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Let’s Forgive Student Loan debt
- Thread starter Deleted member 22490
- Start date
Money should never be an factor when it comes to education.
And no one is getting anything for free. They still have to studie and work for their degree.
You had to pay a tuition fee at my school between 2007 and 2015.
I went there from 2009 till 2013.
Do I care?
LOL no.
How is this for a compromise, which may require a change in the way the US tax system works but is not beyond the wit of man because it's basically how it works in the UK: the government take over all the debt. Rather than cancelling it, they charge a de facto tax (let's say 10%) to those with an outstanding debt payable on their earnings above the median. So if the median salary is $30,000, and you earn $40,000, you'll pay $1,000 a year or ~$85 a month. If you drop below this threshold (IE lose your job, take a less well paid job, take time off to raise children etc) you don't pay until you go back to earning over it. An interest rate equal to the rate of inflation is applied to the debt and nothing more. Those who earn a lot will pay all theirs back, those who do not will pay what they can and the rest of the cost will be socialised. No one will pay it when they can't afford it and no one would be barred from going in the first place because the payments are now more affordable.
Well, they are? Even if we assume a slightly natty MMT theory of economics where you deficit spend to your heart's content and only concern yourself with inflation, this would be eating into that inflationary allowance that could be spent elsewhere. There's always an opportunity cost.
I don't know about private student loans, but for federal ones there is a whole online thing you're required to complete (before you can get the loan) that gives you estimated monthly payment amounts and all that stuff.
Granted, I think the whole thing was a little too casual and I'd like to see the schools themselves be required to break it down for students in-person instead of through a website, but it's not like I had no idea what my monthly payment was going to be.
So?
"I got ripped off and demand you get bent over a barrel as well" is one of the least compelling arguments I've ever heard.
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Nice straw man. I bet you thought that was a good post hoping I'd actually argue against it, lol.
"Straw man". That's literally what you said. "I wasted years of my life so why shouldn't you?"
You're not going to argue against it because you can't .
I think the smarter way to handle this is to remove the encumbrance that massive student loan debt creates in things like people's ability to buy homes.
Also, allow bankruptcy to include student loan debt.
Then create better opportunities for free college in the future.
This is not a big stick solution type of problem.
Also, allow bankruptcy to include student loan debt.
Then create better opportunities for free college in the future.
This is not a big stick solution type of problem.
Ctrl + f... Quote only found in your post. Weird.
No, that's not literally what I said. That's a heavy twisting of what I said. College is an investment, not a right, and if you're not willing to invest, then that should be your problem and not one passed on to others to foot your bill via taxes so you can get ahead without any skin in the game. It's called personal responsibility. If we're going to give out free college, then why not free homes, cars, alleviate credit card debts. Free is never the answer.
The other thing I mentioned is devaluation, several times in fact, but I'm assuming you're going to run to Google to find out what educational creep is right after reading this. Everyone getting a college education means higher requirements for jobs, not everyone getting good jobs. It literally devalues what others worked for. Maybe you want to work in a world where a BS in finance is required to be a minimum wage cashier, but not me.
Edit: I also didn't say that I wasted years of my life so others should. The idea was that it would become a waste and I would be screwed over if what I worked for was just given away. Currently it is not and I'd like it to remain that way.
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25% of cancelled loan dollars would be for black families under Warren's proposal (black families compose 16% of all households):
More charts showing how this is about racial justice (borrowers across income brackets are disproportionately black):
More charts showing how this is about racial justice (borrowers across income brackets are disproportionately black):
More in-depth analysis by the same author here: https://www.urban.org/urban-wire/wh...eth-warrens-student-loan-forgiveness-proposal
Warren said that she would try to work with private lenders. See the medium article.
College is almost a requirement if you want jobs that just 15 years ago never required a college degree. It's a de facto requirement for the current job market. All while states have gutted support of colleges, in part leading to skyrocketing tuition costs, etc.
I've seen this repeated by a few people in this thread. It's literally untrue, but I'm guessing you're implying something else — like, as a singular example, you're referring to 'good' jobs as opposed to all available jobs. Care to elaborate?
It is quite well known that many employers are making a college degree a de facto requirement. Hell even entry level jobs with a degree requirement are demanding experience to go along with it. All well known stuff.
That isn't to say that literally all jobs require a degree - obviously not. I know there are even good jobs that don't necessitate a degree. But by and large, employers are skewing towards those with degrees. Here are a few examples/commentary on it:
https://www.marketwatch.com/story/n...ing-to-those-with-a-college-degree-2018-06-04
https://www.theatlantic.com/educati...or-job-candidates-in-the-wrong-places/549080/
As someone who has been paying off $20,000 in Student Loans since January and is almost done ($6500 left and be debt free at end of May): I wouldn't wish this on anyone. I have the ability, money & privilege to pay off so much of it early. Other's don't. I hope we get rid of Student Loans & loans are forgiven.
Even if Loan Forgiveness came out the second I fully paid off this loan, I wouldn't be against it and be happy for others.
Even if Loan Forgiveness came out the second I fully paid off this loan, I wouldn't be against it and be happy for others.
Why is free college never good? Are the counties with free college level education suffering/doing something wrong? Your post also insinuates that the extent of getting a degree is walking into a room and being handed a diploma (or a "piece of paper" as you devalued it yourself in an earlier post). More people having access to college doesn't devalue anything, it still takes real time, effort, and knowledge to graduate.
One, you're a selfish asshole.
Two, if you think your value tanks because more people can go to college, then you must be a pretty crappy worker if your BA is the only thing holding you above people with GED or high school diploma.