge the everyday tax payer, they ask that the rich pay their share in taxes. People who have so much money they couldn't hope to spend it in 6 lifetimes, money that they only have as a result of tax-payer funded bailouts and cooperate loopholes in the tax code. 

SteppedOut's picture

I also worked for a nonpofit for years, it was a choice. I very much loved making a difference. It was one of the jobs I had while I was saving for college. I didn't make less than I would have elsewhere... but I very likely would have made more if I had a degree...and didn't do it hoping to get a degree paid for, I genuinely liked making a difference. 

I couldn't get some loans because I made to much - others because I didn't make enough and/or hadn't built enough credit (not many have stellar credit and high wages that young!). 

So, I worked lower paying jobs (because no degree) while saving for classes and taking them as I could. I busted my ass paying as I went and it took longer, naturally. 

So, no loans for me - I had to wait while saving to pay for my classes....I made far less in salary for years.

So. I think it would be hard for you to say you did not benefit greatly from your degree... right? I mean, I'm not trying to be a jerk. It is a lot easier with a degree to get positions and have a higher salary.

While you have to pay more now, I "paid" for it then (making less for years while saving so I could take classes). So what about my bail out? None for me? But I should pay for yours?

Nothing like this will ever be paid for "by rich people only". And honestly, not all rich people are "evil". Often times they have also busted their tail... or their parents or grandparents. I find it hard to believe all of these "rich" families are "lucky" or "lazy" but rich on the backs of others"?

Sad to say our House and Senate members (who will vote on something like this) will never have "the rich" pay for it....because they ARE the rich people! Have you ever checked out their net worth? They will not vote for something that will be detrimental to themselves or families or friends..."the true evil rich". That's exactly why they scoff at term limits for themselves and will never vote for them.

So, do I think your loans suck? Maybe? Hell all loans suck. But you got to go to college - all at once! And were able to (or had the ability to) make a higer salary much earlier than I did. But let me tell you, it was really really hard NOT being able to get the suck loan. 

So, would you be ok with my taxes being raised so your debt got paid off? If my taxes go up I won't be able to save for retirement or pay for my house as easily. But you would more easily be able to pay for yours. Do I deserve that? I paid my way, why am I "evil" for thinking you should do the same - and I shouldn't be forced to help you. 

tog redux's picture

Rich people aren't evil. But the tax rate on them has gone down significantly in the last few decades. Some of them pay almost no taxes, when if they did, the working class would not struggle so much.  Many of them are okay with paying more taxes, in fact.  But even if they aren't, why should 1% of the people have so much money while others struggle.

But this is a common attitude - I had it rough so why should you have it easier.

SteppedOut's picture

I don't begrudge you having an easier time, I just don't want to be forced to pay for it. I get struggling - I do! But don't push someone else down to bring yourself up. That is exactly what you are asking for. Raise someone else's taxes so you can have it easier. 

mommadukes2015's picture

I did not work a job with the expectation my loans would be paid off. I went into humanities and it was just a hopeful accident something was available. 

My degree earned me a job (that requires a degree working in a childen's psych hospital 30 minutes outside of NYC)-paying $13.00 an hour. I lived there. Working as much OT as I could get, and when I wasn't there, a side job. My next bump in pay was $16.66 an hour, when I covered on call, picked up extra shifts in another department and again worked a side job. 

That's what a bachelor's degree will get you between 2011 and 2015 when I moved to a smaller company with less overhead, which allowed me to keep more of the money I earned and work only 2 instead of 3 jobs.

All the while I pay taxes for things like Medicare, social security (which will be gone by the time I'm old enough to retire), snap, heap, roads, all kinds of things other people benefit from and I don't bat an eyelash. I don't think it's a mortal sin, after the bailouts the housing, banking and auto fields got from the recession, of which, my tax dollars paid for, that they-and the rich people who benefited from that, pay some of that back to us taxpayers. But despite that being billions of dollars in aid, I find it remarkably interesting the opposition that we face when it comes to benefitting everyday Americans. 

I never said the rich were evil either. I think it's unfair that they can lobby for tax breaks and loopholes-essentially corporate welfare off MY dime. Something should be done about that. 

ive already engaged in this round robin session more than I told myself I would. I get where you're coming from. I do. I think, for the betterment of our entire economy, so we don't end up in another recession, this time not caused by mortgages, but student loan debt, something be done about it because if it's not, we all will suffer.  

SteppedOut's picture

I also worked 2jobs/side jobs while working full time and saving to pay for a class or 2 here and there. I fully get it. Struggling sucks.

I do think the people should get more help - but not just certain groups of people. If everyone is asked to pay - then everyone who does pay should benefit. Those that feel they don't need it could donate it to causes they feel important. 

Some of the tax loop holes are rediculous. And only available to very high net worth individuals. Or those that can afford a team of tax professionals and lawyers. It should be changed. 

Unfortunately the only people that can make the changes, have not done so. But they keep getting voted in and have held their positions for decades and decades. They only way to try and get changes is to not vote for the same ineffective people over and over. I don't care what party - there are ineffective law makers on both sides! 

All of our votes are not only important in presidental elections - all elections matter. Those that do not do their damn jobs should be voted out.

Only then will problems get resolved. 

mommadukes2015's picture

I think that if forgiveness is the route they go, it should be set to a specific period. By now, students entering college should learn from the mistakes of those who were in school during this predatory lending period and the recession. There is so much more information available now than there was when I started school in 2007. The people in charge of helping me navigate financial aid did not care about me one single bit. I don't think it should be blanket forgiveness, like I said I did my part of the government offered bargain but the program has been convoluted by the same law makers who allowed all this to happen in the first place while lining their pockets with lobby money. Money needs to come out of politics. Once that happens, legislators can go back to doing what they were intended to do-represent the people. We get so caught up in the "democracy" of electing them we have forgotten, America is not a true democracy, we are a democratic REPUBLIC which means we demoracrically elect people to represent our interests and they have not done that in a long, long time. That way, going forward we can ensure that this legislative failure never ever happens again. 

SteppedOut's picture

Because the same people keep getting voted in over and over and over. Making themselves, their families and friends richer and RICHER (and powerful).

Politicians have everyone so worried about party lines, hardly anyone is looking at the individuals. Rarely do people know what issues candidates are campaigning on, or what their voting (or absentee) record is. Blue or Red. That's all that is known.

LET THEM EAT CAKE! It is the new tagline for BOTH sides, but the American people aren't listening. 


tog redux's picture

That's apples and oranges. His kid wasn't ready to go to college and we knew he'd fail. If he had been ready, and a good student, DH would happily have paid.

Yes, I do think predatory mortgages etc should be forgiven. You are aware that an entire crash was caused by those kinds of mortgages, right? I think companies should be held accountable for getting filthy rich off of people by deceiving them. Even if it's a Fingerhut catalog. Do you read the fine print? I usually don't.

You also seem to keep overlooking that we are in a pandemic that has forced many people out of work and unable to pay these loans at all, through no fault of their own.


SteppedOut's picture

Yes. I DO get we are in a pandemic. Lots of people are losing jobs in certain industries. Some have not been affected - some are seeing an increase in business. 

People are unable to make payments on all types of loans (and credit cards) due to pandemic job loss. Should all loans be forgiven? Only "bad loans"? So what interest rate should we consider bad? What about people that lose their job but it's not related to the pandemic? Do their loans get forgiven too? What do you think would happen if mass loan forgiveness happened? 

I am aware of the home loans that caused the crash. The loans that people were able to walk away from - they also lost their home. (I think we can both agree they don't get to keep the house they can't pay for.) People that want to walk away from their student loan get to keep their degree. I guess that is why they made them non dischargeable in bankruptcy? 

There 100% should be laws that regulate such industries - there are laws! ...but the laws aren't right/good enough.

Why don't our legislators have better laws in place to keep us safe? Why do we keep voting for the same people over and over (most have had their positions for DECADES) if they aren't doing their damn jobs? 

Why do these discussions only happen during a presidential election year? 

This one topic is a symtom of a much larger problem. 


thinkthrice's picture

Out on Underwater Basketweaving degrees is the worst.

The Animal Torturer dropped out of community college in the first semester after failing her way through low expectations high school.

She was supposedly to major in Criminal Justice which is interesting since she's been a klepto since age 5.

Livingoutloud's picture

Student loan interest is much much lower than any credit card interest. So I say what she did isn't that stupid. She possibly saved ton of money. It's much easier to pay student loan that credit card debt because of the interest 

it might not be a morally upstanding move but it isn't stupid per se 

tog redux's picture

If she were not going to rack up more debt on that credit card immediately, but you know that's her plan.

notarelative's picture

Agree that charging your cards to the max again negates any savings on interest.

Plus, constant max charges on your credit card are a route to bankruptcy. She now has loans that cannot be discharged in bankrupcy.