Would you support the following policy on student loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:No. Cancel them all. Public education should have been free in the first place.

No. If you take out a loan, you need to pay it back. But for gods sake, not double the amount. Lower or eliminate interest. Stop the madness.

Let me introduce you to the time value of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I only support two policies.

1) Students pay off their own debt
2) Removing the government from the equation

Plus colleges should be held liable for defaults. That would lower interest rates.

This thread has been surprisingly thoughtful and realistic. I fully support these 3 measures.

[Anonymous]

I got no problems with the proposals.

It doesn't attack the root cause of the problem though - which are costs and costs that keep going up.

Allow student loan debt to be dischargeable in bankruptcy, period. We allow dvery other debt to be discharged in bankruptcy. When more risk is injected into thos whole stupid system, lenders will start lending less and colleges will be forced to control costs and even slash them. But with infinite credit taps open and no risk for lenders because they're sheilded from bankruptcy, this entire charade of never ending price increases continues.

[Anonymous]

Anonymous wrote:I got no problems with the proposals.

It doesn't attack the root cause of the problem though - which are costs and costs that keep going up.

Allow student loan debt to be dischargeable in bankruptcy, period. We allow dvery other debt to be discharged in bankruptcy. When more risk is injected into thos whole stupid system, lenders will start lending less and colleges will be forced to control costs and even slash them. But with infinite credit taps open and no risk for lenders because they're sheilded from bankruptcy, this entire charade of never ending price increases continues.

I came here to say the same thing about not addressing root causes. One of which is that from my armchair it seems student loans are what are contributing to the out of control tuition and moreso , university room and board costs. Sure there is supply-and-demand pressures on costs, but universities know they can Jack up prices bc students can and do get loans pretty easily. It’s almost like payday loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No. Cancel them all. Public education should have been free in the first place.

Great, I await reimbursement for the college tuitions of my three kids (all at public universities) paid for in full by saving for many years. Thanks!

Newsflash! Public universities are cheap because they are are subsidized by tax payers . So your kids were no different from Section 8 recipients.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No. Cancel them all. Public education should have been free in the first place.

Almost everyone has an opportunity to go to a public institution, and many are talented enough to get scholarships at certain institutions.

1. Link default rates to universities. Universities with high default rates are out of any government loan programs.
2. Ability to borrow is a function of ability to pay... majors with higher incomes qualify for larger loan balances.
3. Set interest rates close to government cost of borrowing for any public loan programs.

Do you think colleges are free? Even the cheap public university is $15k a year and that is without room and board.

[Anonymous]

Anonymous wrote:Don’t expect others to pay back YOUR loans. It’s pretty simple.

+1

And, if anyone has to pay them, it should be the college you attended and gave you a dismal education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No. Cancel them all. Public education should have been free in the first place.

Almost everyone has an opportunity to go to a public institution, and many are talented enough to get scholarships at certain institutions.

1. Link default rates to universities. Universities with high default rates are out of any government loan programs.
2. Ability to borrow is a function of ability to pay... majors with higher incomes qualify for larger loan balances.
3. Set interest rates close to government cost of borrowing for any public loan programs.

Do you think colleges are free? Even the cheap public university is $15k a year and that is without room and board.

How stupid of a question is that? You can be awarded scholarships and need-based grants at public institutions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No. Cancel them all. Public education should have been free in the first place.

Great, I await reimbursement for the college tuitions of my three kids (all at public universities) paid for in full by saving for many years. Thanks!

Newsflash! Public universities are cheap because they are are subsidized by tax payers . So your kids were no different from Section 8 recipients.

So, are you arguing that students who take out loans to attend expensive private universities are entitled to reimbursement?? Here's a newsflash for you:
don't take out loans unless YOU plan on paying them back yourself.

[Anonymous]

Anonymous wrote:I got no problems with the proposals.

It doesn't attack the root cause of the problem though - which are costs and costs that keep going up.

Allow student loan debt to be dischargeable in bankruptcy, period. We allow dvery other debt to be discharged in bankruptcy. When more risk is injected into thos whole stupid system, lenders will start lending less and colleges will be forced to control costs and even slash them. But with infinite credit taps open and no risk for lenders because they're sheilded from bankruptcy, this entire charade of never ending price increases continues.

Where is the risk to colleges if they raise prices?

You're telling us you want risks to lenders because of rising prices. Do you also want risks to educational institutions for the same?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don’t expect others to pay back YOUR loans. It’s pretty simple.

Yes! Let's take that same energy and apply it to the PPP loans!

Oh, you don't like that, do you?

No, I don't like that, because the PPP loans were never intended as loans, just structured that way. PPP was about getting money to employees and employers, when the businesses were being forced by the government to shut down. Forgiveness was the assumption when granting the loans.

[Anonymous]

Anonymous wrote:I got no problems with the proposals.

It doesn't attack the root cause of the problem though - which are costs and costs that keep going up.

Allow student loan debt to be dischargeable in bankruptcy, period. We allow dvery other debt to be discharged in bankruptcy. When more risk is injected into thos whole stupid system, lenders will start lending less and colleges will be forced to control costs and even slash them. But with infinite credit taps open and no risk for lenders because they're sheilded from bankruptcy, this entire charade of never ending price increases continues.

The government passed a per child $10000 tax credit, and colleges raised prices to get as much of that as they could.

[Anonymous]

I have no dog in this fight but interest on school loans should be 5% and loans should be capped at $100,000 for undergraduate. No additional loans until initial loan is paid off.

There also needs to be an age minimum. An 18 year old would never be approved for a bank loan and it is outrageous that the same 18 yr. Old can be approved for education loan.

[Anonymous]

It amazes me that some people take out loans with the expectation that others will pay them back. Who does this?

[Anonymous]

I think the other half of this is the spiraling cost of a decent university education as post-Cold War the federal government has stopped underwriting universities at nearly that level. Given how much money many of our global competitors still pour into theirs, particularly flagship universities, this will be seen as a long-term mistake.