PackPA2015 said:

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What do you all think about just continuing the 0% interest rate on federal loans for another extended period of time instead of forgiving x amount of loan dollars?

Seems like this would be more easily agreed upon by both sides of the aisle and would still benefit a lot of people.

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. There in lies the problem, you've applied a common sense solution to a problem that would absolutely benefit people with student loans, but it'll never happen because political parties then can't claim victory over each other.

hokiewolf said:

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PackPA2015 said:

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What do you all think about just continuing the 0% interest rate on federal loans for another extended period of time instead of forgiving x amount of loan dollars?

Seems like this would be more easily agreed upon by both sides of the aisle and would still benefit a lot of people.

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. There in lies the problem, you've applied a common sense solution to a problem that would absolutely benefit people with student loans, but it'll never happen because political parties then can't claim victory over each other.

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There's a lot of truth in that statement. Sure wish our politicians could get back to putting constituents first and not their own power or pockets.

hokiewolf said:

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PackPA2015 said:

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What do you all think about just continuing the 0% interest rate on federal loans for another extended period of time instead of forgiving x amount of loan dollars?

Seems like this would be more easily agreed upon by both sides of the aisle and would still benefit a lot of people.

---

. There in lies the problem, you've applied a common sense solution to a problem that would absolutely benefit people with student loans, but it'll never happen because political parties then can't claim victory over each other.

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0% interest will require a fix on the tax side to avoid imputed interest penalties. If anyone here received a tobacco buyout in the early 2000s, you remember what a mess that almost became.

But, yes, that makes sense! Or, a market rate that isn't usurious at 7-9% and used to fund unrelated government programs.

PackPA2015 said:

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hokiewolf said:

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PackPA2015 said:

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What do you all think about just continuing the 0% interest rate on federal loans for another extended period of time instead of forgiving x amount of loan dollars?

Seems like this would be more easily agreed upon by both sides of the aisle and would still benefit a lot of people.

---

. There in lies the problem, you've applied a common sense solution to a problem that would absolutely benefit people with student loans, but it'll never happen because political parties then can't claim victory over each other.

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There's a lot of truth in that statement. Sure wish our politicians could get back to putting constituents first and not their own power or pockets.

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It's not my first choice, but I could see agreeing to it as part of a compromise.

There's a lot of stuff that doesn't fit my ideal policy, but I'm willing to consider it in the name of compromise and having a functioning bipartisan government.

But our politicians largely don't want that. They prefer performative virtue signaling and escalating the partisan mudslinging. Its much easier to play a part and collect your paycheck and political donations.

In good faith.... what is the answer? I worked 30 hours a week and took 12-18 hours a semester depending on my work schedule... took out loans that took me until I was in my early 40's to pay off. I didn't make the best decisions in college and had to go a little longer and take out more loans.

It was MY fault. I worked my ass off to clear my debt. I could have paid it off sooner and paid more on it. Low interest and the fact it was a good mark on my credit rating convinced me to let it ride and pay it off slowly.

The fact you have to "owe" money in order to have a high credit rating is a topic for another day.

But, forgiving loans is a horrible message. These are the same kids that have never been told "No." That's a fact. Self accountability has been lost on the current "generation." This isn't me pounding my old man chest. I'm 47, turn 48 this year. I have had the 35 and under generation working for me for 10 years and have interviewed dozens. No freaking clue about work ethic and screwing up has consequences.

No forgiveness. None.

BBW12OG said:

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In good faith.... what is the answer? I worked 30 hours a week and took 12-18 hours a semester depending on my work schedule... took out loans that took me until I was in my early 40's to pay off. I didn't make the best decisions in college and had to go a little longer and take out more loans.

It was MY fault. I worked my ass off to clear my debt. I could have paid it off sooner and paid more on it. Low interest and the fact it was a good mark on my credit rating convinced me to let it ride and pay it off slowly.

The fact you have to "owe" money in order to have a high credit rating is a topic for another day.

But, forgiving loans is a horrible message. These are the same kids that have never been told "No." That's a fact. Self accountability has been lost on the current "generation." This isn't me pounding my old man chest. I'm 47, turn 48 this year. I have had the 35 and under generation working for me for 10 years and have interviewed dozens. No freaking clue about work ethic and screwing up has consequences.

No forgiveness. None.

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That is why I suggested continuing the 0% interest rate of federal loans instead of forgiveness. I think this is a fair compromise from both sides.

I definitely do not agree with everyone 35 and under not having work ethic or understanding actions and consequences. There are duds in every generation. It is unfortunate you have met quite a few from that younger generation.

BBW12OG said:

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In good faith.... what is the answer? I worked 30 hours a week and took 12-18 hours a semester depending on my work schedule... took out loans that took me until I was in my early 40's to pay off. I didn't make the best decisions in college and had to go a little longer and take out more loans.

It was MY fault. I worked my ass off to clear my debt. I could have paid it off sooner and paid more on it. Low interest and the fact it was a good mark on my credit rating convinced me to let it ride and pay it off slowly.

The fact you have to "owe" money in order to have a high credit rating is a topic for another day.

But, forgiving loans is a horrible message. These are the same kids that have never been told "No." That's a fact. Self accountability has been lost on the current "generation." This isn't me pounding my old man chest. I'm 47, turn 48 this year. I have had the 35 and under generation working for me for 10 years and have interviewed dozens. No freaking clue about work ethic and screwing up has consequences.

No forgiveness. None.

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If that's what gets the "trophies for all" generation to wake up I have no problem with it. Guess I struck a nerve....

BBW12OG said:

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If that's what gets the "trophies for all" generation to wake up I have no problem with it. Guess I struck a nerve....

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Come on.

You cited anecdotal evidence to paint an entire generation in some negative light. That's a tired trope that seems a little premature for a 47 y/o, but here we are. Boomers said the same thing about you in the 90s.

Cite:

http://content.time.com/time/subscriber/article/0,33009,970634,00.html

Statistically speaking, Millenials are less likely to take vacation than other generations in the workplace. Millenials have a higher labor force participation rate than your generation or boomers. Millenials generally spend more hours a day working.

Data:

https://www.bls.gov/opub/mlr/2019/article/time-use-of-millennials-and-nonmillennials.htm#:~:text=Source%3A%20U.S.%20Bureau%20of%20Labor%20Statistics%2C%20American%20Time%20Use%20Survey.&text=In%202017%2C%20millennials%20were%20more,(48%20percent%20full%20time).

And, this is all in spite of the fact that us dastardly Millenials came into the workforce during the Great Recession where Millenial unemployment rates skyrocketed (we were in the 16-24 cohort at the time on Figure 3) while boomers and Gen Xers kept their jobs.

Data:

https://www2.deloitte.com/us/en/insights/industry/public-sector/making-it-millennial.html/#end-notes

https://www.bls.gov/opub/mlr/2018/article/great-recession-great-recovery.htm

We were apparently too busy getting participation trophies to stop Boomers and Gen Xers from making bad financial decisions and/or borrowing too much money that led to a meltdown of the financial system.

And, as we're entering the prime of our earning career, we've been hit with this COVID thing that has, again, had a disproportionate impact on Millennial employees.

Plenty of literature out there on the effect this has had on wage growth being stagnant for Millenials.

https://www.usatoday.com/story/money/2019/11/11/u-s-wage-growth-gen-zers-closing-pay-gap-millennials/2531949001/

https://www.cnbc.com/2019/11/05/millennials-earn-20-percent-less-than-boomersdespite-being-better-educated.html

https://www.washingtonpost.com/business/2020/05/27/millennial-recession-covid/

Lol.

To the extent that Millenials are, somehow, a participation trophy generation, the insult doesn't make much sense. Someone has to actually give those trophies and create a paradigm where that's the expectation.

3 y/o Johnny doesn't expect a participation trophy in a vacuum. His boomer or Gen X parent was the one that demanded his/her kid was rewarded.

bsorry11 said:

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Lol.

To the extent that Millenials are, somehow, a participation trophy generation, the insult doesn't make much sense. Someone has to actually give those trophies and create a paradigm where that's the expectation.

3 y/o Johnny doesn't expect a participation trophy in a vacuum. His boomer or Gen X parent was the one that demanded his/her kid was rewarded.

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Amen man.