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Reply to "SCOTUS on Student Loan 9 - 0"
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[quote=Anonymous][quote=Anonymous] My point was to the initial poster who said “you pay when the bill comes due”. I did pay my entire loan, plus another $20k. Again, loans backed by the federal government should not be a revenue generator. And so have many people that borrowed a whole lot more than me and have been paying for years and their balances today are higher than their original principal at graduation (or worse when they dropped out and received no corresponding pay increase from their degree). [/quote] If they were a revenue generator, there wouldn't be a need for the government to forgive the loans. Instead, the government is losing money, because people aren't paying them back. If anything, the interest rate is too low, and needs to be raised to cover all the money the government will lose from lending to this group that is so likely not to repay. You say you paid 80% more than principal. There is someone else who didn't repay. On net the government has lost money. Technically, these loans are supposed to be a revenue generator, as Obama included the changes in Obamacare to make the budget numbers for that look better. [/quote]
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