An idea for student loan forgiveness (interview, legal, companies, school)
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So I take it there are no arguments for debt forgiveness. Isn't this on the liberal wish list? Its all over twitter.
I have no issue with public service loan forgiveness, which requires 10 years, or teacher loan forgiveness that requires 5. That doesn’t solve the problem that school is too expensive in the first place. The option is either to have feds pay for it on the back end with various forgiveness programs or states pay for it on the front end by subsidizing it so students can have affordable tuition. I’m much more in favor of programs like FL’s Bright Futures program that makes college affordable for good students. A student should be able to go to a state school without coming out with $50K+ worth of student loans.
Address the real problem…. As long as their are guaranteed student loans, tuition will be through the roof. Why wouldn’t it? Universities can charge any amount they wish and they will get it back because 18 year olds have no idea about how long they will pay these things off. No one at that age can make a good financial decision. Let good old capitalism take over. No loans over 25% of the total tuition should be given. If you can’t afford that, you shouldn’t be going. College is not a right any more than driving is. You buy what you can afford. It’s very simple. Doing this would force colleges to cut their tuition back to affordable levels. Say goodbye to those million dollar Dean salaries. Say goodbye to professors selling their own authored garbage books to their students as required reading and charging $500 for them. The entire thing is a sham.
Biden promised student loan forgiveness when he campaigned for president. Up till now he has only forgiven a very small part for a few students.
Or does anyone have other ideas that they think might appeal to both groups?
For all the reasons Tennis stated below, I am strongly against the taxpayer paying off student loans of the general public. There was an analysis done of the people who have significant student loan debt... it was almost all middle class, predominantly white, and nearly all liberal arts majors.
Now, I'm not one to criticize because they're white... but what is the goal here? Is it to gain votes, or... what? You took out a loan, you owe the money... take care of it.
The ONLY thing I'm OK with... is eliminating the interest on student loans. But the principle should absolutely be paid by the person who signed on the dotted line for the loan documents. No one forced them to do that.
Quote:
Originally Posted by tennis32801
So let me evaluate:
Me: studying hard and taking AP classes in high school to help earn scholarships
They: no scholarships because they didn’t take high school seriously, thus need loans
Me: went to in state college near family because I didn’t want a loan
They: attend out of state colleges to “experience college “, thus need loans
Me: worked summer jobs and while taking classes
They: took summer trips because they are living their best life, using loans
Me: driving old used car from jobs
They: use loan to buy a new car or used very high mile luxury car to look cool in
Me: live with 2 or 3 roommates, off campus in a complex we can afford
They: live in more expensive on campus, or off campus with no roommates because they have “anxiety “ issues, use loans
Me: got a solid engineering degree
They: undecided for several semesters, while on loans
Me: eat at close by parents or cook at home
They: brunches and Sunday funday, using loans
Me: cheap cell phone, inexpensive laptops I can pay outright
They: Apple products only, using loans
Me: using work earnings to buy house
They: using work earnings to buy house, instead of paying their stalled loans
Yea it’s a hell no on forgiveness from me
100% agree. I did more or less the same thing. I worked full time and went back to school when I could afford it. Paid out of pocket. My work paid for my Masters degree as part of company benefits... but I worked full time while going to school full time. Went to community college first for the first two years, then bachelors at an established name-known institution, and then Masters a year or two later.
Biden promised student loan forgiveness when he campaigned for president. Up till now he has only forgiven a very small part for a few students.
Politicians say all sorts of things and make many different promises to various groups to get people to vote for them.
A lot of people have heartburn with any student loan forgiveness. Especially pissed off are people that saved for tuition and have no student debt & people that never went to college having to shoulder the financial burden for others.
Also part of getting an education is paying for books, supplies, housing and food. Some colleges have dorms and students pay rent to the college. A lot of student debt money went to pay these incidental items that are not direct education related.
Would people be more inclined to debt forgiveness or not charging interest on the tuition portion of the debt? Borrowers would still be on the hook for any money borrowed over and above the cost of tuition. It doesn't seem fair to forgive living expenses for students for 4 or more years.
An example would be someone owing $25K in student loans. $16K of that is tuition, the balance for other expenses. The borrower would owe the entire principal and interest on the $9,000 that was spent on living expenses. A portion of the $16K tuition money would be forgiven or else eliminate the interest portion of that money.
I suspect the reason that there hasn't been any movement of student loan forgiveness is due to its' overall unacceptability to those who don't have any student debt. Trying to find a solution that satisfies both sides often results in inaction on the issue.
Or does anyone have other ideas that they think might appeal to both groups?
No general student loan debt should be forgiven - still essentially would be giving a break on a personal choice - especially since much of the loan is really living expenses hiding as an education / student loan. Any forgiveness would be made at the expense of those that managed their costs and worked to pay expenses instead of partying and those that never went.
I could see giving some relief for those serving - say military service, peace corps, or service to poor communities in the US. Maybe lower the interest rate for the school part only if making progress on paying back and on federal assistance.
College is not mandatory, and if one chooses to go to college there are ways to reduce the costs. Loan forgiveness on an something optional is absurd. We live in a time where we need more people in the skilled trades than with college degrees but there's a stigma that everyone must attend college if they want to make something of themselves. People complain about the prices of college without realizing there are other options out there. Even schools (at least in my area) dont promote options after high school except for college which is upsetting. If we are to forgive student loans, we should do the same for auto loans and mortgages. If you take out a loan, it is your responsibility to pay it back!
College is not mandatory, and if one chooses to go to college there are ways to reduce the costs. Loan forgiveness on an something optional is absurd. We live in a time where we need more people in the skilled trades than with college degrees but there's a stigma that everyone must attend college if they want to make something of themselves. People complain about the prices of college without realizing there are other options out there. Even schools (at least in my area) dont promote options after high school except for college which is upsetting. If we are to forgive student loans, we should do the same for auto loans and mortgages. If you take out a loan, it is your responsibility to pay it back!
I would like to buy a brand new Ford Explorer XLT-AWD with the 3.5 DOHC Twin Turbo, sunroof and full option package. I NEED it because I have to get back and forth to work. It's a human right for me to have this turbocharged AWD Ford Explorer... I demand the president sign an executive order that waives by debt and makes my neighbor pay for it.
Biden promised student loan forgiveness when he campaigned for president. Up till now he has only forgiven a very small part for a few students.
Politicians say all sorts of things and make many different promises to various groups to get people to vote for them.
A lot of people have heartburn with any student loan forgiveness. Especially pissed off are people that saved for tuition and have no student debt & people that never went to college having to shoulder the financial burden for others.
Also part of getting an education is paying for books, supplies, housing and food. Some colleges have dorms and students pay rent to the college. A lot of student debt money went to pay these incidental items that are not direct education related.
Would people be more inclined to debt forgiveness or not charging interest on the tuition portion of the debt? Borrowers would still be on the hook for any money borrowed over and above the cost of tuition. It doesn't seem fair to forgive living expenses for students for 4 or more years.
An example would be someone owing $25K in student loans. $16K of that is tuition, the balance for other expenses. The borrower would owe the entire principal and interest on the $9,000 that was spent on living expenses. A portion of the $16K tuition money would be forgiven or else eliminate the interest portion of that money.
I suspect the reason that there hasn't been any movement of student loan forgiveness is due to its' overall unacceptability to those who don't have any student debt. Trying to find a solution that satisfies both sides often results in inaction on the issue.
Or does anyone have other ideas that they think might appeal to both groups?
You will never find a solution that will 'appeal to both groups'. One group doesn't want to pay for their education. The other group wants them to pay for their education like everyone else did that came before them.
I do not agree to forgive their tuition. I paid for my tuition, others paid for their tuition, these people need to pay all of theirs, as well.
How about we spend more time teaching these people how to find ways to get some of the tuition paid for by companies or government or organizations, instead?
You don't want to pay for your tuition, or some of your expenses? There are already ways to go about that.
They are called:
Scholarships
Serving in the military, taking classes while in, and putting money down towards the GI Bill
Grants
etc
In other words, there is no free ride, except in rare cases where someone or some company/organization decides to give of their own free will charging no one else for the funds. You have to work for it.
You either put in the work for a 'free ride', which means you'll probably end up working for said company/organization as an intern, for example, for a set amount of time, or you will have to work hard while still in high school to make your grades and your achievements stand out, or you will have to agree to complete the terms for whatever other scholarship you might get, or you'll have to put in work as the property of the United States government by serving, or you can pay for your own education, and all of the expenses that go along with that.
Or, start saving up from the time you're young. Got money for your birthday? Christmas? Save it up. Or the parents could pay for their kid's education, like so many have.
Demanding that everyone else pays for it, especially when they burn through that money buying cars, phones, take out, clothing, etc, isn't going to cut it.
They also have the option of drastically reducing the cost of education by getting the first 2 years out of the way through a community college that is FAR cheaper. Then transfer to a university.
There is no good argument as to why people can't do that now, like others have done before them.
There is no way that the Gov. can forgive over a Trillion dollars of debt without the majority of us flipping out. I went to a State college and paid my way through and never had a debt as did so many others. Am I going to get a check? I could use some help on the mortgage. I'm driving a 20 year old truck because I do not want to take out a loan.
Instead of cancelling all the debt how about dropping the interest rate by a point which will reduce the overall debt?
That is something that could help the people now and help those in the future.
If they cancel the debt today what is going to happen to the kids that are graduating in the future? Will their debt be paid off too? When does it end?
They took the loan . Loan was given in good faith . Pay it back. Or work it off in Service.
This all day. Why should good real men and women who go to work to support themselves and their family have to pay more debt from others.
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