NY Magazine: "Lets cancel everyone's student debt for the economies sake" (Mexicans, military)
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Student loans help the economy, they are paying back the money which is an exchange of money
you think them buying material goods in place of paying on a loan is better? the same money is still being spent, and it goes back to investors/bankers in the end anyway
You are wrong about so many things. I overheard another student in one of my engineering classes talking about his meal plan. He had budgeted his meals to one or two meals per day. He could not afford more meals per day, despite working part time. He was hungry in class too and he was talking with another student and worried about what he was going to eat for diner since he had to spread out his meals. It just so happen that on that day, the professor gave us all free pizza as parting gift for having completed the course. He got very happy. Many students are in a similar situation, but don't talk about it. Not all the students are living the good life. Some are barely scrapping a living while attending a University. The grads students are in a similar situation. I knew all the grads and post docs in my research professor team. Only one of the grads had a vehicle, the rest used a bicycle to school.
The cost to attend a University or community college has increased. I had the pleasure of attending a community college when I was still in high school. Back then the number of classes were plentiful. The books costed more than the tuition. A few years later, I talk to students who were attending or dropped out and the cost has gone through the roof while the number of classes has been reduced. It's much harder for students to finish their education or transfer to a 4 year university than it was when I first attend a community college. Even back then, the nursing program had a wait list. I know this cause I took anatomy for fun and was not aware that such a class was part of the nursing program requirements. There was literally people waiting outside the class for an opening if a person didn't show up for the first day of class. That was back when there were so many classes. I hate to think what it's like now give budget cuts. Makes me wonder how many of those skill trade programs survived. I read many community colleges purged many of their trade programs due to lack of interest by students.
It's true that some students borrow more than what they need to live a good life, but that comes at cost of heavy debt. Each students situation is unique and you can't paint all students the same. Yes, there are a few that borrow more money than what they need in order to buy the latest iphone, nice cloths, or live in a nice apartment, but those are the exception. At least in the engineering department.
If they do cancel debts, I would suggest the government implement a work program that enlist people to work for the state. For example, if a highway is under construction, then these people are called in to do construction work, dig, move dirt, help out, ect. In the process the workers can learn a trade skill like learning to do electrical wiring, operate heavy equipment, and so forth. These people don't get paid and it cost the construction or state very little to retrain them. The government solves the trade problem while providing nearly free labor to construction industry and retraining. Thus, the government solves multiple problems with one stone. The only problem I can see is the willingness of the people to enlist to such a program that requires getting you hands dirty, laborious, and non indoor work.
What caused them to write the article was a long-economic report on cancelling student debt from an extremely expensive liberal arts university in New York.
Supposedly, if the federal government just canceled the $1.4 trillion in outstanding debt that cause GDP to rise, unemployment to go down hundreds of thousands of new jobs yearly.
If that's true we should cancel everybody's mortgage debt too. GDP would go through the roof. LOL.
??? your entire rant comes down to the student loans hurt the QOL of the student... well yeah
but what does that have to do with the economy? if they didn't have to pay on the loan, they would spend/invest the same amount elsewhere... them not paying on the loan does not mean there is more money in the economy, it means it is spent elsewhere
lets say they had no student loan, and bought a house instead... the mortgage payments go to the same bank as the student loan would have if they were paying on that. What difference is it to the economy when the money is still going to the same bank? Only difference is that the borrower ends up with a house instead of a degree if he borrowed for a house instead of college
If a kid wants a decent education from a state university he should have the option to do 2 years of military service in exchange for 4 years of tuition and room and board.
If the student does 3 years of active duty, you have literally just described the Post 9/11 GI Bill.
??? your entire rant comes down to the student loans hurt the QOL of the student... well yeah
but what does that have to do with the economy? if they didn't have to pay on the loan, they would spend/invest the same amount elsewhere... them not paying on the loan does not mean there is more money in the economy, it means it is spent elsewhere
I never said anything about QOL of students. If the government does cancel debt, then the government should collect the money through other means such as free labor on government projects over the course of several years. It would be similar to joining the army, but limited to civilian.
As for student loans, the government needs to reduce the number number of students that qualify for student loans based on the market needs for that degree or trade skill. If there is a glut of a given degree or trade skill, then government should ceased providing student loans for students majoring in that degree or trade skill. For example, if there is no need for more history teachers, then why should the government provide more loans to students who want to major in history?
why rely on govt programs? many private employers pay off student loans too as a way to keep employees long term
Political. If the republican implement such a plan, then it will torpedo the Democrat's debt forgiveness strategy while at same time not enrage their own base.
As for student loans, the government needs to reduce the number number of students that qualify for student loans based on the market needs for that degree or trade skill. If there is a glut of a given degree or trade skill, then government should ceased providing student loans for students majoring in that degree or trade skill. For example, if there is no need for more history teachers, then why should the government provide more loans to students who want to major in history?
they do that already btw, they have additional scholarships/grants for stem majors
they do that already btw, they have additional scholarships/grants for stem majors
outside of the common pell grant
They should include pell grants, state grants, and any other form of financial assistant. Point is that if someone wants to major in not in demand degree or trade skill, then they will pay for their education with their own money or non government loans. Federal and state governments need to completely cut the money flow to over supersaturated degrees or trades that have very little demand in the market.
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