Student loan forgiveness is simply another version of the same swindle that the banks used. (solution, companies)

[70Ford]

Originally Posted by Neuling

I am not in favor of forgiving such debts. I guess it would be enough to show utmost flexibility in the installment amounts and time frame those loans need to be paid back in so as to take into consideration times of economic or personal crises etc.

Me neither. There's a thing called "bankruptcy" if you get in over your head.
Real world decisions should have real world consequences.

Originally Posted by crone

If the banks can write off the loans or stick it to the government by default, why should the kids still be required to pay what they owe? The banks were not required to.

We are living under some crazy rules here. What happened to free markets? Did they ever exist?

You might not have heard about this, so:
http://online.wsj.com/article/SB1000...438418336.html

Six banks repaid nearly half a billion dollars in funds they received from the government bailout of Wall Street, the Treasury Department said, bringing the total bank repayment under the Troubled Asset Relief Program to 99%. Through the repayments announced Wednesday, as well as dividends and interest, taxpayers have recovered about $244 billion of the $245 billion in TARP funds disbursed to banks....

[bobtn]

70Ford"Six banks repaid nearly half a billion dollars in funds they received from the government bailout of Wall Street, the Treasury Department said, bringing the total bank repayment under the Troubled Asset Relief Program to 99%."

LOL! Goldman Sachs received $62 trillion from the gov't for $26 trillion worth of assets. The $36 trill "Goodwill" is EXCLUDED from the bogus 99% above. It would be like a homeowner with a $150k mortgage on a house worth $75k now declaring it paid when the loan balance reaches $75k. Hey I paid back $75k for house now worth $75k.

When the news media include excess paid for upside down assets purchased at FULL value , the reports will be credible.

[tablemtn]

There's a thing called "bankruptcy" if you get in over your head.

Not for student loans...

[GreyDay]

Originally Posted by tablemtn

Not for student loans...

Yep. Student loans largely cannot be discharged.

[lkm370]

There probably wouldn't be so much student loan debt if they actually had jobs these days that didn't require a college education but payed at least a living wage. People these days KNOW that unless they are some savvy entrepreneur that without college they CANT get a high paying job. Unfortunate most find out their college degree is worthless because now businesses want a Masters Degree instead of a Bachelors, drug free(because smoking pot occasionally is so bad), clean credit history(which is hard when you've racked up a huge debt paying for the college degree that was supposed to get you the job you were applying for in the first place), etc. I mean whats next, will men need a certain penile size to get a job too?

Business are asking for more and more, but willing to pay or give less and less.

[01Snake]

Originally Posted by tablemtn

The only "winners" are lending company executives, since they are able to suck money that would have gone into other sectors of the economy right into their own pockets.

Uhhh??? the biggest winners are the schools and their overcompensated professors. It sure is funny how NOBODY ever mentions the outrageous prices the schools charge but look to only attack the evil loan companies.

[GreyDay]

Originally Posted by 01Snake

Uhhh??? the biggest winners are the schools and their overcompensated professors. It sure is funny how NOBODY ever mentions the outrageous prices the schools charge but look to only attack the evil loan companies.

The professors actually make decent but not excessive salaries given the amount of schooling you need to complete to become a professor.

[CK78]

Originally Posted by lkm370

There probably wouldn't be so much student loan debt if they actually had jobs these days that didn't require a college education but payed at least a living wage. People these days KNOW that unless they are some savvy entrepreneur that without college they CANT get a high paying job. Unfortunate most find out their college degree is worthless because now businesses want a Masters Degree instead of a Bachelors, drug free(because smoking pot occasionally is so bad), clean credit history(which is hard when you've racked up a huge debt paying for the college degree that was supposed to get you the job you were applying for in the first place), etc. I mean whats next, will men need a certain penile size to get a job too?

Business are asking for more and more, but willing to pay or give less and less.

Great post. Gets to pretty much the heart of the problem. Yes there are still union trades left and other skilled trades but they're not easy to get into either. In one union in Philly 800 electricians are laid off. The guy in the union said it'll take two-years to get to the bottom of the list.

Loving that recovery.

[AeroGuyDC]

Originally Posted by 70Ford

3 Reasons We Shouldn't Bail Out Student Loan Borrowers - Reason Magazine

As the cumulative total of student loan borrowing approaches$1 trillion dollars, calls to forgive some or all of that debt are mounting. Federally guaranteed student loans make up more than half that total and Barack Obama is pushing to cap the amount any borrower must pay back in a given year and forgive outstanding balances after 20 years.

Thankfully this type of bailout will never happen as long as the GOP holds one chamber of Congress.

I'm all for providing relief (ie. additional deferments, refinance to lower interest rates, etc) for those who are having trouble making payments during a bad economy. But I am adamantly against wholesale forgiveness of student loans. I won't be talked out of this stance now or ever.

[badhornet]

If you wanted to go to college to party, finger bang Rebecca Rottencrotch, and oh by the way fly through some easy Liberal Arts Degree.....then pay for it !!!!!!