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So I'm seeing this make the rounds on Facebook -- sign a petition to forgive all student loan debt, which is somewhere around $900B.
Would that entire $900B be actual deficit spending?
Would forgiving student loans be rewarding irresponsible borrowing behavior or rewarding poor educational choices?
Would it set a bad precedent for future loan choices?
Why stop there, why not pay off all credit card debt?
Would this have a true stimulative effect?
Is this in any way a serious proposal?
This would be entirely unfair to students who CHOSE to go to a less expensive state school and not a $150K Ivy league school. The "rich" would get a bigger benefit.
I do not understand why it is a sin for a student to declare bankruptcy to free them of unsustainable debt when it is perfectly reasonable for a business to do the same. Obtaining an education is the same as buying a set of tools to produce a product. The graduate has borrowed to improve their mental skills while the entrepreneur has to borrow to improve their production ability. When the graduate finds their "tools" are not needed they are still burdened with the responsibility of paying for those tools. When the businessman find that the market for his product has disappeared he can declare bankruptcy, sell off the machinery at 10% of the original cost and let his creditors suffer the loss. Again, why is the graduate punished for studying the wrong things and the businessman rewarded for trying to produce the wrong product? This becomes even more absurd when SCOTUS has declared business corporations to be individuals. If we can justify forbidding personal bankruptcy in the case of student loans maybe we can also justify forbidding corporate bankruptcy in the case of disappearing demand as well.
I do not understand why it is a sin for a student to declare bankruptcy to free them of unsustainable debt when it is perfectly reasonable for a business to do the same. Obtaining an education is the same as buying a set of tools to produce a product. The graduate has borrowed to improve their mental skills while the entrepreneur has to borrow to improve their production ability. When the graduate finds their "tools" are not needed they are still burdened with the responsibility of paying for those tools. When the businessman find that the market for his product has disappeared he can declare bankruptcy, sell off the machinery at 10% of the original cost and let his creditors suffer the loss. Again, why is the graduate punished for studying the wrong things and the businessman rewarded for trying to produce the wrong product? This becomes even more absurd when SCOTUS has declared business corporations to be individuals. If we can justify forbidding personal bankruptcy in the case of student loans maybe we can also justify forbidding corporate bankruptcy in the case of disappearing demand as well.
It was the students' duty in the first place to develop a set of useful, needed tools.
It's hardly my fault if someone is too lazy to work their way through college and wants instead to lay around studying something that isn't needed.
The best thing would be to stop giving these big easy loans out because now we're faced with the huge debt and a bunch of people who have no useful skills.
This would be entirely unfair to students who CHOSE to go to a less expensive state school and not a $150K Ivy league school. The "rich" would get a bigger benefit.
Yes. And like my niece who graduated with two degrees and $5000 in debt that she quickly paid off because she was smart about going to college.
Why reward the more lazy and the more elite who thought they were too superior to attend an affordable college. A lot of the more expensive colleges are the biggest party colleges, and it's funny how the students can manage to come up with all kinds of money for wild spring break vacations, but the working students are home working their tails off and paying their own way.
That's like buying luxury boats for the pampered class and making those in row boats pay for them.
Yes, the students go to college to become richer than everyone else and they also expect everyone else should have to pay their way. Of course they should repay their loans.
The people with student loan problems were sold snake oil and didn't get the high-paying jobs.
Of course they should pay but the liars in the ivory towers should also be held accountable.
It was the students' duty in the first place to develop a set of useful, needed tools.
It's hardly my fault if someone is too lazy to work their way through college and wants instead to lay around studying something that isn't needed.
The best thing would be to stop giving these big easy loans out because now we're faced with the huge debt and a bunch of people who have no useful skills.
This reminds me...should all degrees cost the student the same regardless of the cost to the school?
Basket weaving instructors are a lot cheaper to hire than, say, business or engineering instructors. So why should the student getting a basket weaving degree be charged the same price as the engineering student?
I do not understand why it is a sin for a student to declare bankruptcy to free them of unsustainable debt when it is perfectly reasonable for a business to do the same. Obtaining an education is the same as buying a set of tools to produce a product. The graduate has borrowed to improve their mental skills while the entrepreneur has to borrow to improve their production ability. When the graduate finds their "tools" are not needed they are still burdened with the responsibility of paying for those tools. When the businessman find that the market for his product has disappeared he can declare bankruptcy, sell off the machinery at 10% of the original cost and let his creditors suffer the loss. Again, why is the graduate punished for studying the wrong things and the businessman rewarded for trying to produce the wrong product? This becomes even more absurd when SCOTUS has declared business corporations to be individuals. If we can justify forbidding personal bankruptcy in the case of student loans maybe we can also justify forbidding corporate bankruptcy in the case of disappearing demand as well.
There is absolutely no comparison. Student loans are paid for by TAX PAYERS! Business bills are in the private sector and all those owed $'s may file for a portion of the assets. The students have no assets put up to file against by the tax payers! That's for starters.
No. In simplest of terms, "You bought it, you pay for it".
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