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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]get over it guys and gals, the irresponsible people will get some sort of relief for perusing low paying careers and taking out a bunch of loans without any thought on how they would pay it back and the tax payers will fork the bill.  thank you!![/quote]

Do you realize that the “irresponsible people” who decide to take out these loans are HIGH SCHOOL SENIORS? We make high schoolers decide where they will go to college and how they will finance it. They make these decisions when they are 17 or 18. Do you really think they understand that they will actually have to pay back thousands upon thousands more than they received? I have 2 college students. It was never explained to them that they will have to pay it back several times over. Fortunately, my kids have parents who helped them understand this, have some college savings for them, and will help them pay back the loans. Many kids do not have parents who can or will help them. If their own parents didn’t go to college, then they probably don’t have a clear understanding either. Yes, a college senior is old enough to understand the concept of loans and interest…but not to this magnitude. My kids’ colleges offered them thousands in loans, and it was never laid out for them that if they make minimum payments, it will take this many years, and they will end up paying this amount.

Even if it was laid out for them, high schoolers have no idea what their income and expenses will be in five years or twenty years. Ridiculous that we let children commit to these astronomical loans and then half the country calls them irresponsible for getting in this position. Even though, if they avoided it by working low-wage blue collar jobs instead of college, half the country will call them lazy and say those jobs aren’t meant for adults. They can’t win. [/quote]

18 years are old enough to get a car loan, get a mortgage, and get a credit card. Why is a student loan any different in terms of a bailout? If this population is vulnerable, we shouldn't allow them access to any financial asset until they are older. [/quote]

You are really comparing student loans to mortgages, car loans, and credit cards? Sure, we can get together ourselves into trouble with these things, but there are ways out. Many people choose to downsize their cars and houses during certain seasons of life. If you don’t like the terms of your credit card, you can cancel it. You can’t really return your degree. You are absolutely stuck. [/quote]

Apparently youve never heard of an underwater loan. For a billion reasons, you cant just sell a car or house and be done with the loan in a down market. [/quote]

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