How do you feel about student loan forgiveness (generations, politicians, compared)
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Opposed, even though I still have a hefty student loan debt that is going to take me another ten years to get out from under. I signed up for those loans, I knew what I was getting myself into, and I have the responsibility of making good on my promise. I also made some stupid mistakes in college that, shall we say, extended my stay and necessitated my taking on more in loan debt than I would have had I made better choices.
That said, I have major problems with how higher education handled what amounted to a blank check underwritten by the government and secured by students' futures. I started college (a major public college that I guarantee just about everyone in the country has heard of) just when college administrations were waking up and realizing what a bonanza of federal dollars they had access to. When I started, credit hours were reasonable, dorms were aging and older (I lived in the cheapest dorm I could, cinder block walls, one bathroom per floor, no AC, etc.), the football coach made less than a million dollars, and most of the buildings were older, drab, architecturally modest affairs.
Over the years I attended, my credit-hour cost more than tripled, the coach's salary more than doubled, the dorms went from looking like barracks to looking like luxury condos, most of the buildings on campus were remodeled into beautiful, architecturally consistent palaces (if not simply decommissioned in favor of brand new replacement structures), the varsity sports facilities (stadiums, workout facilities) were expanded or rebuilt, and a freaking waterpark was built on campus.
All of that also led me to having more student loan debt than I would have had otherwise. College admins realized that they could spend as much money as they wanted, because students were always going to want an education, and the government was subsidizing it at the cost of students' futures. What they did (and continue to do) is absolutely disrespectful of their students, especially since the glut of easy federal loans has resulted in an equal, market-saturating glut of degreed people looking for that high-paying job they had been told (since kindergarten, like I was) would be theirs if they went to college. Most of my loan debt is from my last two years or so. It makes me wish I was ten years older...I would have gotten the same education for much cheaper, and would probably be done paying for it at this point in my life.
But I signed the line which was dotted. My fellow tax-paying citizens didn't.
How about concentrating our efforts on promoting careers in the trades? Many careers out there (HVAC, electricians, construction, automotive and health fields) have careers starting out in the $30K range out of school and many of these programs are anywhere from 1 - 2 years. I think these 4 year universities are increasingly a waste of money. Also, you're going to spend WAY less for trade school tuition and won't have to worry about "student loan forgiveness".
Last edited by KB71; 11-19-2020 at 09:45 AM..
Reason: Adding a sentence
If you hadn’t paid off your loans how much extra money would you have in your pocket right now? How much money could you have invested elsewhere?
How much extra income could someone who didn’t go to college at all because they couldn’t afford it or weren’t willing to take on that kind of debt be earning today as a college grad vs a high school grad?
I haven't made it all the way through yet, but all the millenials that want their debt forgiven will work hard to avoid the reality that if you forgive their debt, you can no longer charge more than "they can pay" for college going forward.
Biden has urged Congress to forgive $10K/borrower. Warren/Sanders/Schumer want him to EO much more, if not the absolute total.
The worst part is now using Covid funding (an emergency that we've probably waaaay overpaid for) as justification for debt forgiveness,
"Well, we spent $2T on Covid, clearly we can afford this!"
My paper yesterday informed me of 6 or so Houston area businessmen immigrants who defrauded the PPP out of millions. They bought Lamborginis, etc. At least they were caught.
Using PPP funding as justification for student loan forgiveness may come back to bite them in the behind. I suspect those caught were not the only ones. Couple that with the corporations that waltzed off with millions they didn't need.
That 1200 bucks we got will wind up costing each taxpayer $18000.
I'm fine with that as long as the rest of us get mortgage forgiveness, vehicle loan forgiveness, credit card forgiveness and loan shark forgiveness. Fair is fair
Quote:
Originally Posted by calgirlinnc
Don’t know about “loan shark forgiveness”, but the rest of it exists.
It’s not an easy way out, but bankruptcy and discharging loans does exist.
I'm for it. Why do we treat student loan differently from other loans?
All this said and while loan forgiveness is absurd, it is majorly shady how the US Government cripples its own citizens making it very difficult to get out of debt in some cases. Citizens want to better themselves (to ultimately be a bigger taxpayer) and the government is so damn shady with the loans.
Just another reason to hate the government, I don't get how people feel any other way lol.
I know people who have been paying loans for over a decade and still owe 80-90% of the principle, which is ridiculous. It's not like a car payment where you just pay it off and principle goes down. They design it to keep you in debt for a long time. That's pretty f'd up of Uncle Sam.
How about concentrating our efforts on promoting careers in the trades? Many careers out there (HVAC, electricians, construction, automotive and health fields) have careers starting out in the $30K range out of school and many of these programs are anywhere from 1 - 2 years. I think these 4 year universities are increasingly a waste of money. Also, you're going to spend WAY less for trade school tuition and won't have to worry about "student loan forgiveness".
I agree with this. Heck, why not start that type of education while still in High school. For a select few in my area we already do BUT it should be wide spread not just a select few.
This argument is stupid, because it's a conversation killer. Did the European nations worry about people who paid for their own healthcare or education in the past before they instituted single payer healthcare and taxpayer subsidized college? Did we in the US worry about families who had paid for their children's primary school before we created the public school systems?......
so, don't forgive these debts, but go to some system of subsidizing education going forward.
Is it fair to target one group for debt they willingly chose but not others. Why not eliminate a chunk of debt for all.
considering my daughter paid off their loans in their first year, no.
alot of students get loans and dont finish school. we dont reward them. the ones who finish can pay
so just a zillion more $ for nothing.
put that $ into scholorships for kids that will use it
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