Reply to Trump will rollback student loan forgiveness

Forum Index » Political Discussion

Reply to "Trump will rollback student loan forgiveness"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Pay your own bills.

There has been plenty of warnings about student loan debt for decades.

Most Americans do not have college degrees.  Why should they pay for largely white collar professionals to have debt relief?  You can also go to community college for two years and transfer to in state school while not living on campus, can join the military for debt relief, and simply live within your means to pay it off.  Why should the bricklayer breaking their back working 70 hours per week doing hard labor pay to relieve the loans of the art student with $100k of debts due to a degree in pottery while they earn $12/h at the local coffee shop living their Bohemian lifestyle?

We know, adulting is hard.  Boo hoo. [/quote]

1) these people have already paid the basis and a lot of interest back, watch the John Oliver video.
2) most of these people are your nursing home practitioners and teachers, of which, we still have massive shortages.[/quote]

Omg, you mean I have to pay interest when I take out a loan!!!????

Gee, who knew?  If  I take out $100k loans, I do not pay off my loan just because I paid $100k back, lol.  Holy crap, welcome to adulthood, you have to pay interest on a loan.  Your talking point #1 is asinine. You haven't paid back the basis because loans are amortized.   Grow up and read a personal finance 101 book.  If I take out $500k to buy a home, I may have to pay $900k-1M back over the course of the loan.  Just because I pay back $500k by year 15 doesnt mean I've paid back my basis.  What an infantile understanding of money.

People need to grow up and change out of their diapers and put their grown up panties on.  You take out a loan. Expect to pay it back with interest.  Expect it to be on an amortized schedule.  You can learn all of this by watching 7 minutes of YouTube videos. [/quote]

Your mortgage is dischargable in bankruptcy.

Your student loan is not.

Make student loans dischargable in bankruptcy and we would have fewer problems.[/quote]

And who would disagree with that?  Making student loans dischargeable in bankruptcy is something I 100% agree with.  That's helluva lot different than forgiveness.  If you make it dischargrable in bankruptcy, it imposes risk costs on the lenders and borrowers.  Banks will make it much harder to get loans. Once the taps for easy flowing credit and money close, colleges will be forced to rein in costs and to even lower them.  This is how you actually address the fundamental cause of the problem. [/quote]

Good luck ever getting a student loan if that happened.[/quote]

People got plenty of loans before Bush changed the law.  CNBC had an investigative program a long time ago about how the law was changed to make it impossible to discharge student loan debt. Most people in Congress had no idea what they were signing at the time when they changed the law to make student loan debt no dischargeable. It was basically a few words buried into a huge bill that no one read.  And here we are today.

Besides, making it much harder to get loans is the point.  Colleges will be forced to slash costs before their products are so egregiously overpriced that no one can afford it.  Banks will also be much more careful about handing out money and would consider things like field of study and likely ability to repay.  This is exactly how it should work.  Before the govt ever got involved with student loans and pushed the idea that eveyone should go to college, US education was very affordable. It all went to hell because of liberals demanding more govt intervention and having the US taxpayer backstop unlimited amounts of credit for student loans. Colleges were incentivized to keep increasing costs as much as they want. Risk was removed from the equation.

Add risk back into the student loan markets and watch everything right size overnight. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics