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I question the fools who made the loans. Are they looking to be paid off by the government?
The government has powers that the banks do not. They are not looking for the government to pay the loans. They are looking for the government to use their powers to force the borrowers to pay back the money they borrowed, like with wage garnishment and bankruptcy exclusions.
They would not have made the loans if not for the government guarantee. Again, these are banks making 5 and 6 figure loans to people with no salary, no credit history, and no assets. So this is the only way that student loans can work.
I paid for my own education 30 something years ago. I also paid for my three kids' educations. I worked two jobs, as did my husband.
I don't feel good about forgiving student loan debts, which I think Biden will enact during his first 100 days.
I paid by debt and my dues. No one forced these students who took out so much in loans to go to college....it was a choice they made. A CHOICE.
Let's keep the bashing to a minimum. Just want to see a show of hands about who opposes this or who is for this. Let's remember that the MONEY will come out of your INCREASED TAXES....and the taxes on your kids and grandchildren's salaries....
I am opposed to student loan forgiveness. Irresponsible adults should not expect their debts to be paid off by the taxpayer. Our money is not Biden's or Congress' to secure their voter base.
That said. My daughter is two years into her business degree with about 10k owned. She was about to pay half that off with the money she earned and saved from working full-time. I advised her to hold off on that payment.
The government has powers that the banks do not. They are not looking for the government to pay the loans. They are looking for the government to use their powers to force the borrowers to pay back the money they borrowed, like with wage garnishment and bankruptcy exclusions.
They would not have made the loans if not for the government guarantee. Again, these are banks making 5 and 6 figure loans to people with no salary, no credit history, and no assets. So this is the only way that student loans can work.
The scheme should have never been put in place in the beginning.
If it does happen the banks will get a few built-in perks/kickbacks down the road. We'll all just move on to a new scheme.
Allow for normal bankruptcy rules to apply for student loans.
While I do like the idea of forgiving student loan debt, I can't help but wonder if there's any type of moral hazard.
At least with bankruptcy, there is at least some ramifications. Although I would like to see the ramifications of student loan debt bankruptcy be less severe than other forms of bankruptcy.
IMO, that ship has long sailed. The average amount of credit card debt per household in the US is over $9,000. Most people are living on borrowed money.
It's weird to me that as a society we are so accepting of divorce, out of wedlock births, abortions, drugs, and so forth, but we make it a moral issue if someone doesn't pay back every single penny of money borrowed at age 18.
The government has powers that the banks do not. They are not looking for the government to pay the loans. They are looking for the government to use their powers to force the borrowers to pay back the money they borrowed, like with wage garnishment and bankruptcy exclusions.
They would not have made the loans if not for the government guarantee. Again, these are banks making 5 and 6 figure loans to people with no salary, no credit history, and no assets. So this is the only way that student loans can work.
Thanks for the tutorial.
Government guaranteed. Well that was just stupid. They never learn.
they are on income-based repayment, and didn't use the loan money to get a degree with jobs that pay enough.
I know people on public service loan forgiveness who structure things to literally pay as little as possible. They max out their pre-tax retirement plans and have a higher balance 8 years in than they had when they started the program. I started law school the year before that program came out, so most of my classmates took private loans (and are still paying them).
When the feds took over the loans, tuition rates also skyrocketed. I finished law school 11 years ago, and tuition is about twice as much. What has changed for that level of inflation?
I am not opposed to some loan repayment, but I think it needs to be limited to an amount that is fairly reasonable.
Government guaranteed. Well that was just stupid. They never learn.
Do not re elect anybody, ever.
Just take this whole thread and replace the word Government with Your Taxpayer Money.
It's a good thing, these loans, many need it to get ahead. But at some point it just got abused, by colleges jacking prices when they realized they can charge 'government' whatever they wanted too, and by Students who feel like they don't have to honor their financial agreements, to politicians who use this as a carrot to get votes.
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Well that was just stupid. They never learn. 
