Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I don't know. How much of that cancelled student debt are you willing to pay? How much are the banks going to write off their books?
Maybe we shouldn't be encouraging everyone to go to college and be swallowed by debt. If people are $100 - $200 thousand in debt, maybe we encourage others to do the same.
Why did college costs sky rocket? Generally because students could borrow the money. If student loans were not so easy to obtain, colleges would not have been able to raise their prices so much and so fast.
Students are not making sound economic choices. For people going to college, they should be able to figure this out before they are underwater.
Like what you are saying and the question you asked about How Much?
Student loans are out of control most of us realize,but with thought and common sense kids can graduate without being head or heels in debt. Sure, there will be some debt for many, gut there is no reason for those loans to be $100,00 or more. Try community college for the first year or so: go to public universities if funds are really going to be tight; work a part time job and work hard, save money during summer break.
Like what you are saying and the question you asked about How Much?
Student loans are out of control most of us realize,but with thought and common sense kids can graduate without being head or heels in debt. Sure, there will be some debt for many, gut there is no reason for those loans to be $100,00 or more. Try community college for the first year or so: go to public universities if funds are really going to be tight; work a part time job and work hard, save money during summer break.
And graduate in 4 years, maybe 5, but don't wimp out and be on the 7 year program so you can loaf with the loan money to take trips to Cabo or shopping trips to Nordstroms.
Student loans are a drain on society. They affect lifestyles for decades in many cases. And the total student loan debt is so high that there's no way they are going to be forgiven.
I had the Vietnam war facing me, and I graduated college in 4 years with no student loan. Today's students don't have the draft facing them, and it's much better to get a full time job and go to college part time--paying as you go. So what if you're 25 when you graduate. It beats being a slave to a bank until age 45 paying on student loans.
There's nothing wrong going to a 2 year state college and transferring to a university. Not everyone needs a Duke education @ $77K per year plus living expenses--only to be a school teacher or librarian. My friend's wife got a Masters in Physical Education at SMU--a waste of money.
If I had student loans, I'd be living like a monk until they were paid in full. Only then could I get on with a normal lifestyle, including getting married and home ownership.
"What about me? I paid my student loans, so why can't I get a refund?"
"I worked, did A,B,C,X,Y,Z not to have student loan debt."
How many of those doctors, nurses, MBAs, and so on paid for their education on their own? Very few, because only a select few can afford higher education on their own outside of grants and scholarships. The rest have to rely on loans because not everyone was born into money. Some of you need to wake up out of your privileged bubble and realize that some people want a better life for themselves and their families, so they may have to take out loans to make it happen. I support student debt forgiveness because I feel it would boost the economy. Some people are forced to choose between paying their student loans or their rent/mortgage, food and healthcare. Without the burden of student loan debt, it should help people save more, which in turn could boost home sales. Or, destroy the interest so borrowers can pay the loan faster. I'll go one step further and say that the Pell Grant should be extended to graduate students. If graduate students can go to school on a Pell Grant, they wouldn't need a loan.
I do agree there should be responsibility on the borrower's end: Loans are not free money to ball out; those have to be repaid.The problem is that too many students take out loans and ball out, not realizing those loans are to help pay for their education. You don't have to go to the most expensive school for your education.
If cancelling student loan debt is going to help boost the economy, I'm for it (regardless of the naysayers). For those of you who already paid your student loan, you don't have any reason to whine about what's in it for you. You're already debt free, so why should you benefit?
"What about me? I paid my student loans, so why can't I get a refund?"
"I worked, did A,B,C,X,Y,Z not to have student loan debt."
How many of those doctors, nurses, MBAs, and so on paid for their education on their own? Very few, because only a select few can afford higher education on their own outside of grants and scholarships. The rest have to rely on loans because not everyone was born into money. Some of you need to wake up out of your privileged bubble and realize that some people want a better life for themselves and their families, so they may have to take out loans to make it happen. I support student debt forgiveness because I feel it would boost the economy. Some people are forced to choose between paying their student loans or their rent/mortgage, food and healthcare. Without the burden of student loan debt, it should help people save more, which in turn could boost home sales. Or, destroy the interest so borrowers can pay the loan faster. I'll go one step further and say that the Pell Grant should be extended to graduate students. If graduate students can go to school on a Pell Grant, they wouldn't need a loan.
I do agree there should be responsibility on the borrower's end: Loans are not free money to ball out; those have to be repaid.The problem is that too many students take out loans and ball out, not realizing those loans are to help pay for their education. You don't have to go to the most expensive school for your education.
If cancelling student loan debt is going to help boost the economy, I'm for it (regardless of the naysayers). For those of you who already paid your student loan, you don't have any reason to whine about what's in it for you. You're already debt free, so why should you benefit?
What a joke.
Why not wipe away rent and mortgages? Without those petty burdens, we can pay down all kinds of things like those pesky student loans. Imagine the boost then!
Wake up from our privileged bubble. Please.
“Some people want a better life for themselves and their familiesâ€
Yeah, like the people who paid for their school or paid for their kids school. I’d sure like that money for a vacation or retirement...or anything...to boost the economy you know?
Those who don't go to college already pay for those that do - they're called your state & local taxes which primarily fund your community colleges and partially fund your state universities. The reason the damned state universities have risen is because you prioritize state tax cuts over your young peoples' financial health.
For those not aware, free community college is already available in half the country: there are 300 "college promise" programs in 24 states, and 21 of those states now have statewide free community college now for their high school graduates. (or nearly free; there are sometimes nominal fees such as in California).
I suspect this will be national in less than 10 years. Probably less than 5.
Be prepared for it - half of college will be publicly funded by 2030. Then they'll start working on the 2nd half. Free community college was first initiated by the W. Bush administration... iirc it was in his 2005 SOTU. It was a major plank of Obama's education policy his whole administration. Joe Biden has already committed to continue pushing it. He has also endorsed what was basically Elizabeth Warren's student loan cancellation plan.
Like it or not, here it comes. Did you really think you could overly burden young people and as they grew into voters, and they'd just TAKE IT? I had student loans too and I paid them off. Yes, it was part (but not all by a longshot) of what caused me to delay home-ownership and marriage for about 4 years. It definitely delayed a car purchase. What affect do you think that has on the economy en masse?
Unlike some of the misanthropes on this board, I do NOT want young people to have to go through what I did. I also recognize that students today are being charged double what I did 15 years ago for colleges of the exact same quality, and it's outrageous.
Either fix the college cost program or we WILL be cancelling these loans and paying for college at taxpayer expense sooner or later whether you like it or not.
Last edited by redguard57; 06-26-2020 at 02:12 PM..
Those who don't go to college already pay for those that do - they're called your state & local taxes which primarily fund your community colleges and partially fund your state universities. The reason the damned state universities have risen is because you prioritize state tax cuts over your young peoples' financial health.
For those not aware, free community college is already available in half the country: there are 300 "college promise" programs in 24 states, and 21 of those states now have statewide free community college now for their high school graduates. (or nearly free; there are sometimes nominal fees such as in California).
I suspect this will be national in less than 10 years. Probably less than 5.
Be prepared for it - half of college will be publicly funded by 2030. Then they'll start working on the 2nd half. Free community college was first initiated by the W. Bush administration... iirc it was in his 2005 SOTU. It was a major plank of Obama's education policy his whole administration. Joe Biden has already committed to continue pushing it. He has also endorsed what was basically Elizabeth Warren's student loan cancellation plan.
Like it or not, here it comes. Did you really think you could overly burden young people and as they grew into voters, and they'd just TAKE IT? I had student loans too and I paid them off. Yes, it was part (but not all by a longshot) of what caused me to delay home-ownership and marriage for about 4 years. It definitely delayed a car purchase. What affect do you think that has on the economy en masse?
Unlike some of the misanthropes on this board, I do NOT want young people to have to go through what I did. I also recognize that students today are being charged double what I did 15 years ago for colleges of the exact same quality, and it's outrageous.
Either fix the college cost program or we WILL be cancelling these loans and paying for college at taxpayer expense sooner or later whether you like it or not.
Let young people get away with theft like that, i.e. cancel debts which they knowingly took on as informed adults, and you are condemning them to a miserable life. It simply teaches them that they are not responsible for their actions. Sooner or later, that comes back to bite.
A lot of people are saying, cut back on the easy loans, and suddenly you HAVE fixed the tuition problem. As soon as universities realize we're onto their con job, they'll quickly find ways to cut costs and lower tuition.
Let young people get away with theft like that, i.e. cancel debts which they knowingly took on as informed adults, and you are condemning them to a miserable life. It simply teaches them that they are not responsible for their actions. Sooner or later, that comes back to bite.
A lot of people are saying, cut back on the easy loans, and suddenly you HAVE fixed the tuition problem. As soon as universities realize we're onto their con job, they'll quickly find ways to cut costs and lower tuition.
"Informed adults"? At 18 when most KIDS are going into college? Yeah right. They are being taken advantage of plain and simple as the educational industrial complex and Boomer parents have ingrained into them almost from birth that college is necessary to have any meaningful high paying job prospects or to be viewed as successful. It's been a rapidly escalating con game since the 1980s at least and a textbook example of societal/generational passing the buck in this country with mostly the younger Gen Xers, Millennials, and Gen Zers feeling the burden thanks to the logical outcome of greedy capitalism being allowed to infiltrate higher education.
Good luck finding a non-college work from home job in the new covid economy. Because SO MANY high schook graduates get jobs like that.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
