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][quote=Anonymous]No one keeps track of how student loan money is spent either.

There are many kids who use loans to fund their spring break trips. Hell, while I was in grad school, we had a guy in our program take out $40k in loans so he could buy studio equipment for his side rap career/hobby.  I know tons and tons and tons of med students who took out student loans 'for med school' and used it to spend on going out to the bars every weekend, traveling during the summer, and for all other stupid garbage.  But yeah, let's forgive it all without tracking how any of it was spent. [/quote]

It's safe to say that at least 10k per borrower went towards tuition [/quote]

+1. I knew one person in my grad program who was very irresponsible with how she spent money and she had loans, but this is not common. You cannot take out that much over what you need for living expenses and tuition. Many people are like me and work full-time, live with many roommates, never go out, and budget a lot to reduce the amount of loans they need to take out.[/quote]

I lived with my fiance who worked full time and paid rent and I worked as many hours as I could (usually at least 40 a week). I still ended up with about 50k in loans (this wont benefit me because they are long since paid off) and can see how it could have been a lot worse. [/quote]

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