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I don't get why so many people are against student loan reform. Forgiving student loans and completely reforming the system would do wonders for the economy. I have friends who have payments that are $500 or more per month. That's a lot of income tied up.
It’s a matter of Signed Contracts.
On April 6, President Biden extended the pause on student loan repayments through August 31, which means the 43 million Americans who owe $1.6 trillion in student loan debt are off the hook for another few months. That’s one more pause for what was supposed to be a 60 day pause in 2020.
When asked if Biden is considering a “possible executive-level cancellation on a wide scale of student debt,” Psaki responded, “He has not ruled [it] out.” That means that Student Loan Debt cancellation may happen.
So, what does the American public think of Student Loan Debt Cancellation?
According to a December 2021 Morning Consult poll, among all voters, only 19 percent want all student loans forgiven while 28 percent don’t think a single penny in student loan debt should be canceled.
When broken down by age group, a whopping 34 percent of millennials want all student loans to be wiped away while only 9 percent of baby boomers agree.
Yet, the divide is most stark when party affiliation is taken into the equation. Among self-identified Democrats, a staggering 85 percent believe some amount of student loans should be forgiven. On the other hand, almost half of Republicans polled said no student loans should be canceled.
In the United States, contracts are sacred. When one enters into a contract, he is obligated to fulfill their end of the agreement. However, if student loan debt is canceled by presidential fiat, I cannot help but wonder if we may rue the day. Cancelling Signed Contracts for Loans by Presidential Fiat? Contracts can be canceled by the stroke or a pen at will? What’s next?
Cancel credit card Debt?
Cancel Mortgage Debt?
Cancel Car Loans?
Of course no Debt is ever “cancelled” — somebody pays, in this case it would be the 43% of American Tax Payers that actually pay Income Taxes. I paid for my kids to go to college, no loans.
Now I would be forced to chip on for 43 Million people who signed Contracts and don’t want to pay what they Promised. Not only is that blatantly unfair, but it could make a country already divided along partisan lines rip apart at the seams.
I don't get why so many people are against student loan reform. Forgiving student loans and completely reforming the system would do wonders for the economy. I have friends who have payments that are $500 or more per month. That's a lot of income tied up.
My mortgage is around $1900/month. That’s a lot of income tied up
I don't get why so many people are against student loan reform. Forgiving student loans and completely reforming the system would do wonders for the economy. I have friends who have payments that are $500 or more per month. That's a lot of income tied up.
Student loan reform may be one thing - student loan obligation cancellation is another thing entirely. Tell me why I should pay somebody else's loans that they signed up for. And that's especially true when they decided to go to a private school that might wind up costing them $300K or more over a 4-year period? If they can't afford it, or can't get a scholarship, go to a much less expensive state university.
State universities can be very good. To a large degree, a person gets out of college what they put into it.
There is absolutely no reason for the government (and that means all of us taxpayers) should foot the bill for somebody to go to college. When I was in school, most kids had jobs of some sort to help them through. It's tough, sure - but if a person wants it bad enough, they'll do it. Otherwise, choose a profession that doesn't require college.
By the way - I had student loans, and I paid them back religiously after I graduated. Every other student should do the same.
I don't get why so many people are against student loan reform. Forgiving student loans and completely reforming the system would do wonders for the economy. I have friends who have payments that are $500 or more per month. That's a lot of income tied up.
Oh I don’t know…maybe because some of us knew the loans we were taking out and paid them back
Is the government going to give me back my $250K that I paid off???? Oh no, I should have just waited and not paid anything so I could have had them forgiven, right?
Student loan reform is fine, but forgiveness sets a really historic precedent.
My mortgage is around $1900/month. That’s a lot of income tied up
Should the government pay that too?
The difference here is that the requirements to get a mortgage are far more strict than getting student loans, so you knew what you were signing up for. It's beyond insane that 18-21yr olds are able to take out tens of thousands of dollars in loans without knowing what they are really signing up for. Apparently they aren't mature enough to drink, but can go to a private school that costs $30K/yr.
Also, don't forget about the mortgage crisis in 2008. The government (using our money) ended up bailing out the banks. From what I can remember, only one person was ever charged with any crime related to this.
Just my opinion, but I would much rather my tax dollars go towards helping fellow Americans than random people in other countries.
Quote:
Originally Posted by RocketDawg
Student loan reform may be one thing - student loan obligation cancellation is another thing entirely. Tell me why I should pay somebody else's loans that they signed up for. And that's especially true when they decided to go to a private school that might wind up costing them $300K or more over a 4-year period? If they can't afford it, or can't get a scholarship, go to a much less expensive state university.
State universities can be very good. To a large degree, a person gets out of college what they put into it.
There is absolutely no reason for the government (and that means all of us taxpayers) should foot the bill for somebody to go to college. When I was in school, most kids had jobs of some sort to help them through. It's tough, sure - but if a person wants it bad enough, they'll do it. Otherwise, choose a profession that doesn't require college.
By the way - I had student loans, and I paid them back religiously after I graduated. Every other student should do the same.
There's a lot of things our tax dollars pay for that we don't use. I don't have children, but I appreciate the fact that my tax dollars are helping educate the children which are the future of our country.
I support partial student loan cancellation because the only reason students need loans in the first place is because of a scam orchestrated by universities and the feds. Colleges are charging inflated prices for everything because they know students can get loans to pay for it. States are partially to blame for cutting education costs. The university I used to work for had no choice but to increase tuition costs because the state cut their budget by 10%.
Even state schools have gotten so expensive that they are borderline unaffordable for middle class Americans to pay out of pocket. In my state, most state schools charge around $10-12K/yr in tuition. Many schools are requiring dorms for the first year or two, so add in another $6-7K per year for that. Meal plans are another 4-5K per year. So it's easy to see how someone could rack up 50-75K in loans by attending a state school for 4 years.
My friends in Europe find it insane that a basic state school costs $20K/yr here. In France, students pay something like $500 per semester in tuition costs and they end up getting all of it back because the government provides a small stipend to university students.
On another note, I think the US had put too much of a value in having a college education. The market is now flooded with people with degrees and it's why we have so many people working lousy jobs who have a Bachelor's degree. Those people would have been better off getting into a trade.
Quote:
Originally Posted by mirage98de
So what’s the difference between mortgage debt and student loan debt? Why should one be “forgiven” and not the other?
One thing that people often forget is that there are ways out of a car loan or a mortgage. You can sell the house or sell the car and it goes away. If you don't go that route, you can file for bankruptcy and have a legal way of making the debt disappear. The same applies for credit cards, healthcare debt, and other forms of debt. With student loans, the only options you have are to pay them back or wait 20 years for them to be forgiven (or 10yr if you work in non-profit)
My mortgage is around $1900/month. That’s a lot of income tied up
Should the government pay that too?
Do you vote Democrat?
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