The potential to erase all Federal Student Loan debt (Not political) (1 Viewer)

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Brennan77

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The debt isn't just "erased". It's not simply forgiven and forgotten. Tax payers have to pay for this which is an exceptional burden, not to mention an injustice to many. We'd be asking people who never went to college to pay for those who did, for example.

I'm not completely against all forms of relief. We clearly have an untenable situation. But it has to be attached to a complete reform of the standards that created the situation in the first place. The government can't guarantee all these loans allowing banks to give them out to people who have no hope or plan of ever paying them, which in turn allows the universities to perpetually inflate their costs because of all the money being given out.
 

Saints318

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So if you are currently struggling but you don't have a degree or any student loan debt, what should you be considering?
 

bclemms

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I'm not for it.

It's not really fair for the people that have paid back their debt. It will be another huge increase to the national debt. If tuition becomes government paid it will balloon into higher prices even faster than what we've been witnessing. Also, free college education devalues the degree itself making more competition for jobs resulting in lower wages.

What I do favor and think absolutely needs to happen is free community college and technical college moving forward as well as interest free student loans with price caps in place to state universities. I also think existing student loans should be discounted with interest removed.

I don't think anyone should be prevented from going to college and nobody should be financially burdeoned for decades due to student loan debt. However, the taxpayer shouldn't be paying for students to go to Universities for the first two years when they could be going to community college. We also shouldn't encourage every student to go to college when some so clearly are not college material and would benefit far more from technical school and likely make a lot more money because of it.

I actually really like the scholarship system and think it should all be tied to grade and testing performance but also think it needs to be greatly expanded.

So while the student loan forgiveness feels good, it does not address the root causes of the problem.
 

efil4stnias

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I agree partially with what you have written. The feds. can certainly make accommodations with the interest. How about, 0% interest and paying out the loan over a given number of years, each person elects to do so. And as one’s earnings go up, they pay a little bit more. Pretty simple. I think long term, it will be only more of a burden, not only for those actually paying their debt, but for those that would be given total, or even partial forgiveness. Some way, some how, that money will be reclaimed by the feds. Either through higher taxes, or by higher federally imposed fees. And those fees may be added on in some way to future college tuitions, making loans down the road, even worse!

The bottom line is. EVERYONE SIMPLY CANNOT EXPECT TO BE BAILED OUT OF DEBT. I want the feds to forgive my 2nd mortgage I took out to pay my daughter’s student loans. Is that right? NO it is not! I knew what was involved. I have to live with it and she is paying me back.


You did PRECISELY what you railed against a post above. LOL. Bailed out your daughter.

I dont think ANYONE went into obtaining a student loan with the foresight to think "hmmm im sure the FEDS will forgive this loan down the road". They obtained student loans to afford post-secondary education. Because the mantra has been for over 3 decades now that in order to be successful, you MUST obtain a college degree. More desirable, more pay, etc etc.

When that is simply not true in many instances.

My oldest wants to be an educator ( History ). So a 4 year college will run about $80,000 ( the low end ) for her. To graduate and get a job teaching making $40,000. To get to $60,000/yr, she would need grad school- about another $50,000.

So the initial investment of $130,000 ( post tax/post cost of living ) ~ to earn a return of $60,000 ( pre tax/ pre cost of living ) that isnt even guaranteed? Thats not investment- thats fleecing.

It starts with the Universities. Thats where federal funding needs to go to offset the abhorrent and debilitating tuition costs.. But with that comes transparency. You dont get $200mm without telling all where that $$$ is going and for what. Dont go building a $18mm gymnastics training facility because you want to place 1st in the SEC. A gymnastics program has what, 30 kids???? THATS what you do- spend that for 30 kids? Again, these schools need to be held accountable for how/where they spend $$$. ( Public funded i mean, not private)
 

efil4stnias

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I'm not for it.

It's not really fair for the people that have paid back their debt. It will be another huge increase to the national debt. If tuition becomes government paid it will balloon into higher prices even faster than what we've been witnessing. Also, free college education devalues the degree itself making more competition for jobs resulting in lower wages.

What I do favor and think absolutely needs to happen is free community college and technical college moving forward as well as interest free student loans with price caps in place to state universities. I also think existing student loans should be discounted with interest removed.

I don't think anyone should be prevented from going to college and nobody should be financially burdeoned for decades due to student loan debt. However, the taxpayer shouldn't be paying for students to go to Universities for the first two years when they could be going to community college. We also shouldn't encourage every student to go to college when some so clearly are not college material and would benefit far more from technical school and likely make a lot more money because of it.

I actually really like the scholarship system and think it should all be tied to grade and testing performance but also think it needs to be greatly expanded.

So while the student loan forgiveness feels good, it does not address the root causes of the problem.

Every single client i have in the mechanical field ( electrical, Plumbing, HVAC ) is doing well. All you need is the training and the willingness to work. Thats it. Those two items can afford you a decent wage/earnings.

And the better you work, the more earnings you can attain.

If i had boys, i would be pushing HARD for them to learn a trade.
 

0rion

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My son will start college next year....I think he should get a free ride too. I mean as long as we're handing out free money.
 
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I am bitter about this. I just paid mine off late last year after paying for 9 years.

That being said, what's to stop this from happening again?
 

guidomerkinsrules

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Bad move. What about those that took ownership, such as I, to help payoff debt for my daughter? I am helping her by having taken a short term 2nd mortgage. Interest rate is far less, than on a student loan.

Additionally, what I have issue with, is if you can attend a public university to get the same degree you could get at a private university and where you may pay 2-3 times more for the same degree, why would you put yourself in that added debt? A much bigger issue. Why would anyone get a seconday degree in say social work, where the cost of the degree will take 20 years to pay off, because the jobs one could get earning a large salary is so limited?

My sentiments towards universities that offer BS degrees in fields of work, that 1) have an extremely high cost and 2) those jobs associated with that degree, are very limited. And the jobs that do exist, even in a nominal way, do not pay enough to pay off the debt.

At the end of the day, my kids, along with my wife and I, are not responsible to help pay off others student loan debt, through higher taxes...etc. YOU TOOK THE CHANCE. YOU ON THE HOOK. PAY YOUR DEBT! End of story. Be responsible.
this is why moral arguments should not be part of policy
you wind up having bad policy bc of personal dander and umbrage - this is exactly why we have such a horrible criminal justice system bc voters opt for 'moral' reasons to perpetuate bad policy
 

Mr. Blue Sky

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Sorry for your debt., of student loans. But you should have thought about the fact of your debt. prior to going into the major of YOUR choice! My daughter, along with a number of her college friends, are paying their way through their debt. They are taking responsibility for their money owed.

Let me ask this question. So if I purchased a much larger home, because I could say get a lower than market average interest rate, and I knew at the end of say 5 years, that interest rate would then be higher than the average rate projected in 5 years across the market, should I expect the government to bail me out, with “forgiveness”? What are we doing here? Let’s all expect others to pay off our debt. Put your big boy pants on. Quit whining and TAKE OWNERSHIP and be responsible!

And it is not the responsibility of the federal government, to pay for your irresponsible financial decisions. Nor I, or my children.




Hey *******, i‘m glad you have it lol figured out.... This is the PERFECT example of why people like yourself need to stop talking out of your **** since you have zero clue what other people’s circumstances are.

I just so happen to come from a home where my stepmother was 100% opposed to having she and my father help me AT ALL with paying for my college education (or anything else for that matter)... so when i was 16 years old (16!) she had me sign all these papers so that I’d get “help” paying for my schooling.... i still did lots of things to help myself pay my own way, such as working on offshore oil rigs during the summer and holding down other jobs- but as most of us realize, college ain’t cheap.... ive been on a regular payment schedule now for decades, yet it’s barely made a dent b/c of the interest... And no, i dont think someone who signs their life away at 16 or 17 yrs old should be in debtor’s prison for life, as your ilk seems to believe.

But I’m really glad you have all the answers.
 
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