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][quote]Anonymous wrote:
For folks who are struggling to make ends meet and make just over minimum wage, it would help them. Not everyone chooses a discipline that has good income potential. High school counselors left that chapter out when giving advice to rising seniors who go on to major in hobby degrees.

Now it's HS counselors' fault? Holy F-.[/quote]

+1 There are four years (at least) between high school graduation and college graduation and the first two years of college are usually filled with a lot of basic requirement classes. There is plenty of time to think and decide to change from whatever "hobby degree major" was recommended by any high school counselor.  :roll: [/quote]

Many students want to do pre-med, or computer science or whatever and they find they are not good at those. However, if you get your degree from a solid 4 year institution, the ROI is still strong. Plenty of analyses show that even philosophy, gender studies, art, history etc. majors have a major lifetime income benefit from their college.  Those majors are a way to read and write critically.  They learned to communicate.   College for most majors--save for pre-professional fields is not about getting a specific job.  For instance, a lot of gender studies and media studies majors go into marketing and communication.  It's often a more productive route than a 'marketing' major.

I think there are different broad stories about student loans--one set of stories are that some people are really bad off because they took on huge loans, didn't finish college, went to some crappy marketable sounding major at a for-profit institution like 'electronics technician" etc.  There has been cancellation of debt from those for-profit schools and those schools have been sued for predatory practices.  Some were very poor but went to lower end colleges that don't meet full financial need.

The other portion--for whom 10 k will make a difference are the MC folks -- there is a sizeable portion of the younger generation is in debt from college that used to be more subsidized by public funds for prior generations.  It's holding them and the country back economically.  Young people delay buying houses, having children (which we need to increase the birth rate if we want to pay for social security, medicare etc). So many analyses show that the cost of college debt is what is preventing younger generations from accumulating the wealth that prior generations had.  They have gainful employment--it's just that it's hard to start out with debt. Forgiving some of that debt makes good sense for the federal government/society as it stems from flaws in how the federal government chose to encourage college through loans.[/quote]

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