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Stiff the state, default on the loans, hand the politicians their hats after you have **** in them. In no way should politicians be involved in anyones education.
Such a disaster of a policy this is! In fact most people in favor of it have no understanding of financial markets nor the reality of the situation. We have an entire educational system propped up by the use of Federally Subsidized/guaranteed Loans. The problem is not the debt it is the educational institutations and the irrational students attending them.
In an era where you can take 85% of your classes remotely on the equivalent of youtube in your PJs the cost of education should be diminishing. Instead Colleges/Universities are building $1B football stadiums, paying Presidents/staff crazy salaries, and building shrink like buildings to show how great they are. This is all being paid by students in the form of debt then backed by the federal government to lenders.
The deal with Uncollateralized loans or loans that have no assets supporting the value of the debt is that they are “risky” in nature. Now extend that to young college students with no credit history and little to no income and you have a pool of disastrously risky loans that make the mortgage/housing crisis look like nothing. Now these kids are asking for $60k-$100k in loans for a bachelors in business or communications. There is no underlying value of these classes for the lender to recoup so they need this guarantee to not of absolving the debt through bankruptcy to keep rates in low single digits. If you take this away then the student loans will start to hit credit card like APRs to adjust for risk.
The problem in all of this are the educational institutions and their unchecked irresponsibility in managing budgets. This is the problem to be solved!
Its like a whole thread of Russian bots hanging out. Awesome. You all had no problem with the trillion dollar tax giveaway to corporations paid for with your children's futures right?
I do not agree that all debt should be wiped out but do agree something should be done. The loans should be interest free, or nearly interest free, like they were for my parents.
How many would seek a degree in gender studies or some other equally valueless discipline if not for politicians funding them with stolen loot? The govt isn't selling education, its selling servitude.
A lefty trying to buy votes through handouts. Gee go figure.
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