Student Debt Forgiveness

rgp said:
Not on the backs of thoses that never had a chance to go, or do not desire to go, known as tax payers !!!

And please don't tell me how ancient art studies , womens studies , etc have a positive effect on mankind. If a person want's to study that stuff & party for four years ? Let them dig in their own pocket ........ Not mine !
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Naaa, it won't cost more in taxes; we can just add it to the federal debt, just like the idiotic wars that cost trillions, or the tax cuts for the rich that increased the deficit by $100s of billions. Remember the deficit? It was $3.1 trillion in 2020. Deficit spending is so out of control, people don't seem to mention it any more except when it comes to investing in our country, and that's what college is: an investment in our country.

College educated people earn far more, on average, than those without higher education, and they pay far more in taxes, which pay for their student loans and grants many times over. There's a huge ROI in investing in college.

What's the ROI for investing trillions in idiotic wars? How about we cut military spending and instead, invest that money in higher education?
 

officerripley said:
“The whole people must take upon themselves the Education of the Whole People and must be willing to bear the expenses of it.”
~~John Adams, 2nd Pres. of the U.S. (1797-1801)
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Although I have great admiration for our forefathers in America, I stand with @rgp on this one!
There are wise men that still live on this Earth. They didn't all die off in the 1800's.
a political ploy? yes.
unfair to those who have paid their way? yes.
 

I do believe we should subsidize education, College and University included. Not so much for the individual's benefit but because I think it helps our economy, and done right is more than returned in taxes paid by the beneficiaries. It does help the poor who could not otherwise afford to go, but that help comes back to us. In a way not a lot of other social spending does.

However, forgiving loans is a different issue.
 
Don M. said:
IMO, anyone who takes on debt should only do so if they have the means to pay off that debt....be it student loans, credit cards, cars, mortgages, etc. Anyone who expects the taxpayers to cover their poor decisions deserve little sympathy. About the Only exceptions I would agree to would be if they suffer an illness or accident that leaves them disabled.
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That's easily said but when people take on debt, they don't know what the future holds. I don't think most people take on student loans with the intention of not paying them back! Some people had very good, well paying jobs and lost them unexpectedly, especially after COVID hit. One example is my nephew. He had an incredibly good career, he was a supervisor, traveled the country a lot for work on solo assignment on the company's dime. The company was bought out and earlier this year a lot of people lost their jobs, including him. My nephew doesn't have student loans to pay but does have a son in college. I've read about formerly very successful people..business owners or high end career people who encountered circumstances they could not have foreseen and wound up homeless. As my mother used to say "You never know what you are coming to in this life".
 
OneEyedDiva said:
I've read about formerly very successful people..business owners or high end career people who encountered circumstances they could not have foreseen and wound up homeless. As my mother used to say "You never know what you are coming to in this life".
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Yep, it happens, life is neither fair nor all that predictable.

However when it comes to debts and repaying loans our system only works if the vast majority of loans are paid off. Otherwise people would not be willing to lend money, and that is the life blood of our economy.

Bankruptcy, though unpleasant is normally the way out for those who loose all and can't repay. If it were not unpleasant too many people would use it. I assume bankruptcy would also release student loan debts for those in such circumstances. Better than the old work houses or jail...
 
Alligatorob said:
Yep, it happens, life is neither fair nor all that predictable.

However when it comes to debts and repaying loans our system only works if the vast majority of loans are paid off. Otherwise people would not be willing to lend money, and that is the life blood of our economy.

Bankruptcy, though unpleasant is normally the way out for those who loose all and can't repay. If it were not unpleasant too many people would use it. I assume bankruptcy would also release student loan debts for those in such circumstances. Better than the old work houses or jail...
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Student loans are not discharged through bankruptcies... unless you know how to game the system and have a good lawyer. It's all about knowing how to play the game, which most poor people don't or don't have the requisite resources.

It's like taxes. The rich can find loopholes and get around paying taxes while the rest of us don't have that ability.
 
SeniorBen said:
Student loans are not discharged through bankruptcies... unless you know how to game the system and have a good lawyer. It's all about knowing how to play the game, which most poor people don't or don't have the requisite resources.

It's like taxes. The rich can find loopholes and get around paying taxes while the rest of us don't have that ability.
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Looked it up and you are right, discharging student load debt through bankruptcy is hard, but not impossible. And as you say it might take a good lawyer.

Student Loans and Bankruptcy: What to Know​

https://www.usnews.com/education/bl...les/student-loans-and-bankruptcy-what-to-know
 
Here you have a poor couple earning only $250K a year. It would take them a full 2 weeks to earn that $10K. WHat's wrong with having some folks who never went to college have to get a second job as an Uber driver to help them out?
 
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