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There would have to be qualifiers like there is with anything else in a bankruptcy. I would say something like they cannot wipe it out for at least a decade after the last payout or something along those lines. They should have to have consequences for it, which bankruptcy is, but they should also have to at least attempt to pay it back the regular way first.
Also the federal max is like $130k or something so idk where these people are racking up that much debt.
I agree. That is what bothers me the most. 125K is significantly higher than the average salary (per capita).
We are paying for grad students with the highest income earning potential.
There would have to be qualifiers like there is with anything else in a bankruptcy. I would say something like they cannot wipe it out for at least a decade after the last payout or something along those lines. They should have to have consequences for it, which bankruptcy is, but they should also have to at least attempt to pay it back the regular way first.
Also the federal max is like $130k or something so idk where these people are racking up that much debt.
A lot of it is accrued interest. I borrowed about $120k. I owe almost $180k now because of the interest. The interest adds up fast.
Students aren't going to choose an instructor because they make less money. In fact, most students try to choose faculty they feel they can learn the most from.
Yeah and then they wind up with grad students teaching them.
When rent is 3k and milk is $10 and we ask ourselves how we got there we can look back on laws like this. Tuition is going to go through the roof. I think about it like this; if I’m running a pizza place selling slices of pizza for $2 and the government says ok we’ll cover the $2 so everyone can have a slice. Now I have a line down the block of people wanting their gov subsidized slice and I’m running out of supplies I’m going to have to raise my price. Colleges will do the same thing. The precedent is set the federal government will cover $10k towards college forever now.
These are college grads they can afford to pay their loans they make close to double what people who didn’t go to college make. Many are likely still living with their well todo parents and they’re the ones paying the loan. It makes me sick knowing that I’m on the hook for these kid’s loans either through future taxation or inflation. I don’t want to pay for some college administrator’s gender studies degree. Where she or he was taught to hate people like me.
Why not cover 10k towards something that actually benefits society like trade schools. There’s a massive shortage of blue collar workers.
I was going to pay off the remainder of my student loans, but hey if this forgiveness of debt is on the table, I will take it. It doesn’t mean I will vote for him or the way he wants me to vote though. I think this could potentially be a disaster. Although from a fraud standpoint, I don’t see it as being that different from the whole PPP loan debacle.
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