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The point that everyone misses is that student loan forgiveness -- which is really just direct federal aid for education -- would stimulate the economy and benefit everyone. Eliminating a $600/mo student loan payment would increase the discretionary income of young and middle age graduates, who in turn would buy houses, cars, etc. The rising tide of economic activity would lift all boats.
In fact, this type of economic stimulus would be far more effective economically and cost much less than the Trump tax cuts just passed. Give a rich man an extra $10,000 and if often ends up in the money market account or checking. Give a young family $600/mo of debt relief and all of it gets spent immediately. The most efficient economic stimulus happens when you inject money at the bottom or the middle, not at the top.
I can understand the logic of that. But what I find very upsetting is what about those of us that chose colleges we could afford and repaid our loans. I graduated in a tough economy and had to work 3 jobs to make those payments. Why should someone get a free ride because they might have chosen a private college they couldn’t afford and then they get a free pass?!? It sends a really bad message. If we decide to subsidize higher ed going forwaord (for everyone!) that’s one thing, but that is a totally different conversation than giving people a pass that are violating the terms of their loan agreement.
I can understand the logic of that. But what I find very upsetting is what about those of us that chose colleges we could afford and repaid our loans. I graduated in a tough economy and had to work 3 jobs to make those payments. Why should someone get a free ride because they might have chosen a private college they couldn’t afford and then they get a free pass?!? It sends a really bad message. If we decide to subsidize higher ed going forwaord (for everyone!) that’s one thing, but that is a totally different conversation than giving people a pass that are violating the terms of their loan agreement.
Exactly. I'd feel like an absolute sucker for having made sacrifices and responsible decisions.
I cannot imagine being such a loser that I would expect anyone to pay back loans I took out for anything. But why are we surprised when millennials watched people walk away from home mortgages or car loans?
Stop taking out loans without a plan to re-pay your debt!
Stop screwing around in high school, partying, skipping class, blowing off assignments.
Get in the top 5% of your class so you can get a free ride or scholarships.
Apply for grants and/or work study. Go part-time and work. Get roommates or attend community college. Our kids had a whole year of college credits completed while they were still in high school.
Go to trade or technical school while working.
Serving your country is another way to get tuition assistance.
Being in the top of your class doesn't mean you will get scholarships.
I don't expect anyone to pay back my student loans. I owe, with the accruing interest, $180 to 190k. I cannot even work a part-time minimum wage job because I get no job offers or I get fired after being hired do to my health problems. Someone would have to be pretty delusional to believe I could ever pay that money back.
I received grants in college, but after a while even though I was awarded work study, no work study spot considered me as their selection (spots are limited) due to my getting sick much of the time. I was blackballed.
I never wanted to go to college anymore anyway and would've just worked a regular job had someone hired and kept me. I had to go to college for survival because I needed the financial aid money. Kind of hard to afford luxuries like a place to live when employers refuse to employ you.
Yup the irony is they call students who can’t afford to pay their student loan debt due to the current job market, losers. Yet, this president himself has not repayed many of his debts and filed bankruptcy multiple times.
Yes, and deadbeats. But he has defaulted on more than most people.
As I understand it the only thing that can ever garnish your social security benefit is a student loan. Pay attention to that parent co-signers.
Holy chit. Is that true?
Why does anyone think it's a good idea to take out student loans again?
Oh well. I guess current university students don't expect for social security to even be around by the time they retire anyway, so it indeed is mainly the co-signer's problem.
all this whining from deadbeats and yes a friend of mine who borrowed for educational loans is now having his SS garnished every month and will probably as long as he lives. It's written right into the law.
Then do 2 years at community college and finish degree at a university - that cuts cost by 50%. If someone is that low incomce they will qualify for Pell grants $5,900, Sallie Mae student loans, and a work study program (I did it with out that much stress, so it can be done) and these students aren’t graduating with a huge amount of debt. And if it is a manageable payment over 30 years, I don’t think it is that big a deal. It took me 20 years to pay off my student loans with a payment under $300 a month - not a showstopper.
You realize trump is proposing to reduce federal grants? You realize he wants to privatize student loans, basically get rid of sallie mae.
So what you were offered 20 years ago will potentially be vastly different especially now that tuition is steadily rising. Plus the rising cost of living over the past 20 years while wages were stagnant.
There is nothing wrong with the loan forgiveness program, it benefits teachers in low income schooling who make less than a certain salary a year. Or people working for non profits, there are strict requirements into getting into the program
More evidence of Baby Boomers supporting anything they can to steal from the coffers of the children and grandchildren. Truly the worst generation the United States has ever produced.
There seems to be a false perception that all young adults are lazy and don’t want to work hard. Which is ironic giving how their hardworking parents should have raised them better?
More evidence of Baby Boomers supporting anything they can to steal from the coffers of the children and grandchildren. Truly the worst generation the United States has ever produced.
This.
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