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Currently, the Penn-Wharton Budget Model estimates that the student debt forgiveness program plus the income related repayment program might easily top $1 TRILLION.
I dunno, a trillion here, a trillion there, pretty soon it adds up to real money.
That's the biggest issue, the kids don't realize the government didn't just print money to do this, someone will have to pay it back in taxes.
I hope once it comes off of pause that is the end of them griping for handouts.
Essentially every university across the nation is evaluating, as a result of this student loan forgiveness program, how much more they will raise tuition & fees as a result of this student loan forgiveness program.
Tuition going up in ... 3 ... 2 ... 1...
If they do, they'll close. I don't think they will. They can't, because enrollment nationwide is dropping like a rock.
It's gotten so expensive that people question the value.
We are going to a lot of colleges fold in the next 5-10 years. A lot. And some of them will bw big names. Like, major state systems will go into financial exigency, lay off half their staff, etc...
The loan forvmgiveness won't make peoplenwant to go to college. All it will do is prove to everyone that there's no point. The education is too expensive now and the marketplace doesn't reward it, to the extent that if you go, you'll never pay off your loans and you'll need a bailout. So you won't go.
i feel if you still in debt from school, twenty years out, something wrong with your living. I paid mine off with tax refunds over the years, pay the monthly notes and then throw the tax refund on it, after five years I was clear
The loan forvmgiveness won't make peoplenwant to go to college.
its a democrat vote buy, all they doing is buying vote, and with the million of illegals that will get citzenship before 2024. a republician will never be in office again
That's the biggest issue, the kids don't realize the government didn't just print money to do this, someone will have to pay it back in taxes.
I hope once it comes off of pause that is the end of them griping for handouts.
The problem is the government is printing money. Every time it does, our dollars are worth less. So the student loans will be less, but so will the value of their money. When the value of money does down inflation goes up. Everyone is going to suffer.
This is from 2020
Quote:
About 20 per cent of all US dollars were created this year.
The Federal Reserve has printed unprecedented amounts of money to support the coronavirus-stricken economy. It has sparked debates about inflation and helped asset prices soar.
It means almost one in five dollars was created in 2020.
The Fed’s unprecedented actions have sparked a debate about whether the surge in dollars will lead to inflation.
i feel if you still in debt from school, twenty years out, something wrong with your living. I paid mine off with tax refunds over the years, pay the monthly notes and then throw the tax refund on it, after five years I was clear
so since i paid mine, where my goverment handout
My favorite take on this is that it will enable people spend that loan money on other things thereby spurring economic growth. So would paying off everyone's car loan...
People over 55 were completely neglected - people in default were also neglected.
Young kids who have their whole life ahead of them - may be helped.
People with graduate loan debts were not helped.
People earning over $125K were not helped.
Forgiveness without waiver of the accumulated interest and debt collection fees makes this plan hollow.
My opinion is that this was a lot of show - without any real teeth. Anybody else?
Really only interested in the opinions of people who HAVE student loan debt - I'd rather not hear from the bitter people - I already paid my loans, this isn't fair - wah wah wah. Leave that for another thread. Thanks.
1. Won't help many, after all if you owe 100K+ then 10K isn't going to help you at all.
2. I didn't get a dollar in student loans, I don't believe in them. I paid as I went and worked full time. I graduated from a top business school in my state. It was a private University and it was expensive. Crazy part, I didn't qualify for need based scholarships because working full time I made too much money! IF I was short on money, I'd charge the outstanding tuition on a credit card, paying it off before the semester ends. Upon graduation, I owed about $1400 on my credit card despite spending over 70K on tuition to graduate.
3. 10K in most cases won't even make a dent in the interest!
4. I think it was unfair to offer this yet the people that did the prudent thing got nothing (didn't take loans or paid them off). What's next credit card payoffs for overspenders?
As an aside, when I first enrolled at Ohio State back in the mid 60s, full time tuition was (as i recall) about $110 per quarter (yes per quarter).
Student loans were not a thing.
Pretty sure you mean per semester, high school has quarters.
Ever consider the tuition increased with the popularity of loans? Schools figured out they could charge more if people were getting loans anyway? So if you limited or stopped the loans wouldn't schools have to be more price competitive?
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