Helpful ReplySo what is OFF TOPIC allowed?
Porktown
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Re: So what is OFF TOPIC allowed?
2022/08/26 15:55:42
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Hey Crappy Chris! I have been avoiding Arthur over the summer. Too many fruitless trips up there in past summers. I'll definitely change that when this work fiscal yearend rush is over. The Yough is much easier and rarely delivers a skunking. Got my first eye out of there last night. Some decent smallmouth and a monster something for a second or two. I might be blowing this thing out of proportion a bit from work stress! But many don't seem to either realize or understand the effects of inflation, beyond, "man, everything seems so much more expensive". Jerome Powell is a little late to the party, but getting more aggressive. I'm wondering if he felt the need with this loan debt announcement. Hopefully he raises by 1.5 points and mortgages go to 10%. It is needed and likely need 15% mortgages with Bidentheclown in office.
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DeadGator401
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Re: So what is OFF TOPIC allowed?
2022/08/26 16:09:28
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It's rich that the generation who constantly told me "Life ain't fair" (which, they aren't wrong) in my experience are the loudest ones yelling "This isn't fair!" about the forgiveness plan by Dark Brandon. I've paid off loans for years. I have zero qualms nor do I feel slighted or compelled to talk about fair. I don't think others should suffer because I have - that's a super weird mindset. A rising tide lifts all ships. While people scream and whine about that, a lot of other good is being missed: "Department of Education is proposing a new income-driven repayment plan that protects more low-income borrowers from making any payments and caps monthly payments for undergraduate loans at 5% of a borrower’s discretionary income—half of the rate that borrowers must pay now under most existing plans." https://www.whitehouse.go...wers-who-need-it-most/^ This is huge. It's just a good plan. I've yet to see anyone complaining about it, and it's likely because there's nothing wrong with it. It's just a good thing to do.
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crappiefisher
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Re: So what is OFF TOPIC allowed?
2022/08/26 16:14:42
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snagr
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Re: So what is OFF TOPIC allowed?
2022/08/26 17:11:31
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DeadGator401
While people scream and whine about that, a lot of other good is being missed: "Department of Education is proposing a new income-driven repayment plan that protects more low-income borrowers from making any payments and caps monthly payments for undergraduate loans at 5% of a borrower’s discretionary income—half of the rate that borrowers must pay now under most existing plans."
https://www.whitehouse.go...wers-who-need-it-most/
^ This is huge. It's just a good plan. I've yet to see anyone complaining about it, and it's likely because there's nothing wrong with it. It's just a good thing to do.
Correct me if I’m wrong, but it looks like interest still accrues with this right? If that’s the case, lowering the monthly payment might temporarily take away some of the sting but doesn’t help in the long run and creates more profit for lenders and greater burden for borrowers. It’s like the car dealer trying to put you in a new vehicle instead of a used one at the same monthly payment for a longer term.
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Porktown
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Re: So what is OFF TOPIC allowed?
2022/08/26 18:01:04
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crappiefisher I hear you about about the fishing & the right and left..... https://www.youtube.com/watch?v=FjoqBaW6OMk
Amen! That song is an excellent interpretation of todays political culture of the jokers and the clowns holding the rest of us hostage. He said it was more about Bob Dylan explaining what a record executive party was like, but spot on anthem for the present time. We need to soak some worms this fall. Maybe eat some beavers first…. Ha ha! Hope all is good my friend!
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Porktown
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Re: So what is OFF TOPIC allowed?
2022/08/26 18:21:39
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snagr Correct me if I’m wrong, but it looks like interest still accrues with this right?
If that’s the case, lowering the monthly payment might temporarily take away some of the sting but doesn’t help in the long run and creates more profit for lenders and greater burden for borrowers.
I really hope the Feds aren’t getting in the sleaze ball game of sending people down that road. Luckily my father taught me that is how credit cards make a killing before I got one. Watched it first hand with some people I know paying the minimum, for ever…. Those sleaze balls will set up on college campuses giving away free stuff to students, knowing those “smart kids” will make them a fortune. Some people just can’t see financially beyond a week or two.
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snagr
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Re: So what is OFF TOPIC allowed?
2022/08/26 18:48:38
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Click on that link and read a couple paragraphs down about some of the demographics of borrowers they’re trying to help with this - people with debt but no degree, senior citizens, people who still have 95% of their debt 20 years later.
If it really is lowering the monthly payment while still accruing interest as it appears to be, there’s not many things that would be less helpful financially for people who are already financially strained like that.
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DeadGator401
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Re: So what is OFF TOPIC allowed?
2022/08/26 20:46:49
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@Snagr: To address these concerns and follow through on Congress’ original vision for income-driven repayment, the Department of Education is proposing a rule to do the following: - For undergraduate loans, cut in half the amount that borrowers have to pay each month from 10% to 5% of discretionary income.
- Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment.
- Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with original loan balances of $12,000 or less. The Department of Education estimates that this reform will allow nearly all community college borrowers to be debt-free within 10 years.
- Cover the borrower’s unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower’s loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low.
https://www.whitehouse.go...wers-who-need-it-most/
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snagr
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Re: So what is OFF TOPIC allowed?
2022/08/26 21:20:17
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Porktown
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Re: So what is OFF TOPIC allowed?
2022/08/26 21:35:37
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I’m not sure if I am reading correctly. Are these $10k and $20k are over the remaining life of the loan? It is saying for future loans, they are lowering the monthly minimum payment, but don’t see how they plan to for existing. I see repayments start again at the end of this year. If someone owes $10k/$20k or less are their loans completely wiped out? Or is it following that 5% of discretionary income formula, but tops out at $10k/$20k?
I personally wouldn’t have any issue with the 5% thing. I imagine over the life of most loans, that is mostly compounded interest.
My issue is with an instant addition of what amounts to $10k/$20k of disposable income addition to the economy for 40M people at about the worst time to do so. If it is slowly phased in, it should lower the risk of inflation. But how do you do that?
Do theses future payment plan reductions cap at $10k/&20k or are they basically unlimited?
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EMitch
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Re: So what is OFF TOPIC allowed?
2022/08/26 22:38:33
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Porktown, I find it extremely odd that I'm agreeing with you on a lot of what you've said about the college loans, considerin' some of our past disagreements. Very good posts. I'm hopin' you can sock away enough jing to retire at 55. I'm almost 72 and just hung it up last Sept. And don't worry about your health if you're in reasonably good shape right now. My right elbow has been gone since '86, my left knee is bone on bone and makes some horrible noises at times, and I've had 3 herniated discs in my lower back since '99, but by God!, I can still launch the boat by myself. (It's gettin' that SOB back on the trailer that's a PIA!) But: J.Powell stated this morning that America is going to have to bear the pain of inflation for some time to come. The way he said it was ominous, like things are going to get tough very quickly. Certainly didn't instill any confidence in the stock investors as the market lost 1008.3 but recovered a little back to -984 at the closing bell. Nasdaq and S&P took it on the chin too. He said we're looking at "higher than expected" increases in the prime rate. Most analysts are thinking .75 basis pts., but I wouldn't be surprised to see 1.25 or even 1.50 next month. In other words, if we're not already in recession, (many believe we are), the Fed is gonna push us into one to try and get the inflation under control. The administration is pouring money into the economy, and the Fed is trying to take it out. Don't know what that head butting is gonna bring. Layoffs have already started, and it is believed that growth will only be 1 to 1 1/2% GDP if that; may even be negative. Inflation is a problem world wide. Energy costs in the UK are up 80%, and economists are predicting prices are gonna go much higher. (My July electric bill was nearly $300, highest ever by about $80, and we don't even have central air. Things are gonna get rough for quite some time, so we don't have to grin, but we sure are gonna have to bear it!
Never try to argue with an idiot. They'll bring you down to their level and beat you with experience.
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Porktown
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Re: So what is OFF TOPIC allowed?
2022/08/26 23:39:58
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EMitch, besides some political bs, I have always liked your posts. Even when not agreeing, I can tell you are just a good dude. I would bet that we agree on a lot of things of just life in general. How things have turn so polarizing in politics is insane and I have certainly been guilty of it too. Most of my family and I agree on most things in life in general, but have some that are all out MAGA and all out far left, but avoiding political talk are very similar. Don’t worry, we will likely butt heads on politics again at some point! Ha ha. I am very opinionated and at times like to stir the pot a bit. I have no political allegiance. For me, every issue, I look at all sides and will call it how I feel. Often though, I do find myself not completely informed on every issue and I have no issue admitting. I am completely open minded to all of our conservative and liberal members. I will often hear stuff on here that I don’t hear elsewhere, do some research and often opens my eyes a bit to how some think and at the very least, see where some are coming from. Granted, some things are just nuts to me…
As for retiring at 55, it is looking worse and worse every day with inflation and market seeming to be back on a deep downward trend. Remind you, I am not looking full retirement, travel the world and live a life of luxury. I will be doing at very least part time until at least 65. I live a very modest life as compared to most in my neighborhood at least. I don’t plan on that changing, besides living within 10-20 miles of the beach or lakeside somewhere. Most towns that I have been researching are equivalent or cheaper than here. My “retire”, just means to stop doing the same 40-70 hour weeks that I have been doing with my current company for 24 years. I’d drive my wife nuts if we were around each other 24/7. If we both did 20-25 hour part time jobs, we should hopefully have enough saved by then to live the modest life we live and stay out of each other’s hair enough.
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DeadGator401
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Re: So what is OFF TOPIC allowed?
2022/08/27 01:30:07
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Porktown I’m not sure if I am reading correctly. Are these $10k and $20k are over the remaining life of the loan? It is saying for future loans, they are lowering the monthly minimum payment, but don’t see how they plan to for existing. I see repayments start again at the end of this year. If someone owes $10k/$20k or less are their loans completely wiped out? Or is it following that 5% of discretionary income formula, but tops out at $10k/$20k?
I personally wouldn’t have any issue with the 5% thing. I imagine over the life of most loans, that is mostly compounded interest.
My issue is with an instant addition of what amounts to $10k/$20k of disposable income addition to the economy for 40M people at about the worst time to do so. If it is slowly phased in, it should lower the risk of inflation. But how do you do that?
Do theses future payment plan reductions cap at $10k/&20k or are they basically unlimited?
From my understanding: > Are these $10k and $20k are over the remaining life of the loan? - It's 10k from Federal Student Loans. If you received a Pell grant, it's 20k. Flat out. Moving forward, the 5 % comes into play. (Of note, it's for Undergrad loans.) > If someone owes $10k/$20k or less are their loans completely wiped out? - Yes. It appears so. > My issue is with an instant addition of what amounts to $10k/$20k of disposable income addition to the economy for 40M people at about the worst time to do so. If it is slowly phased in, it should lower the risk of inflation. But how do you do that? - I had this concern as well. The thing is though - Federal Student Loan repayments have been paused since March 2020. This hypothetical money that would be saved and thus pumped into the economy is and has been in the economy. There's a lot of numbers out there if you Google, but the majority of Federal Student Loan Borrowers were not continuing to pay on their loans during the Pandemic. I guess it could be argued that that in general has already contributed to Inflation. I don't forsee any people going "YOLO LETS GET IT" and jump up to buy cars and whatnot with money they already don't have. Besides, it's expensive to buy money right now.
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Porktown
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Re: So what is OFF TOPIC allowed?
2022/08/27 07:30:54
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DeadGator401
I don't forsee any people going "YOLO LETS GET IT" and jump up to buy cars and whatnot with money they already don't have. Besides, it's expensive to buy money right now.
I’m reading a mix between minor to moderate inflation from reliable sources. I’m not even looking at the whackos that claim it will lower or cause hyper inflation. This is what upsets me about if not being more targeted. I fall in the $120k or under. I would definitely use $10k of freed up debt. I have some higher priced items that have run their effective life (noted about my truck), that I could use a nice influx.
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MyWar
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Re: So what is OFF TOPIC allowed?
2022/08/27 09:40:09
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DeadGator401 > My issue is with an instant addition of what amounts to $10k/$20k of disposable income addition to the economy for 40M people at about the worst time to do so. If it is slowly phased in, it should lower the risk of inflation. But how do you do that? - I had this concern as well. The thing is though - Federal Student Loan repayments have been paused since March 2020. This hypothetical money that would be saved and thus pumped into the economy is and has been in the economy. There's a lot of numbers out there if you Google, but the majority of Federal Student Loan Borrowers were not continuing to pay on their loans during the Pandemic. I guess it could be argued that that in general has already contributed to Inflation.
This is an extremely important point. Furthermore, it’s also not “dumping money into the economy” because it’s future earnings so it’s not all at once the way the stimulus checks were. It’s not really putting money into anybodys pockets right now, it’s allowing people to keep more of their money, and it should have a similar impact on the economy as a tax cut, which I’m sure nobody on the right would argue against. Now there is the possibility that wiping out $10k in debt for somebody may, for example, prompt them to finance that $10k vehicle purchase they were putting off. But raising interest rates will impact long term lending which may blunt some of that. But a basic fact about being poor is that you spend all of the money you have anyway, because you have to. You don’t have a lot of disposable income, in fact you spend most of your money on necessities. It’s not a foregone conclusion that this will blow up inflation. There is not a unanimous opinion among economists.
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JerryS
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Re: So what is OFF TOPIC allowed?
2022/08/27 11:38:38
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Some perspective. Forgiving $10k will give 43M student loan borrowers about $100 more disposable income per month. The 5.9% COLA increase gave 42M retirees about $100 more disposable income per month.
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crappiefisher
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Re: So what is OFF TOPIC allowed?
2022/08/27 12:01:33
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crappiefisher
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Re: So what is OFF TOPIC allowed?
2022/08/27 12:14:15
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MyWar
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Re: So what is OFF TOPIC allowed?
2022/08/27 13:39:58
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JerryS Some perspective. Forgiving $10k will give 43M student loan borrowers about $100 more disposable income per month. The 5.9% COLA increase gave 42M retirees about $100 more disposable income per month.
That’s a great point
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Porktown
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Re: So what is OFF TOPIC allowed?
2022/08/27 18:44:18
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MyWar
JerryS Some perspective. Forgiving $10k will give 43M student loan borrowers about $100 more disposable income per month. The 5.9% COLA increase gave 42M retirees about $100 more disposable income per month.
That’s a great point
So, 6% additional inflation is okay? Wow…. So, instead of giving away 10% of my lifetime savings, it is only 6%. Good to know that I will need to go get some old plywood and paint to make my MAGA sign.
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DeadGator401
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Re: So what is OFF TOPIC allowed?
2022/08/27 20:26:14
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Porktown
MyWar
JerryS Some perspective. Forgiving $10k will give 43M student loan borrowers about $100 more disposable income per month. The 5.9% COLA increase gave 42M retirees about $100 more disposable income per month.
That’s a great point
So, 6% additional inflation is okay? Wow…. So, instead of giving away 10% of my lifetime savings, it is only 6%. Good to know that I will need to go get some old plywood and paint to make my MAGA sign.
I'm not really sure what you're angry about, no one made mentions about X inflation being ok. No one is going to go out and snag that mortgage with this extra 100 dollars they have each month. But I can confirm the usual MAGA signs are plywood and paint. You have to be sure they will fade and look hilariously bad within 2 years though. Also, please let us know what the process is like, I've always been curious about the mindset of those who make these trump like signs on plywood, and would love to see it recorded and put on Youtube.
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MyWar
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Re: So what is OFF TOPIC allowed?
2022/08/27 21:19:13
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Porktown So, 6% additional inflation is okay? Wow…. So, instead of giving away 10% of my lifetime savings, it is only 6%. Good to know that I will need to go get some old plywood and paint to make my MAGA sign.
I think you misunderstood. The point is that the annual 5.9% increase in social security payments due to cost of living increases will result in about the same number of people getting about the same increase in their monthly disposable income as student loan forgiveness. So the point is that both things would in theory have a similar net effect on the economy and also inflation. And nobody is throwing a fit because the COLA increase is gonna blow the roof off inflation. Probably because it won’t.
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JerryS
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Re: So what is OFF TOPIC allowed?
2022/08/27 21:43:19
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Porktown
MyWar
JerryS Some perspective. Forgiving $10k will give 43M student loan borrowers about $100 more disposable income per month. The 5.9% COLA increase gave 42M retirees about $100 more disposable income per month.
That’s a great point
So, 6% additional inflation is okay? Wow…. So, instead of giving away 10% of my lifetime savings, it is only 6%. Good to know that I will need to go get some old plywood and paint to make my MAGA sign.
The point I was trying to make is many on here, and most of the right, are blowing this out of proportion. The same amount of money was injected into the economy by the COLA increase but there was no outrage about inflation consequences. I think most of us didn't get a 6% raise this year along with the retirees. How unfair. Next year the COLA is projected to be 9+%. Looking at the the two groups in my comparison, as a whole, which group needs the inflation help more? The right could care less about the inflation consequences. They're outraged because this may give the Dems more votes. Everyone forgets how Trump and his cronies pressured Jerome Powell for negative interest rates in 2020. Can you imagine what the inflation would be if Powell listened? (Sorry for the repeated info due to the overlapping post from MyWar)
post edited by JerryS - 2022/08/27 21:51:22
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JM2
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Re: So what is OFF TOPIC allowed?
2022/08/27 22:28:05
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☄ Helpfulby graveydavey 2022/08/28 10:19:00
Comparing SS COLA increases with helping pay down student debt is comically ironic and disjointed logic. At this point, I can only laugh at you people.
post edited by JM2 - 2022/08/27 22:29:09
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MyWar
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Re: So what is OFF TOPIC allowed?
2022/08/27 23:19:12
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JM2 Comparing SS COLA increases with helping pay down student debt is comically ironic and disjointed logic. At this point, I can only laugh at you people.
I can only laugh at your lack of reading comprehension skills
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MyWar
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Re: So what is OFF TOPIC allowed?
2022/08/27 23:21:29
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JerryS
Porktown
MyWar
JerryS Some perspective.
Forgiving $10k will give 43M student loan borrowers about $100 more disposable income per month.
The 5.9% COLA increase gave 42M retirees about $100 more disposable income per month.
That’s a great point
So, 6% additional inflation is okay? Wow…. So, instead of giving away 10% of my lifetime savings, it is only 6%. Good to know that I will need to go get some old plywood and paint to make my MAGA sign.
The point I was trying to make is many on here, and most of the right, are blowing this out of proportion. The same amount of money was injected into the economy by the COLA increase but there was no outrage about inflation consequences. I think most of us didn't get a 6% raise this year along with the retirees. How unfair. Next year the COLA is projected to be 9+%. Looking at the the two groups in my comparison, as a whole, which group needs the inflation help more? The right could care less about the inflation consequences. They're outraged because this may give the Dems more votes. Everyone forgets how Trump and his cronies pressured Jerome Powell for negative interest rates in 2020. Can you imagine what the inflation would be if Powell listened? (Sorry for the repeated info due to the overlapping post from MyWar)
Curious…. Do you have a source for that SS COLA comparison?
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DarDys
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Re: So what is OFF TOPIC allowed?
2022/08/28 08:56:53
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MyWar
JerryS Some perspective. Forgiving $10k will give 43M student loan borrowers about $100 more disposable income per month. The 5.9% COLA increase gave 42M retirees about $100 more disposable income per month.
That’s a great point
Except the retirees paid into that system, some of them for 50 years and the borrowers didn’t. There is quite a difference between being forced to pay into the SS system up from in hopes of getting some of it back on the back end (when the SS system was designed, the average life span meant typically less than 3 years of collecting after a decades long career of paying in) and being given money up front with the expectation of paying it back and now being gifted a portion of it. And, no paying interest is not paying into it, it is rewarding the investment by others that the borrower couldn’t make.
post edited by DarDys - 2022/08/28 09:31:01
The poster formally known as Duncsdad Everything I say can be fully substantiated by my own opinion.
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Porktown
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Re: So what is OFF TOPIC allowed?
2022/08/28 10:26:36
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DeadGator401
But I can confirm the usual MAGA signs are plywood and paint. You have to be sure they will fade and look hilariously bad within 2 years though. Also, please let us know what the process is like, I've always been curious about the mindset of those who make these trump like signs on plywood, and would love to see it recorded and put on Youtube.
You forgot to mention slamming a 6 pack of Bud tall boys before starting the project. If this does lead to runaway inflation, which I find to be at least somewhat of a concern if Democratic economists are saying so, I will be making my sign! I really hope a moderate Republican can make it through the primary though. Would be a no brainer vote at that point. But morons won’t allow that to happen.
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MyWar
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Re: So what is OFF TOPIC allowed?
2022/08/28 11:01:36
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DarDys
MyWar
JerryS Some perspective. Forgiving $10k will give 43M student loan borrowers about $100 more disposable income per month. The 5.9% COLA increase gave 42M retirees about $100 more disposable income per month.
That’s a great point
Except the retirees paid into that system, some of them for 50 years and the borrowers didn’t.
There is quite a difference between being forced to pay into the SS system up from in hopes of getting some of it back on the back end
Again, people seem to be missing the point of this comparison. Assuming that the figures JerryS posted are accurate, the point is that both of these things will result in about the same amount of additional disposable income per month for about the same number of people. So in theory, this student loan forgiveness plan should have a similar net effect on inflation as the 5.9% COLA. The first year of the 5.9% COLA was 2021. I can’t recall anybody citing this as a major cause of current inflation problems, can you?
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JerryS
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Re: So what is OFF TOPIC allowed?
2022/08/28 11:50:06
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