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]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]

Seriously, the government has no way of knowing what majors people are going into. This is so complicated. People change their major all the time in college after they get the loan. They can barely figure out who qualifies for the stimulus correctly.[/quote]

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