iamdperk

Are you working with any politicians or the Consumer Financial Protection Bureau to figure out how to relieve the student debt burden on graduates? Is there any focus on better informing current and potential college students of the true impact of taking on such staggering amounts of debt before they have real income?

It's been pretty spot on for me... and I just bought a house. Might have been a touch low, but not that bad. I think I was running somewhere around 710 or 720 on CK and my credit check for my mortgage came in around 730. Better for them to err on the low side, honestly...

Pre-tax repayment would be great! I guess my concerns, because I graduated 8 years ago, are sort of a "what about me?!" I graduated with a B.S. in Mechanical Engineering from a very good private school. I was "fortunate" enough to get a good amount of income-based financial aid, because my parents divorce when I was a teenager and we only used my mother's income for the FAFSA. Pell grants and a lot of scholarships from hard work in high school and college allowed me to graduate with only $37-40k or so in student loan debt, and I was able to find a job right after college and afford my Standard Repayment Plan payments.

I feel like I did things right - I got a good degree, didn't take on as much debt as most, because I worked hard for a lot of my aid - but I won't be affected in the slightest by forgiveness, refinancing, or changes to interest rebates because I've paid most of my interest already. People that took out a TON of loans for a degree that doesn't pay as well or that they won't use, may end up getting loan forgiveness, forgiveness in bankruptcy, or tax deductions. Sometimes it feels like I have to work harder simply because I planned smarter. Any relief for people like me?

Do you think that, if loan forgiveness ever becomes a thing, maybe earning potential and the amount of debt taken out should be considered? For instance, Student A gets an engineering degree and because of scholarships and financial aid they leave with $25-$45k of student loan debt, but Student B gets a generic liberal arts or business degree with zero financial help and leaves with $85k+ in student loans. Student B ends up in a much worse situation with lower earning potential and a heavier loan burden - they're more likely to qualify for loan forgiveness, PAYE programs, etc., while Student A has the financial means to pay their loans, albeit with some struggle, but no loan forgiveness. I think there should be better education ABOUT higher education - knowledge of earning potentials, true cost of higher education, estimated loan payment info, cost of living in various parts of the country, projected job growth of various professions, etc., which would help people make better decisions about where to go, what to go for, and if they should go to college at all. Do you agree?