Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Canceling any new or old measly $10k of student loan debt is the dumbest idea. What is the payment on that, a mere $100/month?

Instead, the struggling folks need help - the ones buried under 75k, 100k, 300k of debt for over 20 years who, because it's been 20 years, obviously they can't pay it! And I mean 20 years since school completion, not 20 years of qualifying payments, huge difference.

my 2 cents

For me, canceling $10k of my debt would have halved my monthly payment. I’m one of the teachers who got screwed over under the last administration. I was supposed to have my debt entirely forgiven.

Why is your student loan my responsibility to pay off?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Canceling any new or old measly $10k of student loan debt is the dumbest idea. What is the payment on that, a mere $100/month?

Instead, the struggling folks need help - the ones buried under 75k, 100k, 300k of debt for over 20 years who, because it's been 20 years, obviously they can't pay it! And I mean 20 years since school completion, not 20 years of qualifying payments, huge difference.

my 2 cents

For me, canceling $10k of my debt would have halved my monthly payment. I’m one of the teachers who got screwed over under the last administration. I was supposed to have my debt entirely forgiven.

Why is your student loan my responsibility to pay off?

I took out a loan as a College Freshman, then my bf told me I was "the one" but that he had, at the time $10k in student loans (in 1980- when you could buy a REALLY nice NEW car for $10k). I finished the semester, got a FT job (low paying) & went to college at night, so I didn't take any other loans, knowing 2 sets of loans would be a mortgage payment. Eventually when I was finishing my degree & had to student teach, I changed to working nights & completed my degree.
What about those who dropped out of college because they could not pay tuition & bills, and did not qualify for subsidized loans?
If you do NOT want to PAY IT BACK- STOP taking loans!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Canceling any new or old measly $10k of student loan debt is the dumbest idea. What is the payment on that, a mere $100/month?

Instead, the struggling folks need help - the ones buried under 75k, 100k, 300k of debt for over 20 years who, because it's been 20 years, obviously they can't pay it! And I mean 20 years since school completion, not 20 years of qualifying payments, huge difference.

my 2 cents

For me, canceling $10k of my debt would have halved my monthly payment. I’m one of the teachers who got screwed over under the last administration. I was supposed to have my debt entirely forgiven.

Why is your student loan my responsibility to pay off?

Because the ballooning of federal student loans was a product of ill-guided federal policy (under both Dems and Republicans), student loan debt is hindering US economic growth, and college graduates are a benefit to an industrial/post-industrial society not just a private benefit. Also, student loans are the product of the divesting of support from state governments for public education that prior generations benefitted from. Think of it as a scholarship for completing college rather than a forgiveness of loan. I don't have student loans--but it was federal and state policies that created the student loan mess and I'm all for having them help clean it up. It will benefit everyone--student loan holders and not.

[Anonymous]

Why only one time for the poor people right now, why not make it for Everyone once or not at all

[Anonymous]

If your degree doesn't make enough to pay back the loan in the first 4 years, you shouldn't be allowed to borrow for it

[Anonymous]

No debt is being “canceled”. It’s student loan transferral,where the debt is transferred from the person who took out the loan to someone else who did not take out the loan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:what is point of it? To look koowool? Get a high five? I'm not understanding what much a mere 10k of forgiveness would meaningfully do for anyone's day to day

It buys votes.

Not really. The political impact is thought to be zero because it alienates some voters as well. But 10k does make a lot of difference, esp. to people in their 20s --it allows them to take more career-related risks, save up some money to move to where job opportunities are etc.

It's like $100/month. It's a nothingburger for 90% of people. A ripple in a creek.

[Anonymous]

How about loan INTEREST forgiveness? I probably paid 75,000+ in pure interest without ever touching the principal. Why are student loans the only loans that can't be refinanced is mind boggling!!!

[Anonymous]

I still think people often miss the other view point. Colleges shouldn't be allowed to charge whatever they want. Most of the universities are so top heavy that they continue to raise fees in addition of having Billions of $s in endowment. Add the high overhead they charge on all the research funding and it doesn't look like a non-profit business anymore.

[Anonymous]

Anonymous wrote:I am 100 percent forgiving any amount of student loan debt.

However make it zero percent interest or extend the time to repay maybe but principal should be paid back

Why should rest of the taxpayers need to pay for this interest? No-one is paying for my interest on my car, house or boat.

[Anonymous]

Anonymous wrote:I agree OP. This is a policy with absolutely zero thought put into it. With income-based repayment, cancelling $10,000 is essentially meaningless for people with average debt amounts (around $30k). The remaining term and payment amount will basically be the *exact same.* And I definitely believe that this will end up increasing tuition amounts.

OTOH, the moves to completely cancel debt for fraudulent programs is a very good and fair policy.

What they need to do is exert downward pressure on college tuitions, get rid of bad programs more quickly (eg certain for profits), and improve imcome-based repayment especially for helping professions like nurses and teachers. The Obama Admin tried to do some of this but got caught up in absurd technocratic approaches.

You don't know much about finance...or basic math for that matter. Either the payment or term will shrink if you cancel $10K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am 100 percent forgiving any amount of student loan debt.

However make it zero percent interest or extend the time to repay maybe but principal should be paid back

Why should rest of the taxpayers need to pay for this interest? No-one is paying for my interest on my car, house or boat.

Because having an educated work force is good for society. Undergraduate colleges are free or much cheaper in Europe. Your car/house/boat only benefit you. And if you have to ask this question in a public forum, I question the quality of your own education.

[Anonymous]

I couldn’t afford college so I work as a nanny. Why should I pay off your loans? I couldn’t afford college so I didn’t go to college. I make 85k as a nanny so I’m lucky, but I still don’t want to pay for YOUR college experience, when I couldn’t afford to have my own. Not fair for people who couldn’t go to college.

[Anonymous]

Anonymous wrote:I couldn’t afford college so I work as a nanny. Why should I pay off your loans? I couldn’t afford college so I didn’t go to college. I make 85k as a nanny so I’m lucky, but I still don’t want to pay for YOUR college experience, when I couldn’t afford to have my own. Not fair for people who couldn’t go to college.

It's good for growth for countries to have more college-educated people. With an 85K salary, you could go back to to college now--if it were a priority you would have done it. And there are a lot of things that my taxes fund that I'm not ok with--and I'm sure you feel the same. That's the price we pay for living in society.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Canceling any new or old measly $10k of student loan debt is the dumbest idea. What is the payment on that, a mere $100/month?

Instead, the struggling folks need help - the ones buried under 75k, 100k, 300k of debt for over 20 years who, because it's been 20 years, obviously they can't pay it! And I mean 20 years since school completion, not 20 years of qualifying payments, huge difference.

my 2 cents

For me, canceling $10k of my debt would have halved my monthly payment. I’m one of the teachers who got screwed over under the last administration. I was supposed to have my debt entirely forgiven.

Why is your student loan my responsibility to pay off?

Because teachers have chosen a profession with historically low renumeration but great benefit to our children/youth. The least we can do if help shoulder some of the burden for those who go into public interest careers.