Student Debt Forgiveness knocked down

[JoeB131]

Even worse, in liberal speak, it’s called “free”!

I've never used the term "Free" to describe universal college education.
I know that it's going to have to be paid for.
I also know it will pay dividends down the road in increased innovation and revenue generation.

The Chinese have figured this out, which is why they heavily invest in expanding college for their people.

 

[SassyIrishLass]

Now let's figure out a way to help ALL young people no matter what they pursue. The debt of student loans is crushing them. There's got to be a better way. We're helping our own future when we help those who are going to follow us and carry the load.

They owe it... consider it a life lesson

 

[Hollie]

still talking for some reason... I'm just not paying attention to you to you say something remotely interesting.

For someone who claims he is not paying attention, you’re seeking a lot of my attention.

I understand you’re not able to provide a coherent response to what I’ve put before you, but just be honest about your limitations.

 

[JoeB131]

They owe it... consider it a life lesson

But here's the problem with that. Let's agree that these 20 year olds did not make the best decision in taking out loans. So what is your solution, keeping them in debt for life? How does that help the country.

I can tell you how it hurts it. They put off having families for years, reducing the number of desirable replacement people.

My generation, everyone had kids in their 20's. College was affordable then, and wasn't really a requirement.

Now people are putting off kids until their late 30's. I just don't see how this is a good thing.

For

Did someone hear something?

 

[Hollie]

Did someone hear something?

You were listening intently. Your Stalinist ideals are Ill-thought out and destructive but because you so desperately want my attention, you can ask me nicely to explain.

 

[Hollie]

Is there any discussion, among those who think the government should cover the debts, about dismantling, or at least altering, the program that is causing the problem?

That’s a great point and I think the colleges and universities would prefer to maintain the status quo.

I believe it was the Higher Education Act of 1965 that spurred the push for student loans. The goal being to make university and college more affordable and more attainable. Universities and colleges saw this as a money-making opportunity to raise their costs. Those costs rose much faster than inflation because the government was assuming the financial risk. The universities exploited the system and used it to make money.

 

[JoeB131]

You were

Nope, you really don't say anything very interesting.

 

[Hollie]

Nope, you

But here you are, desperate for attention, hoping to engage me in one of your tirades.

 

[Coyote]

This is a complicated problem.

Student loan debt IS crushing in a way that was not case for my generation or my parents generation. The cost of a college education has grown exponentially as has the requirement for a college degree. A job I could get 40 years ago with a high school diploma now requires a college degree. Same job, same degree of responsibility, similar skill set.

The level of debt students must pay off too often doesn’t match the income potential of the degree…the cost of that degree is not tied to the market value of it. One side effect of this is that it can force some students into degree choices that have a higher earning potential in order to pay the off. As a result, key occupations go unfilled. An example would be in the medical field where we have a shortage of GP’s compared to specialists.

I do not agree with Biden’s student loan forgiveness because it is unfair to those who paid their loans off and demands nothing in return.

But I do think there are ways to do it in a more equitable way and one that helps to fill a need. You could tie it to service.

The person would agree to work in an underserved area or community. For each month they do so, they get a month’s payment off their loan. This would not apply to all degrees but could apply to many (the student would have to make a wise choice). Occupations such as medical, dental, teaching, social work and law are some that could work. Art and drama could be tied with community theatres and education. Incoming students seeking loans could be encouraged to consider this.

It seems this would be a win-win situation, though it doesn’t resolve the underlying problems.

 

[Lisa558]

This is a complicated problem.

Student loan debt IS crushing in a way that was not case for my generation or my parents generation. The cost of a college education has grown exponentially as has the requirement for a college degree. A job I could get 40 years ago with a high school diploma now requires a college degree. Same job, same degree of responsibility, similar skill set.

The level of debt students must pay off too often doesn’t match the income potential of the degree…the cost of that degree is not tied to the market value of it. One side effect of this is that it can force some students into degree choices that have a higher earning potential in order to pay the off. As a result, key occupations go unfilled. An example would be in the medical field where we have a shortage of GP’s compared to specialists.

I do not agree with Biden’s student loan forgiveness because it is unfair to those who paid their loans off and demands nothing in return.

But I do think there are ways to do it in a more equitable way and one that helps to fill a need. You could tie it to service.

The person would agree to work in an underserved area or community. For each month they do so, they get a month’s payment off their loan. This would not apply to all degrees but could apply to many (the student would have to make a wise choice). Occupations such as medical, dental, teaching, social work and law are some that could work. Art and drama could be tied with community theatres and education. Incoming students seeking loans could be encouraged to consider this.

It seems this would be a win-win situation, though it doesn’t resolve the underlying problems.

Couple of points:

1) To your note that jobs that required only a high school diploma 40 years ago now requires a college degree, that in large measure is because kids coming out of college now are equivalent to kids coming out of high school 40 years ago.

2) I have another win-win idea: Nobody goes to college straight out of high school. Everyone must get a “gap-year” job. The benefits are threefold:

a. Someone working full time at $12 an hour would earn $24,000. Take off a little for payroll deductions, commuting costs, and a little “play” money, and they will have put away tuition to cover the first two years at State U.

b. They will have a taste of the “real world” with work when only high school educated, and will appreciate the opportunity when college rolls around the next year.

c. It will help solve the labor shortage.

 

[JoeB131]

2) I have another win-win idea: Nobody goes to college straight out of high school. Everyone must get a “gap-year” job. The benefits are threefold:

a. Someone working full time at $12 an hour would earn $24,000. Take off a little for payroll deductions, commuting costs, and a little “play” money, and they will have put away tuition to cover the first two years at State U.

b. They will have a taste of the “real world” with work when only high school educated, and will appreciate the opportunity when college rolls around the next year.

c. It will help solve the labor shortage.

Except, who would want to hire them? No experience, no skills, and you know they are gone in a year. Companies take INTERNS from the colleges, but they don't have to PAY them, which is why they love them some interns. But pay them $12.00 an hour when the minimum wage is $7.25 in most places? Who the hell would do that?

Now, what might work is to have something like compulsory national service, like we had before the draft ended. The only problem I see with that is you would have to make the military HUGE in order to do it, and create other forms of service for people who can't meet military standards. I don't think you'd like that, either, because it would make people more beholden to government... and they might start voting for more of that stuff.

 

[Frankenstein]

Fairness? You mean denying a student the ability to declare bankruptcy on a loan, like Donald Trump did 6 times, and the banks those students owe the loans to that were bailed out 4 times to the tune of trillions of dollars?

That’s fairness to you?

What bank is it you work for again?

Changes nothing those were business loans. Now if you think that students, who took loans knowing they were incurring debt to get their education, should have me, who couldn't afford college, and just started working, and paying taxes, should pay off their debt, when their education is going to get them payed more than I make now 34 years later you are a special kind of stupid.

 

[Couchpotato]

Changes nothing those were business loans. Now if you think that students, who took loans knowing they were incurring debt to get their education, should have me, who couldn't afford college, and just started working, and paying taxes, should pay off their debt, when their education is going to get them payed more than I make now 34 years later you are a special kind of stupid.

No one ends up paying for it. Just ask Lesh

 

[Lesh]

No one ends up paying for it. Just ask Lesh

It gets added to the debt. A rather small amount in the grand scheme of things

 

[Lesh]

Changes nothing those were business loans. Now if you think that students, who took loans knowing they were incurring debt to get their education, should have me, who couldn't afford college, and just started working, and paying taxes, should pay off their debt, when their education is going to get them payed more than I make now 34 years later you are a special kind of stupid.

Your taxes won’t go up one penny whether or not these loans are forgiven

 

[WEATHER53]

They bought it
They used it
They owe it

 

[Couchpotato]

It gets added to the debt. A rather small amount in the grand scheme of things

But we have to pay for it right? Because you've held to the idea that it's just whoosh, gone and no one will be on the hook to pay for it. Are you now changing your tune?

 

[Couchpotato]

Your taxes won’t go up one penny whether or not these loans are forgiven

How does it get paid then? Does the debt fairy show up and make it all go away?

 

[Lesh]

How does it get paid then? Does the debt fairy show up and make it all go away?

It gets added to the debt. A rather small addition by per centage

Won’t cost you a dime

 

[Couchpotato]

It gets added to the debt. A rather small addition by per centage

Won’t cost you a dime

LOL Yeah its just poof, gone, never has to cost anyone anything. Is that how you run your personal finances? Might explain why your kid still owes money on a degree he got over 10 years ago....