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Reply to "Canceling $10k of student loan debt is stupid."
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[quote=Anonymous]I do not think they should cancel the loans. Our loans were 6.5% interest and they also front load the interest and structure it so that you don't pay anything towards the principal in the beginning and the principal starts ballooning. I would suggest that we offer lower interest loans for certain majors and careers. Nursing, teaching, engineering, etc. Generic liberal arts majors- no. (And I was a liberal arts major). I also think they should be structured differently with the interest throughout the loan instead of front loaded. Front loading the interest on a mortgage is different because they assume you'll sell within 7 years. But with student loans, you can't discharge. We also weren't able to consolidate and lower the interest rate.[/quote]
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