Paying off student dept...

[Henro]

I see politicians wanting to forgive some amount of student debt. Amount doesn't matter.

The problem I have is what about those who diligently paid off their debt? As compared to those who have not.

My conclusion is that if there is some relief given to those who have not paid their debt, for whatever reason, then those who have should be given a tax credit equal to what is given to those who remain in debt.

Am I nuts? I have most of my life led a dept free life, and perhaps see things differently than others...

My gut keeps saying, why help those who do not pay there debts, while doing nothing for those who do?

And no, I am not a right winger...independent...but I would like to think I am an objective thinker...

 

[Roadworthy]

I don't think it's reasonable to forgive the debt. Who takes up the slack? Where did or does the money come from? The government doesn't really have any money, they take ours. A better approach may be to renegotiate the terms of the debt and cut the interest to something closer to current market rate. How far back should your suggested tax credits go? I paid off my student debt over fifty years ago. For that matter my grand daughter paid off her debt, and no I didn't finance her education. The student CAN do if the student WANTS to do it. It does take sacrifice and dedication. Perhaps that's the problem, not the debt.

 

[ayak]

Maybe go after the ‘non-profit’ education mafia over collusion and price fixing.

 

[ccoon520]

I also don't think that the debt should be forgiven in any amount. You signed on the dotted line for the loan, and so you are now responsible for it. Now if life happens and some medical bill bankrupts you from a car wreck or something the debt should be treated the same as that debt but that is an extreme case.

One thing that needs looked at is the cost of post high school education across the board. It shouldn't be free but an 18 year old kid isn't going to get a job that pays more than 15 bucks (which is double minimum wage) an hour and at 30 hours a week (which is a lot for a full course load and a job) is 25k/year (assuming working 52 weeks a year) before taxes. An in state 4 year program is 14k a year and that doesn't include food, board, books, utilities or transportation. If your in state school doesn't carry the degree that you are pursuing it is at least double out of state. Is a 4 year degree required? No. Should you need to take out a mortgage to pay for it even when working an almost full time job? Also no. For some reason school funding is in the tank and no one wants to do anything about it.

 

[Toyboy]

This is a very slippery slope. It's a slap in the face to those of us that have paid them off, and a free ride for those that got useless degrees and can't get a job.

 

[Fordtech86]

What do those of us that couldn’t even think about college...what do we win

 

[Tarmy]

This is about buying votes...lots and lots of votes.

sorta like the illegal immigration crap...everybody is a citizen now. Look at my state, welcomes all...pays BILLIONS to house, educate including free college, provide full medical...you name it.

buying votes...

 

[Lil Foot]

I agree, no loan forgiveness. It is an insult to those of us who pay our debts, (or not borrow excessively in the first place)
It's the same with amnesty for illegals. It is a slap in the face to those law abiding folks who used the system & came here legally. The person who is the most opposed to illegals that I have ever known is the finest mechanical engineer I have ever worked with. (and I've worked with a lot) He spent 7 years getting here, and his doctor wife spent 9.

 

[PaulR]

America the apple cart: Way too many people on the cart taking and eating the apples. Not enough people fixing, pulling, and putting apples on to the cart. This country is friggen doomed.

 

[jimh406]

Loan forgiveness is a scam to encourage people to get useless degrees from overpaid professors. I do believe in giving recent graduates more time to start paying if they are having an issue getting a job. If the economy happened to take an extreme downturn, it could be hard for them to pay their loans since they won’t have jobs. That could be tied to a nationwide unemployment rate.

I’d even be ok with giving a break to unemployed people in general. Not forgiveness, but give them a period that they didn’t have to pay with no penalty that simply starts back when they start back working.

I guess I would be ok with the colleges and universities paying the loans of their students. They are the cause them, afterall.

My thoughts would probably never be possible since they are based on a bit of common sense.

 

[GeoHorn]

Forgive the interest only.... and work the principle off with public-service.

Student loans should be funded by industries that hire the grads, and the loans paid by payroll deduction.

Wanna get a 2-year associate’s degree? Then serve in the military or similar 2 years. Four-year degree.... give us 4 years of service? Can’t afford college/higher ed. at all? Give us 2 or 4 years of service and get equal years of tuition in a public or state school.

 

[Henro]

This is a very slippery slope. It's a slap in the face to those of us that have paid them off, and a free ride for those that got useless degrees and can't get a job.

I feel this way too...but would increase the free ride to include those who did get degrees and well paying jobs as the result...

 

[chim]

Simple - No forgiveness. Have a certain amount for funding student loans. As the money is paid back into the fund, it becomes available for the next student.

 

[D2Cat]

Now Henro says he's not a rightwinger! Do you know anyone who you'd consider not conservative wanting to give handouts to virtually everyone and let people come into the county unchecked?

If someone signs the paper they are responsible. It's that simple. If the left government wants to hand out freebees, why not a home, car and monthly income? If one is irresponsible for that debt how will they be responsible for others? They have already been taught (if it's forgiven) they can get out of anything!

Many "liberal thinkers" believe the southern border should be open without any resistance from the US government. I challenge anyone to go to YouTube and look up "Boarder Security Canada" and watch what goes on there. Why is our southern boarder different?

 

[random]

This is a very slippery slope. It's a slap in the face to those of us that have paid them off, and a free ride for those that got useless degrees and can't get a job.

IMO it also teaches irresponsibility. No different from the big business bailouts. When you reward a behavior you get more of it - reward bad business decisions, you get more bad business decisions. Reward not paying off debts, you get more not paying off debts.

Human nature is pretty simple most of the time.

 

[Bmyers]

I worked and went to college so I didn't have to take out a loan. I earned both my AAS and BS following this method. So no, debt shouldn't be eliminated. Why should my taxes pay for someone else when I worked my butt off to put myself through school?

 

[William1]

I am against forgiving student loan dept. It is wrong for force others to pay off your expenses. I am also against letting people skip paying mortgages or rent and having the taxpayer pick up the tab. What about those that have struggled to sacrificed to pay off and live debt free?
Grant extensions, sure. But how long until you say "enough is enough"?

Free college, free rent, free food? Can I have a free Porsche to go with those fries? Looks like I am 'Back to School'!

 

[ctfjr]

Interesting thread
I went to a coop school where, in the last 4 years of a 5 year program, you worked 3 months in the field of your study and then went to school 3 months. I saved as much as I could but still graduated with some hefty debt (in those days it was hefty). At the time I had to start paying it off with 6 months but the interest rate was low and the term was 10 years. Wasn't such a burden.
To go to a top rated private school today it's $75k or more per year. If you want to be a doctor or lawyer and go to a top rated graduate school it's $100k + per year. Who has that kind of $$$?

Are we saying only the rich can go to the best schools?
How do we treat the future doctor who wants to do public service type of a practice where the pay is mediocre at best?
What about the future lawyer who wants to serve the underserved?

I don't know what the answer is. Perhaps public service as GeoHorn mentioned is part of the answer?

 

[William1]

Interesting thread
I went to a coop school where, in the last 4 years of a 5 year program, you worked 3 months in the field of your study and then went to school 3 months. I saved as much as I could but still graduated with some hefty debt (in those days it was hefty). At the time I had to start paying it off with 6 months but the interest rate was low and the term was 10 years. Wasn't such a burden.
To go to a top rated private school today it's $75k or more per year. If you want to be a doctor or lawyer and go to a top rated graduate school it's $100k + per year. Who has that kind of $$$?

Are we saying only the rich can go to the best schools?
How do we treat the future doctor who wants to do public service type of a practice where the pay is mediocre at best?
What about the future lawyer who wants to serve the underserved?

I don't know what the answer is. Perhaps public service as GeoHorn mentioned is part of the answer?

Full tuition is pricey. No one pays full tuition. Nearly ever student qualifies for some aid, greatly reducing that. I went to some great schools and the students later in life have given back. so much so that any student that is not very financially well off, gets free tuition, room and board. The money is already there, you just have to look for it.
My nephew, far from a rocket scientist, is getting more than 1/2 of his tuition paid by grants and aid. His parents can afford full tuition also.
Too many kids apply for the maximum student loan they can get and then apply for aid, pocketing the difference, buying a car or going to Cancun on spring break. Way too many drop out after one semester and keep the cash given to them for the next two semesters. None ever immediately pay back excess.
Most graduate schools PAY students to attend, but they also have to work as teaching assistants. My oldest brother was paid to go to medical school. This was back in the late 1970's. Paid tuition. An apartment and $35K a year pocket money. It is there if the student applies themself and are willing to prove they are a worthwhile investment.
Long ago, I was in banking, a Sr Vp. for one of the top three banks. I had a policy of declining all loans for those with defaulted student loans. Had a guy, a Wall Street trader, making serious money and had a defaulted student loan. He wanted over draft protection on his checking account. He was turned down. Upset, he contacted me. I told him that he says he makes over $1MM a year and defaulted on his student loans. His response was 'So, everyone does, the government will pay it!" My response was "wrong, the taxpayers will and I am a tax payer and I do not want to pay YOUR bills!"

 

[sheepfarmer]

It would seem to be a complicated issue, eg the "for profit" outfits that have scammed a lot of students underlying a disproportionate number of students not able to pay back their loans. This is an interesting article about the complexities.

https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/