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For LOTS of reasons - here are a few:
1)There is little indication it will boost home sales and entrepreneurship - the stated basis for this being good - assumes any money would instead go to these items instead of other things like a car.
2)It is not fair to the majority that don't had a college debt to forgive due to other means such as never went to college, went to low cost school, worked during college or already paid it off - this just tries to justify a reason to forgive a legal debt that is owed.
3)It will increase the cost of higher education because no longer is price an issue so everyone wants to go to the more expensive schools which would inflate the price.
4)It completely devalues scholarships and all the work some put in to get them such as athletic prowess and scholastic achievement.
5)Who is paying for it - pushes the cost of the education from those who benefit from it to those who don't.
You delved too deep into it, the base question of eliminating student debt is the equivalent of saying would pumping $1.5 trillion into the economy boost home ownership and entrepreneurship. Sure it would, but is it (1) moral, (2) reasonable, (3) realistic. To me the answer to all 3 is no.
You delved too deep into it, the base question of eliminating student debt is the equivalent of saying would pumping $1.5 trillion into the economy boost home ownership and entrepreneurship. Sure it would, but is it (1) moral, (2) reasonable, (3) realistic. To me the answer to all 3 is no.
The question was why would anyone object - To be clear I was saying that I would object, for all the reasons I listed. In other words, no also - there are much better ways to boost the economy (assuming that is necessary) that are more fair and don't cost as much.
This seems to represent the typical thread sentiment to this point. But I would ask, how much of a tax burden would this proposal actually represent for the average taxpayer? Maybe a few more dollars per yr over a few yrs? Remember we're talking about a brief cancellation/reduction for current debtholders in response to an particular economic situation, not a permanent arrangement. I dont know what the exact numbers would be and am not sure why my own answer is on this matter, but I dont think this would represent a real burden on middle class taxpayers.
If I could be convinced that for a few dollars more in taxes over a few years, a meaningful boost in business startup activity and home ownership would be spurred, its something I could possibly get behind.
well, $1.5T is the student debt. in 2016, $1.6T was collected in income taxes. So, start by taking your total Federal income tax, and double it. That's the easiest way to look at it.
You delved too deep into it, the base question of eliminating student debt is the equivalent of saying would pumping $1.5 trillion into the economy boost home ownership and entrepreneurship. Sure it would, but is it (1) moral, (2) reasonable, (3) realistic. To me the answer to all 3 is no.
"cancel student debt" is just the latest in a line of "I want it now!' policies pushed by irresponsible and sometimes overly-optimistic individuals and the politicians that want their votes.
400,000 homes in 9 years is about a 1% affect on the housing market.
I refuse to pay for people who made poor choices with college. My wife and Are debt free and shouldn’t be burdened with even more debt by other people. The govt is already giving out insane amount of hand outs as it is. Enough is enough!
Join the military and get a free education while being paid pretty darn good! Learn a trade!
The college I graduated from in 2007 cost me about 12k a year. That same college costs $24k per year today, 13 years later. At that rate of increase, it will cost about 45k in the 2030s when my kids are college aged.
My income is not rising by that high of a rate; the 5-9% per year cost increaes of college, are about double or more my income increases. Unless they get phenom scholarships I will not be able to provide my kids with the same level and quality of education that was provided to me by my parents. Unless something changes. They'll have to go to community college, which itself will cost 10-12k a year at its own rate of increase by the 2030s.
And I'm sorry but those are not as good, and I say this even though I work at at a CC. I would do everything possible to get my kids into a better tier, but it will be beyond my best efforts at this rate.
The college I graduated from in 2007 cost me about 12k a year. That same college costs $24k per year today, 13 years later. At that rate of increase, it will cost about 45k in the 2030s when my kids are college aged.
My income is not rising by that high of a rate; the 5-9% per year cost increaes of college, are about double or more my income increases. Unless they get phenom scholarships I will not be able to provide my kids with the same level and quality of education that was provided to me by my parents. Unless something changes. They'll have to go to community college, which itself will cost 10-12k a year at its own rate of increase by the 2030s.
And I'm sorry but those are not as good, and I say this even though I work at at a CC. I would do everything possible to get my kids into a better tier, but it will be beyond my best efforts at this rate.
Well, I guess they'll just have to go to the school they can afford. I couldn't afford to go to a large, prestigious university. I lived at home and went to a local college. An education is what you make of it. Classwork is only part of an education. Reading and exploring is an excellent way to learn, with or without a detailed curriculum.
There are many online courses through which one can explore hidden interests. Traveling, especially whilst young, is a learning adventure. No one need beggar themselves.
Don't know where you live, but in New York City, here are last year's prices for full time tuiition:
Tuition for CUNY Undergraduate Programs : Effective Fall 2019
Full-time*Students at Four-Year Colleges. . . . . . . $6,930 per year
Full-time*Students at Community Colleges. . . . . . $4,800 per year
The college I graduated from in 2007 cost me about 12k a year. That same college costs $24k per year today, 13 years later. At that rate of increase, it will cost about 45k in the 2030s when my kids are college aged.
My income is not rising by that high of a rate; the 5-9% per year cost increaes of college, are about double or more my income increases. Unless they get phenom scholarships I will not be able to provide my kids with the same level and quality of education that was provided to me by my parents. Unless something changes. They'll have to go to community college, which itself will cost 10-12k a year at its own rate of increase by the 2030s.
And I'm sorry but those are not as good, and I say this even though I work at at a CC. I would do everything possible to get my kids into a better tier, but it will be beyond my best efforts at this rate.
1. That's crazy. I graduated in 2006 and my alma mater's cost was ~$8k for tuition and fees then. Now it's $12k for tuition and fees.Still seems extremely reasonable. The state uni option in the city I grew up in was ~$8k/yr in 2006 and now is $12.5k. The state where I'm currently living's land grant uni was $5.6k in 2006 and is currently $9.4k. Maybe you just need to look around at other options. I'm anticipating ~ $20k/yr in tuition and fees for my kids. for our local state uni options. But they are 13 & 15 years away.
2. How does forgiving our generation's student loan debt make school more affordable for our young kids?
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