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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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 
[/quote]

I would be ok with wiping out accumulated interest over some reasonable amount but think the policy is misguided for multiple reasons including lack of efficacy on a macro or microeconomic level, equity (slap in the face to savers and those who never went to college because it was unaffordable) and moral hazard (and yeah, I know we bailed out the banks — that was dumb too, so why should we do another dumb thing?)

It isn’t enough to make me vote for Republicans— not by a long stretch — but it’s not my favorite cause of progressives.

Abolishing usury, on the other hand — I am ok with that.  [/quote]

There's folks who made payments equal to the total principal loan balance, but never touched the principal![/quote]

That only happens when they go into forbearance or miss payments and fees and/or rate hikes get tacked on.  Those people shouldn't be so irresponsible. Holy crap, you mean my interest builds on my loan if I leave it in forbearance?  Who knew!!!  I guess people are too stupid and lazy to read the terms and conditions of a contract they signed on their own freewill. Idiots. [/quote]

That's just not true.  What's 20 years of 7% interest on 100k?  140k. [/quote]

Taking 20 years is your problem in the first place.

Stop with the histrionics. The average size for student loan debt is less than $30k.  The average interest rate is 5.8%.

https://www.bestcolleges.com/research/average-student-loan-debt/

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiytYWxvt_5AhXaMlkFHczzCPUQFnoECBYQAw&url=https%3A%2F%2Feducationdata.org%2Faverage-student-loan-interest-rate&usg=AOvVaw2TwNUC-9RMlD13lnp8b9i5

Who in the world would take 20 years to payoff a loan that costs less than most new cars?  Make priorities people, jeez. [/quote]

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