Reply to Sen. Chuck Schumer and Sen. Liz Warren just proposed forgiving $50,000 in student debt

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Reply to "Sen. Chuck Schumer and Sen. Liz Warren just proposed forgiving $50,000 in student debt"

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[quote=Anonymous][quote=Anonymous]I have no problems with increasing tax credits for loan payments.  I have no problem with interest free loans.  I have no problem with increasing funding for programs involving volunteer work serving your country in exchange for debt relief.  Flatout giving away free money doesn't teach anyone anything of value. Not only does that include student borrowers, but universities learn no lessons for controlling costs because the govt will just step in and take on borrower debts.  No one held a gun to anyone's head and made them take out a loan.  Payback what you owe.  I paid back huge amounts of money I owed because I signed a contract. So can everyone else.  What's next, paying off peoples' FHA mortgages for free? [/quote]
I agree with in general, but I think we need to think about how to help those who need help.  The student loan problem is an issue because you can no longer discharge your student loan debts in bankruptcy.  When K was in school, people were declaring backruptcy as soon as they graduated, wiping out all their debts.  I did not do this, I paid my loans but allowing others not to was unfair to me.  So they ended that option, but created a new kind of unfairnes.  So I say we meet in the middle.  Lets say you have to pay your loans in for the first 5  10 years out of school.  If your income is below the national average for college students 10 years out, you get full or partial forgiveness depending on how low it is.  If you are working in the public sector, you also can get partial forgiveness.[/quote]

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