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After I graduate, I'll be left to pay off about $30K. All in student loans. Without student loans, I would not be able to go to college. I know it's a "good" debt though, that I'll be able to pay it back within a few years if I get the type of job that I'm hoping to.
Yes, I'm sure. The sad thing is that most students have this attitude. They really think that they will find jobs and paying off the loan will be easy. They have no idea...
Location: Georgia, on the Florida line, right above Tallahassee
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I say we just cancel our governments debt. Then we'll have lots of free money to give away...and won't have to borrow it. See? Problem solved.
And by cancelling student debt, all that means is that taxpayers who made a personal decision not to be burdened with student debt get to pay off your debt. I'm already doing that with this "Stimulus" crap.
Remove student loans from the private banking sector and make them repayable as a permanent surcharge on the person's future income tax. Charge government Treasury interest rates.
That would punish the future students that wanted to borrow money for college. Beside that had nothing to do with the loans that got us into this mess.
It would also punish past students, who dutifully and responsibly paid for their student loans.
No loan forgiveness! If you borrowed it, YOU SHOULD PAY IT.
Right now there is too much debt in the system. The best idea is to write down debt to people's ability to repay. Actually, it's really the only solution.
Debt accumulates interest and continues to grow and suck more money out of the economy. As the debt continues to mount, there is absolutely no way it can be paid off. Some of it must be wiped off the books.
Step back and imagine what happens long term if the economy operates that way. Current debt gets eliminated becasue people can't afford to pay it. Those people, many of whom were working, and at least TRYING to pay their debts, are suddenly relieved of that burden. They go out, celebrate, take on more debt buying stuff. Hell, there's no repurcussion to ovverspending, so let's do it again. The people who were not in debt before, because they were careful & responsible enough to not spend what they couldn't afford, are angry about the fact that they've been swindled, that working all that time and living responsibly don't have the payoff it was supposed to have. So they stop paying their debt too, and start accumulating more stuff. After all, the guy down the street got his debt wiped away when it became too much for him. I'll spend until I get to the same position. Some time goes by, and look, everyone has debt they can't afford to pay, it's becoming a drain on the system. Hey, I know, let's wipe away all that debt and let people start over.
Ohh crap! There's nothing to buy, because all the manufacturers that sold on credit never got their money, and can't afford to keep making stuff. And there's no one to issue credit, because all the banks that were issuing it, and getting paid interest, never got their money back when my debt was wiped out. They all went bankrupt, and no one with any money left is going to be stupid enough to lend it when they know there's nothing that's ever going to ensure it gets repaid.
Pay your debts. Stop whining that it's too much. Show some personal responsibility.
Remove student loans from the private banking sector and make them repayable as a permanent surcharge on the person's future income tax. Charge government Treasury interest rates.
Agree.
Does anyone know how many students have private student loans now? And all private loans have variable interest rates on them that keep compounding. These students are screwed over. Would if they don't find a job 1 year after they graduate or have a low wage job that can't keep up with the loan amount? Would if they get sick during their repayment years and have to stop paying, why should the loan and interest amount keep compounding? This system swindles people of their money and keeps them indebted for life...
There's no reason for variable interest rate with no cap on the rate for student loans. It has gotten out of control.
When I graduated college, my loan was 4% fixed rate and the minimum payment was 112 dollars. This is reasonable, not what is going on today with students...
My student loan debt was pretty minimal when I left school. I still owe a little bit but it's nothing. If you eliminated it it would have an extremely minimal effect on my livelyhood because my monthly payment would just be lost in the wash.
OK. But some people I know had BIG debt when they got out of school. I'm talking $100k or more (Med students and students at private schools). If they didn't have that debt they could be spending that money that they normally pay monthly to stimulate the economy. But we're not talking about a huge number of people that this would affect are we?
My student loan debt was pretty minimal when I left school. I still owe a little bit but it's nothing. If you eliminated it it would have an extremely minimal effect on my livelyhood because my monthly payment would just be lost in the wash.
OK. But some people I know had BIG debt when they got out of school. I'm talking $100k or more (Med students and students at private schools). If they didn't have that debt they could be spending that money that they normally pay monthly to stimulate the economy. But we're not talking about a huge number of people that this would affect are we?
Paying their monthy debt stimulates the economy. Htey pay their debt to the bank, the bank now has money to lend someone else to either get an education or buy something. Wiping out that debt gives them the ability to go buy other stuff, and doesn't penalize them at all, while it DOES penalize the bank that originally loaned them the money. Not a smart move.
The current student loan program is a subsidy for the banking industry and the universities. It is no longer designed to help less wealthy people afford an education. I would like to see the program removed from the private sector completely.
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