Reply to Canceling $10k of student loan debt is stupid.

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Reply to "Canceling $10k of student loan debt is stupid."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Canceling any debt is stupid. You borrowed, you pay. [/quote]

I agree, we should eliminate bankruptcy and bring back debtors prisons. Maybe airline executives would do a better job with that incentive. Or are you only talking about 18 year old kids being forced to make life altering decisions? [/quote]

Any means any[/quote]

The problem is that the current system requires poor people to pay back all their debt while wealthy people and corporations (who carry WAY more debt) are often able to escape debt via lawyers and other legal mechanisms designed to help them discharge debt for less than they owe.

Student debt is unique in that it can't be discharged in bankruptcy. It's also unsecured debt -- it's not like you can sell the underlying education to pay off your loans the way you can with a house. We need a policy solution to the problem of ballooning student debt because it impacts the economy very negatively. It keeps people from buying homes (or even moving out of their parents homes into rentals), it is impacting the birth rate, it limits the ability of people to open businesses or invest. We need a longterm solution to student debt, and that probably includes some amount of debt forgiveness for people who are already buried in debt, followed by rule changes to prevent people from ever getting this deep in debt to begin with.

-- Signed, someone who paid off 80k in student loans myself and does not oppose debt forgiveness for others because it's a smart policy decision and is not actually about personal fairness to me[/quote]

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