SHOULD STUDENTS GET A BREAK ON THEIR STUDENT LOAN DEBT? The federal government will forgive up to $20,000 in student loans for millions of debt-saddled former college students. Not everyone thinks this is a good idea.
From the Vancouver Sun: Biden student loan forgiveness impacts millions, raises inflation questions
From CNBC: Student loan debt forgiveness is approved, up to $20,000 per borrower — here’s who qualifies
yes,'tis but a good start.
The whole education system needs an overhaul. I just don't get why people don't understand that an educated population makes the entire country stronger and healthier. Higher education should be available to anyone who qualifies.
Have to admit I did not know that unlike CA where community college (i.e. trade school) is very affordable, it is prohibitively expensive in other states. I think CA is a good model to follow.
For those who say, "I paid MY loans off...this isn't fair", today's student loans are a particularly nasty form of predatory lending. Aimed at teenagers who have been convinced they need college to have any decent career options--and in any other situation do not have the agency to enter into a financial contract--student loans should be illegal, and it is fair to compensate the victims.
For cred, my degree is in education, and the GI Bill paid for it.
I don't like it
What good will this do? When we have numbers and hindsight will this have actually helped anyone? Right now it is slap in the face to all those who paid off their loans or worked their way through college. Why is college so expensive? Maybe we find a way to make it more affordable instead of forgiving debt. Why is one textbook $300 or more?
What message does this send to society about debt and decisions?
I don't like this idea but I also don't like the hypocrites like Marjorie Taylor Greene and other members of Congress who criticize this move while benefiting from PPP loans they took advantage of and are now being forgiven.
I see a bunch of grifters and deadbeats.
Are you sure it will be with your tax dollars?
I can't see how this funding could possibly come from the tax base. I think they will just make the "money printer go brrrrrrr." That will just increase the monitary base and make the inflation worse. Think I guess President Biden hasn't heard of Weimar Republic Germany.
Stated in the campaign
Biden did say he would do this while running for president right? Hopefully one of the other branches of government will challenge it. It doesn't matter if it's through taxation or inflation, we will all be paying for this.
Tom Is Right
Tom is right...if you get the 10k or 20k in student loan forgiveness, you should have to give something back. After 5 years in the army, I earned this.
Your word is your bond
They signed contracts promising to pay back loans with interest. They freely chose the amounts and the terms. Borrowers should be held accountable for all principle and related fees to insure the recovery of those monies. The IRS should hound them forever.
But ---I do not want Donald Trump back in the White House. This is a bribe by the current administration to get people to vote Democratic and if it works--I am fine with it.
Appreciate you Tom!
Appreciate you Tom!