Senator: Pay Off Your Student Loans With Your 401k

What a miserable piece of shit.

I've got a better idea: stop using students as a giant free ATM machine for billionaires.

Ayn Rand Paul encouraging parents to go broke by using their future retirement funds to pay for their children's exorbitant college tuition. That way they can retire broke and live their golden years in abject poverty.

Go fuck yourself Rand Paul!

Man, if this isn't peak Republican Party idiocy.

'atta boy, Rand.

R5, I love that billboard!

That neighbor of his needs to give him another beatdown.

What. A. Piece. Of. Absolute. Shit.

Breaking: Rand Paul is Still a Piece of Shit

Guarantee you there’s some personal benefit for one or more of his dark money donors.

He’s supposed to be all anti government so there’s some kind of scam in here.

This might not have been a horrible idea if people still got generous defined benefit pensions in addition to their 401(k)s. (Or to have some other kind of tax-deferred account specifically for student loan payoffs.) But to take money out of what is likely most workers' only source of retirement income (outside of Social Security) after decades of encouraging people to contribute more and more to those funds to ensure a decent retirement is just plain dumb.

I have a clever idea. Why doesn't the USA have a normal higher education system like all other countries. Sheesh. Keep the really rich private universities and all the publics need to go down to a 1-4k a year.

Yes, R12, and hire unemployed welfare recipients to teach the classes.

If you have a loan outstanding, you shouldn't have a 401K

Rand Paul is a stupid cunt with an ugly rug.

R15 nailed it

I think it would be better to forgive student loan debt if a person does not make enough to pay back the loans they needed to pay for college. In fact, I think we should forgive most student loan debt and lower the cost of tuition.

It was so stupid and sick to let interest be charged and accue on educational based financial assistance. Just forgive all student loan debt, lower the cost of tuition and let's start over. This financial aid system was designed by crocks and idiots.

Isn’t it predicted that the next financial meltdown is going to happen over people defaulting on their student loans?

i side with his neighbor. What a complete fucking asshole!

That's the thing though R19. You can't really "default" on student loans like you can a credit card, house, or car. They will follow you forever and they will garnish your check at the drop of a hat. So unless you are unemployed and plan on staying that way (or work under the table) then they will get their money.

R3, I never heard anyone say Ayn Rand Paul before...It's brilliant.

He is an ignorant shitstain.

R19 that's what I have heard.

R15 He’s a cunt rug? He’s a Merkin?

You know what would help student loan borrowers? If the government didn't make money off them and lowered the interest rates to something reasonable, putting money into the pockets of people who would spend it and generate GDP.

You know, unlike giving tax breaks to millionaires.

I'm curious (in response to R26), what do others pay for their interest rate? I get offers to refinance mine often, and I'm like ... refinance to what? 0%? Mine are at 2.6%.

Are others a lot more?

If you refinance your loans to reduce the interest rates, you are no longer eligible for forgiveness.

I pay 6-7% on mine.

Even at 6-7% it makes no sense to take out money out of your 401k. The average return is at least 7% over 10 years on the stock market. If your loans (or any loan) were 15%, then sure, but I doubt many people are in that situation.

They want to see old people begging in the streets.

That's a rug, R15?

I've got around 8k in my 401k and about 40k in student loans, so thanks for nothing Rand. Additionally, student loans are absolutely subject to default, unless the collections agency that said I did lied to me. That was about eight years ago for one specific loan, so I have a suspicion Sallie Mae, Navient, et al are purposefully not defaulting as much anymore, as they know it'd be a shitshow. They'd rather keep "making money" off of interest they're betting they'll get, yet will never recieve.

I didn't mean you can't default on student loans R32. You absolutely can. With a home, credit card, or car loan though, there is a point at which they can no longer go after you for payment (usually 5-6 years) after you defaulted.

No so with student loans. They can and will garnish your social security check if they can. There is no bankruptcy option and there is no statute of limitations. They will get their money in the end unless you literally drop dead.

If there is one thing I have learned, it’s this: I will not allow my children to go into debt over fucking college. They can find a free-ride scholarship, go to a state school or community college. Starting out your career/financial life in six-figure debt is absolutely awful.

^^ I am truly sorry did people who are in the situation, though. That really sucks. But we did learn something.

It's college students' fault that they aren't rich. And, since they can't be bothers to take their faces out of their phones to vote, we can do anything we want,

College should be free!

Rand seems like a miserable person who wants everyone else to be as miserable as he is

Why couldn't his neighbor have done the decent thing and ran over rand with his car?

I don't have an outstanding loans, due mainly to luck (thanks track & field scholarship!), but I think we should forgive current student debt and put safeguards in place so that there's not another crisis.

Yes.

I think we should forgive stuent loan debt, but not rand asshole.

When the fuck are people going to learn to spend their first two years of college at a community college so they will save a shitload of money? Is partying all 4 years at a university really worth all those loans that will be hanging over your head for decades?

This is a very sad idea that he doesn't even realize reflects how far America has fallen - we are going to put you in debt from cradle to grave.

When will people learn you need a senator that can do math? Tuition has increase, when incomes and cost of living expenses have not for the majority of Americans. Therefore, you have to lower tuition costs. Also, forgive student loan debt. Easy Math, Easy Democratic Government!

Ron Paul, Paul Ryan, Rand Paul — aren't these all the same person?

R47 They’re all assholes so they might as well be.

Come on Kentucky,

Get rid of this asshole and #ditchmitch.

R21 / R33. It is true they can garnish social security, but only a max of 15%.

The United States is an oligarchy.

The end.

"If you have a loan outstanding, you shouldn't have a 401K"

Utterly untrue, R14. You don't know that people can have, for instance, both a mortgage AND a 401K? A mortgage is an outstanding loan. Do you think people pay off ALL their outstanding loans before getting a 401K, or do you think people who have 401Ks also have things like mortgages and student loans?

The answer is the latter.

[quote] but only a max of 15%

Well, that's good! I'm sure lots of seniors can live without 15% of their SS. They'd just waste it on medications and food and shelter.

Why is there interest on government-backed financial assistance to go to University?

This is MADNESS. This is ASININE!

I think Rand's sexy. I'd love to run my fingers thru his hair but he refuses to mail it to me.

People end up in all this debt just to end up as a barista with a Master’s degree.

As long as all of this loan money is available, colleges have no incentive to reduce tuition costs.

That was also the plan of one of the 2020 Dems... one of the irrelevant ones, can't remember which...

Pay off your student loans by selling you luscious teenage hair to adorn the heads of fascist closet cases. Also your prostate gland is worth a pretty penny and much sought after.

R54 For the same reason there's interest on government-back home loans. Government is underwriting the loan, not making the loan. The money comes from the private sector. Without interest, there's no banking industry support at making loans.

Don't borrow money you can't afford - no matter what the schools tell you. They're for profit as well, especially the ones that are building booms and hire celebrity faculty. Run from those. Be sensible: go to community college for the first two years, transfer to a state school for your last two. Work to build funds to pay for your education.

Quit going into debt.

I support Rand Paul's neighbor.

He doesn't sound very different from most Dataloungers when it comes to this issue to be honest

Libertarians are just like Republicans only more heartless. Which it appeasers IS possible.