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College Debt Forgiveness

RandyForRubio

RandyForRubio

Well-Known Member
I know I lean more conservative than most on this board, but could somebody explain to me why the government should forgive student loans that people took of their own will and accordance?

I can understand wanting to change how college is paid for, I don't necessarily agree with it, but I can understand it. I do not understand loan forgiveness.
 
idestroyedthetoilet said:
So you can pay for asshats like this to travel the world and screw around until 30.

https://www.google.com/amp/amp.timeinc.net/time/money/5647242/student-debt-money-makeover
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He makes 4k per month and has a partner who could be making money and should be. Yet he makes his poor parents pay $600 per month. What a ****** kid. He should have gone to a cheaper school or worked harder for a scholarship. Also I'm guessing there were programs in place to help offset costs that they didn't use. Hopefully because of ignorance. Someone at their school should have helped them with that. Schools should help with that.
 
RandyForRubio said:
I know I lean more conservative than most on this board, but could somebody explain to me why the government should forgive student loans that people took of their own will and accordance?

I can understand wanting to change how college is paid for, I don't necessarily agree with it, but I can understand it. I do not understand loan forgiveness.
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I can't, nor do I think we should do that. Currently I think that would benefit rich white kids the most anyways. They have the most student debt in the USA.
 
Ron Mexico said:
He makes 4k per month and has a partner who could be making money and should be. Yet he makes his poor parents pay $600 per month. What a ****** kid. He should have gone to a cheaper school or worked harder for a scholarship. Also I'm guessing there were programs in place to help offset costs that they didn't use. Hopefully because of ignorance. Someone at their school should have helped them with that. Schools should help with that.
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Also he can live on 4k a month and make payments just fine. He just needs to be frugal and live a lower standard of life instead of making his parents lower their standard of living at their age.
 
Ron Mexico said:
I can't, nor do I think we should do that. Currently I think that would benefit rich white kids the most anyways. They have the most student debt in the USA.
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Isn't that what America is about? I dunno in terms of loans you made the deal you pay it off. Kids i think from their parents get a lot of pressure to keep studying and some employers demand paper tigers but in the end of the day more often than not the best person for a job isnt the most qualified.
 
At the very least student loans should be interest free.
 
I currently owe ~25k in student loans, am pretty far left, and certainly wouldn't mind those loans disappearing (the wifes disappearing would be even better), but I don't really see the idea here other than to grab votes. Maybe there's a way to make it a part of some larger plan where it'd make sense, but I don't really know. Do think they've got to get the interest rates under control (I know mine are mostly ~3%, while my younger sister is at like 6%).

Changing how we set it up for future kids is far more important to me (I generally support more trades and what not in high school, fewer kids to college and reducing cost to them).
 
At least properly fund programs like the public service program that forgives after ten years of service and 10 years of ontime payments. Yet many who are eligible at this point are not be granted this forgiveness because of lack of funding.


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Ron Mexico said:
I can't, nor do I think we should do that. Currently I think that would benefit rich white kids the most anyways. They have the most student debt in the USA.
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That's why I'm against it. These policies are regressive, a giveaway to the wealthy. I'd like to say I'm baffled that anyone calling themself a liberal runs on this platform, but like most things, it's aimed at the target voting bloc.

https://www.urban.org/urban-wire/which-households-hold-most-student-debt

That's a good starting point. I've read in the past that debt is bimodal - most are at the low peak and those few at the much higher peak scew the average. Those at the higher peak are mostly kids of wealthy, white families who went to Ivy league or other expensive schools.
 
I feel lucky. I graduated college in 2011. Never received a dime of help from my family. I worked full time, saved, worked while attending college, applied for grants once I turned 25 and graduated debt free.

That said, there's no way in hell I could have done that today. The tuition I payed (besides the year and a half of online schooling I did when I lived in CA - that bent me over and very little actually transferred) was like 2k a semester.

I feel bad for the kids now. Yeah, they knowingly sign up for the loans, but are young and have no idea what they're getting themselves into.

I read a news article last week that showed a student's tweet. I wish I could find it, but it said something like I paid 20 K on my 35 K loan and still owe 32 K. That's not the exact quote, but you get the point.

Our medical and education are run by greedy SOBs and it, imo, keeps America from being anything but great.
 
If we look at it from a purely utilitarian point of view I understand it. We've set up a system where a college degree is more or less a necessity to join the middle class, and yet because of the soaring costs of getting that education people aren't able to afford what was once common even without a degree, things like home ownership, personal savings etc. I view student debt forgiveness as a very effective way to inject a boost into our economy, which will benefit all of us, saying this as someone without any student debt myself. I do think this initiative is best paired with an overhaul of the public university system in general, whether that means "debt free" college or free tuition at public universities.

I understand why it doesn't please people to "bail out" people who entered into these agreements of their own free will, but I think it's in everyone's best interest to do so.
 
Archie Moses said:
I feel lucky. I graduated college in 2011. Never received a dime of help from my family. I worked full time, saved, worked while attending college, applied for grants once I turned 25 and graduated debt free.

That said, there's no way in hell I could have done that today. The tuition I payed (besides the year and a half of online schooling I did when I lived in CA - that bent me over and very little actually transferred) was like 2k a semester.

I feel bad for the kids now. Yeah, they knowingly sign up for the loans, but are young and have no idea what they're getting themselves into.

I read a news article last week that showed a student's tweet. I wish I could find it, but it said something like I paid 20 K on my 35 K loan and still owe 32 K. That's not the exact quote, but you get the point.

Our medical and education are run by greedy SOBs and it, imo, keeps America from being anything but great.
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This is a good point, kids today are entering into these agreements with little understanding and the institutions making these predatory loans know it.
 
Pete Buttigieg had a great comment on this:

"Americans who have a college degree earn more than Americans who don't.......As a progressive, I have a hard time getting my head around the idea of a majority who earn less because they didn't go to college subsidizing a minority who earn more because they did."

Again, the idea of eliminating all or a portion of people's student loan debt is nothing more than voter pandering. It's not an actual liberal or progressive idea.

I worked in higher-education for three years while earning my master's degree. Every year when the federal government would adjust the maximum amount that students could borrow, guess what happened.........tuition increased. Public, Private, and For-Profit schools all do it. To me, schools should be held more accountable for the tuition they charge compared to the value of the degrees they award. Unfortunately, many student's have not show the ability to evaluate the earning power of their degree compared to the cost of tuition. Additionally, student loans should be exclusively for tuition, books, and fees. Too many students are living off of student loans to pay for their basic necessities (housing, food, electricity). Also, you shouldn't be able to travel to Europe with student loans.
 
AlaskanAssassin said:
Pete Buttigieg had a great comment on this:

"Americans who have a college degree earn more than Americans who don't.......As a progressive, I have a hard time getting my head around the idea of a majority who earn less because they didn't go to college subsidizing a minority who earn more because they did."

Again, the idea of eliminating all or a portion of people's student loan debt is nothing more than voter pandering. It's not an actual liberal or progressive idea.

I worked in higher-education for three years while earning my master's degree. Every year when the federal government would adjust the maximum amount that students could borrow, guess what happened.........tuition increased. Public, Private, and For-Profit schools all do it. To me, schools should be held more accountable for the tuition they charge compared to the value of the degrees they award. Unfortunately, many student's have not show the ability to evaluate the earning power of their degree compared to the cost of tuition. Additionally, student loans should be exclusively for tuition, books, and fees. Too many students are living off of student loans to pay for their basic necessities (housing, food, electricity). Also, you shouldn't be able to travel to Europe with student loans.
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As for Buttigieg's comment, it depends on how it's paid for whether or not those earning less would be subsidizing those who get their loans forgiven. It's a little odd to describe it as not a progressive idea when it's being supported by the two most progressive Dem candidates (Warren and Sanders).
 
Zombie said:
We've set up a system where a college degree is more or less a necessity to join the middle class.
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That's the misconception that is a major part of the problem. A degree is necessary in a variety of fields. However, there are countless people that are middle-class and never went to college (and thus never incurred the associated debt). We need more people focusing on trade schools or starting businesses.

Zombie said:
I do think this initiative is best paired with an overhaul of the public university system in general, whether that means "debt free" college or free tuition at public universities.
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That's only going to provide incentive for more people to try out college, which I'm not sure is what our economy needs. We do need more people studying STEM fields, but so many people go to college and study fields that we don't need people working in. If an overhaul does happen, I would hope that it steers away from the "Associates - Bachelors - Masters" system. Many degrees don't need the level of general education classes that are required to take to graduate ($$$).
 
Zombie said:
As for Buttigieg's comment, it depends on how it's paid for whether or not those earning less would be subsidizing those who get their loans forgiven. It's a little odd to describe it as not a progressive idea when it's being supported by the two most progressive Dem candidates (Warren and Sanders).
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It's only a progress idea in that it is supported by young people, a demographic that the DNC has to entice to vote in order to have a shot at winning in 2020. It's certainly not a liberal idea in the classic sense, in that a lot of poor to middle class people (in part) will be paying off the debt of those that graduated college and earn more than them (through taxes). I'm pretty sure most liberals want the close the wealth gap, not increase it.
 
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