Do some companies forgive debts sometimes?

[Carson]

Is there any chance that some companies will forgive debts out of the blue? I think it'd be great if my student loan debt was forgiven. But I doubt that would ever happen. Have you ever had a company forgive your debt to them? 

[James]

I do not know why a company would ever do this. I guess maybe if you won a prize from a company to remove your debt then it could happen but just randomly out of the blue for no reason just eliminating a debt. I do not think that would happen. 

Student loans are a pain. My wife and I got ours all paid off a few years ago. What a pain. 

There seems to be growing support for student loan forgiveness but I really think it is a long shot just out of not being fair to all the people that have paid their debts and all the people that choose not to go get a secondary education. 

[Emma]

The best approach for student loan debt is avoiding it or minimizing it to begin with. It is some of the most damaging debts there are out there and it can greatly hinder one's ability to afford housing among other things. I think people need to be educated in high school on how to budget and plan for college. Most students do not need to go to lavish universities that charge out the butt for classes. A local community college is just as good in terms of education but costs a fraction of the cost. Plus many will do programs for certain students where they get discounts. You can go to a community college for around 5k a year vs going to a university which is around 18k a year. 

[Sophia]

On 9/22/2021 at 8:06 PM, Emma said:

The best approach for student loan debt is avoiding it or minimizing it to begin with. It is some of the most damaging debts there are out there and it can greatly hinder one's ability to afford housing among other things. I think people need to be educated in high school on how to budget and plan for college. Most students do not need to go to lavish universities that charge out the butt for classes. A local community college is just as good in terms of education but costs a fraction of the cost. Plus many will do programs for certain students where they get discounts. You can go to a community college for around 5k a year vs going to a university which is around 18k a year. 

I agree 100%! I have said this for years, they need to know about all their options and hardly anyone talks to them about it. You don't need to overpay for education. It is a shame that even today, a lot of teens and young adults still believe this is the only option. 

[Scarlett]

I have never known a company to do this outside of a debt collection agency and as mentioned, they will accept a smaller percentage of the overall total owed. I don't think there is any way to settle school loan debts though. It is a bit different because they can't actually take back your education. 

[Emma]

On 9/24/2021 at 8:24 PM, Sophia said:

I agree 100%! I have said this for years, they need to know about all their options and hardly anyone talks to them about it. You don't need to overpay for education. It is a shame that even today, a lot of teens and young adults still believe this is the only option. 

I honestly feel like this is by design. The banks need to debt. It is a shame. They don't even teach students how do to their taxes or how to vote. It makes no sense why none of this is being taught, not unless they designed the system to make most people fail. 

[Sophia]

On 9/29/2021 at 10:53 AM, Emma said:

I honestly feel like this is by design. The banks need to debt. It is a shame. They don't even teach students how do to their taxes or how to vote. It makes no sense why none of this is being taught, not unless they designed the system to make most people fail. 

I am hoping younger people raising children will do a better job. I think that many parents just expected the school to do more. I think parents should play a bigger role in teaching their kids money management, debts, taxes, and so on. Start when they are 14 or 15 so they are able to have a firm understanding of everything by the time they reach 18.

[Emma]

On 10/1/2021 at 9:29 PM, Sophia said:

I am hoping younger people raising children will do a better job. I think that many parents just expected the school to do more. I think parents should play a bigger role in teaching their kids money management, debts, taxes, and so on. Start when they are 14 or 15 so they are able to have a firm understanding of everything by the time they reach 18.

Because of the school lockdowns and kids learning at home, I think it ended up being a blessing in disguise because a lot of parents were woken up to what their kids were learning and how lacking the education has been. 

[Yonder]

Probably would not, but could sell it off to a debt collector

[James]

On 10/1/2021 at 6:29 PM, Sophia said:

I am hoping younger people raising children will do a better job. I think that many parents just expected the school to do more. I think parents should play a bigger role in teaching their kids money management, debts, taxes, and so on. Start when they are 14 or 15 so they are able to have a firm understanding of everything by the time they reach 18.

These skills are so important to teach. Teaching kids how to save, how to budget, how to live with their means. Getting them to start working full time at a young age I have always felt is important to give them a dose of what real life is like. Making sure they are held accountable for their actions. Yes we all get to make mistakes once but if their is a pattern of behavior a parent should work on correcting that.